2 Amazon FBA Exits. 1.5M$. In 4 Years.

Discover the Journey of Two Amazon FBA Exits Totaling $1.5M in Just 4 Years

Hey there, curious minds!

Ever wondered what it takes to make it big in the world of Amazon FBA?

Well, get ready to be amazed because I've got an incredible story to share with you. 

Picture this: two Amazon FBA exits totaling a whopping $1.5 million in just four years!

Yes, you read that right! 

I recently had a chat with Dan McGill, a savvy Amazon seller who's been making waves in the e-commerce world. One of the co-founders of Hive Invest, a company that helps start Amazon stores.

His journey is nothing short of inspirational, and trust me, you don't want to miss out on the details. 

So, grab a seat and dive into Dan's remarkable story with me. 

Let's uncover the secrets behind his extraordinary success!

____________________

Introduction

Vova: Hey Dan! So, you made $1.5 million from selling two businesses on Amazon.

That's incredible!

How did you manage that?

Could you share a bit about yourself and your journey?

Because selling not just one, but two Amazon FBA businesses with private labels sounds amazing.

We're thrilled to have you here to shed some light on your experience.

Dan: It might sound unbelievable, but yeah, it was spread over four years for both exits.

Dan's First Amazon FBA Exit Story

Dan: My journey began about five years back when I started my first Amazon store. 

My debut product was quite simple: small packaging bags mainly used for food or perhaps more likely for other purposes, like weed.

That was the humble beginning of my journey.

I put around five thousand dollars into launching that product and it turned out pretty well.

Like many others who start selling on Amazon, my first product had its ups and downs.

There were challenges to navigate, from understanding shipping logistics to grasping the ins and outs of marketing.

Thankfully, I managed to make my first product profitable, which allowed me to expand within that niche.

So, I began with those small bags, then progressed to various types of mailers, shipping envelopes, and more food packaging options.

Essentially, I collaborated with a factory to introduce numerous products from their catalog.

It was a solid start.

So, when the COVID-19 pandemic hit and everyone was in lockdown, Amazon saw a spike in orders. 

My sales also shot up like crazy.

I vividly recall those lockdown months being some of the best in terms of sales.

Since my product fell into the food storage niche, it was particularly in demand.

People were looking for ways to vacuum-seal their food, store it in the freezer, and keep fruit or meat fresh for longer periods.

During those lockdowns, it seemed like everyone was stocking up on food, which led to a massive surge in my sales.

That was a pleasant surprise because typically, my store would bring in around $30,000 to $40,000 a month in sales.

But during the lockdowns, those numbers shot up to $80,000 to $100,000 a month.

It was quite a boost, especially when everyone else seemed to be struggling.

While friends were unable to work, I found myself making a pretty good profit.

However, despite the surge in sales, I started feeling anxious about the impact of COVID.

Being in lockdown made me worry about the situation in China and whether their factories would remain closed for an extended period.

China's strict measures made me fear that the factories might not reopen for quite some time.

As the COVID situation continued, my nerves started kicking in, leading me to decide to exit the first store.

Around that time, a mutual friend named Andri Sadlak had already sold his business a few months prior.

Hearing about his success, especially during COVID-19, prompted me to reach out to him.

I was curious about how he managed to sell his business for a significant sum and expressed my interest in doing the same.

Eventually, I found out he had used a company called Empire Flippers for the sale.

Related Read: How Andri Sold His Amazon FBA Business for $500K with Empire Flippers

-: Video Version of This Blog :-

- - - -

Psst… Thinking of Cashing Out? 

Empire Flippers is a reputable marketplace that connects buyers and sellers of online businesses.

I have a few affiliate offers by the platform if you want to sell your site or browse businesses for sale. :)

1. Evaluate Your Business: If you're ready to sell your online business, Empire Flippers can help you find a qualified buyer. Get a free valuation and learn more about their selling process by clicking here: Sell Get A Valuation Of Your Site - Empire Flippers

2. Browse Businesses For Sale & Sell Yours: Not looking to sell but curious about the online business marketplace? Empire Flippers also has a large marketplace of businesses that are currently for sale. Browse different businesses and see what kind of opportunities are available by clicking here: Empire Flippers Marketplace.

Now, let's get back to Dan and continue with his story. 

- - - -

Dan: With little knowledge about the value of my own store, I decided to take a leap of faith and listed it with Empire Flippers to see what it could fetch.

I wasn't sure how much someone would be willing to pay for a simple product like food bags on Amazon.

With no clue about its market value, I decided to let Empire Flippers assess it.

They came back with an evaluation of around $600,000, and without hesitation, I agreed to proceed with the sale.

Vova: So, that was your first successful exit.

You began around 2018, right?

Dan: Honestly, I lose track of time…

Yeah, I believe it was either 2017 or 2018.

Sounds about right, 2018.

How Dan Started on Amazon

Vova: Can you please backtrack a bit.

I'm curious to know how you got started with Amazon.

It seems like you began learning the ropes of Amazon around 2017, right?

You didn't exit until about three years later, but during those years, you were able to turn a profit.

And then there's the exit money, a whopping $600,000, which is quite significant for anyone reading.

It's a considerable sum to exit with.

And if I recall, your second exit was even more substantial, nearly hitting the million mark.

But before we delve into the details of the second exit, which is also more recent, I'd love it if you can share specifics about the products just yet.

Dan: Sure thing, Vova!

Vova: So, let's go back to the beginning.

How did you start around 2017?

What sparked your interest in getting started with Amazon?

Many people are drawn to the idea of making money on Amazon or perhaps even selling their own businesses there.

Empire Flippers is a great platform where sellers can find opportunities.

I'd love to mention your referral offers for Empire Flippers as well.

Empire Flippers Official Website

Empire Flippers Business Valuation Tool

But could we please circle back to the beginning.

How did it all begin for you?

Dan: Sure! So, I met Tom Wang, and I believe some of your audience might be familiar with him.

Vova: Yeah, definitely.

Dan: I met this guy, a major player on Amazon.

He was doing big numbers, like around $200,000 a month when I met him, and I was blown away.

I was like, "Wow, that's impressive."

And it made me start chatting with him.

Turns out he's from Vancouver too.

We had a lot in common, so I ended up interning for him for a while.

It was eye-opening to see the inner workings of an Amazon business firsthand.

You hear stories about people running their businesses from exotic locations like Thailand or Bali, and while it's possible, I had my doubts.

It just seemed too good to be true.

That's true!

Whenever I saw someone traveling in Thailand and supposedly making loads of money from Amazon, I couldn't help but wonder, "Is that really possible?"

I always had my doubts. 

But getting a glimpse behind the scenes of how Tom ran his Amazon business gave me the confidence to give it a try myself.

