March 30, 2020
Building Longevity and Security into your Ecommerce Business | AWeurope 2018

Building Longevity and Security into your Ecommerce Business | AWeurope 2018

Welcome to the stage, Tim Burd, Jared Goetz,
Tim Calwell, and James Petrellis. Come on out, guys. That’s my voiceover work. See? I’m cheap. I’ll do it. Welcome to the stage, everyone. Thank you. Yeah, so you guys are each,
you’ve all sort of taken e-commerce in a different way. Let’s just do start with an intro here.
Tell us who you are, and what your sort of role
in the world of e-commerce is. We’ll start with James on the end. Cool, so I own a bunch of e-commerce stores. I started off with creating a a detox tea brand, and I was using Instagram influences,
so it was like a fully branded store, so I have a lot of experience building just a brand. And then, over time, we kind of transitioned into direct response, and started a company called Lumify Flashlights which a lot of you guys here probably know. You could see them from the moon! Yeah, we scale like crazy, yeah.
So we scaled that to 8-figures in 12 months. That was kind of almost the opposite.
It was like, no branding so we’re in a bit of a unique position
where I’ve had good experience in both worlds and made a lot of mistakes in both worlds, so hopefully I can give some value
in what to do and what not to do. Jared? Yeah, I started out in the e-comm world selling hoverboards, which I’m sure a lot of you guys know those things you ride around on. If you wanna look really cool. If you wanna look really cool,
you need one, yeah. I partnered with five big influencers who have 50 million followers combined. We had a really successful launch with the company. Then I kind of realised how much money you could make with viral products and I had a job at the time so I quit my job. I flew out to China and I started importing products and, you know, doing the whole nine yards. Trade shows, expos, selling to retailers, and of course, we started on Shopify,
I paid ads, And then one day, I discovered this mythical business model of dropshipping. It was just amazing that you can just use the marketing skills and not have to touch any products. and not have to touch any products.
I thought it was fascinating. So last year, I built a dropshipping store
and I built it from zero to $2 million in 60 days. So we have a bunch of stores now. Very cool. Mr. Burd? I started about two or three years ago,
I started a bottled water company. We were doing all the manufacturing, fulfillment, all in the warehouse, on Shopify. That was kind of my first foray into e-commerce,
and since then I’ve done jewelry store, tactical store, and then I’ve helped maybe 15 or 20 of our e-comm brands that our agency runs, Agency Y. Then I’ve obviously done a lot of consulting for clients with e-commerce. Almost every niche you can think of. Nice. Mr. Calwell? Yeah, I got into e-commerce relatively recently,
like about 12 months ago. Did this dropshipping model, as well. Found some nice successes, hit 6-figures, 7-figures in about six months. And now, I’m sort of branding it out.
I’ve got a tattoo aftercare cosmetic, launching and also got some shapewear brand, which is about to launch, as well. So kind of pivoting from dropshipping
into longer-term brand. Very cool. So the other half of this question is there’s a lot of people who try dropshipping, a lot of people who try e-commerce, and a lot of people, it doesn’t work for. So what would you say about your background that has given you sort of unique edge in the game that’s allowed you to scale things so quickly, essentially? What would you say, starting with you? I think that I was just hungry, man. I quit my job last year and I moved to Thailand,
so I just like, moved away from all my friends, anyone I knew. I met one guy who was running an online company as well, and I was like, “I fucking want this.” You know? “I’m gonna get it no matter how hard or what it’s gonna take.” Basically, that hunger led me to find out different I don’t know, it’s just like digging really into the whole business model like trying things, failing or tweaking it there. Really digging into the stats and the data,
the numbers, things like that. I’m a good networker. I think I am, anyway.
So that kind of helps. When you meet people who are doing this,
there’s something that goes on in your brain especially when you’re first starting, you’re like, “Oh man, this is real. This is possible.” You know? I’m not so far away from hitting that.”
So that was really, Like at the iStack, where we first met, the mastermind.
That was like, I was like, “Damn, I’m just a couple twigs away from 8-figures.”
So that sort of thing, meeting people is huge. You’re definitely a good networker.
