322 Starting a Private Label Business: 5 Mindset Blocks & 5 Solutions - a podcast by Michael Veazey

The topic in this episode was inspired by a conversation I had with a mentoring client who reached out to me for help with motivation. Mindset is one of those areas that is a key part of success. So today I’m going to talk about five mindset blocks for those who are just starting out with a private label business, and their solutions.





Block 1 Lack of vision or leadership

Leadership means deciding in a direction you want to go, and why you want to go there.



Poor reasons (somebody else’s vision)



A lot of time people have poor reasons, or they see someone else’s vision for where they want to go.

Examples



* Seems like a “good idea”

* FOMO - “everyone else is doing it”

* Greed - “everyone else is getting rich except me”

* Dreams of cars, houses etc.



Money is not the only motivator. If the end goal is the only thing motivating you, I don’t think that’s enough.



If you don’t have the right reasons, will you enjoy the process? The vision has to include the process, as well as the end goals.

Reactive reasons for starting your business



* These motivations will not sustain you. These “away from” motivations have the issue that as soon as you remove yourself from the problem, your motivation will diminish.

* Sacking your boss



* One one hand it’s very exciting to be independent,

* However, s/he provides a valuable function!





* Getting rid of structure - You need it



* Getting rid of structure can be difficult

* It can be helpful to have to be at a job from 9-5 and to have that structure already







Solution 1: Define where YOU want to go

Personal leadership is not easy. It requires a lot of time, medication, and realism.

Left brain solutions



* Are you looking to replace the day job?



* If so, how much do you really need?

* And how soon are you aiming to do that?





* Are you wanting to create a sellable asset?



* How much do you want to sell for?

* In what timeframe?







Right brain



* Do you really care about business?

* Is money really what you want?

* What price are you willing to pay for independence?



* Being own boss

* Uncertainty?

* Lumpy income?





* Is entrepreneurship really for you?

* What business model is right for you? It’s very important to be realistic about who you are and what you’re not as well.



* Internet

* Ecommerce

* Amazon

* Private Label







Block 2: Delusion

One of the things Stephen Covey talks about in “7 Habits of Highly Effective People” is the right and left brain, or in more simple terms, thinking about things more intuitively and emotionally, versus the numbers and logic-led items. I think it’s important to think with both.

Right brain

Have you been sold into a fantasy?



If people are telling you that selling on Amazon is “low risk”, “quick” or “easy”, walk the other way.

Left Brain

Are you looking at the numbers correctly?



For example, when looking at the market, the size of the market itself doesn’t matter. You should look at what percentage of the market you or your business can own.

Financial numbers



* Revenue is not profit

* Profit is not personal income

* You can’t take income out of a fledgling business

* You can’t take all the profit out as income without killing a business



Solution 2: Honest information and realistic goals

Follow the right people

Further episodes of Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

Further podcasts by Michael Veazey

Website of Michael Veazey