Fixed Mindset vs. Growth Mindset: What is the Difference?

As many of you know, I’m a massive fan of Impact Theory and Tom’s deep dive into cultivating a growth mindset.

In his “Strangest Secret” audiotape, Earl Nightingale mentioned that we often become what we think about. And the most important thing that sets successful people apart is a growth mindset.

It is incredible what you can achieve in this lift by simply shifting your outlook on the world. It is easy to blame our failures on exterior forces, but it comes down to how you can overcome the fear that you create yourself.

What is a Growth Mindset?

A growth mindset is a simple realization that your skills, abilities, and understanding about the world’s inner workings can be improved.

Your character and orientation with people and things around you can always be developed into something you desire.

People who live with a growth mindset are confident that they can get smarter, study trends, and become more versatile through effort and time.

What is a Fixed Mindset?

A fixed mindset assumes that your understanding and abilities are stagnant and fixed over time. These people think that intelligence cannot be developed and that you are born with it.

Fixed mindset people are not curious about learning new information or taking on new challenges. This type of outlook holds most people back from realizing real success.

Critical Differences Between Fixed and Growth Mindsets

So, what are the key differences between fixed mindset vs growth mindset people? There are many distinguishing characteristics between these two types of people.

A fixed mindset is one that is in a neutral or static position, while someone possessing a growth mindset looks at how they can improve their mind and ultimately their results. The dividing aspects include:

  • Approach toward challenges
  • Handling criticism
  • Attitude toward the success of others
  • Pushing through adversity
  • Viewpoint on the concept of lifelong learning

Approach Toward Challenges

Growth mindset people often view challenges as new opportunities. They understand that regardless of whether they succeed or fail, they will take a lesson that can be used as a future advantage.

A person with a fixed mindset will avoid challenges at all costs. They do not see these challenges as necessary parts of life, so they fail to face them head-on.

Handling Criticism

People with a growth mindset are always looking to improve. They recognize that other people can offer crucial feedback, and they know how to filter and translate feedback into meaningful growth accurately.

Fixed mindset people are unable to handle or give feedback. They see criticism as an attack on their character, so they often get defensive with people who are usually trying to help them.

Attitudes Toward the Success of Others

Growth mindset people love to see others succeed. Whenever they see someone reach a goal, it motivates them to do the same. They surround themselves with other successful people to elevate their skills.

The success of others often threatens people with a fixed mindset. Because of this fixed mindset, they tend to get jealous and often put others down, regardless of their success.

Pushing Through Adversity

When the growth mindset people are faced with a setback, they often push through. They understand that these situations make them stronger, so they like to tackle issues with vigor.

Fixed mindset people tend to give up easily without putting in much effort. To them, turning away from a challenge is the more natural way out and allows them to sink back into what life has always been.

Viewpoint on Lifelong Learning

Growth mindset people are naturally curious about their environment. They understand that the world is continuously changing, so they must build up a knowledge base to stay ahead and succeed in life.

People with a fixed mindset believe heavily in the fact that talent and intelligence are static after you are born. They are not interested in learning new things because they think they do not have the capacity.

17 Ways You Can Develop a Growth Mindset

As you can see, the growth mindset people seem to live a much more fulfilled life than fixed mindset people. So, how do you develop this growth mindset?

The fixed mindset vs growth mindset comparison is distinguished by the behaviors described. Implement these tools into your life, and then watch your value increase immensely.

1. Look at Challenges as Key Opportunities

The first strategy to developing a growth mindset is shifting your view toward challenges. We are unable to evolve if we do not get out of our comfort zone.

Challenges are essential development tools because they force us to utilize our skills and capabilities in new ways. When we approach a problem with confidence, we can help hone our skills for similar situations.

2. Do not Put Too Much Value on the Opinions of Others.

It is smart to keep an open mind about feedback, but you should not weigh too much on what others say about you. Often, they do not see the world like you, which makes them unable to relate.

You should be aware of people around you with fixed mindsets. They will often give you the advice to critique you because they feel threatened.

Stay true to who you are and depend less on others for happiness. When you have zero expectations of others and their opinions, you will be a much more motivated and joyful person overall.

3. Enjoy the Process Rather than Focusing on the Result

If you focus too much on the result, you could miss out on the passionate parts that make you great. Life is a journey, so you need to focus on the small habits that lead to success.

A positive attitude about the process is where passion comes from. When you find an activity or venture that you genuinely enjoy doing from beginning to end, focus on building a growth mindset.

