2 Months Into Samuel Onuha's Mentorship (My Experience)

Summary

In this honest update, the user reflects on their two-month journey in an e-commerce mentorship program, detailing both successes and struggles. They discuss challenges with product research, ad spend, and supplier issues, as well as the financial investment required for the program. Despite setbacks, including significant losses, the user remains determined to push through, emphasizing the importance of testing and learning from mistakes. The video also provides insight into the true costs and realistic expectations of pursuing dropshipping, offering valuable lessons for others in the same space.

Takeaways

• 😀 The creator hasn't posted an update in two weeks due to a lack of significant changes in their progress, but now provides a detailed update after being in the program for over two months.
• 😀 Sales have dropped significantly in the past two weeks (a decrease of 85%) due to unsuccessful product tests and an issue with product research methods.
• 😀 The main reason for the drop in revenue is that previously profitable products were turned off due to becoming unprofitable, leaving no consistent money-makers.
• 😀 The creator was not consistently testing products, due to a misunderstanding with their coach about which product research method to use. After clarification, they resumed testing five products a day.
• 😀 A hack to bypass Facebook Ad Library restrictions is shared, which involves logging out and switching to a different Facebook profile to avoid being temporarily blocked.
• 😀 The creator switched suppliers because the previous one had long delivery times, similar to AliExpress, and now receives product images from the new supplier but is concerned about their quality.
• 😀 The coach pointed out the lack of consistency in testing and emphasized the importance of testing five products daily. The next coaching call is set for the 23rd of December to review progress.
• 😀 The creator has spent over €10,000 since joining the program, including mentorship fees, agency ad accounts, and ad spend, resulting in a total loss of €1,878 so far.
• 😀 Despite the loss, the creator is committed to staying in the program, believing that success will come with time, as others in the program have recovered their losses by scaling successful products.
• 😀 The creator expresses that the mentorship is a significant investment but feels it's necessary to build the business now, with hopes of enjoying financial freedom and travel later.

Q & A

What is the main reason for the drop in sales over the last two weeks?

The main reason for the sales drop is that the user had several products that were initially profitable, but those products became unprofitable, leading to them being turned off. Additionally, there were issues with testing products consistently due to using only one product research method, which slowed down the process.

Why did the user find the product research process difficult?

The user found product research difficult because they were using only one product research method, which was very narrow and time-consuming. It took them hours to find products, making it hard to test five products a day as planned.

What did the user learn from the misunderstanding with their coach regarding product research?

The user initially misunderstood their coach's instructions, thinking they could only use one product research method. However, the coach actually meant they could use both methods, ensuring that they could consistently test five products per day. Once the user started using both methods, the product research process became more efficient.

How did the user’s ad spend compare to their revenue during these two weeks?

During the two-week period from December 4th to 17th, the user made €642 in sales but spent €574 on ads, resulting in a loss of €1,182 after accounting for product costs and ad spend.

What was the impact of the supplier change on the user’s business?

The user switched suppliers after experiencing slow delivery times (up to a month), which was unacceptable. The new supplier provides faster delivery, but the user is concerned about the quality of the products based on the images received, questioning whether they look as advertised.

How much money has the user invested in the mentorship program and related costs?

The user has invested a total of €10,670 in the mentorship program, including the €9,500 program fee, agency ad account fees of €300 per month, and a 3% fee on ad spend. This amount does not include the €6,293 spent on ads since starting the program.

What advice does the user give regarding the financial commitment required for dropshipping?

The user advises that you should not join a mentorship program like this if you only have a small amount of money to invest, such as €1,000 or €2,000. If you don't find a winning product quickly, you risk running out of money and having to pause the program, which can lead to inconsistency.

What does the user think about the possibility of switching markets?

The user discussed the idea of switching markets with their coach, but the coach advised against it, believing that the same issues might arise in another market. The user is continuing to work in the same market and hopes to improve the results with better consistency in product testing.

How much revenue has the user made since starting the program?

Since starting the program in October, the user has generated a total revenue of €12,000, with €449.65 in October, €10,300 in November, and €1,249 in December so far.

What is the user’s current financial status in relation to the program?

The user is currently at a total loss of €1,878, factoring in the program costs, ad spend, and other related expenses. Despite the losses, they remain committed to continuing the program, believing that success can still be achieved through scaling the right product.