You started a year ago and you’re onstage here, so that’s a good sign for your social climbing abilities.
Well done! Tim, what about you? You’ve got a few edges, I think. Yeah, I mean, I’ve been doing this internet marketing in general, mostly direct response for the first ten years before getting into really much e-comm at all. I see one of the largest edges is that I spend a lot of time in my Facebook groups. I’m reading, I have my e-commerce group, the Facebook ads group, and seeing what’s working for all these different people, then the mastermind, seeing what’s working across all different niches whether from physical products, info products, dropshipping, branded products, you name it. I kind of get to see a good, so to speak,
a bird’s eye view, right? So it’s been very, very helpful. Very awesome. What about you? I think what was unique about, you know,
how I got to propel so fast in e-commerce is I actually started with physical products,
and I started with the hoverboards. So I kinda got lucky. They were just about to blow.
Somebody sent one to me in the mail. Before anyone had ever seen them, so I got to see people go crazy over our product. And then I got to run with it.
I learned about fulfillment, I learned about importing, I learned about customs, all the stuff that you would kind of not know about unless you did it. You started with the hard stuff first.
Yeah, I started with the hard stuff first, and I fell on my face probably like, ten times
before I started my first dropshipping store. I knew how to market by that point.
It was like two years after I had started selling physical products,
so I got to kind of run with what I knew best. Very cool.
Mr. Petrellis? Cool. So I had a weight loss brand and we’re using purely just Instagram influencers. At the time, I didn’t know anything about average order values, and lifetime customer value and stuff like that. So after a two-year period of making super easy money with our eyes closed, just getting influencers to do sponsored parties and stuff like that, the space got super complicated and like,
super competitive. So it got to the point where we were really struggling to make profit, and we ended up getting to the point where we’re like, losing all of our money, we weren’t making any margin, and it was like a pretty downhill path, it was very scary. So I was kind of in a position where I had
no choice but to learn something new, and that’s where I clicked on my first flashlight ad and started seeing what these other flashlight advertisers were doing and sort of reverse-engineered the funnel, and I kind of learned about average order values, and one-click upsales and stuff like that, which allowed us to sort of realise that having things set up like this, you can really stay on media buying spends, so our affiliate programs are starting to do really well. Like, we went from doing, sorry, doing like $1,000 a day in revenue to $100,000 a day in revenue
within a couple of months. So going through that was an experience on its own. My business partner was fulfilling from his garage, and then we had to rent a warehouse and hire five guys within two or three weeks. So that was a really interesting learning experience, and then having problems with merchant accounts and stuff like that, and having to go through that whole thing was a very interesting ride. There’s a couple of things I’m hearing, especially with you two. I know this from my podcast with you James, there’s that back-against-the-wall situation where you sort of like, you sort of force yourself It’s like working with speakers when they’re trying to give me presentations and stuff. They don’t really come through
until I’m pushing them into a wall. You guys are similar with your businesses in that you put yourself in situations where you had to do it. I kind of do that on purpose, because it’s
the only way I’m getting better because I’m lazy. I’m super lazy, so yeah. And you guys have just, I think you probably are, but you guys have just been slinging stuff your whole life. You’ve been very, and you probably all have been very entrepreneurial your whole life. When was the last time you had a full time job?
Like an employee job? Mine was last year.
Yeah, I bet! Did you hate it? I actually really enjoyed it. It was a sales gig, telesales, selling internet. I was the best internet salesman in the whole place. I bet you were. It was really fun but it was still a job, you know? There was a ceiling cap, and I was like, rocking up to work, I was happy at work,
had a great social environment, but I wasn’t building an empire, you know? And Tim, you’ve been selling stuff since you were like 18 or something? Yeah, my last full time job was, I was a mortgage broker when I was 18 and I’m 32 now. That sounds, you should be mortgage broker when you’re 32! When will you grow up, Tim? How about you, Jared? I only had one job ever and it was about four years ago.
It was when I had no choice but to get a job but it was a great experience for me.
It was with a startup company. I learned tons. Is this the foam parties?
No, that was my first company. That was your own thing? We’re going to have a foam party.
