The 4-Hour Workweek by Timothy Ferris

Author:Timothy Ferris [Ferris, Timothy]
Language: eng
Format: epub
Tags: Business & Money
ISBN: 9022547957
Publisher: Boekerij
Published: 2010-02-01T23:00:00+00:00

1. Market Selection

He chose music and television producers as his market because he is a musician himself and has used

these products.

2. Product Brainstorm

He chose the most popular products available for resale from the largest manufacturers of sound libraries

and arranged a wholesale purchase and drop-ship agreement with them. Many of these libraries cost well

above $300 (up to $7,500), and this is precisely why he needs to answer more customer-service

questions than someone with a lower-priced product of $50–200.

3. Micro-Testing

He auctioned the products on eBay to test demand (and the highest possible pricing) before purchasing

inventory. He ordered product only when people placed orders from him, and product shipped

immediately from the manufacturers’ warehouses. Based on this demand confirmed on eBay, Doug

created a Yahoo Store with these products and began testing Google Adwords and other PPC search

engines.

4. Rollout and Automation

Following this testing, and upon generating sufficient cash flow, Doug began experimenting with print

advertising in trade magazines. Simultaneously, he streamlined and outsourced operations to reduce his

time requirements from two hours per day to two hours per week.

COMFORT CHALLENGE

Rejecting First Offers and Walking Away (3 Days)

Before performing this exercise, if possible, read the bonus chapter “How to Get $700,000 of

Advertising for $10,000” on our companion site, and then set aside two hours on a consecutive Saturday,

Sunday, and Monday.

On Saturday and Sunday, go to a farmers’ market or other outdoor event where goods are sold. If this

isn’t possible, go to small independent retailers (not chains or mass retail).

Set a budget of $100 for your negotiating tuition and look for items to purchase that total at least $150.

Your job is to get the sellers down to a total of $100 or less for the lot. It is better to practice on many

cheap items rather than a few big items. Be sure to reply to their first offer with, “What type of discount

can you offer?” to let them negotiate against themselves. Negotiate near closing time, choose your

objective price, bracket, and make a firm offer with cash in hand for that amount. 48 Practice walking away if your objective price isn’t met. On Monday, call two magazines (expect the first to be awkward)

and use the script on the companion site to negotiate, minus the last firm offer. Get them as low as

possible and then call them back later to indicate that your proposal was refused by upper management

or otherwise vetoed.

This is the negotiating equivalent of paper trading. 49 Get used to refusing offers and countering in person and—most importantly—on the phone.

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