We all love to hear stories of everyday people who find success through hard work and integrity. It’s the thing turn of the century youth fiction is made of. Today’s guests are exactly that, a father-son team who have built a product brand through Amazon sales, selling 100K units of one simple item. You can hear how Mark and Jack got started, how they chose their product, and the role consumer need played in them making the decision to go for it. These guys are a refreshing dose of reality in an otherwise hype-filled entrepreneurial world. You’ll be encouraged by what you hear.
The time-for-money exchange is not the wisest use of your time.
One of the things that was a motivating factor for Mark to start his private label business was something Ryan said when he was a guest on the Smart Passive Income podcast. The point Ryan made was that exchanging your time for money (as in a typical hourly rate based job) is not the wisest thing simply because time is a limited commodity that you can never get back. If you want or need to bring in more revenue the only thing you can do in that model is work more hours or find a job that pays more per hour. If you, like Mark, want to arrange your life where the time-for-money exchange is no longer your mode of operation, you need to hear how this father-son team pulled it off.
Finding a need in the market is the best way to get product ideas.
Look around you. There are legitimate needs out there that are screaming for a product to solve. If you take your time to look for something you can address that will help people, you will find the product you are searching for. But it also has to be a unique approach to the solution that is able to catch the attention of the consumer. On this episode, Mark and Jack, a father-son team chat with Ryan about the success they have seen through the sales of their creative product that adds a handle to stainless steel tumblers. It’s an encouraging story of everyday guys who made a business work through sticking to the basics.
What changes in the mind of a 16-year-old when he is part of a successful business?
Mark and Jack are a father-son business team. Jack is 16 years old at the time this podcast episode published. Have you ever wondered what happens in the mind and life of a teenager when they are able to be part of a successful business at such a young age? On this episode of Freedom Fast Lane, you’ll get to hear how Jack has come to see business in practical ways and why he says that he’s worked his last “regular job” as a result. It’s an inspiring and helpful episode that demonstrates what anyone can do if they are willing to do the work and make it happen.
What does a successful 16-year-old business owner believe about the prospect of college?
So many young people are learning the advantages that come from starting and running their own business – whether via an Amazon model or some other – that many are deciding to skip college altogether. Ryan was curious what a father-son duo thinks about that issue after having significant success on Amazon, so he asked Jack, the 16-year-old son, what his plans are when it comes to college. Will he attend university or not? You can hear how Jack and Mark respond – and why – on this episode.
Outline Of This Great Episode
- [0:24] Ryan’s introduction to his father-son duo, Mark and Jack.
- [2:40] The origins of Mark and Jack’s private label business and brand.
- [5:47] The realization of the time-for-money exchange motivated Mark to change his life.
- [8:32] How Mark and Jack chose products and started their promotion.
- [14:15] Why a product bore out of real needs is important.
- [17:56] What has changed in the way Jack views business (he’s 16 years old).
- [24:10] The struggle to create a brand out of the initial product in a competitive market.
- [27:08] Roadblocks: Copies, knock-offs, differentiation, and other challenges.
- [30:47] Lessons learned and things Mark and Jack would do differently next time.
- [32:10] What’s the best move for young people when it comes to business or college?
- [35:00] The interesting dynamics of a father-son business.
Action Steps From This Episode
FOR GETTING STARTED: Look around you. There are legitimate needs out there that are screaming for a product to solve. If you take your time to look for something you can address that will help people, you will find the product you need.
Connect With Today’s guest: Mark and Jack McGraw
Resources Mentioned On This Episode
- Smart Passive Income Podcast
- Google Trends
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