 What's going on guys and welcome back to another video. So in this one today, I'm going to show you a brand new business. They've been in business for less than six months and already they've scaled that business to a little bit under $9,000 US dollars in profit every single month. I'm quite excited to show you these guys because in a nutshell, they show the true power of doing something unique and creating a proper brand around that product. So without any further ado, let's jump straight into it. I'm on a website called flippa.com. This is where people come to sell their businesses. So it's a great place to do research into products, do research into businesses, see what kind of money people are making, see what's working for them, take ideas and then take them away and implement into your own business. So today we're going to be looking at a business called The Foldable Gaming Chair Company. As we can see, they've been in business for only six months and the monthly profit is a little bit under $9,000 US dollars. Profit margin is 38%, which is really, really good. Better than you will be able to drop ship. So full disclosure, they are not a drop shipping company. These guys are manufacturing their product using a manufacturer in China and then shipping it directly to their customers using a 3PL. Or in fact, I think they're actually self-fulfilling, but I will confirm that in a second later on in the video. So the starting bid price for this business is $50,000. I think what they've got going, I think it's worth every penny of that. And I will show you why. If we scroll all the way down to the bottom just to have a look at their revenues and profits, we can see this business started this year. So January of 2023, they made $180 and in or as of June of last month. So this is still a very much active business with a product that is super high in demand. They did over $100,000 in revenue with a very healthy profit margin of $43,000. More than what most people make in a year, never mind in one month. Something else to show you which is crucial in the setup of this business. So the shipping is quite expensive because it is quite a large product. The marketing is only $300. And this is one of the reasons why they've been able to do things so profitably. So we'll take a look at their marketing strategy in a second. Warehousing is 500 a month platform subscription. So Shopify and it costs of the actual products they're selling is 6,600. So let's take a look at their setup then. So this is the revenue model. Business generates revenue by selling the foldable gaming chairs. So that's the product is a one product store. They sell it directly to their customers through an online platform using a Shopify store. And the average if I get rid of that chair is $170. So it is a premium products. And once you see it, you'll see why they chair so much. It is such a cool product. And being somebody who used to have a strong interest in gaming. If I had the time to game today, then I would definitely consider buying one of these things. So average order value of $171, the cost of goods sold is $45 per unit. So a very strong markup on what they're buying it for. However, where they get pounded is on the shipping of these things, which is here. So the average cost of shipping per chair is approximately $45. So $45 to make and then another $45 on top for shipping. So if I was these guys, I would be doing everything in my power to find a way of shipping these things a bit cheaper. Time commitment then for this business. This is one of the beauties of having an e-commerce business is these guys are on par to make about 100 grand profit for the year if they continue doing what they're doing. That's not if they even go above and beyond what they're doing. Time commitment here, as we can see, is approximately 10 to 15 hours per week. So that is a very healthy return on your time investment. If you ask me, you could definitely run two or three of these businesses if you really wanted to, given that it's only taken 10 to 15 hours per week. And obviously with the time freedoms, the fact that they're not storing these in their garage allows them to still have a very healthy lifestyle or very freedom led lifestyle and running this business. So manufacturing and production, the manufacturing process for the foldable gaming chairs, well established and streamlined, have a strong manufacturing partnership with a reputable manufacturer based in China. Currently shipping is managed, shipping logistics. So currently shipping is managed through a warehouse in Quebec City of Canada. So they are using a 3PL basically what that means is their manufacturer is shipping this product to somebody who has a massive warehouse every day or perhaps the supplier even has access to the back end of their store. We'll go in, see where the orders are coming from, they'll pick back and dispatch them for this company. Essentially allowing them again to run this business, having no more than a computer and an internet connection. This is where things get really interesting in my opinion and how they've been able to do things so profitably is customer acquisition. So the business has probably acquired customers through key opinion leader, reviews on gaming and tech websites. Basically what this means is they're shipping the product to people who have a significant following, significant reading each week, each month. So for example, tech websites as it says there might be gaming magazines, that sort of thing, they're shipping the product to these guys and asking them to do a review for them and just by people seeing the review and of course assuming it's a positive review will want people or get people wanting to buy the product. Before we move into exactly what that product is then something that everybody can take away from this video is instead of just going down the same path that everybody else is going down. Try to think about an interest in your life that you spend a lot of time doing. So whether it be gaming and whether there's a product that you can develop ever so slightly and become kind of like a market leader or be the only person selling the product, selling a unique product. And obviously if you have an interest in that certain space, so for example with me with golf, I could tell you quite a few different golf magazines and websites that I could ship my product to and ask for a review in return. That is the true kind of value when it comes to starting a business in a space that you have an interest in yourself. That means that then let's take a look at their website. Before we do that, just 30 seconds of your time, I want to make you aware of a 100% free training that I've just created. It is a full step by step process for starting and launching a business in 21 days. I know that sounds like a bold claim but hundreds of people have been through this training and hundreds of people have achieved that very same thing. It's 100% free, all I ask is for your email address and I ask for your email