Confessions of a Business Maverick: 5 Lessons from Selling My First Ecommerce Business and How I would Do It Today With a New Business
In 2019 after 3 grueling years of starting building and scaling my first business, The Dapper Dog Box, I sold it. I learned a TON from that 3 years in business but if I was starting over today, here is what I would do.
1. Profit is Queen 👑
When it comes to selling your baby – I mean, business – profit is the VIP guest at the party. Your potential buyer is all about that money, honey. So, from day one, be a financial wizard. Maximize profits by choosing products smarter than your ex, and ask yourself the tough questions: "Can I make more cash money from this? Is it scalable? Can I buy that private island if this takes off?"
2. Play the Long Game 🚀
Starting a business without the end goal of selling it? Darling, that's so last season. Treat it like a fabulous journey from day one. Forget the hobby mindset; we're here to make money moves. Get ready to sashay your way to success with a strategic plan that screams, "I'm not here to play; I'm here to slay!"
3. Product Perfection 💄
In the world of e-commerce, your product is your runway showstopper. Think high margins, think small and refillable. Choose a product that's not just a purchase but a subscription – hello, recurring revenue! Make it something people love, like a hobby. And darling, focus on one hero product; we're not here for an ensemble cast just yet.
4. Money Talks 💸
From day one, let's talk money. QuickBooks is your new BFF, and Profit First is your bible. Don't be afraid of expenses; just be aware of them. Pay yourself, even if it's just enough for a fabulous latte. Your business is not a hobby; it's a queen's empire.
5. Marketing Extravaganza 🌟
Get ready to make some noise, darling! From Google to TikTok, become a marketing maven. Blog like your life depends on it, optimize that SEO like it's a beauty pageant, and make friends with YouTubers who do unboxings. Share your story, show your face, and take your audience on a journey. Think big, market bigger!
Bonus Tip: Find Your Business Fairy Godparent 🧚♀️
Invest in yourself, darling! Google can't do it all. Find a mentor who's been there, done that, and is swimming in success. Surround yourself with business-savvy friends, not Aunt Mildred who thinks e-commerce is a type of cereal.
PS: I Sold My Baby (Business) in 2019 👸
Consider it my greatest achievement. Share the wisdom with someone who needs it. Because, darling, success is better when it's shared. 💜✨