Product Name: Ultimate Goldmine
Product Owner: “Sam One”
Advertised Price: $9
What is it?
Ultimate Goldmine is a course that promises to teach you how to make “big money” online selling Private Label Nutritional Supplements.
This product is surrounded by lots of ethical dilemmas, and some that are flat out misleading. That alone is enough to give it a bad review but when you add in the additional costs, legal issues and manual labor there’s no way I could recommend this product to anyone.
Before You Buy
There were no upsells with this product but ecommerce is a big industry with billions of dollars flowing through it. If you’re building a business that sells physical products, or you’re thinking of getting started in ecommerce check out my reviews of the ecommerce site builders.
What I Liked
Other than Sam’s suggestion for Bigcommerce there’s absolutely nothing I like about this product.
Sam mentions his favorite website builder for ecommerce style websites. He says that he uses Bigcommerce, which I reviewed recently and found it to be a great platform for building websites for business owners who want to sell physical products.
You can read my review of Bigcommerce here.
What I Didn't Like
The Ultimate Goldmine has a lot of problems. Before you consider buying it, or any product like it you should read the things below.
Selling Private Label Nutritional Supplements
When I started going through this course the very first video was Sam giving an overview of this type of business plan. When he mentioned “Private Label Nutritional Supplements” I had no clue what he was talking about.
I knew what Private Label Rights (PLR) means, as it’s related to online content: Content that has been created for the sole purpose of selling (to anyone and everyone) so that they buyer(s) can edit, repackage and “rebrand” the product so they can sell it under their own names’ or the name of their organization.
The thought of the same thing being available in the nutritional industry dumbfounded me, but it exists. So I did some research and found that there are quite a few companies that sell Private Label Supplements. We’re talking about vitamins, diet pills, sleep aids, weight gain, testosterone…all of it.
So anyone, at anytime can decide to create a business that sells any type of supplement. Maybe this isn’t news to you but it certainly is for me. Despite what you might think, according to what I read online, a lot of the supplement industry is unregulated, and it's how companies can claim unrealistic things about their supplements and get away with it.
While I’m not sure how comfortable I am that anyone can start a “nutritional business”, I am fairly knowledgeable in what it actually takes to setup a business to market and sell them. So instead of telling you what I think about the Private Label Supplements industry, I’m going to show you the problems with trying to buy and sell these things based on the information inside The Ultimate Goldmine.
Misleading or Flat out Unethical?
Because I buy and review so many products, I tend to get a lot of spam in my email. It’s part of the job, a part I like doing because I feel like it saves all of you from having to deal with it; I’m helping people, if not with great reviews, then with the prevention of spam.
Most times I overlook or delete the spam but when I get something like this, something so wrong and unethical I feel like it’s my duty to let you know about it. The Ultimate Goldmine is one of those spam emails I got but I noticed it more than the others because of one little thing: The sender’s name.
The product mentioned in the email is called “Four Hour Goldmine” and it's supposed to make you think it was written by Tim Ferris, author of the Four Hour Work Week, Four Hour Body, and Four Hour Chef, but when you click the links and go to the website it is very clearly “The Ultimate Goldmine”. This is so misleading and unethical that it’s laughable. I haven’t seen outright spam and fraud like this since the 90s, when email was still considered the wild west.
Of course once you make it to the website there’s no mention of Tim anywhere. In fact, throughout this whole course I was unable to find the actual name the creator. All I could find is “Sam One”, which I seriously doubt is the creator’s real name.
I researched through Google, social media and even domain name registrars to find the real “Sam One”, but was unable to find anything concrete. I found a Sam One Facebook page with eighteen likes, but nothing else for that name.
Other stuff I found pointed to a likely suspect for the real Sam One, but it would be irresponsible for me to say it here without any proof. So for now, I guess we have to believe that Sam is a real person who only exists within the Ultimate Goldmine and a Facebook page with eighteen likes.
There is no way I would be able to give you an exact number on your upfront costs for this type of business but I can get you pretty close.
For starters, you’re going to need a website, which on its own can be gotten fairly cheaply. You can get a website for $10 a year. However, since you’re selling and shipping a physical product you need an ecommerce site that can handle inventory information. You’re looking at about $30/month.
Of course, before you can sell product you have to buy it. With supplements you have to order in bulk.
Sam says the lowest quantity you can order is 200 bottles. I tried to look around and get an exact price on this but without signing up and going through a bunch of hoopla it was impossible. So let’s make a conservative guess at what this would cost. Let’s say each bottle costs $1, which I’m sure is a much lower amount than it would really cost you. So we’re looking at $230 right off the bat.
Sam also says you need a call center to operate this type of business legally.
Call centers seem to operate on a percentage of what they help you sell/upsell and what they save you in refunds. The cheapest one seems to be about 16%, which would be about $80 per 500 orders, but the amount changes constantly and depends on your historical refund rates.
So as you can see, we’ve barely touched on this topic and already there’s a lot of confusion about prices, and even legal issues. But it’s safe to say that you would need at least $300 to get started in this type of business.
Shipping and Storing
You can’t forget that you’re dealing with a physical product now, which means shipping and storing them properly. These are also additional costs but I wanted to talk about them separately, because of the actual work involved.
First of all, you have to have your orders shipped to you. At this point you need to have some place to store them. For most folks, this means you’re probably going to start out storing these supplements in your home somewhere. From there you have to label, repackage and ship each one.
This defeats the whole purpose of starting an online business.
Now you’re stuck doing a ton of work — you’re shipping, labeling and mailing physical product, which can be damaged, stolen or simply returned for no reason at all. There’s liability issues surrounding this that I can’t even begin to understand. There’s tax and insurance information that you need to deal with because you’re selling and shipping to other states, and possibly other countries.
A business model that has potential to make money, but The Ultimate Goldmine simply does not properly prepare you to be successful in the private label supplement industry.
There are plenty of ways to make money online, but I’ve always found affiliate marketing to be the easiest to understand, and the cheapest to get started in. An $11 domain is all you need to get started. You can learn how to do what I do here.