Jared’s putting on a foam party for us afterwards. My first company, yeah.
That’s cool. Sorry, what was the job? I worked for a company called Yik Yak.
A social media app. It went When I started, there was 100,000 users and I basically used the same marketing tactics I used for my phone parties. You get people on a free app, so we just went to these college campuses and made it really popular. By the time I stopped, there were 10 million users on-board. Cool. I haven’t had a job for eight years. Eight years? And what was your last job? It was telephone sales, so a cellphone store.
In-store sales. Very cool.
So back to a tactical question on e-commerce, so when you do product research, what characteristics or features do you look for to shortlist products that have a higher chance of longevity, so you won’t just churn and burn success? That’s a weird question.
So you won’t just churn and burn. How do you qualify the products that you’re looking to sell? I know you’ve got a really interesting process. Or more like, you really built out some processes. Yeah, well, I like to go through a whole sort of system when I’m trying to figure out my product. If you want it to be long-term and evergreen, then it just needs to be a product that is evergreen, you know? That people just constantly use all the time, but for me, on Facebook, I like the products that pop, so there’s some sort of functionality behind it, or like like a wow factor. For the video specifically? Especially for the video, yeah, exactly.
And then they seem to last much longer than the ones which sort of don’t, but in terms of actual evergreen products,
you look at teeth whitening, for example. How long has that been around? All you need to do is drag new creatives around as opposed to looking for a new product.
So that’s kind of two different angles on that. What about you, Tim?
What do you say about product research? I like stuff that’s, when you go on Google, stuff that’s trending but that you haven’t really I like stuff that you haven’t seen yet on Facebook or being pushed in your face on AliExpress or any of these other sites. Because once it’s already trending on Facebook and a bunch of guys like this have already blown it up and done a ton of volume on it,
so it’s not that it’s too late to do it, but once customers, users have just seen it
over and over and over, they get a little burned out by it, so
I personally like doing the stuff that kind of hasn’t been blown up yet. What I like to look for is something that you can show being used in the video. I find that massively helps conversions, and, ideally, something that you don’t have to tell someone what it is. Like a pen, someone knows what a pen is.
You don’t have to explain it. Or some nifty gadget where
they don’t even know what it does. It makes it much more difficult to explain. In those three seconds you have before,
less than two seconds. Actually, one of the most important things would be that it’s very light, so the shipping isn’t an issue. And that it has a high-perceived value. Cool.
High margin. Very good criteria.
What about you, Jared? I think with e-commerce, it’s just like any other business.
You should try to start by modelling something else that’s already already working, so That’s how I got started. I saw other people selling things and they were doing it really well, so I figured I could probably do it too. So for example, there’s tons of green drinks out there, right? A lot of them are successful. But you could put an edge on something. There’s not a green drink that has, like, an energy component to it. But that’s also an evergreen product. So by modelling people, but not necessarily copying them, but making it better? You know, if it’s working for someone else,
there’s no reason it shouldn’t work for you too. That’s kind of my take on things. Very cool. And I know James has a similar mindset as well, with the flashlights and the tea and things like that. Well, I feel like we’ve kind of been doing it wrong the last six months. We’ve been following trends and following products that Dropship is doing really well on, and turning them into affiliate CPA offers. And it works well, but we only get two or three month stretches with these things. So what I’m sort of aiming for now is
trying to find products that aren’t readily available on AliExpress and stuff like that. And just like, making our own things.
Basically, sourcing finding manufacturers, getting low quantities made, sending them over to our warehouse, and building our own stuff. Yeah. But I think my advice would be, if you are getting into this for the long run, is to have a lifetime customer value in mind when actually thinking about what product you want to sell. So certain products like things that you have to continually use, that are consumables, they’ll probably be the best way to go.
Something that if you look at your customer over a period of five years, how much money are you gonna make from them. I think that needs to be built into even when you’re thinking about what product you want to sell. Yeah, and you’re building a brand right now that you’re gonna talk about at my next conferece, I’m pretty sure, that’s doing exactly that, in a really big way.
That’ll be really cool. I’ll be teasing to Bangkok there. This is not important here but I’m wondering, you alluded to it a little bit. What would your advice be to
There’s a lot of dropshippers in the audience, there’s a lot of e-commerce people here,
but there’s a lot of affiliates, as well. And a lot of affiliates are super hungry to get into e-commerce. So what would be your advice on where to start? Do you think people should just start flipping from AliExpress ASAP? Learn, apply what they know about marketing, and do it. Do you think they should be trying to look at products and creating brands? What would be your advice right now for how to approach getting into it, if people aren’t already in it? We’ll start with James down there. I’ve never actually done dropshipping, so it’s hard for me to say. But I think it’s a good way to learn. I think it’s a great way to, for affiliates especially, just to get a feel for e-commerce, like how to handle customer service, and the types of issues you get on the back end with fulfillment and things like that. I think it’s a great way to test, but I think if you are in it for the long run, you need to build a brand and, again, you need to have the lifetime customer value in mind. Jared? To his point, I think dropshipping from AliExpress is probably the easiest barrier to entry for newcomers. Lowest hanging fruit. Comparatively, a very small investment, you can test a lot of things, you can make money, and you could learn the ropes.
You can learn e-commerce. And I think dropshipping itself has a stigma to it.
We just launched a store called We’re dropshipping everything but we’re dropshipping from 67 manufacturers in the U.S. 2-day shipping. So I think dropshipping as a business model is incredible. You don’t have to get a warehouse, you don’t have to store anything. So I don’t want to give it a negative stigma on dropshipping, but I think that dropshipping from AliExpress is way easier than dropshipping from 67 manufacturers in the U.S. If you’re starting. Just getting started, it’s the way to go
and I’ve personally made a lot of money doing it so I’m definitely a huge advocate. It’s so funny. It’s like this industry has terms and every single one of them is way too broad. Like e-commerce is everything.
Affiliate marketing is a million things. Dropshipping is Stigmas are attached to each of them and different groups of people mean different things. We’ll come up with a new language
later over some drinks. But, Tim, I know you talk a lot about subscription boxes.
I’m curious. Is that something that you advocate? What would you say is the answer? I would personally skip dropshipping.
I think that, well, skip dropshipping in the AliExpress way If you’re gonna do it direct with manufacturers and stuff. I think that’s actually a great way to go and there’s a lot of businesses that have been around for fifteen years dropshipping. Just not from China directly where it takes three weeks,
and it’s not a very quality product always. So I don’t think dropshipping in that way is My personal recommendation is to do subscription box. Then you get a high lifetime value. You don’t do one specific product.
You do like , you know, maybe a bath and beauty box or a candle box
or a book club box. Stuff like that. Where you get a variety of products all in one box, because then, someone can’t just go and check exactly your product on Amazon, how much does that cost, and price check you and you have a variety of things in there.
There’s a value that, when it’s combined with a little handwritten note, a little piece of chocolate or something. Like an experience. Then it’s easy.
You don’t have to test a bunch of different things, but that lifetime value of getting someone around for six months, a year, three years, five years recurring every month like clockwork and then it also makes it easier for you to sell the company for a higher multiple, so there’s a lot of win-wins there. Very cool. And you built a community around it, as well. You’re an expert community builder, right? I’ll give you some more detail tomorrow. Oh, okay. More details tomorrow about that. Nice. Tease. Yeah, I love the subscription model as well. It’s excellent and like you just said, basically creating an offer as opposed to a product. This is excellent but for me,
I started dropshipping with $3,000. I had no business experience at all.
I did actually, I filed two businesses but I had no idea what I was doing. So that was an excellent model for me to figure out. What’s going on? All these fulfillment things. The whole picture of e-commerce and marketing, as well. So for me, it was an excellent starting point and it’s a cash cow now. But if you’re looking, depending on what you wanna do you really need to look at your longer-term goals. Say, if you want an exit plan? You want to sell your dropshipping store? You’d probably get one EBIDA, maybe? People aren’t really going to buy a dropshipping store because it’s not really like, loyalty behind it.