I decided to start with a product that was relatively inexpensive.

I didn't want to deal with something heavy or costly right off the bat.

I wanted to start with something small, like a trial run.

That's why I chose to begin with weed baggies.

They come in sets of a hundred, and they're super lightweight and compact since they're just aluminum baggies.

So, I bought them from the factory for $1.70 for a set of a hundred baggies.

Then, I would sell them for around $17 or $18 initially, which gave me a nice margin to work with.

It was a great start for my first product, especially since I didn't have a lot of savings to invest.

I put in about $5,000 for the first batch of inventory and another $5,000 for the launch, marketing, and getting reviews.

Luckily, I was able to recoup my investment pretty quickly because of the decent margin, even considering the fees Amazon takes from the sale.

Vova: Right, Amazon does have its fees.

Dan: Yeah, exactly.

Vova: So, if the cost was $1.70… When you factor in those fees, even if you're selling it for $20, it's not like you're pocketing the full $18.

There are additional costs, like the landed cost, which includes the product creation and shipping to Amazon, plus Amazon's fees, which can amount to about $15, along with FBA fees.

But still, considering the minimal investment, you could potentially make triple or quadruple the money, or even more in some cases.

Dan: Yeah, that's right.

So, I think around $30 went towards fees, and then there were returns to consider, but I recouped my investment pretty quickly.

In the first month alone, it generated about $13,000 in revenue.

So, I'm pretty sure I made back my initial investment within the first month or two, which was a fantastic start.

I used the profits from the first product to launch a second one, sticking with the same factory for all my products.

I asked them questions like, "What else do you have? Can we make a larger size? Can we offer different colors?"

This led to launching about 10 products in total on that store.

It was all about leveraging the same factory to scale up.

I would launch a product, reinvest the profits into launching another one, and repeat the process.

Eventually, it snowballed into generating between $10,000 to $20,000 a month in profit.

Vova: That's impressive, Dan.

My experience on Amazon was quite modest in comparison.

Our first month's sales were only a few hundred bucks, starting with something as simple as kitchen scissors.

In our first year, we managed to hit $147,000 in sales with a 17% margin.

So, it took us about a year to turn a profit, but it seems like you hit that milestone much quicker, and your profit margins were likely higher too.

For us, the cost of the scissors was around $1.50 to $2, including shipping.

Dan: I see.

Our selling price fluctuated between $12 and $15 at different times, leaving room for profit.

Although some products were more profitable than others.

What Helped Dan Achieve Initial Success

Vova: I remember you knew Tom then I met him.

We all met up for coffee one day – me, Slava, and Tom.

It was a brief meeting and we didn't have much time to chat, but did you pick up any tips from him on how to launch products successfully, like how you managed to do so well in your first month?

Dan: Yeah, definitely.

I learned a lot from him, especially about product launches.

Back then, the go-to method for launching products was using Facebook ads and ManyChat.

You'd run promotions through ManyChat, encouraging people to buy the product and leave a review afterward.

I really went all in with ManyChat, running about five to ten promotions every single day until the product started selling organically.

And because the product was relatively inexpensive, priced between $7 to $18, it was easier to gather reviews quickly.

With pricier products, where you might only sell a couple of units a day, it takes longer to accumulate reviews.

But with a cheaper product, you can gather a hundred reviews within a couple of months, which was really helpful once the reviews started rolling in.

What's interesting is that I didn't use Amazon PPC at all.

I relied solely on ManyChat and Facebook ads.

I would tweak the keywords it was ranking for until it ranked for about five to ten different ones.

Surprisingly, not using PPC turned out to be beneficial.

At the time, I still don't really rely on it.

But back then, I didn't have much knowledge about PPC.

If I had tried running PPC campaigns without knowing what I was doing, I might have ended up burning through a lot of cash.

Imagine turning on an auto campaign and seeing it spend $20,000 without knowing where it all went – that would have been disastrous.

Especially because when you're looking to sell your business through a platform like Empire Flippers, they take into account how much you've spent on PPC, and it affects the evaluation of your business.

So, in hindsight, not using PPC actually worked in my favor.

Vova: Right, it's all about maximizing your profit margins.

Dan: Exactly.

Vova: So, basically, what you're saying is you had a solid understanding of the launching techniques that were effective at the time.

Interesting Stuff About Dan's First Product

Dan, you launched your first product, built up your rankings, collected initial reviews, and started generating organic sales without having to spend much, if anything, on PPC.

That's great because it gives you more room for profit.

Once you're organically positioned, you don't have to rely on PPC for sales – it's like getting free sales from the organic side of things, which is pretty cool.

Then you started launching new products.

How did you come across that first product idea?

It sounds like it was easy to produce and package, durable, and inexpensive, leading to good profit margins.

The product was selling for a higher price on Amazon, making it a profitable opportunity.

How did you come across it?

Did you know what to look for, or did you just happen to stumble upon it?

Dan: Well, before starting my Amazon store, I had a Shopify store in the marijuana niche.

So, I noticed that it was a highly popular and profitable niche, yet not many people dared to venture into it on Amazon.

When I stumbled upon the product, I simply searched for terms like "weed baggies" or "weed bags" on page one of Amazon.

I found a couple of listings that were actually selling them.

The listings that were selling only offered plain black baggies.

So, I thought, "What if I offer different colors?"

That's when I decided to make mine holographic by simply changing the color.

Surprisingly, these additional variations brought in a lot of revenue.

Initially, when I launched the product, the top-selling SKU on Amazon was making around $13,000 a month.

I figured if I could capture just half of that, I'd be making $6,000 to $7,000 a month with a 50% profit margin, earning around $3,000 to $4,000 a month.

That sounded like a pretty good deal to me.

However, as the niche gained more popularity, the top seller's monthly revenue skyrocketed.

By the time I left, his monthly earning had ballooned to about $300,000 a month.

So, clearly, the entire niche had experienced significant growth.

What's interesting is that the seller who reached $300,000 a month essentially replicated my product entirely.

I was the pioneer in launching holographic weed baggies on Amazon, which had this cool rainbow effect when light hit them, perfect for the stoner market.

However, this seller essentially copied everything about my product – the holographic color, the size, the quantity (100 baggies), and then just undercut my price.

I priced my product around $17 to $18, ensuring a healthy profit margin of around 50 to 60 percent.

However, my competitor decided to sell at a lower price, around $14 to $15, slashing their profit margin to about 30 percent.

Initially, I was frustrated by this move, thinking that being the original seller in the niche with the most reviews would ensure my dominance.

But unfortunately, the product was becoming more of a commodity, and many customers opted for the cheaper option.

Consequently, my competitor eventually surpassed me in review count.

Despite advice suggesting that having a strong brand would allow for higher pricing, I hesitated to lower my prices.