4. Look at Your Failures as Critical Lessons

When things do not go your way, and you feel it is easy to get down. You may feel like you are not good enough but see these failures as critical lessons that will prepare you better.

When you view failure as positive, you will approach life with so much more confidence and happiness. You will look forward to taking calculated risks, and you will hit it big here and there because you tried.

5. Celebrate Others’ Success

The more people succeed, the better the world becomes. You should use the success of others as motivation to accomplish your feats.

When you put out positive energy to others who win, it will come back to you. You should surround yourself with successful people because their habits will rub off on to you.

It is essential for you to be happy for others when they succeed because they will return the favor for you. A robust support system will help you and your close friends achieve more in life.

6. Try Different Learning Methods

There is no correct way to digest information. In today’s digital world, there are a multitude of methods for consuming and retaining information.

You should be curious about the different strategies and try new things. If you find an effective learning strategy, double down on that route until it no longer works for you.

7. Set a Plan of Learning

Time is precious, so you want to make sure you budget for your focused learning. The best thing to do is set aside a specific amount of time each day with no study and knowledge distractions.

You can also set short- and long-term learning goals for yourself. These goals could be the number of pages read, mastering a skill, or achieving a numerical level of progress in a sport or game.

8. Develop a Sense of Purpose

What is your “why”? You should find a reason for your lifelong learning when it comes to goal setting and roadmap planning. You should think about how you want to impact yourself, the world, and others.

As you navigate through life and run into roadblocks, you should always refer to your purpose. It should motivate you to push through adversity and continue working toward success.

9. Focus More on Actions, Not Traits

Someone can talk a big game, but what results do they have to back it up? When you create relationships or sell yourself to others, focus on results and actions, rather than preliminary characteristics.

When you encourage others, comment on a specific accomplishment. Rather than complimenting someone for being smart, you should highlight behavior that makes them more intelligent.

10. Put Effort before Talent

Growth mindset people believe that effort and efficiency take you much further in life than talent. When you have talent, you may have a head start. But the initiative will help you win the game of life.

Reward yourself and others for putting in hard work. Stay away from placing importance for already-existing talent, but rather push others to raise their ceiling.

11. Practice What You Learn Throughout the Day

This strategy is a fun one because you get to put it into practice. As you learn a new concept in your study time, you should pick out specific situations where you can apply it.

Reading is one thing, but it takes a growth mindset person to execute and learn from their failures and successes. By putting your knowledge into practice, you can speed up your growth and development.

12. Take Care of Your Health

You must master private victory before going out into the world and experiencing public triumph. This journey all starts with a healthy mind and body.

Just like you set aside time for learning and study, you should also budget time to lift weights, run, and practice sport. By supporting your muscles with blood flow, your brain will function better overall.

13. Journal About Your Progress

It is useful to update others on your goals, but you should also document your development through a journal. You can gain clarity about your motivations and approach to life by writing out your thoughts on paper.

You can write about whatever pops into your head. It is beneficial to reflect on your failures, struggles, and any specific events in your day that pushed you to improve.

14. Take Calculated Risks

You cannot evolve in life without pushing the envelope and trying new things. If you always stick to what you know, you cannot develop your current skills or gain new ones.

Whenever you endure these risks, you should be sure to evaluate the different opportunities, drawbacks, and other obstacles that could hinder your success. Be quick with your actions, but do not hurry.

15. Learn from Other People’s Mistakes

You should always be a student of yourself, but it is also wise to learn from others’ failures. By observing how others struggle with a challenge, you can learn how to navigate issues when you push through.

16. Learn from Other People’s Successes

Other people’s successes can also serve as a valuable guide for your roadmap. You should find people who have succeeded in a similar field or skill and then study their actions.

Everyone’s recipe for success is different, but you should take small principles and practices from others and integrate them into your own. Put your unique twist on the successful habits of others.

17. Recognize that Time is Far More Valuable than Money

It is easy to observe the lavish life of “rich” people on social media. Therefore, we tend to utilize money as a driving factor.

But it is important to reframe your mindset to make the most of your available time. The more you learn, the more effective and smarter you can be with your time to create more wealth.

When you look at the value of your life through a time lens, you can focus more on your passions, which will make you the money in the long run.

Conclusion: Why is having a growth mindset necessary?

When you are continually developing a growth mindset, you are showing up for life in the right way. By striving to become the best version of yourself, you create more happiness and value for others.

You can create other leaders and growth mindset people by serving as a positive role model. Not only will you feel better about yourself, but you will accomplish more by looking at life as an evolving opportunity.

