Shownotes
I think the title to this episode shows Eric’s superpower. His ability to drill down and sometimes push back to see the big picture, almost at the same time has allowed him incredible success. Add to that patience, experience, strong financial controls and the ability to put off satisfaction and you have a winning formula for success. Great guy with a humble sense for what he has accomplished and it makes a great story.
Mentioned:
Sponsors
Gaye’s Million Dollar Arbitrage List
Transcript: (note- this is a new tool I am trying out so it is not perfect- it does seem to be getting better)
Stephen: [00:00:00] I’m excited to talk about my sponsors today, Gaye Lisby’s million dollar arbitrage group. Amazing, amazing group. This is a teacher. This is a Gaye, she was a teacher. She is a teacher. Still. You need to learn. This is the type of environment you want to be in because she’s going to help you understand why, and I think that’s the hardest part of this business is understanding why. Why is the red one popular one? The green one isn’t? Well, there’s usually a reason and what gay does is probably parse that better than anybody and she’ll explain the reasons for those things. I think that’s really powerful. Yeah, she puts out a list. You’re going to get a good use of that list if you get in the group. Now here’s the deal. The group isn’t always open, right? So you get on the waiting list and you can join the waiting list through my link.
Stephen: [00:00:46] Doesn’t cost anything to get on a waiting list and if you like her service, which I find that most people do that, that’s why there’s not so many openings. Um, you’ll be with her for a long time. And so it’s amazing freedom [inaudible], she’s part of a anti slamon’s group, amazing freedom.com, forward slash momentum. And you’re going to get in to the waiting list. That’s all I can get you on right now. You can use my name and see if that gets anywhere. But what I like about it, what I like about what they teach in that group or the things that are going on, you know, the current things. I’ve seen a lot of stuff going on about stores going out of business. While here’s where an opportunity is, here’s why you want to do this. Hey, be cautious about this, you know, toys r us coming out, you’ve got to think about this and that’s the learning that you need to do.
Stephen: [00:01:30] And Gay is better than anybody else I’ve seen. So amazing. Freedom Dot com. Forward slash momentum will get you to the waiting list. Then hopefully we can get you in the group and then you’re going to see me in there. And uh, we can chat anytime you’re ready. Karen [inaudible] group solutions, the number for ecommerce solutions for e-commerce dot com, forward slash momentum. It’s going to save you 50 bucks. Karen’s our account manager. We recommend her to everyone because she’s done so well for us. I mean that’s quite frankly the reason we’ve been paying her for last few years, but she’s become an important part of our team. Her and her team are so involved in our account. I just see the emails coming back and forth, hey, we did this for you. I just saw two listings today on like, wait a second. Why did they show up?
Stephen: [00:02:09] I didn’t put any listings up. They got a. They got a set off to the side by Amazon and they reactivate them for me. You know what I mean? That’s the stuff that just happens when you have a strong team and I can’t recommend Karen enough if you use my code momentum. Karen pays me. I don’t want to hide that. Of course we all know that, but you’re going to say $50 and it’s a great opportunity to really, really build out your team with somebody you can trust. That’s why I recommend them. So solutions for e-commerce solutions, the number for e-commerce dot com, forward slash momentum. It’s going to save you $50. Oh, and by the way, she’s going to do an inventory health report. Why is that important? Well, guess what fees are going up. Is your inventory health number declining like ours is?
Stephen: [00:02:57] Well, here’s why and what they can do. What I like is I get a spreadsheet from them and it says, Hey, here’s a bunch of inventory, here’s what we recommend. And I’m like, Yep, re refund. I mean delete a return us blah blah blah, whatever it is. And it’s are destroyed and it just happens. That’s what I like. The other thing that I have Karen helped me with a lot is creating new listings. You know, we do, a lot of the researchers solves, we upload our images and then boom, magically the listing goes live and I don’t have to worry about it. Those are the services that can run offers. Can’t recommend her enough solutions for e-commerce dot com, forward slash momentum. Save 50 bucks, use my code. You save $50 a month every single month and it’s a great service. Plus you get that free inventory health report.