But if you build a brand, you can get that five, ten EBIDA and What I’m doing now is structuring my brand around the recurring income core so I’m getting recurring customers month in, month out,
building that as an offer as opposed to a product. As Tim just said, you can’t just look on Amazon, “Oh, this is way cheaper. Why would I buy this over this?” You gotta give some value, some sort of
Like, build a story as well, around your brand so people can relate to this actual brand as a story instead of just as a product. So I think that has much more longer-term,
like, longevity. Makes sense. So say, someone does start with dropshipping. They are doing AliExpress, they find some winning products, but then, they’re having issues with shipping time.
They have issues with poorer customer experiences. At that point, what are the key steps to take? I know there’s a huge range of things you could do. You could get a fulfillment center.
You could contact the manufacturer and say, “Can we do something private here with a EPACK?” What are the steps that you would advocate from someone that has had some success with AliExpress, dropshipping
and wants to improve and make more stable their current business on AliExpress? Customer service. This is easy.
Customer service. If you just keep people in the loop,
like I’ve since building up my customer service team,
I have literally reduced by chargebacks by I don’t even know. It’s like 0.1%, or something like that, chargebacks now which is usually a little bit higher on the dropshipping model. It’s because people, if they reach out to you,
they’re getting an email straightaway. Like, “Oh, hey. Thank you for being our customer. Blablabla, this is the process.” And just like, keep them in the loop along the way. But also, with that, you need to do some quality control because sometimes, you’re just gonna ship out shit and people are not happy with that.
So you need to figure out, like, work with your supplier on the quality side of things, and also the shipping time.
So if you get off AliExpress and work with the supplier or fulfillment center directly then you’re generally gonna get better shipping chance, because they’ve got the product in their warehouse. They’re gonna ship it.
They don’t need to do any sourcing or anything like that. With your customer service, are you mostly reactive or are you also proactive? Are you also saying, are you also sending those automated emails? “It’s been shipped.” Like, are you doing all that?
The whole step of the way. “Hey, this is coming out to you. Thank you.” Here’s a little bit of brand indoctrination.
Here’s a little bit about our story. Like us more, like us more. You know?
Engage with us. “Oh yeah, these guys are not too bad. I don’t mind waiting four weeks.” Can’t say, “Oh, a little Chinese packet. But they’re alright.” That’s pretty much our structure anyway. Yeah, what about you, Tim? Customer service, that should be like, your first line of defense always, always, always. I’d say the second thing you should do would be to contact the manufacturer and just see what you can work out. You’d actually be surprised what you can do with the manufacturer just by paying them a little bit extra per product, and then for a little bit extra also you can actually get your logo on the package or get them to put the product in a custom box that has your logo on it. Which actually goes a long way.
You’d be really surprised how much that really impacts people’s perceived value
about your brand and product. And then if you have the money, I would say ship it to a fulfillment center a thousand units at a time or a hundred units at a time, even. And for like, $1, $1.50, the fulfillment center will ship it out for you, handle customer service, returns. It’s a lot easier than people might think. So I’d say that would be the best way to go
if you have the money for it. For me, it depends on the individual. Like for me, I had a few products I would sell like, 2,000 units of per day. And I’d put about twenty minutes per day into the actual business because I had it so automated. So I didn’t really want to risk putting $200,000 up to ship products in, then wait 90 days for them to get in, and then, who knows if the trend was still gonna go on or not? But for certain people with evergreen brands, I would say the first step is if you’re gonna do that, go onto Alibaba,
talk to a hundred suppliers. Really talk to them, get on Skype calls with them,
get to know them. When you’re dealing with Asia,
it’s about trust and relationships. And I would definitely recommend taking a trip out to the Canton Fair or a similar trade show, just to like, Have you been? I’ve been four times.
Amazing. That’s like five football fields of sellers. 60,000 exhibitors, it’s like 15 days long Even bigger than this show? Little bit.
A little bit! It’s like, 12 million square feet.