So, do you want to take the next step in your life success journey? Start implementing a few of these items on the list, document your progress, and translate your passions into gifts.

You can put yourself on the right side of the fixed mindset vs growth mindset comparison. It all starts with the belief in yourself that you can evolve.

8 Reasons Why Faith Is So Important

When life gets hard, it can be easy for us to lose faith. We resign ourselves to a life of fear and negativity instead of having the courage to flourish. But what does it mean to have faith? And more importantly, why is faith important?

Faith can mean many different things to different people. For all of us, though, it’s a powerful reminder that things can and will get better in tough times. 

Without faith, we tend to stagnate in life. Faith gives us the confidence that we need to take the next step in life, often blindly. Without faith, there’s little chance of hope for the future.

It’s hard to define faith in a logical manner, which is why many people balk at the idea. However, even for the most rational of people, faith can be a beacon of light in the darkness.

Faith can improve just about every facet of life and guide us down the path to peace and happiness. At home, at school, or in the workplace, one cannot understate the importance of faith.

#1 – Faith Helps Us Move On

When things get tough, it can be tempting to just lie back and let life walk all over you. It’s easy to get hung up on what’s going wrong in life, especially when problems begin to pile up.

There are plenty of reasons that people find themselves stuck in life. A lost job, a broken relationship, growing debt—these are all problems that many of us have to face at some point.

When life seems bleak, the last thing you should do is allow yourself to stagnate. It’s important to move on to bigger and better things.

You shouldn’t necessarily ignore or forget past mistakes. Instead, treat them as a learning opportunity, and then force yourself to move on from the incident.

Unfortunately, forgiving and forgetting isn’t always easy. No matter how hard we try, it’s nearly impossible to stop our minds from drifting back to past slip-ups.

Faith can help us bounce back from any setback, no matter how great or how small. If you focus on faith, you’ll often find that it’s easier to move past once insurmountable obstacles.

When you have faith, it’s easier to see the bigger picture. Often, our problems are much smaller and less significant than we think at the time.

If you have faith that everything will turn out alright in the end, it’s easier to take a step back and focus on your future.

Instead of worrying about what’s wrong today, you can put your time and energy into making tomorrow a better day. You need to have faith in things to come if you want to let go of the past.

#2 – Faith Encourages Positive Thinking

Just like it can be easy to get hung up on life’s problems, many of us also fall into the trap of negative thinking. When life is hard, it’s easy to shift away from a positive mindset.

Often, we don’t even realize that our outlook on life is changing until it’s too late. Negative thoughts pile up each day until they begin to affect the way we act and interact with others.

Negative thinking can have far-reaching consequences that will only continue to spiral if you don’t address the issue. It can take a toll on our mental and physical health, our jobs, and our relationships.

Many exercises can encourage positive thinking, from smiling daily to reciting positive affirmations. However, these don’t always address the root of the issue.

For many of us, negative thinking stems from a lack of faith in ourselves and the world around us. We see the worst of humanity pop up on our media feeds and begin to expect the worst.

This expectation can become a self-fulfilling prophecy. If we only expect the worst out of life, then that’s what life will give us. 

You must have faith that good things will come if you want your life to improve. Think positively, and you’ll begin to see positive changes around you without even trying.

#3 – Faith Gives Us Strength

Many of us have heard the old aphorism, “What doesn’t kill us makes us stronger.” 

When things go wrong in life, you shouldn’t necessarily focus on the fact that you messed up or made a mistake. Instead, treat it as an exercise in character building.

Every slip-up has the potential to mold us into a better person. It’s how we handle the most difficult moments in our life that defines us. 

If you approach your mistakes with an open, positive mindset, you’re more likely to learn a valuable lesson and grow as a person. 

Unfortunately, many of us treat mistakes as shameful, or even worse, a weakness. They focus on what went wrong and twist themselves in knots over perceived infractions.

We should all make an effort to embrace mistakes, both in ourselves and others. To do this, though, we need to remove the shame and stigma associated with failure.

Faith can help us to overcome any obstacle and come out on the other side as a better human being.

Think about how you’ve made it through all of the other trials and tribulations in your life and come out on the other side unscathed. You can use this knowledge to strengthen your faith.

By knowing that your mistakes are a blessing rather than a curse, you can find your resolve when you come to a difficult crossroads. 

Of course, just like building physical strength, mental and spiritual fortitude doesn’t happen overnight. Growth takes work, and at times, it can be painful.

If you keep rebuilding yourself, little by little, you’ll find your faith rewarded with a stronger force of will. 

