Best Business to Launch with $10K?
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this new series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
CapForge Founder and Owner Matt Remuzzi reacts to business advice being shared on the internet. In this video, he reacts to the best business to start if you had $10,000.
Video Transcript:
Business Advice Video:
Interviewer:
What would you do to spin that around?
Interviewee:
I would take $2,000 and I would open up an e-commerce brand. Shopify and Oberlo. I would either do it myself or hire someone like on Fiverr to find a dropshipper like an Oberlo that has them in stock. Pay my $29 to Shopify and make this e-commerce site. Pay someone on Fiverr 50 bucks to create the site. Make sure it all plugs into the back end of my dropshipper. And then I would take another 2,000 and run test ads. So I have that cooking and I give that at least five to seven days to see how ads perform and then just again pump money into the ad that works. So I’d hope to have recurring revenue on that cause you can sell 24 hours a day.
Matt’s Reactions:
Okay, yes you can start an e-commerce business with $2,000 but it’s a lot of work to find products that are going to sell. That you can advertise at a margin that’s gonna work. That isn’t already being sold by a million other people. That you can profitably drive traffic to with ads. And I would say you know her estimate of five to seven days once everything set up. But it could take 3 or 4 months to really find that product. And the chance of just finding a good product out of a huge catalog of products that everyone else is also looking at the same catalog of products and being able to differentiate in any way and drive traffic in any way is unlikely. I think if you wanna start a legitimate e-commerce business that has a real chance of growth you first have to figure out what customer you’re gonna sell to and then pick your products around that customer and build a community of those customers and select your products based on what that community is already interested in. Trying to start from the product end I think is a very difficult strategy and even if you were able to sell from your $2,000 you may end up making 50 or 100 at best especially if you’re paying people on Fiverr to do the work that if but out of the $2,000 if you make even 50 or 100 dollars I’d be surprised and I say this based on having over 1,000 e-commerce clients that we work with. So real data real financials to look at and compare and see who’s doing how well. It would be a real stretch to get there as quickly and as easily as she’s suggesting.
