hey everyone this is stefan from
projectlifemastery.com and today i'm
being joined with my beautiful
girlfriend Tatiana from the lux biz
youtube channel and today we're gonna
share with you guys the three biggest
problems challenges mistakes or failures
that we've each face while building our
online businesses and one of the reasons
why we decided to do this is because I
think there's a lot of value in just
showing and demonstrating for you guys
that failure challenges adversity making
mistakes these are all part of the
journey they're all part of the process
I mean we've been through a lot of
different challenges and mistakes and
failures to get to where we're at today
and anyone that's successful has also
gone through the same things and so as
you're building your journey you're
building your business understand that
it's normal that you're gonna go through
challenges and adversity and problems
and failures and the most important
thing that we want to demonstrate in
this video is to actually share with you
guys how we overcame the challenges and
the most important lessons that we've
each learned with the different problems
and challenges that we've each based in
our business careers so hopefully that
you guys can learn from this you guys
can learn from our mistakes and you guys
can maybe have a lot smoother path to
getting to where you where you guys want
to go but let's dive into it you want to
go yeah so if you guys are new to our
channels I'm Tatiana I have a business
where I sell body contouring garments
for women I sell them on Amazon but
primarily on my website luxe health comm
and I do have two YouTube channels so I
have my luxe health channel where i talk
about waist trainers health more
personal stuff and then I also have my
luxe biz channel where I talk strictly
about Amazon FBA and business so let me
dive into number one my biggest maybe
not my biggest challenge but one of the
biggest challenges I had and the first
one was when I decided to kind of stray
away from what I was doing and dive into
creating apparel line so for me I Holden
ya clothing I wanted to create an
that was because we had just come back
from Ethiopia and it was such
emotional trip and I just experienced so
much there and I wanted to find a way
where I could contribute back on a
consistent basis so I thought if I
created an apparel line I'd be able to
donate a hundred percent of the profits
to Ethiopia and that was my intention
with the apparel line and the problem
was I didn't do any research ahead of
time I didn't do any research to collect
data to see if that's what my followers
wanted to see if that's what my
customers wanted I just assumed that it
was something that they would be
interested in so I spent a lot of time
guys a lot of time doing the designs and
going back and forth with designers
creating the website setting everything
up and then I did a launch and when I
did the launch it was not a good launch
I didn't have any kind of marketing
stuff I didn't have materials I didn't
have good photos I didn't have videos I
didn't really go out with a bang and
then I kind of just put myself out there
and I said hey you can buy the apparel
now and there's crickets there's no
sales and it's like what's going on I
thought people wanted this and actually
prior to actually launch you nice I put
out some designs in my Facebook group
where I have all my customers and I
asked them hey would you guys be
interested in wearing this shirt and
everyone's like yeah yeah I can't wait
till it comes out and one thing that I
learned is what people say is very
different than what people will do and
what I should have done is I should have
said hey I'm coming up with this design
if you're interested please put a
pre-order in so pre-order the shirts
ahead of time because when there's money
involved it's very different everyone
will say yes I'll buy but when they
actually comes down to and they have to
put their money down and take the money
out of the wallet that's a different
story
so if I had done that I would have
really had more data to tell me that
okay they're interested or they're not
interested and I didn't do that so I
spent all this time and it was costly it
costed money but more importantly than
that money is the time time is much more
valuable to me and all this time kind of
just went down the drain and I'm sure I
could have found ways to market it more
and help it grow but I
just got so busy with other things that
it just didn't succeed and I ended up
just closing the whole thing down so my
lesson out of that was to do your
research and oftentimes what I see with
Amazon sellers is they watch these
videos on YouTube then they say well
this is so cool Amazon selling is so
easy I should start selling on Amazon
and then they say oh actually I love
these earrings that I wear all the time
I'm gonna try and sell those on Amazon
but just because you love something
doesn't mean that's what the amazon
market loves you have to do the research
you have to get the data so what you got
to do is you got to go on Amazon type in
the keyword for those earrings and see
what comes up see if those the sellers
who are selling those earrings are
actually making sales so I find that
this is kind of the biggest challenge
for a lot of new sellers because they
get very emotionally involved and they
feel like I want to love this product I
want to do something and I'm passionate
about but sometimes what you're
passionate about or the products that
you may love the most they just don't
have a big market and you can't just
look at what's selling worldwide or
selling in your country if you're
selling on Amazon specifically you need
to look on Amazon to see if the sales
aren't there so that was my first
biggest challenge do your research so
that's kind of similar to a similar
story that I had to but it's not just