But then, that kind of started bothering me, and I became stubborn about not lowering my price because I felt like I was the original seller.

So, despite the competition, I refused to budge.

Eventually, my competitor surpassed me in review count.

At the time, I had around 500 reviews, but he quickly gained momentum, surpassing 1,000 reviews.

This allowed him to overtake me in terms of sales.

Moving forward, if I see a competitor gaining more reviews than me, I'll lower my price to block them.

It's crucial to protect your review count as the first seller in the niche.

Vova: Absolutely, staying at the top is key.

Let me share an experience from 2018.

During that summer, we had a fantastic run with our grill brush.

It was selling like hotcakes, especially in June, which is typically our peak season.

We were moving hundreds of units a day, and although we faced some stock shortages, the price was holding steady at around twenty dollars in the US market.

Considering it cost us just a few bucks to produce, the profit margin was excellent.

However, as the summer came to a close, other sellers started dropping their prices.

We chose not to follow suit, and as a result, our sales began to decline rapidly.

We found ourselves losing rank on Amazon, and soon enough, sales nearly dried up altogether.

It's true that we weren't the leaders in reviews; we were just one of many brushes on the market.

We should have adjusted our prices when others did, but we kept them the same.

As a result, our sales suffered because our ranking on Amazon dropped.

So, you're saying you found this product, reinvested, and expanded into similar products or variations within the same niche.

You also mentioned meeting Andri Sadlak, another Amazon seller who had successfully exited his business, and the co-founder of ProductPinion.

Get Free Trial + Double Credits for Your Polls

You sought information from him about the exit process, and then you proceeded with Empire Flippers.

The Process of Selling an Amazon Business with Empire Flippers

Vova: So, getting your business evaluated and starting the selling process, was it difficult?

Dan: Not really.

It's quite straightforward.

You create a login, then they send you an email.

After that, you grant them API access to your Amazon account so they can view its backend.

From there, they compile a spreadsheet, which they do at no cost, thankfully.

This spreadsheet details your business's financials, including profit and loss over the past couple of years. 

You're required to input any additional expenses, such as product, shipping, software, and advertising costs.

Once you've added everything up, they calculate a final profit and loss statement and use that to determine the business's value.

But they do require invoices for purchases just to ensure transparency regarding the product costs.

They conduct thorough checks to confirm the accuracy of the information provided.

Once they've completed their due diligence, they provide an evaluation.

If you promptly provide all the necessary information, you can expect to receive an evaluation within about two weeks.

They also inform you about the current market conditions, such as recent business sales or any slowdowns.

In my case, I sold my first Amazon business within two weeks of starting the process.

Vova: That's impressive.

Dan: Yeah, it was pretty quick.

The second one, we sealed the deal on the very first phone call.

Vova: Remarkable!

Dan: Yeah, it was surprising. We had the call, they said they needed time to consider, but later that night, Empire Flippers called back and said they were ready to offer the full price in cash.

It was a pleasant surprise.

Vova: That's really impressive.

Dan: It was such a satisfying experience.

The Feeling of Selling an Amazon Business

Vova: So, can you describe how it felt to sell your second business?

I mean, sure, it must have been exciting to close the deal over a phone call.

But since it was your second time, did you feel more prepared or was it still as exhilarating?

Also, when you sold your first business, how did it feel to finalize the deal?

Did the money go straight into your account?

I'm curious about your experience.

Dan: So, back then, I was sharing an apartment with my girlfriend and two other roommates in Vancouver.

Renting in Vancouver is crazy expensive, you know?

It felt like we'd be renting forever.

I used to think, "Maybe one day I'll have my own place without roommates."

Before that, for about three years, I'd lived with different roommates, moving from one apartment to another.

It was a cycle of new faces and new places, you know what I mean?

And there was never a sense of stability.

It was always new people, new apartments.

When I sold the business, it was like, "Nice, I can actually buy a place now."

That was the best feeling.

You go from thinking, "I'm gonna be renting forever with roommates," to "I'm gonna buy my own place now."

When I got the offer, I was dancing around, and as soon as the money hit my account, even before that, we started looking at places.

I thought, "Okay, I'm gonna buy in this area, by the beach, have a nice condo."

It felt really good.

What Happened After the Exit

Vova: So, you did it, you bought a place.

Did you take a break from business or continue straight away with another one?

What did you do after the exit, like, what changed in your life?

I imagine you had a nice new apartment, which probably took time to settle into and start decorating.

Did you start a new business quickly, or did you take some time during that period?

Dan: Yeah, my girlfriend and I decided to start another online store before I sold the first one.

There were some complications with using the same bank account information, so we set up the new store using her details.

Once it was up and running, we launched a product on that store, and it started doing well.

This gave me the confidence to sell the first store because I knew we had another one gaining momentum.

So, we sold the first store and invested the money into the second one.

We wasted no time and began launching new products and building up the new store because my goal was to replace the income from the sold store as quickly as possible.

I didn't want to waste any time after selling the first store.

As soon as the money came in, I started launching new products on the new store.

I did take a month to travel during that time, but with COVID going on and everything being locked down, it made sense to focus on another business venture.

I also bought a motorcycle and got a dog.

Some people might splurge on fancy cars, but for me, it was a dog and a motorcycle.

Vova: That sounds great, man.

It's good to see you making moves.

So, basically, you already had another business in the works or starting to gain traction, which gave you the confidence to sell the first one, buy a place, and reinvest in the new business.

Also, it's great to see you treating yourself and enjoying life with travel, a motorcycle, and a dog.

So, you kept growing the other business, building on the experience from the first one, gaining new knowledge along the way.

What Made Dan Sell the Second Business

Vova: What made you decide to sell the second business?

Did it take longer to grow, or was there something else?

Dan: Yeah, for the second one, like many Amazon stores at that time, faced inventory restrictions.

We couldn't send in new products because the inventory was full.

So the thinking was, "If we can't launch new products, it's harder to grow the store's revenue. It might be better to sell and start fresh with a new store."

I was researching this the other day, but essentially, if you're a new Amazon store, you get about eight months to a year without any inventory restrictions.

That's roughly 38 weeks, give or take.

As we faced these restrictions with our second store; we couldn't send in more products, so we decided to sell it.

Now, we're diving into a new venture, launching 11 products on the new store.

I believe taking a long break after an exit can make you lose touch with the latest information, so I wanted to keep moving forward.

My theory is, as soon as you sell, start a new product or store right away.

That's what has worked for me.

You don't want to lose your edge, like a fighter who doesn't compete for a while.

When they return to the ring, they're not as sharp.

Same goes for Amazon.

Vova: Absolutely, things change rapidly in this industry and on the internet in general.

If you take a break, it might be tough to start fresh with a new store.

