What It's About
A bracelet that keeps bugs that bite at bay.
Words of Wisdom
First, find a problem you personally have and think about what product could actually solve that issue. If the product already exists, how can you make it better? Take action, and don’t just think. Don’t make the process more complicated than it already is.
The manufacturing process has never been easier and more convenient. Both the East and West have come up with unique propositions in the form of Alibaba and Amazon respectively. Fulfillment by Amazon can form the backbone of any process which requires you to store and ship physical inventory, while quality suppliers and manufacturers can be found on Alibaba. Just remember to do your due diligence!
Notes from Chris
Episode 282Matthew Konstanecki has always had a knack for knowing what would sell. That came as a result of his regular day job. As a marketing manager at a software company, his responsibilities involved seeking out small businesses that would benefit from having a better inventory management system. In his previous job, Matt was responsible for sourcing medical supplies and equipment from China. These experiences gave him the exposure and knowledge he needed to understand the different aspects of running a business. This would come in useful as Matt has always had some sort of side hustle, but each of them would run their course. Yet Matt was certain that he had the necessary skill and resources to launch something bigger. The two questions Matt had to figure out were (a) what to sell and (b) how to sell it. In his extensive travels, he found himself struggling to deal with mosquitoes, especially in the Caribbean and other humid places like Thailand. With the airplane restrictions on aerosols and minimum liquid allowances, he found himself looking for a good anti-mosquito product that would be easy to travel with and still worked. He couldn’t find such a product, and so decided to create one himself. After much research, he decided to create a mosquito bracelet that would release geraniol oil, a substance that was proven to repel mosquitoes. With the assistance of a couple of Entrepreneur articles and a highly successful Indiegogo campaign, Invisaband grossed $647,244 within the first year. With profit margins around 50%, Matt made over $350,000. For such a huge profit, Matt’s startup costs were minimal. His first batch of product cost only over $200 to manufacture, and Matt only scaled up production when demand for Invisaband was validated. MENTIONED IN THIS EPISODE:
- Invisaband: Tell mosquitoes to bug off—get an Invisaband bracelet of your own on Matthew's website
- Alibaba: The website where Matthew spent time researching and eventually found the manufacturer for his mosquito repelling bracelets
- Fulfillment by Amazon (FBA): The model that Matthew used that allowed him to pass on the responsibility of keeping stock and shipping out orders
- This Mosquito-Repelling Wristband Might Just Save Your Summer & Fears Over Zika Drive Demand for Mosquito-Repellent Products: Two of the articles written about Invisaband through Entrepreneur Magazine
- Indiegogo | Invisaband: The crowdfunding campaign that started it all
- How To Find a Manufacturer or Supplier for Your Product Idea: Learn more about how you can find a manufacturer for your product
- Holiday Body Butters Become $1,000/Month Side Hustle: An entertainment industry professional transforms her body butter holiday gifts into a quickly growing Etsy store and craft show side hustle
- Woman Sells Hair Grips to Orthodox Jews & Drag Queens: It begins as a product for Orthodox Jewish women. It goes on to serve cancer patients, Broadway performers, and drag queens, earning “fringe benefits” and $4,000/month
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