Let’s take a look into Elon Musk print on demand company called The Boring Company. it has been roughly a month after his launch of his The Boring Company, he reported that he has been selling well over $300,000 USD in hat sales.
Initial Hat Offering going great w over $300k in hat sales already! Thanks for buying our super boring hat. You rock, figuratively & literally. All cash goes directly towards more boring.
— Elon Musk (@elonmusk) November 21, 2017
The Boring Company hat is selling for $20. If we were to take a close observation into his sales number, that’s well over 15,000 units. The one size fits all baseball cap, velcro strap, is nothing fancy compared to any other products on the market.
It was also reported that with Elon Musk first tweet about the product, he was able to produce well over $80,000 in sales within the first 24 hours, and the momentum seems to have continued.
To understand his business model for “The Boring Company”, we need to look into Print on Demand. There are great ecommerce sites such as Shopify, in which you can connect it to a print on demand platform. What is print on demand you may ask? Print on demand is whenever a customer purchases a product from your website, that money will be sent to a manufacturer in which they will make your product once you make the sale.
Benefits of print on demand platform? You hold no inventory! Very low upfront cost on operating your business, and can focus on marketing. How great of a business model is that!
I would highly recommend you making an ecommerce website through Shopify. It is the best ecommerce platform I have ever come through. When you make your ecommerce site on Shopify, you can connect it into Printful platform, upload your designs, set your pricing and it will ship to your customers whenever someone makes an order from your site. It is as simple as that!
Printful also offers other print on demand products such as: t-shirts, sweatshirts, hoodies, socks, mugs, posters, bags, pillows, phone cases, skirts, dresses, or towels. They offer a variety of products in which you can upload your own design and be ready to ship it to your customer. It’s no wonder why being an entrepreneur in this generation is very appealing.