for physical products it's for any
business that you want to create any
product that you want to sell you have
to make sure there's a demand there and
I think one thing you touched on which
is very important is is what people say
and what they do are two different
things so even though people might say
you can do your research you could
survey people and they say oh yeah I
would buy that or I would wear that or
whatever but oftentimes people will say
that but when it comes to actually
spending the money investing the money
that's a totally different thing
because often you come to those people
like hey I've got this ready you guys
you know said that you would buy this or
you're interested in this but then all
of a sudden people have a story an
excuse or some sort of reason why
they're not gonna buy it all of a sudden
so what I found with that is I think the
pre-order is a very
whole technique that as you're spending
all this time you spend a lot of time I
remember preparing everything and you're
sitting up using Shopify the design all
that sort of stuff as you're doing those
things and you're preparing if you can
have an easy way to collect orders in
advance at least then it validates that
people are actually willing to spend the
money in which case when you see that
and you tell people hey you know what
this is in construction right now it's
going to be available on this date this
time then then you have proof you've
proven and validated the concept the
idea that you had it's kind of similar
to someone running like an IndieGoGo
campaign yeah or a Kickstarter where you
can put out your idea there and then you
can start collecting orders while you're
in the production and creating
everything and I think by doing that
what you could have done is like if
nobody was willing to place any
pre-orders then that kind of is like you
would kind of saved yourself that time
later on because you would have been
like you know what there's actually
clearly not a big enough demand if
people aren't willing to put in some
sort of pre-order for this so maybe
instead you could have hey you know what
you could have maybe started off smaller
you could have gotten feedback you could
have changed her approach a little bit
or maybe you just would have determined
you know what if people aren't willing
to give money now for this and pre-order
it and just maybe wait a few weeks or a
few months to get it shipped to them
then what makes you think that they're
gonna do it all of a sudden when when
they can get it shipped to them in the
next week you know what I mean so I
think just kind of testing that testing
the water is to see and starting you
know before you invest all this time and
all this money maybe there's little
microwaves that you can test to see how
hot the market is how hot the demand is
for the products and I think that
because I went into this idea straight
out of Ethiopia with all these good
intentions of making it a hundred
percent proceeds go to charity
it's almost like all my business cents
went out went out of my mind I just kind
of had blinders on I said I have to do
this and this is a great idea and it's
like I just wasn't being smart about it
so I think yeah just making sure that
you have that data and making sure that
you test the market as well as you can
before you go through with
and invest time and money and you can't
make your decisions off emotion so you
have to use logic as well and it's the
same thing with investing too I mean you
can invest hey I'm passionate about this
company and so I want to invest in it
but you also have to use your logic or
common sense or research to really make
sure that whatever you are investing in
is gonna you know go up have a great
return
you have to yeah emotions powerful it's
great motivator but also using your
logic and your business sense as well so
how would I share one of mine so I'm
actually going back to the early days I
was thinking back to when I first
started my online businesses and if
you're brand new and you don't know who
I am my name is Stefan James and I have
I've been doing an online business
online marketing for over 10 years now
and I've been in so many different
online business models from selling
information products to affiliate
marketing to Amazon FBA to publishing
books and audio books on Amazon to
selling software to coaching consulting
events a variety of different online
business models but when I was maybe
around 20 to 23 years old when I first
started learning about online business
and online marketing at the time I was a
dating coach so I had an offline
business that was based in Vancouver
Canada where I was doing coaching
consulting for men to help them improve
their confidence or social skills and
and their dating and relationships and I
discovered this world of online business
online marketing that's blown away by it
and I was at the time trading my time
for money so I'd get paid when I would
you know spend an hour with the clients
that I get paid for that hour but then I
learned that in order to grow and scale
my income I needed to learn how to make
passive income not active income but
passive income so instead I can leverage
myself by creating an e-book so at the
time that's what like everybody was
doing is all about creating an e-book so
I can package this information my my
mindset my strategy is my information
into a book and then I can sell that on
my website back then I didn't really
know about Kindle publishing I'm even
thinking about publishing was was
available back then so for the most part
you'd have
a website that have this long-form sales
letter on it and you would basically
offer the book and then you'd sell the
book I sell the book for around twenty
to thirty bucks I kind of played with
different price points for it but it was
a basically a dating book me sharing my
