MY BUSINESS JOURNEY – MONTH 10

It has begun! During the last week of April my product has is finally in the manufacturing stage. After 10 long months of hard work and preparation my dream is starting to become a reality. I made my 50% down payment to my supplier which is standard when having a product manufactured. The other 50% will be paid upon completion. My supplier estimates that it will take 1 month for my product to be manufactured, labeled and packed. Then comes my next challenge of connecting with a customs broker and a logistics company and arranging my product to be shipped to the amazon warehouse in the US. It is very exciting to finally see that it is all coming together and I can’t wait till I get to the stage where my product is ready for sale. I’ll be shipping my cargo by boat which will take around 1 month. I have ordered the maximum amount that amazon allows for the first shipment and listing of an item which is 5,000 units.

Business expenses for the month of April

  • New Trademark Application: $575 (Went through a legal firm)
  • 50% downpayment for product: $5,500

A big lesson that I have learned this month was that when it comes to trademarking its best to use a professional law firm that specializes in it. I had paid $400 to try it on my own and the USPTO came back with a response that I had a slim chance of winning if I were to hire a firm to rebuttal for me. So I decided to just work with a firm to resubmit a whole new application. It was an expensive lesson learned but it had to be done. If your product is trademarked you had a superior competitive advantage when selling on amazon. It allows a more professional listing and description. This is very important especially if your product is brand new. So thats it! I hope that at the end of May I can give you all a more detailed update on how I managed to get my product onto a cargo ship and sent off to the USA!

 

“Never spend your money before you have earned it.”
– Thomas Jefferson –

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