Dan's Goal with the Third Store

Vova: So, you're currently launching multiple products at once with your third store.

What's your goal with that?

Are you aiming for a steady income stream?

Do you want to establish a solid and straightforward business that you can eventually sell?

Perhaps you're considering another sale in the future to invest elsewhere.

What's your plan?

Dan: Yeah, definitely.

It's always motivating to have clear goals and something to work towards.

For the new store, I'm being quite picky about the products.

I'm looking for items that have enduring appeal, something that won't drastically change in the next decade.

I want it to be a reliable source of income, like a steady stream.

Also, I prefer products that are relatively simple, without electronics or complex components.

I've been quite picky about the new products I'm choosing.

The aim for the new store is simply to see how much I can expand it and how quickly.

We're starting off with 11 products right from the beginning, and honestly, that already feels like quite a lot.

There's a ton of work involved in creating labels, instructions, and insert cards for each product.

I'm not sure if I can handle more than 11 at the moment.

We'll see how these products perform, and then maybe I'll consider adding another 11 or so.

The new account we have gives us about eight months to go all out and launch as many products as possible before we face any inventory restrictions.

Once those restrictions kick in, we'll take things as they come, observing how the products perform.

After about two years, we might consider exiting the venture, depending on how things unfold.

Vova: That sounds like a plan.

Dan's Strategies for the Third Store

Vova: Are you primarily launching on Amazon, or are you also considering Shopify?

Any new strategies for this store, or sticking to what worked for you in the past?

Since all 11 products are in the same niche, are you planning any cross-sales or marketing?

Dan: Basically with Shopify, it's much simpler to secure sales if your return rate remains low.

So, I gave Shopify a shot with a clothing line, and it was going smoothly.

People were buying, but the snag came with sizing issues leading to returns.

To streamline things, I linked Shopify with Amazon for automatic shipping, which was convenient.

However, handling returns became a hassle.

If someone needed a different size, they had to return the item to Amazon, and I had to manually send out the replacement.

If I try Shopify again, it'll be with a product that has minimal returns and a higher price point, ideally over $70.

It seems like the sweet spot is around $90 or maybe even a bit higher.

Anything below that, say under $90, I might skip advertising, unless the profit margin is exceptionally high.

See, with Shopify, Google ads, and Facebook ads, the cost per click tends to be higher compared to Amazon.

So, it's usually better to stick with Amazon, where the cost per click is lower, unless you're aiming to establish a brand and build a social media presence.

But for now, I'm just concentrating on Amazon.

If it performs well and brings in good money, then I might consider investing some of it into Shopify, perhaps exploring advertising on platforms like TikTok to start building a brand.

Vova: That sounds cool.

Other Business Options to Get Into

Vova: Aside from Amazon, have you explored any other business ventures or maybe you're currently involved in something else?

I'm guessing sticking with Amazon makes sense since it's working out well for you, but I'm just curious if you have any other plans or ongoing projects.

Dan: Yeah, I've actually started working with a few clients managing their Amazon PPC campaigns.

It's been quite interesting because it brings in regular income, which is nice.

Managing these campaigns involves constantly monitoring bids, setting up new campaigns, and adjusting strategies based on performance.

It's a bit different from running my own business, but it's been a rewarding experience so far.

And there was this one time when I offered a free trial for managing someone's Amazon PPC campaigns.

I got their advertising costs down to a really good level, set up all the campaigns, and then they suddenly removed me from their account without paying.

It's just part of the game, you know?

But in situations like that, I realized I'd prefer not to be the one handling all the campaign setups.

It would be better to have a dedicated PPC specialist managing everything as a team effort.

Dan's Separate Business Venture – Hive-invest.com

Dan: I've also started a company called Hive Investment, as you know.

With Hive, our focus is on launching Amazon brands and products for clients.

So, imagine someone's working a regular nine-to-five job, right?

After a long day at work, it's tough to find the energy and time to do product research, deal with factories, and all that stuff.

Sure, they could do it, but it's hard to squeeze it in when you're exhausted and just want to relax.

That's where Hive comes in.

We help people who want to start selling on Amazon but don't have the time because they're already committed to another full-time job.

Our goal is to make the process of launching their first few products as smooth and hassle-free as possible for them.

However, we've been tweaking our approach lately.

Instead of just launching one product for our clients, we're aiming to kickstart their Amazon journey with two or three products right from the start.

Why?

Well, the more products you have in your store initially, the better your chances of turning a profit.

Let's say one or two products don't perform as expected, but the third one does well – it helps balance out the losses.

So now, when people sign up with Hive, we encourage them to start with three products in the same niche, building a brand.

We work with the same factory, negotiate lower minimum order quantities, and overall, aim to spread out the risk.

It's all about diversifying and increasing the odds of success from the get-go.

Vova: Yeah, you're keeping busy, that's awesome.

So with Hive, do you handle finding the products for people?

Dan: Yeah, we do.

It's both rewarding and stressful because, you know, finding a winning product every time isn't guaranteed.

Vova: Yeah, that's the reality.

Dan: So, that's why we're moving towards launching three products right from the start.

With more options, the chances of at least one being profitable are higher.

But yeah, it can be tough because if one of our picks doesn't perform well, we take the heat for it – like we end up taking the blame for choosing that product.

However, our counterargument is that our team has more experience as Amazon sellers, which increases the chances of success compared to clients doing it alone.

Vova: Absolutely, so when you say "we," you mean you and other sellers who are part of Hive?

Dan: Nice catch! Exactly.

Currently, we have a team of about 12 people.

We're working on expanding our team with specialists for different roles.

We're looking to bring on board experts in PPC advertising, video production, photography, copywriting, sourcing, and more.

Each person is highly skilled in their respective fields, creating a well-rounded team.

They go through a step-by-step process – setting up their corporation, Amazon account, finding suppliers – just like an assembly line.

Vova: Are you the founder or co-founder?

Dan: I'm a co-founder, yes.

There are four other people who co-founded it with me.

A venture like this isn't something one person can handle alone.

It requires a team effort, and I believe in collaboration.

I know I couldn't manage Hive by myself.

I would feel overwhelmed if I had to handle everything alone, so I'm grateful to have a growing team.

We're aiming to expand it to include 20 or even 30 people.

I believe that when we reach around 20 to 25 team members, the company will be much more stable.

Currently, we're still in the startup phase, so we're working on improving efficiency.

Sometimes things take longer than expected, like getting product photos, writing product descriptions, managing advertising, and handling customer reviews.

It's like weaving together all these tasks into a cohesive plan.

Vova: Do sellers often have multiple listings?

I get what you're saying.

It's impressive that you've already built a team of over 10 people, each handling specific tasks.

As the co-founder, do you eventually want to step back from day-to-day operations?

Dan: Absolutely. I aim to focus more on the overall strategy rather than getting caught up in the daily tasks.

Currently, I find myself wearing many hats and troubleshooting various issues.

However, one positive aspect is that with around 70 people having been involved with us, we've encountered and resolved a wide range of unexpected problems, especially with Amazon accounts.

It's quite intense, but it's beneficial for me as well because I gain valuable experience.

Being involved with my new store allows me to grasp everything and understand the most effective methods.

Vova: Indeed, it's advantageous that as a founder of a company aiding Amazon sellers, you're actively engaged in the Amazon selling process yourself.

Dan: Absolutely. As long as I'm part of Hive, I feel it's essential to maintain my presence on Amazon.

Especially since I'm involved in selecting products for others to launch, it's crucial for me to continually launch products myself.

Trends in selling have evolved, and what worked years ago might not be as effective now.

It's a different landscape now.

Launching any product requires a well-thought-out plan.

How to Understand What Makes a Good Game Plan

Vova: Absolutely. How do you approach creating a solid plan for Hive or your new ventures?

You've had successful exits before, and it seems like you're aiming for even greater success.

How do you navigate this?

Not all projects are guaranteed successes, right?

There might have been products that didn't perform as expected.

How do you handle those situations?

Yes, it's impressive that you've sold two businesses already and now you're spearheading another project with over 10 team members.

How did you manage to achieve this?

Dan: Well, having a good relationship with the same factory is key.

When you work with the same factory for multiple products, it's advantageous. 

You can leverage your existing relationship to test new product ideas with smaller quantities.

For instance, if you want to try out a new product, you can approach the factory and ask if they can produce a small batch, maybe a hundred units, for testing purposes.

Since you have a history with them, they might be more flexible with their minimum order quantity (MOQ) requirements.

Interesting Read: Minimum Order Quantity MoQ on Amazon - SmartScout

Plus, you might get a chance to test out all of their products.

And it's really essential to proceed cautiously when testing new products to avoid investing too much upfront.

Typically, I start with a small batch of 100 units from the factory.

If it sells well, I will increase the order.

However, there are instances when products don't perform as expected, and I have to sell them off at a discount.

Fortunately, I've only had to liquidate a few hundred units so far.

The key is to maintain open communication with the factory and explain your plans clearly.

For instance, I usually inform them that I intend to launch around 10 products over the next 10 months.

We aim for low MOQ because factories understand the potential for significant revenue growth if our products succeed.

They are often willing to accommodate lower MOQs, even if it means they break even.

This flexibility is crucial for our strategy.

Additionally, being part of the same mastermind group provides valuable support when facing challenges.

Whenever I encounter obstacles, I can turn to the group for assistance.

The diverse experiences of members, who interact with numerous Amazon sellers, offer a wealth of insights and solutions.

This community has been instrumental whenever I've hit roadblocks.

It's like having a reliable support system where you can turn to for help and advice whenever you encounter challenges.

For example, if I'm facing an issue like a trademark not getting approved, I can ask the group if anyone has experienced the same problem before.

Often, someone will share their insights, and just like that, the problem is solved.

So, being part of a mastermind group and having good relationships with everyone involved in your Amazon business, from the factory to your photo and video team, is incredibly beneficial.

Vova: That's pretty cool, and it reflects your approach as well.

Building strong relationships, like with the factory, opens up options for us.

We're currently adopting a similar strategy with a factory we've been working with for about six or seven years now.

Nowadays, we're simply requesting smaller MOQs to launch three new products for testing purposes, which is a smart move.

Building a network of like-minded individuals is essential as well.

You can start small by connecting with other sellers in Facebook groups.

That's how the Ecom Brand Builder Mastermind aka EBB Mastermind group was formed.

Andri might have reached out to me, and I probably talked to Kaylin, and it all started on Facebook.

Dan: Yeah, exactly!

You can also join Amazon groups on Reddit, Facebook, or even engage in discussions on YouTube or Discord.

Just post something like, "Hey, I'm from Vancouver. Anyone else here? Let's grab a beer!"

If you're willing to reach out, you'll find others in your city who are also in the business.

Try organizing a weekly meet-up, like a mastermind call, where you can exchange ideas and stay updated on the latest information.

Additionally, attending in-person events can be beneficial.

I've personally been to events like SellerCon, which was fantastic.

It's a gathering of Amazon sellers from all over, and it's a great opportunity to network.

I met around 20 people there, added them on Facebook, and continued to build connections.

SellerCon happens annually in Vegas and isn't too pricey, just a couple of hundred bucks.

Attending in-person events is another option I'd consider.

However, our mastermind group is open to almost anyone who's interested, so there's that avenue as well.

Vova: Yeah, there might be certain criteria or rules regarding active participation in the Amazon selling community, but it's worth checking out.

There might also be a registration form or some entry requirements, but I'm not entirely sure about the current specifics.

And yeah, it's definitely a good idea to network with people in the same field.

Building strong relationships with your suppliers, photographers, videographers, or anyone else you work with just makes sense.

It not only makes running the business easier but also more enjoyable because everyone understands each other's needs.

When you have a solid team of collaborators, you can support each other and share insights.

Skills that Helped (and Help) Dan be Successful

Vova: As for you, Dan, what personal skills or mindset do you think have kept you going?

Some people might have given up after a setback with a product or when dealing with the challenges of starting a company like Hive.

You're building new things and when challenges arise, some people might feel like giving up, which is understandable.

But you seem to enjoy what you're doing.

What do you think helps you keep moving forward and achieving success?

What skills or daily activities contribute to your progress?

Dan: Yeah, I try to stay consistent with my work.

Some people go all-in for a month on their Amazon store and then lose momentum.

I often encounter these individuals at events, seemingly highly motivated.

Later, when I ask how things are going, they often mention getting busy or sidetracked.

This scenario is quite common.

Personally, I strive to maintain consistency in my work progress.

At Hive, as I mentioned, we operate with a team comprising around 12 to 15 individuals, including virtual assistants.

While not everyone is present physically, in Vancouver, we have about seven team members working together from our office space.

Interacting with familiar faces and having that office environment on Mondays and going out for lunch helps maintain enthusiasm for work.

A lot of Amazon sellers just roll out of bed and work from home, which can feel a bit isolated.

But with Hive, we have this office space where we come in, work together, and see each other, which adds to the enjoyment.

Even if Hive wasn't profitable – though it is – I think we'd still do it because we love building things and hanging out together.

Everyone at the company enjoys spending time together, so we'd probably still work on Hive even if it wasn't making any money.

Vova: That's interesting.

Advice for Beginners

Vova: And for those who struggle to stay consistent or motivated, I'd suggest finding what truly drives them.

Whether it's a passion for building something new or the desire to succeed in their business, having a clear understanding of their motivation can help them stay on track.