experiences my story things that it
helped me and I'd spent a year writing
this book I remember how much time that
went into writing this book and and you
know long nights now such a
perfectionist about this book that I
really wanted to make sure is super high
quality book that it was perfect and
sure enough when you have that
perfectionism standard often times you
just delay things forever and that's
what ended up happening it took me over
a year to write this book and I had to
learn all these marketing skills of how
to write sales copy and how to put
everything together and how to deliver a
PDF and how to collect the payment all
that sort of stuff that went into this
and I remember I finally was so excited
because I thought that once I put this
book out there I'm gonna make all this
money I'm gonna make this passive income
everything's gonna be great
and sure enough I did and similar
experience to you not much happened
crickets and you know nobody I I think I
got it I didn't get a few sales but for
the amount of time energy money effort
everything that I put into this I was
rather disappointed with the result of
it you know for me the lesson is kind of
similar to yours is I didn't do take the
time to actually research and identify
what it people want what are they
searching for what are they willing to
by doing as much research as possible
but also surveying people serving and
actually talking to the potential
customers and asking for their feedback
on everything you know I think there's a
tremendous value in getting feedback
from your potential demographic of
customers on the title you know what
kind of title really moves you engages
you gets your attention how about the
cover of this book you know how about
the price you know would you buy this
book for 20 bucks 30 bucks 10 bucks
what's the price point that you would
feel that this book could be worthwhile
for you and just compiling as
much of that as possible and then also I
think the lesson that I learned from
that too is you know you can do all the
research in the world but you don't
really know until you actually get
something out there but the mistake that
I made was being too much of a
perfectionist and one thing that I often
teach now my I've got a publishing
course where I teach people how to
publish books on Amazon and what not is
I often tell people you know if you're
just getting started and you're
uncertain about a certain market do the
research but you don't have to start
with with a long book you don't have to
spend a year writing a book you don't
have to put all this time energy into
into something like that and then take
that level of a risk that I took I don't
want people to take that level of risk
so often what I teach and recommend for
people is once you've identified and
you've research the market start off
with a smaller book you know maybe you
start off with the book that you're just
gonna sell for $0.99 to $2.99 it could
be a 20 30 40 50 page book you know a
great quality book that can still
deliver the value based on that price
point but you don't have to go off and
write you know a 400 page book and and
and all that sort of stuff I mean you
could do that there's obviously people
that do it but making sure you do the
research in advance and it starts small
and for me that mindset and then
approach has really served me because
and also a lot of people that I teach
because they can start off with a
smaller book they can validate that it's
you know selling get a few sales and
once it is selling you go back you make
the book better you improve it you've
now validated and proven that there's a
market there's a demand here in which
case you can make that book longer and
better at higher quality and you you've
now the risk that you took is a lot less
versus on the other hand if you put out
a short book and you know you put it out
there nobody buys it well at least you
didn't spend a year like I did at least
you didn't spend all this money and time
and everything and you can move on to
the next one learn the lessons quick
from that and that risk is it's not a
big risk it's a lot less so really just
kind of learning from from that the best
way you can but also I think for me with
the challenges that I faced going
through that experience is I didn't
realize till later on in my journey
everything
I learned and that process was so
valuable today so learning copywriting
learning how to you know create a little
website and write all those skills have
benefited me so much today in my
business and understand that whatever
challenge our problem or failure you
might be going through right now you
might not see the true value of what
you've learned from that for maybe a few
years later down the road you know so
for me that experience was like 10 years
ago and I've been able because of that
experience even though I didn't make
much money from it that's actually
allowed me now today to make hundreds of
thousands if not millions of dollars
because of the the valuable lessons that
I had learned by going through that
experience ten years ago so there's
always value and in any event of your
life any experience that you have yeah I
love that and I love that you touched on
perfectionism because actually I'm I
surveyed the people who've done coaching
through me for Amazon FBA and after six
months I like to know you know if
they're not making money on Amazon
what's going on like what is happening
here because after six months you should
be making some income and the number one
reason was perfectionism yeah it's
pretty crazy so what happens is people
get into this trap of analysis paralysis
because they're trying to be so perfect
with everything that they do that it
just everything takes so much longer and
they never actually take a step forward
so that that's such an important thing