#4 – Faith Gives Us Purpose

Too many of us wander through life aimlessly, unsure of where we’re going or where we want to end up. It isn’t always easy to find a purpose in life, especially without the right outlook.

Ask any successful person, and they’ll tell you why faith is important in everything from climbing the corporate ladder to forging meaningful relationships. 

Faith allows us to expect the best out of life for ourselves. With the knowledge that bad situations will always improve, we can forge ahead on our path without fear. 

With faith, we can figure out how we fit in with the rest of the world. Faith lets us know that no matter what we do or how many mistakes we make, we’ll come out stronger in the end.

Knowing how to make mistakes and grow from them is just a small part of how faith drives our curiosity and ambition. 

Faith gives us the freedom of mind we need to approach life from all angles. Many people have to experiment for a while before they find their true path in life.

No matter how things might get, your faith can carry you through difficult times in your journey. It gives you the strength you need to keep going when you encounter a challenge.

As long as you have faith that you’re heading in the right direction, you’ll be able to go anywhere that you want in life. 

#5 – Faith Helps Us Achieve Our Goals

Once we’ve figured out what we want out of life, there’s still the question: why is faith important when achieving our goals?

If you focus on your problems, the only thing that you’ll see in life is negativity. This outlook can make it easy to lose sight of your goals and stagnate at work, at school, or at home. 

When you focus on the positive, you’ll have a better chance of working your way towards life goals.

Instead of stressing about your problems, focus on seeking out solutions. Have faith that you have the strength and the confidence to overcome any obstacle. 

When you believe that everything will turn out fine in the end, you’ll find that you can achieve any goal without fear.

Faith can also help you to deal with setbacks, even if they might seem devastating at the time. Just know that as long as you focus on the positive in the world, good things will come your way. 

#6 – Faith Helps Us Face Our Fears

Even the bravest of us can have trouble facing our true fears. Traumatic events can take a toll on us, and it’s not always easy to overcome the unhealthy patterns our brains can form.

It’s easy to give in to stress and anxiety in today’s world. There is a constant influx of news from television and social media, most of which is far from uplifting.

The fear that permeates our lives is not only unhealthy for our minds and souls. Stress can also take a physical toll on your body. To escape fear is to live a happier and healthier lifestyle.

It’s much easier to face the trials and tribulations of life if you have faith in yourself and the world around you. 

By no means should you simply ignore what scares you and hope that it goes away. Neither should you cower nor despair.

You should embrace your fears, just as you do your mistakes. Treat them not as something to worry about, but as something to pass and overcome.

Instead of letting fear stop you from living your life, you can face it head-on, knowing that no matter what happens, your life will be far from over. If anything, you’ll come out stronger.

#7 – Faith Lets Us Reach Others

Faith can improve many areas of your life, but why is faith important for relationships?

Trust is the foundation of any bond between two people. Without trust, you can never count on the other person to be truthful with you when it counts.

You need to have faith in others for any relationship to succeed, whether it’s a friend, a coworker, or a romantic partner.

Having faith doesn’t mean trusting everybody. If someone has given you a reason not to trust them, you don’t have to feel obligated to put your faith in them.

You shouldn’t give a single person the power to shake your faith. Always remember that it’s their choice alone to act or think a certain way. 

Similarly, you have to inspire faith in others yourself. You can do this by always maintaining a sense of honesty and integrity, especially with those you love and respect. 

If both people in a relationship have faith in each other, it’s much more likely to succeed in the long run. 

#8 – Faith Helps Us Love and Accept Ourselves

Above all, having faith can help you to embrace and love who you are as a person. Self-love is the most important step towards self-improvement, but it can also be the most difficult for many.

So many of us focus on our flaws without ever believing that we can improve. Often, we agonize over tiny imperfections we see in ourselves that others would never notice.

We can’t rely on others to develop self-esteem. No matter how many times a person might hear that they’re beautiful, ultimately, what they see in the mirror is up to themselves.

We have to look within if we want to find peace with who we are. We must learn to embrace our best qualities along with our shortcomings. Developing self-love and acceptance will make you happier, and you will find that it’s easier to accept others and forge meaningful relationships.

Coming to terms with your own faults means recognizing that you’re a human being who isn’t perfect. It also means believing that you have the power to change some parts of yourself for the better and spread positivity around you.

You must have faith if you’re going to find your way down the road to self-acceptance. Faith doesn’t just mean that everything will turn out alright for you in the end, but it means that you can get through challenges.

