After sell my last business to 6 Figures I want run a 7 Figures business

[Nrr]

Hi Guys I´m new here. (I´m sorry if my english is not perfect)

I´m from spain and I have 22 years old, I started to make money online with the age of 15 years selling virtual stuff in MMORPGS (online games). I had some mistake during all these time in online business (I broke some of five commandments of Fastlane Businesses ) The most near of Hit my "Sucess was in the year 2013 when i build a mobile app that in the first 24h make me 20.000 downloads was invited to a program of advertising in website like Forbes or Wallstreet (the valuation estimed to that number of downloads was 40.000 dollars per day)

I had problems to manage the situation and one time more.... I failed in that business.... The good is that I learn a good lesson to apply in my new project

Now after sell my last business to 100.000 USD and I want start a e-commerce apply all the lessons of my old business... the good thing is that I can reinvest the 100% because live with my parents

I want start with Amazon because I have some of experience in that platform (with books) my problem with Amazon is that I broke the commandment in the "control de my business" so I want tips about like take advantage of this platform



My goal is sell 100 % using my website (and delete the risk of use Amazon ) . Other of my questions is about business valuation... in my experience selling website and others stuff, I never see multipliers more high that 3..... How can a business get a valuation x5 or more?

 

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[RisingStars]

Congrats on your success so far.

If you would only sell on amazon you would indeed violate the commandment of "Control".
I would advise you to start on amazon and then expand your ecommerce business to ebay, your own website, smaller marketplaces and maybe some b2b platforms.
Disertification is key in ecommerce.

I heard of sellers (or even experienced myself) that accounts on various platforms such as amazon, ebay are shut down without the seller beeing able to do anything against it.
When all your revenue comes from one platform it could mean the end of your business, especially if amazon or paypal (incase you use ebay) keeps your money.
They dont care if you have to pay your supplier or other bills. Paypal keept 20.000€ of a german seller ones for several months causing him to shut down his business cause he couldnt pay his suppliers.
So: Use several platforms/ways of income.

Btw why do you stop making apps and want to go into ecommerce? You had 20k downloads in the first 24hours. Why do you think you cant repeat that with another mobile app business and learn from the mistakes of your first?
Why did you choose ecommerce?

 

[Nrr]

Congrats on your success so far.

If you would only sell on amazon you would indeed violate the commandment of "Control".
I would advise you to start on amazon and then expand your ecommerce business to ebay, your own website, smaller marketplaces and maybe some b2b platforms.
Disertification is key in ecommerce.

I heard of sellers (or even experienced myself) that accounts on various platforms such as amazon, ebay are shut down without the seller beeing able to do anything against it.
When all your revenue comes from one platform it could mean the end of your business, especially if amazon or paypal (incase you use ebay) keeps your money.
They dont care if you have to pay your supplier or other bills. Paypal keept 20.000€ of a german seller ones for several months causing him to shut down his business cause he couldnt pay his suppliers.
So: Use several platforms/ways of income.

Btw why do you stop making apps and want to go into ecommerce? You had 20k downloads in the first 24hours. Why do you think you cant repeat that with another mobile app business and learn from the mistakes of your first?
Why did you choose ecommerce?

Thanks for your Reply

I don´t have plan of wast time and money in ebay or others site... I have my strategy to amazon ready so go to another platform is : learn and spend much time ... instead the go to ebay I prefer build my platform .

My unique interest in amazon is for grow the first phase of my products : 1000-2000 Units and use her warehouse + shipping service and incentive to the user to go to my website to get bonus / discounts / gifts instead of amazon .The worst is lose the control of your business ( so that is my first priority, is so frustrating be the toy of Google or Other big player)


Who said that I will stop to build apps? (Mobile is the future, much people buy using her mobile, I will use the experience with mobile apps that I have with a new way to drive traffic and buyers to my own site )



If you look, I'll focus my concentration on just 5 platforms that worked me in the past. I will not waste time trying new things that already have a system that has worked for me. Maybe the unique thing new that I want try is open a "closed affiliate program"


Why I want open a e-commerce?

That is good question,

The niche meet much of my requeriments :
-I know the type of people in this niche and the profile of buyer... so I know her need
-I m a little fan of niche ...
-I have some digital asset in that niche..
-I have study of competitors in amazon and I have see the potential of products (less of 100 in ranking) / and the orientation that they give and product is different to I have in mind
- 90 % is people that is not marketer
- 90 % of people are using adsense because not exist a good affiliate program and the programs that exist are low quality (I think that a affiliate program can work well in the future )
-Taxes ..is a point very important to me... Digital Products or /e-commerce have advantage ... in Spain can be a little difficult be a "fastlane" but if you use a country like Hong Kong or Singapore you can grow your "Net income more easy"

That are only some of requirements to choose build a ecommerce

 

[RHL]

The literally $1,000,000 question is:

Why didn't your $100,000 business scale to $1m?

 

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[The-J]

How can a business get a valuation x5 or more

Go public.

Or operate in a space that regularly sees multiples of x5 or more. Tech startups, for example.

If I were you, I'd focus on building the biggest business I possibly could. $1m, $2m, $10m+ per year profit. Nothing is stopping you.

Good luck.

 

[Nrr]

The literally $1,000,000 question is:

Why didn't your $100,000 business scale to $1m?

I sold only the 80 % of business,much of that assets are digital stuff in several niche market so is very difficult the management. The other 20 % that I have are product digital complementary to products that I will sell in amazon...