From Broke to $400k/mo In 3 Years: Selling Unique Products & Licensing Big Brands w/ Paul Miller
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 793 Ratings
🗓️ 5 March 2018
⏱️ 52 minutes
🧾️ Download transcript
Summary
Guest Bio
Paul Miller is a former restaurant owner and now the proud CEO and owner of CozyPhones, a business that makes and sells comfortable headbands with headphones embedded inside. His products cater to children (including those with special needs), active adults, and for those looking for a way to relax before bed.
Show Notes
We’ve talked to a number of different business owners over the years, each with a different story and path to success. Paul Miller joined us to talk about selling physical products online to hit his seven-figure success. We love physical products businesses at Freedom Fast Lane, but Paul’s approach incorporates something a bit different: selling licensed goods.
He explained how you can tap into an exclusive niche this way. His experience gave us awesome, actionable insight into different options for your product development and sales.
Paul spent a long time and millions of dollars on a restaurant business, but that didn't work out in the long-run. After a traumatic accident which broke his collarbone, he decided on a different path: ecommerce. He scaled dramatically within 12 months, selling different products. Now he’s landed on a real winner: comfortable headband headphones.
What really amped up his sales was branching out into licensed products. He’s worked with other businesses, offering to design CozyPhones with their brand imagery on them, and paying them a royalty on each sale. This has gotten his company noticed by Disney and Nickelodeon, the latter of which has a deal with him to sell Paw Patrol-branded headphones.
That was an awesome catch for Paul, in two ways. First, Paw Patrol is one of the most popular children’s television shows across the world. Second, his deal is exclusive, meaning no other business can sell similar headphones with Paw Patrol branding. He’s both created and cornered a lucrative market!
If you’re in the physical products space, you need to consider opportunities to sell licensed goods. Otherwise you could be leaving money on the table.
Key takeaways:
- Physical products with third-party brand licensing are attractive to consumers
- They let you create a niche and monopolize it at the same time
- Look into partnering with complementary businesses for such opportunities
Connect with Todd
Check out Paul’s company at https://www.cozyphones.com/
Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
Transcript
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| 0:00.0 | Once I saw the amazing impact that we were having with the children's line, and we have created a category that didn't exist before, I decided I needed some help. |
| 0:14.2 | And one piece of advice I got from a friend of mine was seek out licensing. |
| 0:23.9 | You're listening to Freedom Fastlane presented by Capitalism.com. |
| 0:28.4 | This is the show about building businesses and investing the profits so that you can live |
| 0:33.5 | life on your terms. |
| 0:36.1 | And now your host, the future owner of the Cleveland Indians, Ryan Daniel Moran. |
| 0:46.3 | Hey, Fastlaners, welcome to Freedom Fast Lane. |
| 0:50.6 | This is Run Daniel Moran, and I'm obviously excited because this is a podcast episode I've |
| 0:57.6 | wanted to do for a long time. I met a man a couple years ago named Paul who came up to me at one |
| 1:04.9 | of our events, the first ever capitalism conference back when it wasn't called the capitalism |
| 1:09.6 | conference. And Paul said to me, |
| 1:12.0 | you know, one day we're going to sit down and I'm going to tell you how your work has affected me. |
| 1:17.3 | And I listened to his story and he told me about being at absolute rock bottom and then discovering |
| 1:26.5 | Freedom Fastlane. And what has happened since he hit |
| 1:30.6 | rock bottom is that he has built a multi-million dollar business that is about to have worldwide |
| 1:35.6 | distribution. And he did it by creating a product that had no market. You know, a lot of questions |
| 1:43.9 | that I get in this space are what types of |
| 1:46.8 | products should I sell? And what's interesting is that my first product did not have a market on |
| 1:53.4 | Amazon. It was not a Amazon friendly product. And neither was Paul's. You hear me talk a lot about |
| 2:00.3 | building brands, not selling products. And if you're |
| 2:03.1 | not convinced after some of the recent episodes that we've done here on Freedom Fast Lane, where people |
| 2:08.6 | really exploded once they branded their products, or if you're not inspired to go the brand route |
... |
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