Your Profit Store Review – Copy, Paste, and Profit?
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Your Profit Store Review – Copy, Paste, and Profit?

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Validating your Product for yourprofitstore review Does your product make the cut? This is the lesson that answers that question... In the book I introduced the 7 Step Test. Use this test to determine if your product is a good candidate for private label.7 Step Test for Private Label 1. Generic (Non Brand-driven) 2. Small 3. Easy to replicate 4. Not many working parts 5. Price Range 6. Sales Rank 7. Reviews Let's look at each of these more closely.Generic (Non Brand-driven) You'll understand this if I tell you some items that are brand-driven: a Nike shoe, an Iphone, Beats Headphones, and a Coach purse. When I say these items are brand driven I mean that people buy them because they want that brand. The brand drives the sale. In addition, products that have brand recognition on them are items to avoid. Brand recognition items would be like an NFL blanket, BMW accessory, etc. In contrast, someone buying a cookie sheet is more than likely not looking for a specific brand. Any cookie sheet will do. Since it's not brand driven, a cookie sheet could be a good potential private label product. Just because an item is brand-driven doesn't mean you couldn't private label an accessory for it. An Iphone case would be an example of a potential private label item, although it's a very competitive niche.Small A refrigerator would obviously be a bad candidate for a private label product. So what size is ideal? Ideally anything that is not going to incur oversize fees with Amazon. Here's Amazon's definition of an oversized unit: “The dimensions and weight of the product being fulfilled determine whether the product is oversize or not. Oversize rates apply to any packaged unit that weighs more than 20 lbs or with its longest side more than 18", its shortest side more than 8", or its median side more than 14". A Unit exceeding any of these dimensions is Oversize.” However, if you can private label something that is oversize and still have a healthy margin then go for it. A whole lot less sellers are going to be going after oversized items.Easy to Replicate This test applies more if you're needing to have a product manufactured. Basically the simpler the better as you'll have more options for suppliers.Not Many Working Parts A vacuum cleaner would be a challenging private label product because of all the moving parts, but a spatula on the other hand would be a good candidate. Price Range My suggestion for price range is between $10 and $50. If it is less than $10, FBA fees will squander much of your profit. If it is over $50, then inventory gets really expensive. That doesn't mean if you come across a tremendous opportunity that is outside these guidelines than you should ignore yourprofitstore review. Just remember – these are guidelines. I have recorded two workshops called “4 Weeks and $100” with Christi Michelle, who is one of the experts in our mentoring program. In those workshops Christi details her process of launching private label products in under 4 weeks and with less than $100. The reason I mention it here is that many of her examples are items that retail for less than $10, but the margins are insane. For example, she may find an item for $.79 that she can sell for $8.99. I'll take those margins all day long!Sales Rank (Demand Test) Sales rank helps determine if there is enough demand for your product. For sales rank you want to see how competitor's listings are doing. If the top 5 or 10 listings all have stellar ranks (less than 1000 in my option) or thousands of reviews, the demand may be high, but you may have a tough time competing. Many of the courses out there teach that you want to find a product that you can get into the top 2 or 3 on page one. Mine have never been in the top 2 or 3 and yet I still do well and I am happy with the results. I don't have a hard and fast rule for sales rank with the Easy Way. Obviously the lower the rank the better. Some other courses I have taken suggest not to select a product in which the top 3 listings have a rank over 5000. That's not bad advice at all. I hesitate to place strict guidelines on this because everyone's business is different. I wouldn't start with a product that had a 1,000,000 rank in Home and Kitchen even though that is in the top 3%, but if that was my 3 rd or 4th product and I'm using the Easy Way method and it's coming from the same supplier as my other products then I might. However, I do like to use Jungle Scout's Chrome extension to see how many units the competitors are selling. If the product you're considering is a camera tripod here's what I'd do: 1) Run a search on Amazon for “Camera tripod”. 2) Run the Jungle Scout Chrome extension on that search results page. 3) Look at the column titled “Est. Sales” which means estimated # of sales per month.4) For the top 10 listings I want to see a cumulative amount of at least750 sales per month among the top 10. Why 750? That's just my yourprofitstore review. Again, this is your business so feel free to adjust.Reviews (Competitiveness Test): Is your product too competitive? We can determine how competitive an item is by looking at the reviews for a product. Here is what I mean... For reviews, I again use Jungle Scout. With the same Jungle Scout results still showing from the Demand test, I then look at the “# of Reviews” column.To pass this test I want to see 3 or 4 of the listings out of the top 10 haveless than 50 reviews. Does your product pass the 7 step test? Yes? Then it's time to move on to the next step. No? That's okay. Just pick another product. Once you have done this a couple of times you'll be thinking about the 7 step test as you're looking at potential products. So rather than pick a product then run it through all 7 steps you'll be looking for products with the 7 step test in mind. You will automatically start to look for generic non brand-driven items that are small, without many working parts and within a certain price range. You'll be able to filter through potential products rather quickly. Then the only 2 tests left to pass are the last two: Demand Test and Competitiveness Test. In lesson 8 I mentioned Jungle Scout's Web App. It's my absolute favorite tool in the product driven path that helps you find potential private label products and you can validate the product all at the same time. I can't possibly do it justice in words. Here's a video I created showing how it works – Now you know how to validate your products. IntroductionHere we go! Time to look at Suppliers... You have taken some time now to narrow down to a few products that you are interested in testing for private label. The task at hand now is to gather a list of potential suppliers for each of your potential products. The goal here is to get a few potential suppliers for each product. Finding a handful of suppliers for each of your potential private label products not only gives you more choices, but it can help you get better pricing. Some products may not lend themselves to have this many suppliers – that's alright. We want you to understand the value and purpose behind not just going with the first supplier you find. Alright – ready to start looking? Let's dig in... Your Lesson... Finding Suppliers So... Where do you go to find potential suppliers? 1. Google 2. Supplier Directories 3. 4. Niche Sites 5. Retail Stores 6. Alibaba Let's look more closely at each of these... 1. Google Of the six listed above just doing a google search, in my opinion, is the best way to search for suppliers. However, there are some tips and tricks that can help make your research more efficient and effective. Manufacturers don't normally have beautiful websites that are easy to find... so don't settle for just page one results. Dig down into 2, 3, 4 and even beyond. Let's stick with our camping theme and say we want to find a private label supplier for some camping tent stakes. Your main searches will be:“camping tent stakes supplier” or “tent stakes supplier”“camping tent stakes manufacturer” or “tent stakes manufacturer”“camping tent stakes private label” or “tent stakes private label”“camping tent stakes wholesale” or “tent stakes wholesale” (Wholesalecompanies are my favorite private label suppliers so this one is myfavorite search)


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