Stephen: [00:03:43] I think it’s a really powerful way, so I can’t. I’m so excited how many people have been joining here because I see it and I’m excited because the messages I get from people saying, hey, this is great. I finally feel like I can focus on something else because Karen and her team are watching this for me and you know, I highly recommend her. Next up is scale solar lamps and scope and we’ll set it wrong. It’s amazing. I mean, it really is amazing when you sit back and think about, hey, I want to get this product up and it’s similar to this product and that’s what that product does well. Well therefore, if that product does well, they have the right keywords, they’ve chosen things correctly, so guess what? You scope and you could see all that stuff and that’s what the most powerful thing in the world is to copy somebody who’s done it right.
Stephen: [00:04:28] That’s what you want to. You want to take advantage of that, right? I mean it’s, it’s fair to see and so therefore you can take and apply it to your listing and immediately get that same benefit. That’s what scope does for me. Seller labs dot [inaudible] forward slash momentum. It’s going to save you $50 on the surface. Oh, by the way, it’s free to try. So sign up, try it and say, oh, this is how it’s done. Boom. And then you’re going to. The lights going to go on and you’re going to be like, man, I can get my products out there. I just can’t wait. Can’t wait. So are labs dot forward slash momentum? The other day I bought another domain. Yes, I bought another domain. It’s almost like A. I’m admitting guilt, but it’s because I had an idea and it was something that was a pretty good idea.
Stephen: [00:05:17] I think it’s going to go pretty far and so what do I do? I go to try go daddy.com forward slash momentum and save 30 percent. So domains aren’t very expensive. You get a few services, it adds up a little bit and I usually buy it three years. I usually buy privacy by the way, I recommend that to buy that, you know, it’s not that much money but when you can save 30 percent it makes it that much sweeter and it makes it easier when you’re buying domains and especially if you buy a bunch of domains. I am a domain collector and so I do tend to do that, but that 30 percent makes it a lot easier and I used to go down there because what I like is I can pop in an address I’m thinking and it’ll say nope, nope, could try this version or try this extension and then boom, there it is.
Stephen: [00:05:58] Hey, you better hurry before it goes away and the right, you know. And so try go daddy.com forward slash momentum save 30 percent. Also want to mention about grasshopper, was that just talking to somebody the other day? And they were like, Oh yeah, use this company called grass held. I’m like, Dude, did you buy it through my link and save 30 percent? Hello? Know they missed that. So save 30 percentage, try grasshopper.com forward slash momentum. No surprise there, but you’re going to save 30 percent and what the real cool part about that is they’re using it for their private label business and it gives them virtually a second phone on their current phone without having to get another number. They can make up a vanity number. They don’t have to go and do all the grief and sign loan contracts. Pretty easy stuff, and so if you’re creating a brand that you want to identify, you want to look professional, you want to look like a real company. Grasshopper is a great tool. It’s an app you put on your existing phone and boom, you now have a customer service to. You. Now have a sales department, didn’t have a manufacturing division. You could forward it to somebody else. You can have it go to different voicemails, different departments, and that’s all included. So try grasshopper.com, forward slash momentum. Save 30 percent.
Cool voice guy: [00:07:13] Welcome to the e-commerce momentum podcast where we focus on the people, the products, and the process of e-commerce selling. Today. Here’s your host, Steven Peterson.
Stephen: [00:07:27] Welcome back to the e-commerce momentum podcast. This is episode 298. Eric Payne. Eric is a mega seller. I’ll use that term long term, um, who’s been selling for only a couple years, but it’s definitely figured out the private label world and the roles and the techniques that it takes to execute. I’m in this crazy world and it is with challenges. He will tell you that. But, you know, Eric Success was built a long time ago and I think his advice about financial freedom and living below your means for a long period of time. It’s kind of like Mark Cuban always says, you know, live with six other guys, eat ramen noodles. That’s how you get successful, right? Are you willing to trade off those things though? Knowing that Mel, without knowing, but kind of being, having faith that you’re going to hit that level of success. I don’t think most people are, um, although if you’re older, you definitely are because you realize that those trade-offs really aren’t important.
