Money Experiment 1: Earning Money Online

The first money experiment of the series! As I explained in one of my earlier posts, I’m using this year to experiment as much as I can in the money industry. This could mean earning money online, investing or taking part in different courses. I’m trying it all. I hope to keep doing these as a kind of series and from there take some conclusions.

I’m very excited to announce my first experiment: WICKED SHOPPER. It’s an online shop and I hope to earn some money online. I’ve been playing around with it for a bit, and decided it’s a great way to get started. The costs are low, the guides are great and the idea is very sustainable. Now I just have see if it works!

I will be detailing the process step by step so that anyone who is interested in trying can repeat my exact steps and all resources will be listed at the bottom. Here goes!

Wicked Shopper:

The only shop where the you’ll find products wicked enough to take on the world.

(don’t judge)

 

wicked shopper money experiment

 

1. Drop shipping: An online store without inventory. All products come from a manufacturer in China and are shipped directly to the client’s address. I’m just the middle man.

2. I follow instructions on Corey Ferreira’s website to set up a Shopify website and to install apps like Oberlo.
COST: $0: You start with 14 day free trial on Shopify.

corey ferrara money experiment

3. I follow this pdf guide, and decide to use their exact steps to make sure it works. What am I selling? Chokers.

profitable dropshipping money experiment
4. As the guide says, I find an influencer on Instagram to promote my products. I instert #choker and look for people who post photos with choker. I contact a few of them, and ask them to promote my product in exchange for their very own collection and 15% of profits. One responds, and we build a relationship.

5. Her collection are a set of 4 chokers which she chose, and she offers an exclusive 50% discount. So far, cost: $0.

Problem: She tells me her fans don’t feel the shop is ‘legit’ and although interested, won’t buy. I’m not sure what to do so I send her some free products to properly promote. They haven’t arrived yet. Cost: £13 (4 chokers).

6. Instead of waiting around for the products to arrive and to develop a bit more the money experiment, I decide to try out Facebook Ads. My campaign: Free choker to anyone who comments a funny caption. A few people comment, one gives me her address. I get 12 likes on Facebook.
Cost: £5 (Ad) $2 (free choker)

facebook ad money experiment

7. Still no sales. I do more research, and stumble on gold: Jeremy Salem’s case study video where he earns a million dollars in 3.5 months.

jeremy salem money experiment

What I learn: I shouldn’t specify my store to only chokers, I need to test different products. Testing is done by running $15-20 Facebook ads and seeing if they take off. If after that there are no sales just move on to the next product.

8. New plan: Sell a variety of products on my website, and test them one by one. Products now include chokers, shower loudspeakers, iPhone cases and watches. Test on Facebook.
Cost: First month on Shopify $30.

 

shopify money experiment

This keeps getting updated:

6th of September 2017: I am redesigning the website and putting all the products on sale. I buy a few images on Shutterstock and use the very handy editor. Cost: £23

7th September: Placed first ad on Facebook reaching between 12k to 31k people, and to go on for 7 days. Cost: £15

Results: Ad was a flunk. Got 1 like, 4,000 post reach and 8 clicks. No ‘Add to Basket’ and no comments. Feeling a bit let down.

20th September: Change of tactic. Completely redid my online store. Now only sells chokers and focusing on test advertising and making it a good user experience. Now looks like this:

updated shopify money experiment

21st September: Launched an ad on the Pearl Choker collection. Cost $5

23rd September: Started Instagram account

Results from the Ad – Reach: 631 people, Link clicks: 12, Reactions: 20, Comment: 1

 

TOTAL SPENT: £92

What am I learning?

• Even when I follow a guide step by step, I won’t get the results that person does, simply because I am inexperienced and can’t follow each step precisely. I’m fine with it, this is what a money experiment is.
• When something doesn’t seem to work or you are lost, keep researching. Someone else will have the advice you need to try something else
• People are actually quite interactive with Facebook Ads

Resources:

 

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