My Supplement Business FlopJun 13, 2023
Back in 2018…
I was killin’ it with my Amazon FBA business. I sold over 100k worth of product in December alone of that year…
Then I got cocky.
I had heard so0o0o much about how selling supplements was a great way to build continuity. All my mentors were doing it at the time, and everyone wanted to get in on it.
So I decided to jump on the train.
I found a local manufacturer in the USA to make my white-label Keto BHB supplement with their patented formula.
If you didn’t know, basically every single supplement on Amazon is made by the same 2-3 manufacturers lol…
I even had their in-house graphics design team whip me up a label.
Pretty sexy, huh?
I went with this Keto powder simply because… Well, everyone was talking about Keto! Trying to shred on that trend, ya know?
I hardly remember what it cost me all in (ads, graphics, pics, inventory, etc), but it was several thousand $.
The listing went live, the ads started rolling and sales started coming.
But I made 1 critical error…
I’ve never done Keto and know nothing about it.
So when my marketing messaging was off and conversions were down - I had no idea why.
For most of my other products, I at least knew the market to some extent. But I was in the dark on this one.
I ended up having to lower my price so insanely low I ended up taking a fat L on the initial order.
And here’s how I compounded my first mistake…
I didn’t bother to reorder. I simply chalked it up to a loss (nice write-off, loser) and went on to the next thing.
I know beyond a shadow of a doubt if I has reordered, I could have gotten the product to profitability.
ROAS was going up, CaC was going down, and tons of (5-star) reviews were piling in.
The big issue - I just didn’t give a $%!& about the market.
I barely think the Keto diet works (and not for the reasons most people do), and it’s not something I’d ever do myself or have any interest in.
So my big mistakes with this were
1.. Not picking something I’m at least interested in, and
2.. Not sticking with it long enough
I realize now that those two things are what makes someone successful:
Having an interest in your work and doing it for a long time.
Well, now I (and you) know.
Take care this week,
P.S. If you want to take something that you actually know and have an interest in, I'm nearly done with the Solo Business System. I've spent years developing it and systemizing everything about running and growing a business all by yourself. If you're interested, you can join the waitlist here.