Small Business Success Story of Yuanda Wang
Here is an exceptional small business success story that involves nothing that a regular guy can’t get. This is the success story of a small business started by a young kid who had no mentor, no business degree, and no money to invest.
Yuanda Wang was born in Hamilton, Ontario and had no family background in the business. It wasn’t until teenage that he found e-commerce business interesting. He researched the industry of dropshipping over a year and successfully built a digital store that he grew to $18,000 in four months.
This is the small business success story of how Yuanda Wang did that and how you can too. The story proves that a normal guy can build a business without special training, mentorship or even a huge capital to begin with.
A Regular Guy, Just Like You!
Only a year ago, Yuanda Wang was a regular high school kid who had no clue about his future. Like so many others he was looking at University ahead. What he wanted to do in life was unclear to him so he just followed his parents’ advice and enrolled at McMaster University to study life sciences.
His parents wanted Yuang to become a doctor and he went along the path thinking that it was a career that pays well. At that time, Yuanda came to know about online businesses. He started spending his spare time reading the success stories of entrepreneurs building huge profitable businesses. The stories talked about how the internet had changed the way businesses worked around the world and opened wide opportunity windows for guys like Yuanda. He found out that there were endless ways of building a business online. He even tried his luck in affiliate marketing for some time but it didn’t work at all. It didn’t make him lose hope and as he began reading more about the e-commerce industry, he got intrigued.
Soon Yuanda found himself deeply involved in online marketing, e-commerce, and entrepreneurship. He started watching every available video or article online endlessly. This was the moment of his life that he realized he had found something he enjoyed and could make a career with. The only problem was that he had no money to invest, no mentor to look for advice, and no training for starting a business.
Starting with 0$ Investment:
Yuanda knew he was about to take up a huge challenge in life. His only experience in business was a brief failed attempt in affiliate marketing. The even worse scenario for Yuang was that he had no money to start a business with. As much excited he was about business as he was cautious in his approach looking at his current situation.
His luck sparked when he came to know about dropshipping. It is the e-commerce business model that allows people to operate an online store without buying any inventory upfront. Yuanda embarked on the opportunity wildly as he knew it was the only accessible gate for him to enter the world of business.
Dropshipping business changed the life of Yuanda completely. The business model allowed him to pay for the products once they were sold and he didn’t need to ship any item to the customer as the suppliers shipped those themselves.
It was the least risky option for Yuanda as he had only 100 dollars saved up in his account and he was a student at the time. Yuanda used to believe large capitals were needed to start a business like so many of us but dropshipping made him realize it isn’t always the case.
Yuanda used his 100 dollars to set up the business and got started. The next step was to find the right product for his business and find success.
What is the Right Product?
Yuanda had read about exactly how important the choice of the product would be for his business. But his lack of experience confused him about the decision. Initially, he was unsure of what he should sell so he tried his luck with different items such as music boxes, makeup, and even a general store stacked with random items.
One thing that made Yuanda successful was persistence. He had no money to invest nor any experience but he never stopped learning. He spent his evenings watching online videos and reading blog articles to enhance his business skills even more. He had failed with the affiliate marketing and had little success in his initial choice of products. The key point to notice here is the belief of this young kid in his career choice. He had been investing all his returns back into the business which meant that all of his efforts and money were riding in a single bus. If the bus failed he would fail.
The Right Product is found
As strange as it might seem but Yaunda found the right product using Facebook indirectly. Yuanda’s earlier stores worked but didn’t make it up to the par regarding profits. It all changed when he found his right product which happened to be an iPhone adapter.
This was exactly the product that made over 18,000 dollars for Yuanda in only four months.
It all happened through social interaction over Facebook. Yuanda had made up a habit of browsing business articles and forums. He befriended a guy through a Facebook group and started conversing with him. He told Yuanda that his store had sold iPhone adapters in the past and he had made over 20k dollars in a month.
The next step was to research the item online. The research was something Yuanda had become fond of lately. He delved into AliExpress to find out the competition for the product. He used a method of research that is worth learning. What he did simply was to take a close look at the product’s order history. He found that there had been loads of orders for the product lately which was a good sign.
Another thing that he did was look at the time of the product orders. If a certain number of items were placed at the same time then it meant that someone was dropshipping the item. Yuanda made a logical decision looking at the matching timeframes of the orders. If the item is currently being dropshipped then it must mean that there is a demand for the product in the market.
Yuanda decided mobile accessories to be his right product and this was a logical decision that paid off in the future. Luxe Adapter is the store that Yuanda considers to be his most successful online store. Following are the stats of the store shared on Yuanda’s site:
- Gross revenue: $30,368 US.
- Returning Customer Rate: 1.15%.
- Instagram Traffic: 80,602.
- Instagram Followers: 14,000
- Net Profit Margin: ~30%
Breaking it down: How he did it
Yuanda Wang’s story proves that anyone can build successful businesses online without a huge amount of cash or a business degree. But what exactly worked the wonders for Yuanda? What are the key lessons that we should take from this story? Here is a breakdown of the success of Yuanda Wang’s life and business:
A Brand Rather than Dropshipper
Take a look at Yuanda’s website and you will know that the outlook of the website is more like a brand than a dropshipping business. Yuanda had learned that people like to skip directly to the supplier rather than contacting the dropshipper. If the website looks like a dropshipping business then it had fewer chances of returning a customer. He decided to design the website as a brand and it worked. Another thing Yuanda discovered that pricing an item like a brand had more success in selling. He had seen that outlets such as Walmart priced their items in scents such as 0.99$ while the large brands like Nike priced in dollars such as 20$. He experimented with this and it turned out to be a success as well.
No business can succeed without advertisement but it can be expensive and doesn’t always produce fruitful results. Yuanda had a bad experience of advertising his products on a meme page. He invested 800$ in the advertisement and it didn’t work at all. This didn’t make him lose hope at all instead he came up with a smarter advertisement strategy. This time Yuanda made ads look like jokes crafted smartly into graphical memes. Yuanda believes that an ad works only if it doesn’t look like one as people get bored by merely the idea of an ad showing up. They will consider buying the item only if the ad amuses them.
The 2 Ps: Persistence and Passion
If one thing that is mandatory for any successful business it is the combination of persistence and passion. Yuanda had started a business without any education of business, mentorship, and even money. He made confusing decisions choosing his products which didn’t pay off well, found chances to scale up the business but not the resources to do it, tried advertisement and failed miserably, and yet he didn’t quit. This persistence and passion had a major role in defining the success of Yuanda.
The small business success story of Yuanda Wang proves that anyone can do business regardless of the background, education, or even money. The only ingredients are learning, passion, persistence, and most importantly faith in oneself. Wondering where to get started? Take your first step with Within Bucks’s super affordable website design package today!