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OverByte

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It's impressive you have 20k subs on your list. Is there a particular offer or strategy you are using to build the list or are these just people trickling in after viewing your ads?
 

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It's impressive you have 20k subs on your list. Is there a particular offer or strategy you are using to build the list or are these just people trickling in after viewing your ads?
Yes, I use a special offer to catch their interest
 

Jeannen

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Any updates? Looking forward to hearing how you're doing with this now.
Made more than $200k SALES, but profit has gone to shit. I'm not working a lot on it, to be honest, I've become a lazy potato, and I spend most of my time doing stupid stuff like playing video games, I have 0 motivation haha

Pretty sure I could have done much more if I worked on it tho
 

Jeannen

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06/04/2021

I haven't made an update for a long time. The store is still running, still making sales everyday ($400-500) and still getting people on the email list.

I've been busy with lots of shit and haven't paid much attention, but luckily I had an assistant running it for me.

Long story short, I fired him because I wasn't happy with his work (customer service + logistic management) and hired a new one who is amazing.
I want to train her for a Store Manager position, where she'll be able to grow the store by herself. That will allows me to work ON the business and not IN the business.

I've made over 30+ documents detailing every task in the store.

For now, I have more than 40k subs on my list, and I REALLY need to start using it properly. I paid an agency $3k/month, which basically destroyed all the profit I made last year. They were sending spammy emails, their automated flows performed WORST than mine, but that's my fault, I was lazy and didn't control anything.

I won't do the same mistake again. No agency, this time I'll train one of my assistants to do it.

Main focus right now:
  • Delegate as many tasks as possible
  • Improving the customers service (already done with my assistant)
  • Working on the "community" part (sharing user-generated content on social media, etc...)
  • Adding new products
Lots of work, but the better it is, the more I could sell the store for later. I'm trying to build a great investment for someone looking to make passive / half-passive income, but for now, this means increasing customer loyalty.


P.S. Wow, this thread is almost one year old !
 

Jeannen

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30/04/2021

I moved to Bali this month, with jetlag, client work and stuff, I didn't had the time to post.

I had too much clients so I had to let one go last week, which will free me time. It was a very busy and stressful month tbh, between moving to a new location I know nothing about, managing the shitstorm of work i had with my client and everything, I'm glad it's now almost behind me. My time basically didn't belong to me anymore.

On the positive side, with all my agency work I'll make around 10 000€ of revenue (100% profit) this month I think, maybe a bit more with everything I did. I might hire a 3rd assistant to help me on the store.

I'm making processes for EVERYTHING. Whenever my VA has a question that isn't in the process --> I update the process. I want my VA to do something for me --> I update the process. I have hundreds of pages on how to run the store. The best is that it's duplicate-able. Once everything will be stable, I'll open new stores following this same process.

If I want to reach $5k of profit per month, I need to sell 28 products per day with a $6 margin. That's do-able.

I also created a complaint Blackbook to group all the suggestions & complaints from customers to improve the store.

I trained my VA to write content and asked to make a newsletter, and bam, $1000 of sales for "free".

For this store, the 2 money-making actions are:
  • Sending emails newsletters
  • Testing new products and making ads
Those are the 2 things I need to focus on to make profit with this store. The newsletter process is almost finished, and I paid a copywriting course for my VA, so she'll be able to write killer emails.

For the new products, still working on it, but I don't have enough time to do everything.


This post is a bit unorganized but I don't have lots of time, I just wanted to post an update.

In my new place, I have people doing all chores (cleaning...) for me, so I waste 0 time on that shit, it's an amazing time-
 

Jeannen

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Bali? Effin cool!

Happy for ya!
Hehe, thanks !

I wrote that on my vision plan approx 1 year ago (same time as starting this post). Vision is really important. I picture myself being here almost everyday back then. Of course, it's my work that managed to "send" me here, but without the vision, I'll likely not be where I am today (even if it's not really that much to be honest)
 

Jeannen

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03/05/2021

I added a new product to the website and sent a newsletter to my list, and I woke up this morning with this. I'll try ads for this product soon to see how it goes.

1620004203079.png

I need to go fast, so rn I'm trying to source the product through my agent, and when it's done I'll ask him to ship samples to my VA. I might buy her a good phone with the profit I made so she can take HD pics of the product and make new creatives for it.

Side note: I already ordered the product in the past and it was good quality, I wouldn't have sent an email to my list otherwise.
 