Finally, my experience has shown that loving yourself means having faith in who you are as a person. Though like me, you may have your flaws, you also have an endless capacity for growth as long as you focus on the road ahead.

Boutique Homes Review: Are These Builders Any Good?

Boutique Homes have built thousands of homes for Australians, but online reviews are both positive and negative. Should you sign that building contract?

Boutique Homes Review

I wanted to write this unbiased review to share my opinion only as an alternative to popular websites. Boutique Homes happens to be a company that I looked at recently.

When it comes to building, it’s an exhaustive process:

  • You head along to the display villages
  • You look over the Boutique Homes price list
  • The pricing and inclusions are very confusing
  • You keep doing online research and read reviews
  • The budget just keeps becoming more stretched
  • In the end, you just want it over and done with

The entire process of building your own home from scratch is also quite emotional. This is why you’ll see people leaving negative reviews about Boutique Homes because things went wrong.

Unfortunately, when you’re building a new home, things never go perfectly as planned. There are always hiccups.

There are options

Boutique Homes isn’t the only builder in the market. You know that as their very own competitors are next door in the display villages.

So my recommendation is that you research the general testimonials online of all builders. And naturally, visit their display homes as well.

But this all starts with a plan:

  1. You need to have a total build budget and stick to it
  2. You need to know how your family will growth (More kids?)
  3. Most importantly – a plan to knock down the mortgage

Now we all have our own standards of living. Boutique Homes doesn’t deal with the bottom end of town so their prices will be a little higher.

The big problem

Now you can read Boutique Homes Reviews all day long. You’ll see the experiences both good and bad that people had during the journey.

But the problem is: No one is talking about the elephant in the room. The big mess you’re left with. And that isn’t the tradies rubbish in the skip bin. It’s much worse than that.

It’s the mortgage. A massive mortgage that you’ll have to sacrifice a big part of your life paying back.

And that to me is a huge problem. So often young people go into huge debt to afford such massive homes across Australia. Homes that are often much bigger than what they need.

A good solution

Years ago Australia went through a property investment craze. The premise was simple: Buy your first house then after 2 to 3 years, buy an investment property.

The idea was that your tenant would pay down your mortgage on the other property. Indeed it was a nifty idea to get ahead in life.

Unfortunately, with the way the economy is right now with house prices crashing, this probably isn’t the smartest idea in my opinion.

Instead, consider digital assets. That is – generating cash flow over the internet.

Most Australians are completely unaware that this is possible. That instead of an expensive investment property, you could build an online asset that knocks down your mortgage for you.

This is an approach that I actively take. It works…as long as you put some effort into it.

Getting started

Boutique Homes is definitely a good builder. Over these last couple of years, they have really lifted their game and improved their building process and complaints handling.

Certainly, they’re not a builder for everyone and aren’t the cheapest in the marketplace. You should really research to make sure they’re the right solution for you and your goals.

On that same token, have a think about how you’re going to approach that massive mortgage. Creating digital assets could be the solution.

How To Avoid Losing Money On FBA Products

Losing money on Amazon FBA products is a real and serious consequence. Most beginners simply don’t understand the numbers such as revenue and profits.

Essentially, this all starts with understanding unit economics.

Imagine that, after hours of searching, you found a great product and a niche where the numbers work well. You paid for the inventory, set up your Seller Central account and are soon making good revenue from your new business. 

What can possibly go wrong?

🙄 Well…a lot…

It’s absolutely possible to make tens and hundreds of thousands of dollars in revenue, yet still break even or lose money due to poor understanding of your financials metrics.

The key here is to understand your unit economics, i.e., average profitability on a per-unit-basis. 

Understanding ‘Unit Economics’

Would you rather generate $10,000 selling 10 products which retail for $1000 each, or selling 100 products $100 each? While I’m slightly biased as I prefer the later, tt’s hard to give the answer without diving deeper into the financial structure of the business. 

Unit economics is a fundamental business concept. It’s like building blocks of a business. Using unit economics, you can model out specific business scenarios and see how they affect profitability. 

How To Avoid Losing Money On FBA Products

The definition of unit economics is to ultimately answer the question, “How much actual profit am I making per unit sold?” and “How much do I need to spend to make that profit?” which is an important consideration given the rise of PPC costs on Amazon.

From here you can determine whether your business is genuine. In my opinion, if it’s not saleable then it isn’t profitable…unless you’re running a SaaS business. 

The simplest way to look at it is this: you take all the revenue you’ve made over a period of time, and you divide it by the number of orders you’ve got over that period. That would show you AOV (Average Order Value). From here you’ll know how much each order is bringing in revenue.