to remember
so my second challenge is more of like a
technical one and it's where I you know
so for my business I send a lot of wire
transfers wire transfers are a very
affordable way to send wire to send
money to a supplier or to a fulfillment
center overseas very affordable and so I
do several wire transfers per month and
I was working with a new supplier and so
I had to send them a wire transfer for
the goods that I was buying and I sent
them the full amount straightaway and
whenever you send a wire transfer it's
good to send a small amount of money
maybe ten dollars twenty dollars just to
make sure that you have all the correct
information so I didn't when it goes
through so I didn't do that I just sent
the full amount straightaway
I was sending this money to China and in
China they're very particular about the
receiving information of the wire
transfer the name has to be exactly
spelled correctly the dots the commas
everything needs to be meticulous and I
kind of because I do so many per month I
was just like yeah it's good it's good
it's good
so I sent the money and then a couple
weeks later they still hadn't received
it and I was getting a little concerned
you know why haven't you received it and
so finally I found out that because I
had done something wrong with the way I
entered in the information the wire
ended up in someone else's account and I
said I'd have no idea how this happened
but there ended up being nothing that
they could do for me the bank's said I'm
sorry this is your mistake you signed
off on it and I knew that it was my
mistake and so I lost a lot of money
doing that and for me in that moment or
throughout those months I could have
been very frustrated and very mad both
at myself but also at the clerk's who
worked at the bank and just blaming
everyone else but I think it's really
important in those moments to take
responsibility to see the situation for
what it really is and what really
happened was yes the clerk may have
entered information themselves but I
signed off on it I reviewed it so when
you take full responsibility for
everything that happens in your life the
good and the bad things just get easier
and so I didn't burn any bridges that
day I didn't yell at anyone in the bank
I didn't make anyone miserable and so I
kind of just went home and I accepted it
for what it was as a loss but as an
important lesson as you touched on you
know all these challenges their lessons
in life and so that was an expensive
lesson but it was something that I would
now know for the rest of my life to make
sure that whenever I do send a wire
transfer I make sure that the
information is correct and about five
months later all of a sudden I see this
money back in my bank account and I was
like wow what a surprise like that's
pretty cool so somehow I got the money
back and honestly I think it's just like
Law of Attraction I don't know how it
happened they didn't explain it to me
you'd fold up
many times they said there's nothing
making yeah they said there's nothing
they could do and I think it's because I
just remained positive in positive
contact with the bank I never you know a
good relationship and so I think they
were constantly working on my case for
me and eventually you know five months
later when I absolutely thought the
money was gone forever it showed up in
my account and they didn't even contact
me about I one day logged into my bank
you nice and where is this money from so
yeah it turned out - it worked really
well and I learned a really valuable
lesson from that so be very careful with
your wire transfers and I think you know
not only that to you but just making
sure because we've also had issues
before where you're getting paid money -
and you're not receiving the money
because you know if somebody owes you
money a customer or some sort of
affiliate agreement or whatever it is
and they send the money but you didn't
receive it you have to really be on top
of the finances of your business because
that's the most important thing and
allowing you to grow your business you
have to you know oftentimes people get
carried away in the marketing and all
this different things but you know you
have to make sure especially when
receiving money or sending money that it
goes through the information is correct
if it gets rejected if you didn't
receive a certain payment you got to
investigate that you got to make that a
high priority in your business yeah just
a little story on that that's that's a
really important point it's just being
organized have spreadsheets for your
business all the incoming and outgoing
money where it's going for me I was
supposed to receive around $20,000 in a
thing and the affiliate thing that I did
and I didn't notice it and they sent me
the money they told me that they sent
the money but the wire transfer got
declined and so it wasn't until like
seven months later that I was looking at
my banking and I saw wait a minute
where's this money so if I didn't
actually point that out and tell them
that would have been $20,000 that I
didn't receive that was owed to me so
it's really important to always follow
up with people be on top of things with
your banking and just be super organized
yeah so listen guys we've got three more
that we're gonna share with you guys I
got two more that I'm this year and one
more for Tatiana but we're gonna do this
over on Tatiana's youtube channel her
luxe biz YouTube channel so there should
be a video that's going to
here somewhere here they can click on to
watch part 2 I'll also link this in the
description as well for you guys to go
and check it out or search for Lux biz
Lu X X bi Z on YouTube to watch and
learn from the other mistakes challenges
and failures that we've had thanks for
watching we'll see you again soon
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