That’s insane. But you go there and you meet these companies, you get to go to their factories, and you actually get really inspired because you see products. You see what the real price of them are, too. So like, when you’re on AliExpress or Alibaba, those are the prices that are on AliExpress and Alibaba. But it’s really, the value of these products are a lot less So you make these key relationships. You could actually I mean, I walk out of there with like, 12 new business ideas every time. It’s pretty good. James? So I think these guys just pretty much covered everything perfectly, I’ll probably just add like, the way you’re actually marketing the product as well, so don’t overglorify the product in your ads. Just make sure that everything’s transparent and consistent from your ad to when the customer actually receives the product. Especially like what Tim said, if you can get your brand on it and have good packaging, that adds a lot of perceived value, as well.
So you can justify the pricing, you get less buyers and more And yeah, like proactive, reactive customer service.
Essentially, the way I like to say it, like If you don’t want your If you don’t want your mom and dad to go through your process of buying your product, then you shouldn’t be doing it. That’s a good rule of thumb for everything. One good thing you should do always too is if you’re not testing a ton of different products, if you care about your brand in the long-term, because you could switch a dropshipping brand to a branded store just by branding your own products under that brand, right? So it’s not like you’re not building a brand. What I highly recommend is you just order one of each product before you test it, and then just make sure it’s actually a decent product. Otherwise, you wanna try a different manufacturer, or just a whole different product altogether. Now, something you guys have mentioned each in your talks is systematisation. And it’s like everyone in this room is pursuing their goals, and their dreams, their businesses partially because they love that it affords an amazing lifestyle. They can travel around the world,
they can work, maybe You’re gonna work a lot in the beginning but you can kind of dictate your own pace a little bit more. What are some ways that you have systematised your business? I know, Tim, this is something you spoke on at the previous event. Specifically creating systems for freeing yourself up. Talk about that a little bit. Basically, the way I love systems and, exactly as you say,
it just creates freedom. You just have to look at the business model that you’re doing and figure out, sort of, what verticals need to be in place for the whole business model to be operational. And then, so for example, dropshipping. It’s a very simple business model, you know?
You got product research, ad creation, and then launching your ads,
and also customer service. Basically, four, five verticals. And so, once you figure out, like I was saying before with the product research, I like to have a criteria. So I can give that criteria to my employees And they know exactly what they’re looking for every single time, and that’s according to what I want them to find. I’ve got like, the team lead vets the products, so it just works its way up the system to me,
and I just look over their products for the day and say, “Yes, let’s launch those.” It gets passed to the media team, and the media team will create the ad and everything like that, and then pass it to the Ad buyer? Media buyer? And then she launches the product. So I literally don’t do anything. I’m just like,
“That product, that product, that product.” And that’s a full remote team? Yeah.
Nice. Everyone is remote, so and that’s basically because I’ve figured out a system like you know, the step-by-step SOP’s, really. What needs to be done, it’s not really rocket science. Yeah, Tim? I say it’s very similar for any business that I’ve done, I always find that it’s not easy, but it’s easy-ish to get it up to 15, 20 employees, somewhere in that range depending on the business. But I find that once I get to that point, it is it actually You live and die by these SOP’s, otherwise you can’t scale. So generally, what I do at that point is, since I didn’t go to school and get an MBA or anything like that I usually just hire a consultant for $10, 15,000. Something like that. And then you come in and basically just meet with the manager in each department and myself for about a month. And then we knock out SOP’s for every little thing to make it extremely efficient. I can get by on my own, I got over 15, 20 employees. Past that, you really need a professional, so to speak. Can I get the stage before Tim? I’ll just kind of share my story. I started my dropshipping store and about three days later, it’s doing like $3,000 a day and it was growing twice as much every single day. And I had to drive from California to Florida.
It’s a five day drive so I was on the road for like, 12 hours a day, and I’m like
bad timing. I’m getting all these emails and stuff, so first thing I did was hire a VA and basically had her go through all my emails. There’s only so many questions a customer could ask. So she copied all the questions, all the answers, and put together some SOP’s for her to answer customers. I taught her how to fill orders
and deal with the suppliers. So basically, I taught her how to run my whole business. And then I hired a media buyer to basically use my SOP’s with my ad buying to scale, and actually let me come out of actually working on my business, and doing that drive my store went from $3,000 a day by the fifth day, we did a little over $50,000 in sales. So I just focused on how do we continue to grow. Sorry, how long was that process of scaling to that height and scaling of processes? It was five days. But it was because I was driving all day, so I had like, all this clear time to think in how we can continue to grow. What a world we live in! And James, I know you built some cool systems as well. Yes, I’m very similar to you, basically.
