• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

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

Discussion in 'General Entrepreneur Discussion' started by biophase, Jan 27, 2018.

Tags:
  1. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,660
    Likes Received:
    23,281
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $155,748
    Sure. My first business was started with $100. I didn't have any money to grow it fast. But I don't think that was the main reason. If I had to list the top reasons for rapid growth...

    1) Amazon as a platform vs. my own websites - Amazon allowed me to grow very fast because the traffic was there. I just needed to provide my product onto its platform.

    2) Social Media - My first business wasn't social media friendly, my second one was and gets many mentions and shares everyday

    3) Experience - From my past years of experience, starting another Ecommerce company is very easy (in fact I just launched another one today, finished its website last night)

    4) Money - I had enough money to buy as much inventory as I needed without ever thinking about budgets. I could also afford to run at low prices producing low margins and not care. Having alot of capital is not always a good thing as I had some losing products that I launched before vetting 100%.

    5) Niche Size - My second niche is huge, in fact it's not even a niche, it's a category. My first store was in a small niche within a niche.
     
    Jamaal, Xeon, ChrisR and 14 others like this.
  2. Paul Thomas
    Offline

    Paul Thomas Bronze Contributor FASTLANE INSIDER Speedway Pass

    Messages:
    264
    Likes Received:
    319
    Joined:
    Jul 9, 2013
    Gender:
    Male
    Rep Bank:
    $1,793
    This is awesome I remember reading all your posts when I first joined here years ago.

    One question I'd have is - > are there any key factors that you believe made this business sellable and things that if done the wrong way would have made it "unsellable"?

    The reason I ask because in today's ecom world a lot of products are very very very similar if not identical, with different brands, marketing, etc - so just looking to understand key points to focus on in an effort to build something sellable.

    Thanks and Congratulations!
     
    Xeon likes this.
  3. Paul Thomas
    Offline

    Paul Thomas Bronze Contributor FASTLANE INSIDER Speedway Pass

    Messages:
    264
    Likes Received:
    319
    Joined:
    Jul 9, 2013
    Gender:
    Male
    Rep Bank:
    $1,793
    If your own website sales are mainly paid traffic (and not organic) - does it still raise the number as the buyers consider it another proven channel?
     
  4. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,047
    Likes Received:
    78,366
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $325,171
    Admin Post
    True, but I was still represented.

    Ultimately the "how" depends on the size of the sale. Mine was large enough that an investment banker rep'd the sale. Smaller sales can go by way of business broker. Even smaller sales, by way of Flippa or Empire or BizBuySell.
     
  5. HackVenture
    Offline

    HackVenture Digital Marketer, Crypto Guy Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    270
    Likes Received:
    381
    Joined:
    Mar 11, 2011
    Location:
    Planet Earth
    Rep Bank:
    $2,323
    CONGRATS @biophase I've learnt so much from your other posts, thanks for the inspiration on your mega sale! Can't wait to hear about how you explode your 2nd business from here.
     
  6. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,660
    Likes Received:
    23,281
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $155,748
    Yes, I think that I was in a niche that wasn't competitive and the buyer liked my product selection. The fact that it was branded was also a strong selling point.

    I think that any business is sellable. Someone is willing to buy it, but you have to produce a clean running business with no excuses to ask top dollar.

    For example, I wasn't asking for more than it was worth due to potential, or the fact that I never emailed my list, or really fine tuned adwords. There was never any talk of future growth added into the valuation. I just showed a consistently growing business and priced it at last year's earnings.
     
    GeoffW, Jamaal, Ross Morgan and 3 others like this.
  7. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,660
    Likes Received:
    23,281
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $155,748
    The paid traffic would be included in the advertising expenses so the traffic does count. But the paid traffic would have to be profitable or it would detract from the business value. I'm not sure if many buyers would even look that deep into it though.
     
  8. TreyAllDay
    Offline

    TreyAllDay Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    277
    Likes Received:
    602
    Joined:
    Feb 9, 2016
    Gender:
    Male
    Location:
    Edmonton, AB
    Rep Bank:
    $3,732
    Very interesting! I'm a bit embarrassed I did not even know business brokerages were a thing.
     
  9. Venom AD
    Offline

    Venom AD New Contributor

    Messages:
    8
    Likes Received:
    3
    Joined:
    Feb 2, 2018
    Gender:
    Male
    Location:
    Long Island
    Rep Bank:
    $22
    Okay so if you want to cash out there are resources you can use to find potential buyers, very cool.

    Thank you for your time.
     
  10. Paul Thomas
    Offline

    Paul Thomas Bronze Contributor FASTLANE INSIDER Speedway Pass

    Messages:
    264
    Likes Received:
    319
    Joined:
    Jul 9, 2013
    Gender:
    Male
    Rep Bank:
    $1,793
    I gotcha, I was saying more along the lines of its not "passive" like organic traffic so might take away from the value. But this makes sense, thank you!
     
    biophase likes this.
  11. LuckyPup
    Offline

    LuckyPup Digital Wantrepreneur Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    153
    Likes Received:
    187
    Joined:
    Aug 2, 2012
    Gender:
    Male
    Location:
    Gateway to the West
    Rep Bank:
    $866
    If I could bake, I'd bake you a FU cake! Sincere thanks for sharing and for all you do here.
     
    biophase likes this.
  12. Jack McTigue
    Offline

    Jack McTigue Contributor

    Messages:
    19
    Likes Received:
    22
    Joined:
    Aug 20, 2017
    Gender:
    Male
    Location:
    Catford, London
    Rep Bank:
    $117
    Really enjoy reading posts like this, Congratulations dude.
     
    biophase likes this.
  13. Action Mike
    Offline

    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    50
    Likes Received:
    63
    Joined:
    Nov 9, 2016
    Gender:
    Male
    Rep Bank:
    $351
    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.
     
    VirginiaR likes this.
  14. Gutski
    Offline

    Gutski New Contributor Read Millionaire Fastlane

    Messages:
    7
    Likes Received:
    9
    Joined:
    Thursday
    Gender:
    Male
    Location:
    Switzerland
    Rep Bank:
    $39
    Hi @biophase
    Thanks for the post. It is encouraging for a newbie like me!
     

Share This Page