From the course: 32 Ways to Make Extra Money

Million-dollar handkerchiefs

From the course: 32 Ways to Make Extra Money

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Million-dollar handkerchiefs

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- The most successful eCommerce products are not high-tech gadgets. They're practical and basic items that most people never think about until they need them. For example, a new mom quits her job to stay home with her daughter and ends up building an online storage to replace her income. It cost just $630 to get started, and now brings in more than a million dollars a year. You'd never guess the topic; personalized handkerchiefs. That's right, it's an age-old technology that brings in hefty bank deposits every single day. So, how did it come to be? When Steve and Jennifer Choa were expecting their first child, they both agreed that parenting would be their number one priority. That's why Jennifer chose to quit her job and be a stay-at-home mom. But it wasn't an easy decision. She'd been working as an analyst for a fortune 500 company for 10 years, bringing in a six-figure salary. Furthermore, they live in Silicon Valley, where the cost of living is ridiculously high. Jennifer didn't want her lack of income to be a hindrance on her lifestyle or family finances, so, together with Steven, she brainstormed ways to make extra money. One thing stood out that took them back to their wedding preparations. Wanting to give their bridal party some personalized handkerchiefs, they ended up importing 20 dozen of them, even though they only needed six. It was the only cost-effective way to get the ones they wanted. After their wedding, they listed the extras on eBay, and all of them sold with a week. The quick turnover of those handkerchiefs stuck in their minds. If there was such a demand back then, maybe they'd be able to start an online store selling them now. So they got in touch with the same supplier they used before, and spent just under $2,000 on handkerchiefs. They also built a website, calling it Bumblebee Linens. Now at first, this linen shop wasn't exactly a hive of activity, but eventually, some products started to move, and they made some sales. As the first orders came in, they had to quickly figure out a way to pack and ship them. Before long, more and more people were ordering from Bumblebee Linens. To increase sales further, they decided to focus on personalization, as a point of difference from other companies. They encourage potential customers to purchase personalized addons, like initials, or a few special words written on the handkerchiefs. And it worked. Before their daughter's first birthday, Bumblebee Linens had earned well over $100,000, completely replacing a lost income from Jennifer's day job. Now, to be clear, it had some struggles along the way, including issues with suppliers, or the samples they received didn't match the final product; it also felt like a lonely process at times; working in isolation with no one to bounce ideas off. But still, those things didn't stop the store from growing into seven-figure business over the next few years. That's right, seven figures. Both Jennifer and Steven say the biggest benefit is being able to spend more time together as a family. All right, let's break it down; we're not talking about small money in this course. How do you build a seven-figure business with handkerchiefs? The same way you do with any practical item; on Sidolsol School, we have featured major successes, lots of six- and seven-figure stories like this one, of people selling simple stuff. Stuff like beard oil, or a device for neck pain, or hair brushes, just to name a few. These kinds of practical products make for ideal eCommerce shops. There's typically less competition, especially when you find something that sets you apart. In the case of Jennifer Choa, it was those personalized handkerchiefs. She effectively owns this market now. So, how do you identify the market? Well, on each of these stories, it was a case of serendipity plus experimentation. The hairbrush woman was frustrated for the lack of good options for her daughter's stubborn hair. The beard oil guy has much the same story. Meanwhile, Jennifer started with handkerchiefs and learned over time that personalization was her differentiator. The only way to know for sure if it's going to work is to try it. You can't market test all these things, but you can start experimenting very soon, and without spending a lot of money. Remember, this store got off the ground with just $630.

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