Launching A Niche Business with $500

The Way to Ascertain viability for business ideas Felix: What inspired you to begin Doe Lashes? The really funny thing about where we are at now is that I heard on a podcast about 2 guys starting a lash brand and they are doing dropshipping. They were using a drop shipping model on Shopify, developing a store, selling items with their Facebook advertisements experience, and were able to generate a good deal of revenue. After listening to this podcast I mentioned myself,"Hmm, maybe I can do the exact same thing, and maybe I could do it my way" I don't do dropshipping. I've always been a man that has developed brands, inventory around stuff and ship it out on our own. So, I had been attempting to determine if I was able to get into the same lash market, but performing it with a model that I was acquainted with. I spent some time developing this product. While I was on a flight to Hong Kong, I set up some appointments to meet with sellers there also just so I could at least get an notion about what I was getting myself into. So that's what the source of the brand originated from.Felix: Now, do you normally set up appointments with vendors this early? Our factories are in Asia and in case you are constructing a business in America, it would not make sense for you to fly into the seller each and every time you get a new thought. But I think that it was just because I had been on the road to get a vendor appointment for my additional brands. But what I would do is that every time I get an idea, I do a lot of internal study on whether or not the idea's workable original. Some products do need unique certificates, distinct vendor requirements. So I do this step first. But only because I was on the way already and it was not really from this way for me to stop by these sellers, I thought I would just set up the appointment.Felix: what's involved when you are performing that sort of personal research to figure out if a business idea is viable or not?Jason: Probably what I discovered is that we are really not the first person, we're sometimes the fifth or sixth man to think about exactly the exact same business idea. And so, the very first thing I love to do is to see if there's any history of that item. Why did they not get to market? Can it be because of product flaws, is it because the market was not prepared for it? Or was it because the seller just wasn't able to supply exactly what we envisioned? So I love to find out if other people have attempted the idea . And what I like to tell everyone is that even though someone has taken the idea already, it does not imply that you can't do it. It only means that perhaps the market is supported and it's a sign for you to really put more effort into it. Therefore the way I like to see would be to find out what other individuals have done previously and see exactly what I am able to do otherwise or if there's a roadblock that they experienced, I like to find out when I managed to circumvent that or when I need to stop the project entirely.Jason Wong was launching and running businesses because he was 15 years old. Felix: based on the reason for the previous failure, how does that go into your decision on whether you should go in or not? Jason: There are usually a couple of reasons why I will put a complete stop for this and there are a couple reasons why I would really put more effort into it. Matters that would cause me to put an entire stop are if I see the product does not meet certification criteria. So for instance, two or three years ago I made a product called the Ramen Noodle Condoms, that was really just what the title implies. It had been condoms that look like ramen noodles packets and they're a terrific product. I spent a great deal of time on it. But what I didn't realize is the fact that condoms are actually a type II medical device, meaning that I'm legally not permitted to disperse them or import them into the United States. I make all of the goods, I place all the money into the stock, and on the best way to importing it in our nation, we realized that issue. So things like this are due diligence I was supposed to do until I put my time in that item. However, because I did not do this, I was now having a handful of products I can't sell. Evidently, not everyone is doing medical devices. Some products need different certificates. So in the event that you need to do CBD products, you have to acquire certifications for that. Should you need to do drinks or meals, you need to go through different bureaus for that. I like to see whether there is, to start with, any legal procedure I must go through with this product. Two, if there are some sellers which make something similar to that so I can contact them to get any samples. If you're creating an idea or something that has never been done before in terms of the plan and the purposes, it's really critical that you find something which's the closest to what that is. Moving to those factories in order to know if this technology or the purpose or the item idea that I am imagining is even viable. But what would stop me is the lawful process simply because that requires a very long time for me personally. And the way I prefer to structure my business is quickly to market and quickly to market. Oftentimes a lot of people get stuck in a particular stage of the business that ends up taking months or years. I love to do everything a lot faster. If I see something with enormous legal roadblocks, I love to avoid products like that.

Jason Wong, the founder of Doe Lashes.

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Launching A Niche Business with $500

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