Another important metric for Amazon sellers is ACoS (advertising cost of sales). For the beginners here on my blog, this reflects your expected advertising efficiency level. Let’s say you were to spend 30¢ to generate $1 of PPC sales, your ACoS is 30%. 

Why Is Unit Economics Important For Amazon Sellers? 

Any Amazon business is a cash generation machine, where you put money in to purchase 

inventory, and then get that money back with a profit to purchase even more inventory. But in order to sell on Amazon, you also have to spend money on advertising, keep track of Amazon FBA fees, shipping and storage costs. 

And because the Amazon payouts are bi-weekly (i.e, twice per month), it may be hard to tie them down to specific SKUs and make sense of them after a certain period of time. 

There is a huge difference between making top-line revenue and actual profit. From there, there’s profit before tax and profit after tax.. If you don’t properly analyze your unit economics from the early days, you might end up with a product that has high costs paired with low pricing power. You’ll end up actually losing money and might actually go out of business. 

Losing Money on Amazon FBA is Real

A guy I know was managing an account for a client that was making $40,000 per month in revenue. They thought the business was doing fine, and the financials were solid. Yet, when he plugged in the numbers, he saw that the business was not just unprofitable, but actually losing money to hidden Amazon fees. This is why external auditors are used by some of the world’s biggest companies.

Another interesting story happened to Sellerscale’s founder, Paul Faguet. When he launched his first product on Amazon (a meditation pillow), he estimated the demand, but didn’t dig in the numbers. Eventually, he ended up losing money on the product due to high storage costs and complex fulfillment fees. Paul had to close that business eventually, but learned a valuable lesson on top of which Sellerscale was built: “it’s much cheaper to do due diligence ahead of time.” 

Avoid Losing Money On FBA Products

To avoid losing money, you’ve got to know your numbers – of existing products, as well as potential ones. 

If you view your business as a cash generation machine, then you might want to know whether putting more money into purchasing more inventory or simply more PPC advertising might generate more revenue. And if so, by how much. 

Below we talk about the key unit economics metrics you need to keep track of and the questions to explore that to ensure your business is healthy. 

Key Metrics To Keep Track Of In Your Amazon Business

  • Daily Unit Sales – this is the number of units you sell per day, on average. 
  • Average order value (AOV) – this metric is calculated by dividing your total revenue by Daily Unit Sales. 
  • ACoS – Advertising cost of sales. This represents how much you need to spend on PPC ads in order to generate $1 in ad sales. Say, if my business put $100 in PPC ads and I made $200, my ACoS is 50% which is rather high. The more this metric is, the more heavily I rely on PPC advertising as my revenue stream. Personally, I’m pushing hard into an SEO strategy which very few people are doing given the rise of unprofitable Amazon PPC campaigns. Vice versa: the more organic sales I can acquire (where customers find me with keywords), the less I’ll be spending on advertising they will be, and thus, more profit.
  • FBA Fee – this is the fee that Amazon charges all its professional sellers like me to fulfil a single unit of any product to their customers, including handling returns and shipping. You can estimate the fees using Amazon built-in revenue calculator. 
  • Unit Landed Cost – quite simply this is your total cost of making, packaging and sending your batch of products to any of the Amazon fulfilment centres in the United States. If the factory quoted you a total of $2.5k to produce 1k units of product (which includes all packaging, bubble wrap, marketing brochures, etc), and your freight forwarder quoted you another $500 to sea freight or airfreight this batch from the supplier all the way to an Amazon FBA warehouse, then your specific unit landed cost will be $3.
  • Profit Per Unit – once you get a solid understanding of your initial costs, including Unit Landed Cost, Amazon FBA fees and advertising, you can subtract it all from AOV and calculate the profit you receive per unit sold. 

It’s important to perform this analysis before you start selling on Amazon. In many cases, doing due diligence before you start selling is cheaper than making mistakes and losing thousands of dollars due to poor business decisions. 

Questions To Explore In Your FBA Business

Once you understand your unit economics and have them under control, you can start playing with assumptions. 

Before starting, ask yourself: 

  • How much will I need to rely on Amazon PPC to generate an acceptable ROI? 
  • What is my breakeven ACoS? 
  • What will my ROI and payback period (otherwise known as a Cash Conversion Cycle) be at different price points (such as catering to premium customers), ACoS levels, and sales velocities? 
  • Will I be able to breakeven on price and ACoS during different times of the year? 
  • How does (potentially) a $1 reduction in unit landed cost impact my business and product ROI, as well as other KPIs?
  • What would happen to my profit margins if I made a 50% discount for 2 days? 

