Douglas Levin has one of the most unique entries into online work that we’ve heard so far.
His story is really great because he walks us through each step of his process from making $18,000 per year as a musician to owning a private label brand.
His first area of online work is selling stuff from his closet on Amazon.
Shortly after that, he started to resell products from Walmart, even going on multi-day excursions wherein he stockpiles these products to resell at great margins. Eventually, he finds this to be too unstable and starts to make more exclusive deals with manufacturers.
His first exclusive deal, selling an energy drink, is great until a $25,000 mistake (listen to hear what it is).
That brings him to private label, where he is now, and where he’s enjoying himself the most.
Some of my big takeaways of this episode are here:
- Arbitrage has some great advantages like high margins, but it comes at a risk that wholesale doesn’t.
- Wholesale is predictable which is great but it’s not your product, which means there’s no brand that you can eventually sell.
- Building a community takes longer but helps ensure demand for your product.