Jeannen

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07/05/2021

I updated my store with a new theme and sales went to shit since then. Really disappointed, I wanted to work on my store's branding, but it seems like it wasn't a good idea.
Only made $400 of sales, which is really shitty considering I was making $700-$800 before. The thing is that I changed too many variables at the same time, so I don't know if it's just Facebook doing shit or the website being shit.

I'll let it run for a few days to see how it's going and after that, I'll go back to my one theme if nothing changes.

In the meantime, I might have found an idea for a business, but I would need a dev. Reading stuff on how to hire a dev right now, I'm pretty sure it could work well.
 

Stefan_durina

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Hehe, thanks !

I wrote that on my vision plan approx 1 year ago (same time as starting this post). Vision is really important. I picture myself being here almost everyday back then. Of course, it's my work that managed to "send" me here, but without the vision, I'll likely not be where I am today (even if it's not really that much to be honest)
Are you interested in an e-commerce meetup in Canggu Bali?
 

Jeannen

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19/06/2021

Haven't updated for a long time, damn

I'm trying to get consistently new products added to the first website. So far, I'm around $1k of sales per day, and it seems like I'm finally making some profit, woosh !

On the side, I noticed an interesting product that I could create a brand around. I got the idea 3 days ago, first day was market research, yesterday I made the website & brand kit (logo, colors...), and today I'm focusing on creating content for social medias.

Here is the plan:
I have around 1500€ to invest on this new project. I'll try to run ads and see how it goes
If I see some traction, good, if not, too bad, I'll go for something else

If I see regular sales, I'll quickly buy inventory and customize/improve the product to create a real brand around it.
 

Jeannen

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24/06/2021

Those last weeks have been intense. I worked around 100h/week for more than a month now without any result. I'm starting to get exhausted, to be honest.

I really want to reach the next step in my journey. I tested lots of products, without much success tho.
I'm trying a different strategy this time, but I'm not sure it will work either.

If it doesn't, I'll probably take a small break. On the other hand, taking a break will waste even more time.
 
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Jeannen

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03/07/2021

$1000 MISTAKE


I was bored yesterday, so I sent a newsletter to my list featuring a new product.
Long story short, I didn't set up properly the shipping rates and made twice less money than I could have (around $1000).

Hopefully, I only sent it to 30% of my list before realizing it, so, issue fixed for the 70%, hopefully I'll get great results.

Other than this, I learned to make video editing on Adobe Premiere Pro. Took me the afternoon, but I now have a pretty cool creative I'm going to test on Facebook.
Launched some ads and stuff, will see how it goes.

I reached 6 figs of sales since January, but I almost made 0 profit from it because I reinvested everything in ads etc...
 

Jeannen

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05/07/2021
1625489726764.png

I'm going to try totally new products now, with way better margin, to see how it goes.
I have samples coming (really hard since I'm in Indonesia, and #1 reason I'll move out soon) and I'm contacting 3PL to see if I can get better shipping rates. I was kinda always afraid of buying inventory, but it's not THAT expensive.

Apparently, shorter shipping time can increase conversion rate by 20-40% according to a study.

So, all my focus right now is in setting up a proper testing strategy and find something that works, then try to make a brand out of it asap by creating cool content.

I started testing some of the F+S products at full price ($20) and got pretty good results on FB for some of them, so, that's a good sign !

I'm slowly trying to switch my promotions toward full-priced offers. If I can manage that, that would allows me to get 3PL logistics with way faster shipping time for those products, thus increasing the conversion rate.
 

Hassan

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I'm going to try totally new products now, with way better margin, to see how it goes.
I have samples coming (really hard since I'm in Indonesia, and #1 reason I'll move out soon) and I'm contacting 3PL to see if I can get better shipping rates. I was kinda always afraid of buying inventory, but it's not THAT expensive.

Apparently, shorter shipping time can increase conversion rate by 20-40% according to a study.

So, all my focus right now is in setting up a proper testing strategy and find something that works, then try to make a brand out of it asap by creating cool content.

I started testing some of the F+S products at full price ($20) and got pretty good results on FB for some of them, so, that's a good sign !

I'm slowly trying to switch my promotions toward full-priced offers. If I can manage that, that would allows me to get 3PL logistics with way faster shipping time for those products, thus increasing the conversion rate.
Keep going @Jeannen. Read through a few of your threads and you've endured a real "process" for sure. Currently researching an e-commerce product myself so definitely interested in your journey!
 

