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GOLD! Jason's How to Build Wealth & Golden Nuggets

BusinessBen

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Hi @JasonR ,

I was just wondering if you could say how you managed to run a business from different locations?

I am considering moving to another province in Canada and will not have a house to order inventory to. And so will likely outsource a lot of business tasks. Did you outsource much of your business while traveling?
 

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D.I.Schuyler

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First post.

So, you want to build an internet business? After going through what I did in the past 6-7 months, here's what I've learned.

1. Pick a LARGE market. I don't like super-niche markets.

2. Don't reinvent the wheel. You don't have to.

3. F*ck SEO. See #4

4. Utilize paid traffic to grow your business. Display advertising is how many of the big boys and big hitters grow super FAST. See those banner ads on Facebook and all over the web? Yah, they work.

5. Here's a secret. It took me a long time to learn this. Do you want to be able to infinitely scale a business? With paid traffic, you'll need an Average Order Value OR Lifetime Customer Value of $60-100. If you can squeeze $60+ out of a customer, you should be able to buy traffic ANYWHERE. There are multiple ways of doing this.

5b. Build a funnel, not an e-commerce store. I lost about $2k and 2 months learning this the hard way. Read this article.

6. Money. You may think it's hard to get. It's NOT. It's fine to bootstrap (and what I did to start). Go get some high limit credit cards (Amex Plum, etc.) that you can use for ad spend. DON'T be stupid with this money. It will help you grow and scale. Once you have a system where you can prove that for every $1.00 you put in, you get $1.40 back, getting money is easy.

7. Fail fast. The faster you fail, the faster you can succeed. The key is, go as FAST as you can. I've seen people try for 2 years because they're too afraid to fail.

8. Everything in life worth getting is a process. A great business, a great girlfriend/wife, losing weight, building muscle, building your real estate portfolio. These are ALL processes, and there is no magic pill or secret that will shortcut your PROCESS.

But, you can get rich quick (relatively)...
Hey @JasonR, this is a great post! I'm a newbie here on this forum. Would you say that the advice you gave is relevant now, being that IT changes so fast?
 

D.I.Schuyler

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5b. Build a funnel, not an e-commerce store. I lost about $2k and 2 months learning this the hard way. Read this article.


@JasonR, I am just starting to build an e-commerce store. I never heard of building a funnel instead. I'm not sure what that even looks like. I'm sure the article will be a good read. Hopefully it opens for me at home. It won't open for me here at work.[/
 

Valor

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Hi @JasonR ,

I was just wondering if you could say how you managed to run a business from different locations?

I am considering moving to another province in Canada and will not have a house to order inventory to. And so will likely outsource a lot of business tasks. Did you outsource much of your business while traveling?
I can't speak for Jason, but I've talked to freight forwarding companies in the U.S. who largely specialize in this and even do QC and stuff if you want.

Just google Amazon FBA freight forwarding and you'll find some.

Call them up and they should be able to give you rough pricing - I can't remember what it was when I called.
 

YoungPadawan

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Also, do the math. How many customers do you need to make $1m at a $30 LCV? $50 LCV? $150 LCV?

I think you're starting to get the picture...
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