It's also important to set realistic goals and create a manageable routine that fits their lifestyle.

Consistency is key, even if progress feels slow at times.

Surrounding oneself with a supportive community or mentorship group can provide encouragement and accountability.

And most importantly, don't be discouraged by setbacks – learning from failures and staying resilient are essential for long-term success in any business venture.

Dan: Yeah, I believe joining a mastermind or having calls with other Amazon sellers can be really helpful.

When you're stuck, you can just reach out to them for advice.

Another option is to hire an Amazon coach.

You can find people offering coaching calls on platforms like Upwork.

Paying someone around $100 an hour to answer your specific questions, like how to create a barcode or a shipping label, can be worth it.

Often, it's just one little thing that's holding you back from making progress.

With the guidance of a coach, you can quickly overcome these obstacles and move forward with your business plans.

Vova: Yeah 

Dan: Yeah, you could definitely consider joining a mastermind or scheduling coaching calls.

Typically, they're priced around $100 or sometimes even more.

Vova: Well, the price can vary depending on who you're consulting with.

Some coaches may offer sessions starting from as low as $50 or even $20.

And sometimes, you don't need a full hour; you can opt for shorter sessions of 15 or 30 minutes, which could be more affordable.

It all depends on the consultant's rates.

So, even if you're on a budget, you can still access helpful information through shorter, more economical calls.

But let's say someone isn't doing that, like they're not even facing problems yet.

I mean, I get it, when you're stuck, finding help or joining a mastermind can be the solution.

But what about those who don't even reach that point?

They keep talking about starting something new but never actually take action.

You know what I mean?

I've seen this pattern where people are always talking about their plans but never seem to kickstart them.

It's not to criticize them, but it's a common observation.

Some folks go through courses, learn the basics, and then just stop their progress for some reason.

I wonder how such people even manage to reach a point where they have a successful business in a particular field.

What's your take on this, especially for those who haven't even reached a stage where they know what questions to ask?

Dan: Well, many folks often get stuck at the initial stage of product research.

They struggle with figuring out what to launch and whether it'll be profitable.

I believe the key is to introduce something distinct that stands out on the first page of search results.

I recently had a conversation with a woman who wanted me to manage her PPC campaigns.

When I checked her products, I noticed she had basically copied a listing from Amazon that had 18,000 reviews.

Her version had zero reviews.

I had to be honest with her and say that even if I'm great at PPC, it wouldn't help because her product was a direct copy.

I advised her to launch something original on Amazon, something that sets her listing apart.

If it's a good product, it should be able to generate around a thousand dollars in sales per month.

If you're feeling stressed about whether to launch a product, just ask yourself if it's unique to Amazon.

If it is, give it a try.

Check if the profit margin looks good and if it's a lower-cost item, even better.

That way, you're not risking too much money to test it out.

On the other hand, if the product isn't unique to Amazon, it's probably best not to launch it.

Dan's Panoramic Perspective about Doing Amazon

Vova: Do you generally recommend starting an Amazon business these days?

You're on your third store now, and you also run Hive where you and your team assist people in launching their businesses on Amazon.

You're quite involved in the space, as am I, having sold as a seller since 2016.

I'm running informational platforms like YouTube and blogs, but do you still view Amazon as a long-term opportunity, or perhaps e-commerce in general?

What are your thoughts on this?

Dan: Well, you know, they say it takes about 10 years to truly become an expert in something, and I've only been involved with Amazon for five years.

So, if I just stick with it, I should be in a pretty good position in another five years.

That's why I'm focusing all my efforts on e-commerce and Amazon.

Every business venture I undertake is somehow connected to Amazon.

For instance, my work with PPC is linked to Amazon, and so is Hive.

Even something like a photography studio would have ties to Amazon in some way.

Yeah, there might be another platform emerging for selling goods.

It's unlikely to be Walmart since they're facing some issues at the moment.

But perhaps Etsy could be a contender.

They specialize in handmade items, and if they expand to include other products, they could pose a challenge to Amazon.

However, regardless of the platform, the basics remain unchanged.

You'll still need to know how to find and create products, negotiate with manufacturers, and handle marketing.

PPC advertising will likely remain a crucial aspect, even on future platforms like Etsy, which already utilizes it.

And I'm pretty sure on that.

So yes, those skills will definitely be valuable wherever I go.

As long as I keep learning and improving, it should pay off.

If Everything Collapses Suddenly, How to Rebuild from Scratch? – Dan's Perspective

Vova: I've a question for you, Dan.

It's a hypothetical scenario.

Let's say Amazon shuts down one day.

Even the biggest empires can falter, right?

So, if you found yourself in a situation where Amazon no longer exists and you're left with nothing, what would you do?

You have all your skills, but Amazon is off the table.

What's your plan?

I guess e-commerce is an option, but how would you approach it – Amazon suddenly disappears, and you're left with little to no capital.?

What would you do in this situation?

Dan: Well, I recently had my bathroom renovated, and I was quite involved in the process since I'm home most of the time.

While the renovation was underway, I found myself observing the workers and asking questions about their methods.

For instance, I was curious about how they cut certain materials and shaped the countertop with the sink.

So, I found the whole renovation process enjoyable, especially because my contractor was exceptional.

He was always available, even late at night, and promptly addressed any issues.

His dedication to customer satisfaction inspired me to adopt a similar approach.

For instance, after completing the renovation, he left a thoughtful gift basket and ensured everything was perfect.

Seeing his commitment, I realized that if Amazon disappeared and I had limited funds, I might consider becoming a contractor myself.

Vova: So, you'd step in to help folks with fixing or improving things in various areas, right?

Dan: Yeah, exactly.

For instance, if someone wanted to renovate their kitchen, I'd assist them in organizing the process.

You'd have different specialists for different tasks like countertops, cabinets, flooring, and cleanup.

It's like a well-oiled machine, each person coming in and doing their part.

Eventually, the old kitchen gets transformed into a fresh, functional space, and the customer is delighted.

Plus, you earn a decent income from it.

It might sound unexpected, but that's one option.

Vova: Yeah, it's interesting to ponder, isn't it?

I mean, looking at where we are now, you've had two successful exits, and things are going pretty smoothly.

For me, my Amazon sales and design business are doing well, and the affiliate side is picking up too.

But sometimes, I wonder, what if everything suddenly fell apart?

What's the backup plan?

It's reassuring to hear your perspective, especially how you've observed the success of that contractor who provided excellent customer service along with quality work.

It's got me thinking about it, too.

Dan: Yeah, definitely.

If things changed drastically, it seems like a solid option. 

Vova: Got it. It's always good to have a plan B.

Dan: Yes, exactly.

You could start small, maybe with kitchens and bathrooms, and then gradually move up to building custom houses.