As we said, you can use unit economics to establish per-unit profitability of your current products, as well as your potential ones. Ideally, you should have a pipeline of products and understand not just the demand – but the underlying costs and fees, which will be unique to every product. 

Feel free to use this free Chrome Extension from Sellerscale to help you assess the profitability of products in your research. 

Also, I found an offer from www.sellerscale.com (non-affiliate link) where you can get a 50% off the first two months of Sellerscale using the promo code SCALE250

As always, look at Amazon like a marathon and not a sprint. I’m 4 years in and I’ll be here for another 10 years. I like to say that this is the worst get-rich-quick scheme around…but for scalability….it’s hard to find better.

Dennis Family Homes Review: Does It Really Take That Long?

Dennis Family Homes have solid reviews because their house prices are affordable, but not everyone is happy. Should you wait up to 12 months with Dennis?

I wanted to write an unbiased opinion as an alternative to the typical websites out there.

Dennis Family Homes Review

Building your own family home in Australia is something to be proud of. You deserve it as you worked so hard to make it this far.

But then it’s hard. You go to so many display homes and see the options. You think you’re on to a winner then you find negative reviews about Dennis Family Homes online. It causes confusion.

Dennis Family Homes Review

To clear that up for you, I’m going to spill the beans.

Building a house is an emotional time. So much is at stake here. And there is so much that can go wrong.

For them as a builder, there are so many moving parts too. Paperwork, tradies, weather delays. The list goes on.

So when something does happen (and trust me, it will happen…) the most common thing that people do is run to tell the internet about their bad experience.

It happens with every single builder in Australia. I mean really – look up their reviews of Dennis Family Homes and every other builder too.

There is that common trend. And you know, most people are actually happy. If your gut feeling is to go with Dennis Family Homes and you’ve been out to the display village to talk to the rep, then I’d be jumping on board.

Of course, there are other options out there too. This is why I often recommend on my blog that you should shop around and compare options.

The big problem

This wouldn’t be a fair review unless I shared a common problem. It’s something that most people experience when they build their dream home. And that is the mortgage.

Unfortunately for most people, the mortgage becomes a massive expense in the household family budget. It costs us the freedom that we all crave.

The dreams from our 20’s simply vanished because we’ve got this 30-year mortgage to deal with, month after month. It’s simply frustrating.

So then, what can you do?

The answer

Digital assets. I believe digital assets are the way forward.

Years ago it was real estate. You buy an investment property and your tenant pays it off. A smart strategy actually.

However, it’s so much harder to do this today. This is why I’m so passionate about what can be done online.

Because you’re not restricted by where you live or your past experience. Total beginners can do this and in fact, many get started.

A digital asset could pay off your mortgage without you needing to tap into your weekly household budget. This is something I’ve been doing personally for 2 years now.

Using Dennis Family Homes

What I like about this builder is that they’re family-orientated. They want to do the right thing by their customers.

Would I recommend them? Sure. If you’ve analyzed all the options in the market, going by the reviews online, you’ll very likely have a pleasant experience.

Remember, go in with a list. Look at what the Dennis Family Homes warranty and price inclusions actually are, which in this market, are quite competitive.

In summary

There are multiple good builders in your area worth checking out and comparing side by side. Dennis Family Homes stacks up pretty well.

Their strong energy ratings, many years in the market and strong online reviews mean that most families feel pretty well confident in getting started with them.

But some parent aren’t confident having that big mortgage looming overhead. That big thing which takes so long to pay off. Yes – it really does take 30 years. 6 to 12 months to build your dream home with Dennis Family Homes is nothing compared to the mortgage that you’re stuck with, sadly.

However, by putting in the time, effort and energy into building a digital asset, it may effectively pay the mortgage off for you.

Sell Like Crazy – Sabri Suby Book Summary [I Read It]

Sell Like Crazy is the 1st book by Sabri Suby on how to get clients, customers and sales like clockwork. I’ve read it and here’s my summary.

Now admittedly I came in a little sceptical. This is despite 3 people I know in the real world recommending the book at a recent function (read: long lunch and chit chat) I added here on the Gold Coast. I try to get out at least once a month.

Why skeptical? I have read dozens of business and marketing books already. In fact, I picked up Sell Like Crazy immediately after reading Russell Brunson’s famous Dotcom Secrets.

But yet, I was still intrigued so I picked it up and didn’t stop.

