Dan Meadors is a co-founder of The Wholesale Formula with Eric Lambert. They began selling on Amazon as a hobby with an original investment of only $600. They worked nights and weekends buying products on clearance at local retail stores and selling them on Amazon for a profit. It only took a few months before they saw the potential to turn this hobby into a business as they both left their day jobs to sell on Amazon full-time. Since then they have been able to generate over $20,000,000 in sales on Amazon. Dan and Eric have developed their own unique system to take advantage of wholesale opportunities called The Wholesale Formula.
Here’s a glimpse of what you’ll learn:
- [1:25] Jeremy introduces his guest, Dan Meadors.
- [2:40] Dan talks about how he got started in the ecommerce industry.
- [15:15] What was venturing into the Private Lable model like? Why switch to wholesale?
- [21:30] Why did Dan decide to stop attending trade shows?
- [25:30] Dan talks about breaking into the wholesale market.
- [28:30] Helping products sell.
- [30:00] Software and tools that Dan his team use.
- [32:45] What Dan looks for in a product that he will wholesale.
- [42:30] Dan explains how wholesale works.
- [45:30] What is the difference between branded and unbranded wholesale?
- [47:30] Feedback from using The Wholesale Formula.
- [51:40] Dan opens up about challenges they’ve faced along the way.
- [54:45] The proudest moment in business for Dan.
- [56:45] How to connect with Dan and The Wholesale Formula.
In this episode…
How does an idea go from a long shot dream to reality? What does it take to star in your very own ecommerce success story? On this episode of Inspired Insider, you’ll hear from entrepreneur and business leader, Dan Meadors. In his conversation with Jeremy, Dan opens up about how he got started in the ecommerce industry, why his approach evolved over the years, how he developed The Wholesale Formula, challenges they’ve faced along the way, and much more! If you’d like an inside look at an impressive ecommerce success story, you’ve come to the right place. Don’t miss a minute of this engaging episode featuring Dan!
Who doesn’t want to enjoy the freedom and profit that comes from running your own small business? You get to set your own hours, enjoy vacations whenever you want, and pile up a sizeable bank account. What’s not to love? If only that were the truth! Let’s face it; most small business leaders are a little crazy, you have to be to put your livelihood on the line! Dan and his business partner, Eric knew that stepping out to start their ecommerce business wouldn’t be easy, but they were determined to chart their course. What can you learn from their story?
Have you ever met someone who was so dedicated to achieving their goal that it kind of shocked you? That’s how you would feel if you met Dan Meadors. Dan and his business partner, Eric have been through a lot as they’ve built their ecommerce business. From dabbling with retail arbitrage to trying out a private label model and then finally landing on the wholesale angle, the guys have been through a lot. With every twist and turn on their journey, the one thing that has kept them going is a clear vision of where they want to be, masters of their journey.
What is it that sets the average business leader apart from those that take it another step further? Are they hungrier? Are they more intelligent? Or are they simply more lucky than all the rest? When you take a look at Dan Meadors’ story, the key ingredients that pop out is his willingness to adapt and change to find the right route to success. If you peel back to the success that Dan and Eric have enjoyed, the critical factor is their ability to switch gears to find a more lucrative angle. How important is flexibility and evolution to your success story?
Beyond all the amazing success that Dan and Eric have been able to build with their business model, they’ve wanted to take it one step further. Dan and Eric now accept students a couple of times a year to teach them The Wholesale Formula, a blueprint of the exact steps they used to build their multi-million dollar Amazon business. As Dan looks back at some of the most notable moments during his career in business, what he’s most proud of is how he’s been able to help men and women learn to build their businesses.
Resources Mentioned on this episode
- The Wholesale Formula
- The Wholesale Formula on Facebook
- The Wholesale Formula on Twitter
- The Wholesale Formula Blog
- Jungle Scout
- Intro Music by Kidd Russell
Sponsor for this episode
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Cofounders Dr. Jeremy Weisz and John Corcoran credit podcasting as being the best thing they have ever done for their businesses. Podcasting connected them with the founders/CEOs of P90x, Atari, Einstein Bagels, Mattel, Rx Bars, YPO, EO, Lending Tree, Freshdesk, and many more.
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Podcast production has a lot of moving parts and is a big commitment on our end; we only want to work with people who are committed to their business and to cultivating amazing relationships.
Rise25 Cofounders, Dr. Jeremy Weisz and John Corcoran, have been podcasting and advising about podcasting since 2008.