Jeannen

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Keep going @Jeannen. Read through a few of your threads and you've endured a real "process" for sure. Currently researching an e-commerce product myself so definitely interested in your journey!
Yeah, been a long road, but I still feel like I'm stuck in the mud

I'm currently looking at making my own products (created another thread on that), but it will take some time to get started on this. In the meantime, I'll test other products via dropshipping to see if there is traction, and then switch to branding asap
 

Jeannen

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07/02/2021

I contacted logistic centers in China & US to get quotes. US shipping is cheaper than what I expected, but with my shitty margins, it will be too much for my F+S offer.

So, here is the potential plan:
- I send my most $ products ($40) in a shipping center with a fast delivery time (up to 2-5 days)
- If I'm right, that should increase the conversion rate of the product and "counterbalance" the profit lost. I'd say I'll loose around $2-3 profit per order due to increased shipping costs.
- I can measure the result of this experiment by measuring the value per visitor on my website (sales/visits for a specific product)

This survey is what makes me think this could improve the conversion rate:

1625633419623.png

Now, the thing is that since I'm using an aliexpress agent for my products right now, I pay wah more than if I'd buy in bulk, meaning that I can counterbalance the $2-3 profit loss (Ex: product costs $1.8, I could get it for $0.5)
 

Jeannen

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08/07/2021: A decisive step

I'm currently negotiating with a shipping center, their rates are higher than my current agent, BUT, if I buy the product in bulk, it will cost me way less than what I pay with my agent rn.
So, to keep it stupidsimple:
Shipping costs would go up, but product costs would go down. For people ordering only one product, I would actually lose $0.3, but if they order more, I'll earn $0.70 more.

Coupled with the faster shipping rate and better packaging, that MIGHT improve my revenue per visitor.

Speaking of packaging, I'm trying to lower the cost of my current packaging for the Free + Shipping offer.
Overall, I'll try to reduce this offer as much as possible to focus on full-price ones. My goal is to create an experience instead of just sending products.

That will either make or break the business, as there is no coming back once I start using them and investing in inventory.
That also means that I'll have full control over the product and shipping (I had lots of issues because of that)
 

Jeannen

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13/07/2021

That's it, I just placed my first order ever on Alibaba !
It's being shipped to my partner warehouse in Shenzhen that will manage it from there.

Hopefully, that will increase my shipping time. a new world of possibilities is now open to me ! Next step: Custom packaging to create a memorable experience for my customers
 

Jeannen

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14/07/2021
I spend the last few days thinking and writing ideas about my brand.


Here is how I'm improving my offer to create a memorable experience:
  • 3 tiers of packaging depending on the order
    • F+S offer: Very simple packaging
    • Full price order: Normal packaging
    • Special orders: Premium gift box with bonus merch like stickers etc...
  • Improved messaging by adding a card that will make them feel like "it's their very own" (can't give more details).
  • Total rebranding to update to new values and make the brand more unique and distinguishable (I spent lots of energy on this, hopefully, that won't be a total flop)
  • A subscription model to ship new products to customers every month. (Hopefully, will increase my Lifetime value)
And many other things. I'm very excited to set up all of this.

Upcoming issues: Taxes, Facebook compliance (changing domain name is not allowed), SEO loss, non-approval of my current customer's database.

Side note:
Also, I bought an iPhone to make high-quality pictures and an iPad to write down notes (I'm nomad so I don't have a whiteboard), and I have to admit that Apple is king to create user experience, got lots of inspiration from them.
 

Jeannen

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31/07/2021

At this stage, I'm a monk. Have been out of my home only once in the last 3 weeks lol

A quick recap of what happened with my business:
  • Found a 3PL center
  • Learned the basics of importing stuff and buying from China
  • Started ordering inventory
  • Got f*cked by a supplier (but I was expecting this in my margin of error, I have backups)
  • Designed and ordered packaging
  • Hired a designer to make me a $200 logo that matches the brand perfectly (I never thought I'd do this lol)
  • Changed my brand name
  • Hired a new assistant to make content on Instagram & run split-test on the website
  • Learned video editing to make good creatives
  • Got an official partnership with a partner, that will allow me to make exclusive offers (can't say more)
  • Made a full social media content strategy
  • Made a full influencer marketing strategy
  • Planned a shitton of stuff (I have 30 projects to develop my brand)
Damnit, that's extremely intense (I'm working from 7:30 to 22:00 every day) but I love it, I'm learning so much !!

Can't wait to see how it will go.
 