By the way, if you’re looking for a laugh…do a search for Grant’s Sell or Be Sold book cover. Spot the difference much?! 😂 That’s also a solid book recommendation!

Sell Like Crazy book summary

Sell Like Crazy - Sabri Suby Book Summary Front Cover

The whole premise of Sabri’s book is about compelling offers, funnels and conversions. Think of this like a tripod and without either of these 3, you simply be yielding average results.

Sell Like Crazy book back cover

There is no mistake that he’s a hustler having built King Kong to a multi-million-dollar business here in Australia. Throughout the book, there’s a mild swipe at the naysayers with a solid right hook at the very end.

Sabri started his life as a telemarketer doing cold calls and being called every name under the sun. That experience plus his love for psychology, sales and marketing over the last 2 decades has massively accelerated his results.

The book is broken down into 8 main sections.

Phase 1: Understand and Identify Your Dream Buyer

Customers that need spoon-feeding are the worst. By knowing your dream buyer including their age, frustrations, likes, dislikes and where they hang out, you can craft an offer only they will understand.

Phase 2: Create the Perfect Bait for your Dream Buyer

Yep – bait. Every single day us marketers use bait. That’s why you’re reading this book review…because it’s bait. 😉 Sabri recommends bait that over-delivers on the promise, not just a fancy website with an about me page.

Phase 3: Capture Leads and Get Contact Details

Gulp! Right – total transparency here…I don’t have an email list. For years I’ve avoided it as spamming inboxes isn’t what I stand for. And you know what? I’ve left tens of thousands on the table. Because of Sabri Suby’s book I now literally have the courage to send emails ethically. You’ll learn the differences between commercial and non-commercial emails and how plan ‘friend to friend’ emails convert so much better with higher open rates.

Inside the book

Phase 4: The Godfather Strategy

This is the one secret that has generated the most profit for Suby, and it’s essentially crafting an offer that prospects can’t refuse. Now – I certainly won’t go into detail here (seriously…the book is just 30 bucks) but if you’re strapped for time, then this only this chapter and everything else is merely a bonus.

Phase 5: Traffic

Sabri is a fan of PPC where as I’m an SEO junkie. He spends $1 and gets $2 back. Smart strategy, but requires constant optimization and sometimes annoying the crap of non-interested prospects. On the other hand, I’ve been generating warm leads across my portfolio of websites for years and years. The challenge for many is the initial traction with organic campaigns is super slow and in the current climate of “I must have results now” mentality, PPC is often a better way to go if you can fund it.

Phase 6: The Magic Lantern Technique

This is a chapter that’s just simply too big to actually summarize properly. It does revolve around high-ticket sales through content, content and more content to reduce the skepticism of your prospect.

Phase 7: Sales Conversion

Most people forget conversion rates. Case in point: I just hired an agency to handle this for me because, well, I just suck. In life, we can only master 1 or 2 great things and the rest we should outsource to others. In terms of this chapter, Sabri doesn’t just focus on getting conversions but also eliminating customers from your pipeline. After all, while a customer might have the dollars to convert today…you’re merely creating headaches if you sell the wrong product to the wrong customer.

Phase 8: Automate and Multiply

Scale and scale. Once you’ve got yourself a winning formula then it’s time to constantly refine, improve and scale. This is the backbone of the success behind his King Kong agency. He found a system that worked and multiplied it exponentially. For me, this is something I’m working on through systematizing my own tasks.

Who I’d recommend Sell Like Crazy to

Sabri believes his strategy works in just about every single industry. Now – I’m willing to bet it works in most industries BUT it works significantly better with speakers, authors, coaches and consultants. Yes – that includes me. Those that we serve are better able to utilize the tools and resources that we provide.

While it’s a thick book (40mm) the words are actually quite large with Sabri using a lot of illustrations to keep readers motivated.

Book sizing on table
I was quite surprised about how thick this book was when it arrived but I still read it in 3 hours.

If you’ve been in the personal development space for a little while, then this book is for you.

Those that I believe would struggle the most are franchise owners who are traditionally locked into their corporate agreements. Likewise, employees with little ambition to run their own business or generate leads for their boss may not find as much value here. While elements can certainly be taken and applied directly to the eCommerce space, I believe that Gretta Van Riel is better suited.

Essentially if you’re looking to become the best-seller in your space, not just the best product that no one knows about, then the book will go a long way. I personally didn’t buy any of the Sell Like Crazy upsells (time is an enemy of mine) but looking back I can imagine they would be certainly complimentary for the book.