Almost the same thing. A little hack I’ll give you guys that
works really well for us is like, every single one of our customer service reps
work remotely. And we get them to, every single day, they send us an email report of the stats that they did and we always ask the question they have to fill out an answer is What are your suggestions to improve our systems or processes? And it just gets them thinking like,
“Hey, I’ve been doing this for so long and it takes so much time. It’s annoying.
Can we do it this way?” Because they’re in the trenches more so than we are, we get to get that feedback and I’m like, “Oh yeah, that would work.”
It just makes things more efficient. Very cool. We’re getting to the end here.
I want to know like, You guys have all had great success in your endeavours. You’ve tasted that, even if you’ve only been doing it for a year. I wanna know more about what your long-term goals are with e-commerce. When you’re in the grind, you’re constantly you know, you’re looking at the score board,
you’re looking at your numbers all the time. But when you step outside of that and look at what you’re building, what are your long-term goals with this, Tim? For me, I really enjoy e-commerce and marketing and things like that. It’s really cool. And the brand side of things, especially like I was mentioning before, the story. That’s really exciting to me, so I wanna try and build up to a 9-figure store eventually. I’ll sell off a few different assets and invest in property so I can have basically generate enough income from property so I can have a lifestyle that I want. So I’m not panicking about whether the business is actually making money or not because it’s quite volatile, especially with Facebook and things like that. So that’s sort of my goal. It’s very possible to get to these numbers, you know?
Like, $100 million isn’t actually that absurd of a number. Even though when you first start, you’re like, “I just wanna make $100 a day.” So that’s what I wanna do. That’s my long-term vision. That’s your number.
So I’m gonna be, yeah, $100 million and potentially exit there, depending on how old I am and what sort of goes from there. I might wanna just chill out or
I might want to keep pushing forward. You might want to have a family of ten. Potentially, yeah. Tim, what about you? I’m taking my own advice and I started AdLeaks,
which is like a community, job board, event, yada yada yada. And it’s a paid community. You pay a monthly fee. And then the e-commerce,
I mean, technically, that is e-commerce, right? It’s online commerce.
Yeah, sure. And then I’m launching a store for with advertising swag. So that would be the “Shopify aspect”. You might just be able to get one of
these sick iStack hats there one day. Yeah, hopefully. Jared? Well, for me, I own an agency and I also own an information technology company, so I get approached by a lot of people who are influencers or they manage influencers or celebrities. So we’re going for the top-down businesses,
people who have a lot of, like I’m partners with the biggest fishing influencer in the world. So we’re gonna launch that really big. And then, basically, if we get approached by someone interesting, and it’s an easy business for us to implement we’ll take equity and then we’ll build it. And then for the information technology side, I have a bunch of students. I have a bunch of people who look at what we’re doing. So we’re building out different technologies to make dropshipping more efficient. Even for ourselves. Like, for The Fishing Shop, it’s like
so inefficient right now. So we’re working on technology to make to even change the stigma in dropshipping. Dropshipping is not just one,
it’s just a business model. So we want to make it easier for people
and that’s something that we’re working on now that hopefully, by the next event, we have we’re ready to share. Very cool. For me, I’m just building an e-commerce business to sell in five years. And I think, whether we sell it or not, I know this probably can apply to everyone starting any top store or business, Whether you sell or not doesn’t matter,
but if you are building something to sell, you have to be professional.
You have to have all your systems in place. You have to have your accounting in order. Everything has to be done right
to be able to sell a company. So if we have that mindset from the start,
it’s gonna force us to do everything right. And then when the time comes,
it’s up to us whether we want to sell it or not. Nice. Well, I wanna thank you guys for coming up here.
I think there’s been a ton of value. Lots of knowledge bombs dropped on this stage, so let’s give our panel a round of applause. More screams! Thanks, guys! Cheers.

Leave a Reply

Your email address will not be published. Required fields are marked *