address so I can send you this. This is another free download. It's a PDF of my personal handpick selection of 194 profitable product ideas for 2023. So if you want to get yourself a copy of that, make sure you check out the first link, the top link in the video description below. Thanks. So let's take a look through the Folding Gamechair company website. So these guys, I absolutely love this brand. I love the products that they're selling. However, I think their logo is a bit naff. If they're new, potentially they haven't put a lot of time or effort into developing that but the results speak for themselves. Logos, these are a prime candidate or a prime example of how logos do not make the difference between success and failure. That's a very simple straightforward logo that anybody could copy. That being said, let's move down into the website then. So as seen in IGN GamesRadar, kind of funny and not sure which one that is. I'm not familiar with that one but by putting these brands, these well-known logos inside your space, so the gaming space, it allows you to piggyback off the reputation of these guys. These are probably the different companies that ship the product to to get a review from. They have original imagery featuring two new people, two people using the products gaming with the product. These are not recycled imagery from suppliers and that sort of thing. And with that being said, here is the product itself in its full glory. So as you can see, they encompass every type of gamer. It's basically, this is going to sound really harsh but it's a glorified camping chair. But the results speak for themselves. So as we can see, it's a really cool product and like I mentioned, I would definitely be buying one of these things if I had the time to game today. You can see it's got a holder for your headphones, a holder for your controller, a holder for beer, if you drink beer, a holder for wine, if you drink wine. All in all, it's just a fantastic brand that has kind of taken a product from another niche and developed it into making it a product for this niche, for the gaming niche. So as I just mentioned, it's kind of like a glorified camping chair but much better as they put in their own words. I'm glad they make that own comparison themselves because that's what it looks like. However, they have developed it to make it a superior product. Perfect for the gamer. So it's much more on the gamer chair. This is one of the exact products I found on Alibaba. So it's a very similar product as you can see. It's got the same sort of legs so you can get an idea of what the costs are. So if you're ordering up to 100 of these things, talking about $14 and we have one here which itself is actually a really cool product because it's a premium padded camping chair. It's got storage on the side and it's actually got a heated bottom for it as well. So come the winter months, this is definitely going to be a product that I'm talking about. If we jump back down to their website then we can see the differences which they've included into this camping chair to make it more suitable for gamers. They've got the pockets on the arms here for your controllers. They've got the stand for the headphones and then of course they've got a couple of different options here for wine or beer depending on whatever your choice of drink is. Let's jump on to the product page then. At the top they actually have a hero image followed by the different brands again and then they have like a dark kind of bluey background, purpley background, not the typical kind of color scheme you would see. If this was a drop shipping store, so if this was the exact same design features, I'd probably be criticizing them a bit more because it doesn't look as professional as it potentially could. But because they have a unique brand or they have a real brand with a unique product, they can get away with it. So all of the imagery of course is original imagery. Given the white background it looks like they've taken this to a professional studio and had full 360 imagery taken, imagery of the different pockets, so on and so forth so they can have it on their shop. Again, everything has been done or everything has been done patiently. They've taken the time to do things professionally rather than rush and skip corners. Next I wanna show you their Facebook page because this is where they show all the different features. So for example, if we take a look at this, this is a article from GamesRadar. They have quoted saying the affordable game and share review, I have no idea how it's so comfortable for 1 1⁄2 stars. So these guys probably have thousands, if not hundreds of thousands of loyal followers that watch their reviews about games, watch their reviews about different things. So when they see them giving a product 4 1⁄2 stars, it instantly validates the quality of that product and it encourages people to buy it or it makes people aware of the product and because these guys are happy with the product, it makes them likely to buy the product. What they also do a really good job of as well is pushing how good they are, pushing their reviews. This is something that dropship and stores can do too. Every time you get a positive review, post it on your social media pages so people can see that you're active, people can see that you're trustworthy, people can see that other people are happy with your products. The biggest obstacle you will have to overcome as a brand new business is trust. There's so much competition, people are so much more savvy now about being scammed and that sort of thing. If you can get somebody to trust you, then you can get somebody to buy from you and if they do not trust you, then it goes without saying they're not gonna buy from you either. This is something else I really like too is whether this person is the founder or not, they probably are, is they're kind of using the business as a blog, as a way of kind of keeping their customers up to date or documenting their journey. This sort of thing really humanizes the brand, it allows people to buy into the brand and people like to support small, independently owned businesses versus just going to Amazon all the time and paying a massive corporation, say $170 for a chair who aren't gonna notice it and aren't gonna value their business as much. So by keeping customers updated with what's going on in your business, it humanizes the brand, it gives them a reason to follow you because they wanna keep up to date with you and it makes them much more likely to want to shop with you as well. And so with that being said then guys, I think there's a lot of lessons in this video to be learned for everybody. Hopefully you've stuck with me this long. If you have, I really do appreciate the support. Thank you so much. I hope you've taken away something from this video to perhaps inspire some ideas in your own business. If there's anything I can help you with, don't forget to leave a comment, like and subscribe and I will see you in my next video tomorrow. Cheers.