I've seen this guy who builds two-million-dollar houses, and it's fascinating to watch a house come together like that. 

What about you? 

What would you do?

If Everything Collapses Suddenly, How to Rebuild from Scratch? – My Perspective

Vova: For me, I'd likely leverage the skills I've gained from e-commerce and video production.

I might explore new areas within the online realm.

However, I've also thought about having a physical presence, like a cozy cafe in Thailand or on an island, where I could enjoy running my own coffee shop for a while.

Just relaxing and living there, making some money, and enjoying the lifestyle.

It's not about making big profits, but rather about enjoying life, and for that, running a cozy coffee shop on an island sounds like a good idea to me.

As for going back to zero, I'd leverage my e-commerce, blogging, and camera skills for an online business.

I might focus more on e-commerce since I'm skilled in that area.

Starting a travel blog or changing my YouTube content could also be on the cards, moving away from solely focusing on Amazon-related content.

Besides that, I might do interviews, not just related to Amazon.

I've thought about talking to everyday people on the streets, hearing about their struggles and life experiences.

I've had conversations with people from different walks of life, including those who are homeless or facing challenges.

I want to share their stories, perhaps in my own unique way.

There are some channels that do this, but I could bring my own perspective to it.

Yeah, I definitely see myself continuing with video content for a few more years.

I hope it remains relevant five years from now.

Now, as we go through our chat sometime later, I think it would still be meaningful to keep recording videos.

Who knows what the future holds, right?

It would be great to continue doing things like interviews or showcasing different places through travel videos.

Traveling around the world can lead to some fascinating experiences.

For example, I remember a train journey from Sighișoara in Romania to Bucharest.

It was snowing outside, and the journey lasted about eight hours.

I spent the time reading a book and enjoying some food bought on the train.

Sometimes, I share these experiences with my family or friends through platforms like Telegram, in a group chat.

But might be in future, I would aim for something on a larger scale, like CNN or a similar platform.

Have you heard of Bald and Bankrupt?

He travels to remote villages and documents his experiences. 

I find his content fascinating. 

I've watched his videos from Belarus, where he explores villages. 

It's incredible to see how people live in such remote areas. 

I've also visited remote villages in India where there's no electricity. 

Despite the challenges, people there sustain themselves by growing crops and selling them. 

It's eye-opening to witness their way of life, where earning just a few dollars a month is considered sufficient for their needs. 

It really puts things into perspective.

What I've learned from traveling to these places is how enjoyable it is to be on the road.

You get to meet new people and learn from their experiences, which is always enriching.

Dan's Wish for Future

Vova: As for a closing thought, what would you wish for yourself now at 26, and also for your future self at 30?

It's interesting to think about how your wishes might evolve over time.

Dan: Do you mean what would I wish for my present self, and what do I hope for my future self in four years?

Vova: Totally!

Here's an idea: You could mention something like, "When thinking about what advice I'd give myself, it's really about wishing to maintain the momentum with my businesses, especially at 26. And as I approach 30, it's an age full of possibilities and reflections."

As of myself I've already experienced it two years ago 😛, so it's a milestone to consider.

So, for the present moment, what do you think?

What would you wish for yourself right now?

Dan: I guess what I really hope for is that one of the businesses I'm involved in becomes something significant and meaningful.

Making money is great, of course, but I've had conversations with people who question why a business has to make an impact or have meaning.

They suggest it might just be ego talking, and maybe they're right.

But for me, that's what I wish for.

Also, as I approach 30, I envision having more freedom in terms of where I can live and work.

Currently, I feel a bit tied down because of my commitments here and the responsibilities I have, like taking care of my work and our dog.

But by the time I'm 30, I hope to find a way to have more flexibility in my location and lifestyle.

It would be great if we could escape the dreary Vancouver winters, wouldn't it?

It gets so gray and rainy, and it gets dark so early.

I've often thought it would be nice to spend the winter somewhere warmer, like New Zealand or Cape Town, for about six months.

I know it might sound silly, but imagine us, stuck in the rain here, while you're cruising around Thailand on your scooter.

Vova: Yeah, I get what you mean.

I haven't experienced a Vancouver winter, but I can imagine it gets chilly and gloomy.

And I see your point about hoping for a change by the time you're 30.

It seems like you're on track to achieve significant financial success someday.

Maybe you'll become a millionaire or even more than that, like a deca millionaire, which I think means having a net worth of tens of millions.

It's definitely within reach for you, maybe even sooner than you expect.

It's pretty cool because having that kind of money gives you the freedom to do a lot more things that you enjoy.

Plus, you can invest in different projects that you're passionate about, which might not have been possible otherwise.

So, I hope you reach that milestone by the time you're 30, like you mentioned.

You'd like to explore more of that vocational freedom by then, maybe even trying out a different lifestyle for a bit.

It's pretty cool, honestly.

It's understandable, especially considering your current commitments, like having a dog and working from a fixed location.

Life tends to have its different phases, where sometimes you're traveling more, and other times you're rooted at home.

Dan: Yeah, it's something to think about.

I'd love to spend summers in Vancouver and then head to places like New Zealand or Cape Town for the winter, where it's their summer season.

That way, it's like having two summers back-to-back, which is something I've never experienced before.

Vova: Yeah, it's definitely an interesting experience.

I've had it a few times myself.

It's kind of strange when you're chatting with family back home, like my mom in Israel, and you're aware that it's winter there.

Depending on where you are, it can get pretty cold, especially since Israel has desert regions.

Meanwhile, you might be somewhere like Thailand, enjoying a second summer right after another one.

It's quite enjoyable and adds a unique twist to the usual seasons.

I guess I got a little sidetracked there… 😛

Why Dedication and Consistency Are Key?

Vova: So, getting back to you, it's been great knowing you for over four years now, or maybe closer to four since around 2019, I believe.

It's awesome to see how consistent you've been, especially with the mastermind group.

It's important, you know?

We often talk about reaching that 10-year milestone in various aspects of life, so being committed to a mastermind group also requires dedication.

You've got to show up regularly.

Honestly, I just realized that I forgot to update the guys there about this interview, but I'll mention it next time.

I'm being transparent here.

Missing a call isn't ideal, but it doesn't happen often.

Typically, we're all there for the weekly calls, showing that consistency.

We set goals and discuss various things as part of the Mastermind group too.

So, yeah, man, I hope you keep up that consistency in everything you do.

It's like with me and the gym, you know?

I've been hitting the gym for over 10 years now, starting back in 2011 when I got into bodybuilding.

It's just become a part of me, you know?

It's hard for me to imagine not working out a few times a week, or at least once.

It's not just about the physical changes, although those are there too.

It's more about how it becomes a consistent part of who you are.