Jeannen

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04/08/2021

Reached $400 000 of sales in one year since I started the store, which is pretty good. I’d say the overall profit, if I remove the “mistakes spends” would be 10-15%

I defined goals with my team, hopefully we’ll be able to reach them

I feel slightly motivated tonight somehow, but that’s fine
 

Pink Sheep

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Reached $400 000 of sales in one year since I started the store, which is pretty good. I’d say the overall profit, if I remove the “mistakes spends” would be 10-15%

I defined goals with my team, hopefully we’ll be able to reach them

I feel slightly motivated tonight somehow, but that’s fine
You know how close you are to retirement right?

If you don't f*ck around and set up your business to do realy amazing for one year, and make it survive without you, you can sell the business for a your revenue times 3,4,5 perhaps. 400kx3 is 1.2 million.
 

RicardoGrande

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Bookmarked.

I keep seeing people that have stepped up to the plate and who've made swings at businesses say that you get hit by "entreprenurial heroin" at some point... and that that coupled with an FTE can just demolish any obstacles in your way. I know you stated you had beforehand knowledge of ecommerce, shipping, and FB ads at the start of the thread... but you just demolished the walls you kept running into.

I popped into this thread because someone bumped it, and I saw "Oh he's making 400k/yr now... that's impressive", but then I checked out your first post...
Then the next one...
And the one after that...
And that's how I binged your entire thread.
You mentioned working up around 18 hours a day? I feel bad because I can only squeeze out 3-6 around my job... but that's just a bulls*** excuse, and I'm happy you showed that so clearly.
Cheers man, I hope everything works past your wildest dreams, and thanks for leaving crumbs for people that haven't had their first hit of that entreprenurial heroin.
 

Jeannen

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You know how close you are to retirement right?

If you don't f*ck around and set up your business to do realy amazing for one year, and make it survive without you, you can sell the business for a your revenue times 3,4,5 perhaps. 400kx3 is 1.2 million.
Retirement sounds like hell to me, to be honest, haha, I really don't see me stop working. But yeah, if I do things properly I could definitely sell it to go on other businesses.

But yeah, currently, here is my plan:
  • Step 1: Make the business legit as f*ck & gather cashflow by September
  • Step 2: Find a perfect product/market fit [20% margin] by testing a shitton of new offers.
  • Step 3: Create a content-creation machine & hire A-players thanks to the cashflow [January 2022]
  • Step 4: Create an oppressive online presence for competitors by raising the cost per purchase & buying most media space, influencers contracts, and other stuff like that
  • Step 5: ???
That will be really hard, but definitely doable.
 

Jeannen

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Bookmarked.

I keep seeing people that have stepped up to the plate and who've made swings at businesses say that you get hit by "entreprenurial heroin" at some point... and that that coupled with an FTE can just demolish any obstacles in your way. I know you stated you had beforehand knowledge of ecommerce, shipping, and FB ads at the start of the thread... but you just demolished the walls you kept running into.

I popped into this thread because someone bumped it, and I saw "Oh he's making 400k/yr now... that's impressive", but then I checked out your first post...
Then the next one...
And the one after that...
And that's how I binged your entire thread.
You mentioned working up around 18 hours a day? I feel bad because I can only squeeze out 3-6 around my job... but that's just a bulls*** excuse, and I'm happy you showed that so clearly.
Cheers man, I hope everything works past your wildest dreams, and thanks for leaving crumbs for people that haven't had their first hit of that entreprenurial heroin.
Haha, definitely agree more. Sometimes I try to take a break but I can't, I just want to grow my biz, and I'm actually happy about that. I'm currently in Bali, one of the most beautiful places on earth, and I only visited 2 stuff, 2 months ago lol

And yeah, it's all about the process, step by step, $ by $
I wasn't expecting anything from this store at the beginning honestly, but now, I know I will scale it to 7 fig/year

As for 18 hours, it depends, I sleep on average 6h40, a few weeks ago I was going sleep --> work --> repeat non-stop, so I was definitely doing that, but I try to do some exercise in the morning now to not lose too much weight.
Overall I'd say at least 15h/day on average

If you have limited time, I recommend you to have a very organized schedule. Sounds like typical blabla bullshit, but that's true lol. One of the best ways I've recently found to plan your goals so far is this: whatmatters.com/get-started (you can also read the matching book "Mesure what matters" by John Doerr)

If you couple this with daily tasks & schedule, you should be able to make the most of your days.
 

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