Tim Angel, a successful entrepreneur who went from living on couches to generating 30 million in annual revenue, discusses his journey of creating the best solution for iPad cases. He shares how he almost went out of business but turned things around by going direct to consumer. Tim also emphasizes the importance of consistently improving, scaling up advertising, and building relationships with manufacturers. The chapter descriptions include setting high standards, finding meaningful goals, creating premium products, and not giving up on your goals.
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Quick takeaways
Persistence and adaptability are key in business - if something doesn't work, try something else.
Building personal relationships with manufacturers can give entrepreneurs priority treatment and improve collaboration.
Deep dives
From Couch Surfing to $30 Million in Annual Revenue
Tim Angel, the guest on the podcast, shares his journey from being fired and living on couches to building a successful business with 30 million in annual revenue. He attributes his success to identifying a niche market: creating high-quality iPad cases. By focusing on delivering the best product possible, consistently improving, and earning five-star reviews, he was able to scale up his advertising efforts and achieve significant revenue. Tim also emphasizes the importance of enjoying the journey and setting meaningful goals rather than fixating on a specific destination.
Making a Best-Selling Product on Amazon
Tim explains his strategy for creating a best-selling product on Amazon. He advises against competing solely on price and opting instead for a more high-end, quality product that has fewer competitors. To develop a unique product, Tim recommends studying the top-selling products in the chosen area, examining customer reviews, and identifying features that customers love and dislike. By incorporating the positive aspects and addressing the negative ones, entrepreneurs can create a superior product with better margins for advertising and outshine the competition.
Overcoming Manufacturing Challenges
Manufacturing can be daunting for entrepreneurs, but Tim shares insights on working with manufacturers effectively. He suggests building relationships with manufacturers by physically visiting them and meeting the owners. This personal connection gives entrepreneurs priority treatment and ensures better collaboration. Tim also advises placing small initial product orders to allow for tweaks and improvements. Pushing manufacturers to overcome initial skepticism is crucial in achieving desired product modifications. Tim's own experience involved going to China to find manufacturers, but he also recommends using online platforms like Alibaba to connect with potential manufacturing partners.
Tim Angel’s Dad fired him and he was living on couches. When the iPad came out, he decided to be the best solution in the world for iPad cases. Two years in he almost went out of business, so he went direct to consumer, consistently improved, got 5 stars, scaled up advertising, and now they are 20x larger with 30 million in revenue per year.
Top 3 Value Bombs
1. When you're trying to do something and it doesn't work, try something else. If that doesn't work, try something else.
2. A lot of companies now, they're doing business with manufacturers just online. So if you fly there and you build a relationship with the owner or people in the factory, you're gonna have priority over all those other customers that they never put a face to.
3. You’ll run out of motivation when it's just for yourself.