Sure, you can change things up if you want, but some things stick, and that's one of them for me.

So, it's important to have goals, like you mentioned, wanting to make a real impact with your business.

It helps you keep up that consistency and achieve all the things you're aiming for.

Whether it's about ego or not, it's all good.

People will always have different opinions, you know?

What matters most is that it feels right for you.

Sometimes, no matter what you do, someone will see it differently, and that's okay.

It's all part of the journey, especially as an entrepreneur and just as a person in general.

Vova: So, how are your current projects progressing?

Are they heading in the direction you want them to go?

And by the time you hit 30, do you think you'll be where you aim to be?

That's what I hope for you.

Dan: Yeah, you know, I've noticed something about consistency.

I've seen many YouTubers who reach milestones like 30,000 or even 100,000 subscribers.

They keep improving, gaining more viewers, and then suddenly, they vanish for like a year.

It's puzzling.

So, my wish for you is to stick with YouTube.

Keep that momentum going strong.

Vova: I really appreciate your words.

Yes, things are progressing steadily.

Dan: Yeah, it's baffling, isn't it? You see these YouTubers disappear out of the blue, and you're left wondering why they quit.

It's like they're abandoning a valuable asset for no apparent reason.

Vova: Absolutely, it's puzzling.

I've observed the same trend among Amazon FBA enthusiasts.

Some creators used to upload regularly and then suddenly stopped.

It's hard to grasp why people quit.

Maybe they lost interest in their projects or found them less enjoyable.

Perhaps they struggled to make money, or worse, encountered health issues, both physical and mental. 

YouTube can be demanding on one's mental well-being too.

You'll need to be prepared to commit to it if you want to succeed.

Being consistent is key, especially in the early stages.

As you progress, you can delegate tasks and take a more hands-off approach, especially if you assemble a team to support your channel.

Initially, I handled everything myself – thumbnails, video editing, you name it.

Now, I'm grateful to have help with these tasks.

It allows me to focus on what I enjoy most: recording and sharing my thoughts.

I value your encouragement, and while I'm not sure which video number this one will be, I'm hopeful for its success.

Currently, I've posted around 640 videos in English, about 200 in Russian, and around 30 in Hebrew.

It's inching closer to a thousand.

My goal is to reach ten thousand videos eventually, although that might take a few years.

With content creation, we're figuring out how to consistently produce content without sacrificing quality.

Right now, we're comfortably posting one video a day.

I'm aiming to increase that to two or maybe three videos per day if it's feasible without compromising on quality.

Still, I don't know what the future holds for me.

I'm glad we had this chat, and I really appreciate your insights.

Where You Can Find Dan McGill

Vova: Is there anything else you'd like to share?

Maybe there's something important that I missed asking you.

Also, don't forget to tell people where they can find you and your projects.

It's easy to overlook that part, but it's essential.

So, if there's anything else you want to share or tell us, feel free to do so, and let us know where we can connect with you.

Dan: That's great to hear!

For anyone looking to connect with me, my Instagram handle is just @danmcgill.ig.

You can also find me on Hive Investment's website (https://www.hive-invest.com), which is pretty much the only website I have.

I think we covered a lot of ground in our conversation.

But to everyone out there, if you're facing any specific issues with Amazon or anything else, feel free to share.

Is Anything Challenging These Days on Amazon

Dan: Vova, have you noticed any problems with Amazon lately?

Vova: Yeah, things are going pretty smoothly on my end.

This year has been our most successful one.

Take June, for example; we made a profit of $40,000, which was a big wow moment for me.

And then in July, across both the Canadian and US marketplaces, we managed to bring in $15,000.

Typically, June tends to be our peak month, followed by July, and then things taper off a bit in August.

So, I'm hopeful for what's ahead.

If I look back at previous years, we were making between $10,000 to $15,000 in September.

This year, it's looking to be between $7,000 to $10,000, maybe even less, like around $7,000.

But I expect it to pick up a bit more as we move forward.

Overall, things seem to be on track.

One thing I've learned is the importance of choosing the right products.

I had a setback with a product in the wind chimes niche.

Instead of testing the market with a few hundred units, we went ahead and purchased 3,200 units right away, costing us around $7.5 per unit, plus additional expenses for promotion.

That was a costly mistake, losing tens of thousands of dollars.

Here's a brief rundown of my experience and the key lessons I gained from it.

-: Video Version :-

-: Blog Version :-

Avoid Losing Money on Amazon: My Experience with ProductPinion

Aside from this, everything else is going smoothly.

I've been focusing on improving inventory management to avoid running out of stock.

Anyway, if you missed it earlier, here's Dan's affiliate offer to Empire Flippers:

Empire Flippers Official Website

If you decide to do business with Empire Flippers through Dan's offer, he'll receive a commission, which would be a nice way to show appreciation for his time today.

Additionally, here's his offer to the free evaluation tool from Empire Flippers.

Empire Flippers Business Valuation Tool

You can also reach out to Dan on Instagram.

Please feel free to share your thoughts and questions in the comments section below the video this article is based on.

If you have any other insights to share or want to revisit the video later, you're more than welcome to do so as well.

I really enjoyed doing this interview, Dan.

It was pretty awesome.

Let's grab something to eat if you have the time or feel like it.

Dan: Yeah, let's go.

Vova: Thanks, everyone. And thanks, bro. All the best to you.

____________________

Conclusion

Wrapping up this conversation with Dan was insightful and inspiring.

It's clear he's passionate about building impactful businesses and desires a future with more freedom and flexibility.

We both acknowledged the importance of setting goals and maintaining consistency, whether it's hitting the gym regularly or showing up for group calls.

Dan's journey as an entrepreneur is a valuable case study, and it's exciting to see his businesses flourishing.

For any of you out there on the e-commerce or YouTube grind, Dan's story offers valuable encouragement.

Remember, consistency is key, and don't be afraid to chase big goals.

Like Dan, I dream of escaping the daily grind and exploring new places. 

Maybe someday we'll both be sipping cocktails on a beach somewhere warm!

Thanks again to Dan for joining me today.

If you're curious to learn more about him, follow him on Instagram at @danmcgill.ig. For those interested in e-commerce, check out Dan's website at Hive Investment (https://www.hive-invest.com).

I also wanted to mention again the opportunity to explore what Empire Flippers can do for you.

If you're thinking about selling an online business, use Dan's affiliate link to visit their website or use his link to access their free business valuation tool.

Empire Flippers Official Website

Empire Flippers Business Valuation Tool

Again, I'd love to hear your thoughts about this interview.

What resonated most with you from this conversation?

If you've got questions for Dan or myself, feel free to leave them in my video's comment section.

Don't forget to like it and subscribe to my channel for more interviews with inspiring entrepreneurs.

Thanks for joining us!