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Finding Sponsors

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Live streamed on: 
May 27, 2020
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0:21 - Why finding sponsors is useful
0:52 - What it means to get sponsored and why someone would sponsor you
2:23 - Why it's difficult to get sponsored and why many companies aren't sponsoring people right now
2:56 - Script for LinkedIn and how to follow up
6:46 - Being turned down is a great learning experience

Episode Rundown:

Sponsorships aren't considered a typical form of monetization, but it's more common than you think.

Almost every successful newsletter I've seen, unless they're so big that people pay them to put ads in their issues, is run on sponsorships. Now that I write it out, paying for ad placement in a newsletter is essentially the same thing.

So basically all you need is 1) a large audience and 2) a few interested corporate parties. They pay you, and you promote their products or services.

Easier said than done of course, but if your audience coincides with the target demographic of a certain company, your audience is valuable to them, and they might pay for it.

So this live stream is about trying to find sponsors, which means finding companies that I love and who's customers fit my audience demographic, and then contacting them and saying "Hey."

Check it out. :)

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What I learned this week:

I learned a ton about e-commerce this week.

It took me an overall of around 5 hours, but I managed to finish Dead Startup Shirts - a little e-comm website that basically just sells white tee shirts with dead startup logos on them. I used Webflow and Printful, and literally nothing else. I had no idea how to build anything to start, but I learned everything I needed to know from a few video tutorials.

If you want to buy something, wait a few days. I'll be launching it soon, and I want to make sure Printful's fulfillment works before I send it to everyone. (So I bought a shirt for myself to test)

With shipping tied in, the cost of a shirt in the U.S. is a little over 25 bucks. That's not too bad for a shirt, and I just used the default pricing Printful gave me. However, I might change a few things.

Apparently, on recommendation from Printful, offering "free shipping" and just incorporating the price of shipping into the product price quadruples your sales. That sounds a bit drastic, but now everywhere I go, when I hear "free shipping" that's what I think. All they did was move that cost into the overall price of the product. It sounds obvious in hindsight, but little tricks like that make a big difference in branding and product image.

I'll likely make that pricing transition soon.

What blows me away is selling a shirt at $19.50, with shipping around $4.00, I make a profit of over $7 per shirt. That's an INSANE margin, considering I'm doing literally no work to produce or ship anything. There's a lot of potential for print-on-demand stores like this - we'll be building more in the future without a doubt.

If you want to set something like this up, just ask me any questions you have. This video series by Charli Marie was immensely helpful in building the site.

I'll be experimenting with outsourcing on Upwork and finding sponsors this coming week - I should have some exciting updates next weekend. :)

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