In this episode, Nate shares insights into starting a business abroad and tips on how to handle hardship. They discuss living in Saigon, the noise of Chiang Mai, and building lead generation websites. They also talk about the sale of a business and the evolution of topics among digital nomads.
Starting an Amazon FBA business comes with challenges and risks such as high competition, changing policies, and cash flow issues.
One of the risks highlighted in this podcast episode is the potential for sabotage from competitors, which can lead to financial loss and tarnished reputation.
The importance of prioritizing businesses or investments that generate steady cash flow and income, rather than relying on speculative investments, is emphasized in this episode.
Deep dives
Starting the Digital Nomad Journey
The speaker first got introduced to the digital nomad lifestyle while backpacking in Thailand and meeting a digital nomad named Andrew. This sparked the speaker's interest in the online business and location independence.
Exploring Lead Generation Websites
The speaker initially tried to build lead generation websites for cosmetic surgery but did not generate significant income. However, this experience provided valuable skills in hiring and project management.
Transition to Amazon Business
After attending a conference in Bangkok and being inspired by other successful Amazon sellers in Chiang Mai, the speaker decided to pivot to an Amazon business. The initial results were slow, but the speaker found success with the second product and continued to launch more products.
Challenges and Risks of FBA Business
The speaker highlights the challenges and risks associated with running an Amazon FBA business, including high competition, changing policies, and cash flow issues due to reinvesting profits into inventory. The speaker also emphasizes the importance of sustainability and account management to avoid potential pitfalls.
Learning from the Risks of Amazon Business
Starting an Amazon business comes with risks, as highlighted in this podcast episode. One of the risks discussed is the potential for sabotage from competitors. The speaker shares a story about a friend in the supplement niche who had his business sabotaged by someone paying people to order and return his products. This not only caused financial loss but also posed risks with flagged listings and tainted products. The episode emphasizes the importance of being aware of the challenges and risks associated with any business venture.
Lessons Learned from Crypto Investing
The podcast episode delves into the speaker's experience with crypto investing. They discuss their own investment in cryptocurrency, which initially brought significant gains but then went through a turbulent decline. The speaker emphasizes the importance of cash flow and income generation over speculative investments. They highlight the need to prioritize businesses or investments that generate steady cash flow and income, rather than relying on unpredictable market fluctuations. The podcast episode presents this as a valuable lesson and encourages listeners to focus on income-generating ventures.
During this episode, Nate shares amazing insights into starting a new business venture abroad, including its foundations, risks, and challenges. He also gives away tips on how to handle hardship in the business industry in order to succeed exceedingly. If you are either starting a business or planning to, this is the episode for you.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode