The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

I just sold my first eCommerce business (FU money!)

LuckyPup

Done Dicking Around
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Aug 2, 2012
522
832
Midwest USA
So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!
If I could bake, I'd bake you a FU cake! Sincere thanks for sharing and for all you do here.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Action Mike

Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Nov 9, 2016
59
69
43
Congratulations!!! The FU section of unscripted was one of my favorite I have ever read in a business book.

Thanks for the post and all the advice you give, it helps tremendously to those in the beginning stages.
 

garyfritz

Silver Contributor
Read Fastlane!
Summit Attendee
Jul 16, 2011
693
791
Colorado
Very happy for you Kenric! I hope the next business is even more fulfilling than the first.

I'm kinda amazed that ecom businesses -- especially exclusively Amazon-based businesses -- sell for 2x. Assuming steady performance it takes 2 years to get your investment back. Amazon could screw you 16 ways to Sunday in that time, and completely wreck the structure you built on. I'm surprised that inherent risk doesn't lower the valuation more.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Dana Taylor

New Contributor
Nov 2, 2018
11
13
Malta
I am so excited to read this.

Do you have any tips to get my sales on my shopify store please. I have been testing on Facebook and Instagram, buikt blogs and got some backlinks and no sales yet.

I am in a pretty good niche which is anti-radiation yet no traction.

All help is welcomed
 

Tanu1234

Contributor
Aug 4, 2018
76
73
So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!

Awesome. I started one ecommerce business but closed due to lack of time.

Is it possible to run ecommerce business part time?

I generally loose focus in multiple business. [emoji19]


Sent from my iPhone using Tapatalk
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

PTFIRE

Contributor
Read Fastlane!
Mar 2, 2020
13
23
miami
So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!
No specifics on this or any little details?
 

JAJT

Ha Ha! Business
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Aug 7, 2012
2,873
15,623
Ontario, Canada
No specifics on this or any little details?

@PTFIRE

You're pretty new here so I can understand if this thread seemed vague from that perspective.

To fill you in - Kenric (@biophase) is one of the most open, giving, detailed and active members on this forum. He's posted personal details regarding his decision making and aspects of his various businesses in just about every e-com thread on this forum in some way, shape or form.

He's personally inspired many of us to get off the couch and start our first businesses and hell - many of us have been lucky enough to fly out to various events over the years and meet him in person.

So while yes, this thread is very light on the details, you can look at it like the finale to a show we've all been watching for many seasons. You're simply just tuning in at the wrong time for it to make sense.

Here's 9 pages of threads he's personally started over the years on the forum, going back to 2007: Search results

If that's not enough, here's the first 50 pages of posts he's made (to any thread, not just his own) going back to December 2018. Be sure to click "view older results" on page 50 for the next 50 pages that goes back to July 2017. And so on: Search results
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

AnneC

Conscious
Summit Attendee
Speedway Pass
Jan 3, 2012
215
782
USA
I like this thread by @biophase the most.

He started the thread in 2007 “nowhere near the $1M range yet” and easily doing multiples of it now... not to mention the millions donated by his current business, and all of the people (myself included) he’s helped along the way.

 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top