Tips, Tricks, Foreclosures, and Flips of a Millionaire Real Estate Investor by Aaron Adams
Author:Aaron Adams
Language: eng
Format: epub
ISBN: 9781119625971
Publisher: Wiley
Published: 2018-11-10T00:00:00+00:00
Five Glass Ceilings Every Entrepreneur Needs to Master
Supplying product
Selling product
Building a team
Raising capital
Developing systems
In my experience, you make the decision to go into business for yourself because you can do two of these things. For example, you discover a product you can supply, and you identify the way to sell the product.
A couple years ago, I had a friend reach out to me with a product he had identified—$25 toilets we could buy in China. He had a friend whose family manufactured toilets in China and sold them here in the U.S., and he knew that we typically paid upwards of $125 to $175 for a toilet for one of our rental properties. It seemed a no-brainer to ship over several pallets of them and have me buy them, or have us partner on them. My friend was prepared to leave his job and become a wholesale toilet distributor because he had stumbled onto a product to supply and a customer for the product. He was ready to make millions!
This friend of mine had never owned his own business. He had always been an employee, so he was clueless about everything that would be required. We started discussing the different aspects of this particular business:
Where would we warehouse the toilets?
What would our inventory control system be to minimize theft and breakage?
What insurance requirements would we have?
What type of license would we need?
Would licensing change from state to state?
Would we need to nail down a contract in China with the supplier?
Would that contract in China require a law firm here in the U.S. or over in China?
What would our initial capital needs be? I couldn’t see us needing less than $100k to make a go at it.
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