Stephen: [00:08:26] They’re just a period of time and time goes so fast. Um, that really good solid advice and a long history of success in it. And I just think that that’s such a, such a good long game plan, um, that, and he gets some pretty good advice for young guys too. So let’s get into the podcast. All right. Welcome back to the e-commerce movement and podcasts. We’re excited about today’s guest. I’m excited for a whole myriad of reasons. And one I think is, you know, he’ll tell you he’s just a regular guy who’d go humble, but he’s just a regular guy who’s figured it out and figured it out in such a big way, um, that I’m sure it humbles him. Even him. Eric Payne. Welcome, Eric. Thanks for having me. Hey, thank you for coming. Is that true? Is that, have you thought about, you know, what you’ve created, is that blow your mind when you think about it?
Stephen: [00:09:17] Yeah, I mean, I think of it as standing on the shoulders of giants, right? I never could’ve done anything like this without Amazon and not just Amazon, but all the services that are in place, you know, ups, uh, Ali Baba, the way that it’s easy to source and there’s just so many things that have been built to give myself and others is opportunity that really blows my mind. I mean, we’re not supposed to be able to make this kind of money and build this kind of business so quickly. So yeah, it’s just kind of crazy in my warehouse. We share space with a lighting guy and he’s been manufacturing well, I shouldn’t say that. He’s been having lighting manufactured for him in China for 20 plus years. And he said it’s one of the most frustrating things from a quality point of view. Do you know you’re always battling order something and it works, works, works.
Stephen: [00:10:10] So then all of a sudden it gets, the quality goes down and he’s like, what happened? And nothing on his part and you know, so you have to continue to battle that. This is 20 years worth of that now. His business is 95 percent manufactured in the US. He said there’s five percent I can’t get from China or anywhere, but China, excuse me, and then he brings it into the US and he’s actually manufacturing here because of quality and that piece, you know, when we were talking about how difficult it was, he said, Oh yeah, we had to go over once a quarter to China on nonstop to find things to deal with things or whatever. Today it’s you turning on skype, right. And you can actually, you can have a face to face conversation over skype with your manufacturer. I mean, just imagine how difficult it was 20 years ago, right?
Stephen: [00:10:59] Yeah, exactly. And um, even, you know, when I tried to look for sourcing things online, just through Google as much more difficult to find something that you know is the right manufacturer. Um, I know a lot of people source in the US for consumables, topicals, that type of thing. But just, I’m just starting out. If you compare, I’m using Ali Baba to source in China versus just trying to find to get us a supplier. It’s, it’s, you know, more difficult. It is. And it’s more costly too, but you’re right, you know, Alibaba has mastered China and even a couple of other countries and I know they have a US option on there, but it’s very thin. It’s very thin. It’s like a miss for our country, you know, it’s like one of those things that somebody should really do is to put together to say, Hey, you know, we manufacturer all these wooden things. We manufacture all these metal things. It is a mess I think. I think you’re right. Yeah, yeah, absolutely. OK, so let’s, let’s talk about why Eric is so successful. How did, how did Eric get into sales? I mean, what were you going to be when you were in high school? Were you going to be d? Were you the entrepreneur selling bubble gum or were you the business student going to be the executive lawyer doctor?
Devon: [00:12:21] So, um, I was, uh, I tried to be the entrepreneur selling bubble gum that was actually a candy and x men cards when I was a, up on the bus. But, uh, uh, when I was a kid for some reason I was scared to death of getting in trouble and once I got called down a couple times for it, I quit. So yeah, I had an inmate from an early age. But, um,
Stephen: [00:12:48] was it a desire, I mean, was it a like a something that just told you that man, I see value, I mean, because I think that’s a skill set when you recognize that something’s cheaper and there’s demand and you can make that money on that difference. Is that, is that your skill set
Devon: