AS 95: A lot has happened in the last 8 months. And it is just the beginning. (3 years in the trenches)
27 Jun 2018
Since my last podcast, a lot has happened.
It’s been literally almost 8 months since I last podcasted. I’ve gotten emails, like yo, david where have you been? Why aren’t you podcasting.
So I haven’t been ignoring podcasting, or hating it. I’ve just been so deep into the grind building the empire, owning multiple channels, and scaling this business into something much bigger than myself.
In the last 10 months, I’ve yet to tell you what’s been going on. To name a few, I went to China for 3 weeks. That trip was mind blowing, and for those that haven’t taken that jump into outerspace, I say do it. I now have a business visa, and will be attempting to go once a year. The Chineese are the nicest people ever, the atmosphere is so energizing it literally takes all the air out of you. And last of all, I built some of the greatest relationships by being there, from meeting multiple manufacturers, visiting factories, touching products, redesigning with cad engineers, and even meeting Americans, Canadians overseas. The trip was simply mindblowing . And best of all I ate everything, and it didn’t kill me. More on that trip and perhaps a dedicated episode to it.
Besides China, if you’ve been following this podcast, your well acquainted with my journey into physical products, ecommerce. At the moment we are in the process of launching 22 products within the next 1 month or so, of which these products all have bene in development for about 1-2 years. Some are inventions, some are private labels, many have patents connected to it.
This journey hasn’t just been one of launching products, sticking a price to it. It’s been a journey of ups and downs, massive failures in both financially and emotionally. I’ve had my girlfriend of 3 years break up with me, and that shot me into a low for awhile. But with failures and lows, comes highs and successes. The path simply can’t be downward. Especially if your persistent for wins. And in fact the last 10 months have been anything but that.
Since the last episode, I’ve hired two employees which manage a lot of the operations. I’ve also hired two full time virtual assistants, with an army of contractors from freelancer, upwork, fiverr. These contractors are all experts in their field, and I leverage them for their talent, time. The biggest secret here, is we all have the same amount of time as Warren Buffet and Elon Musk. 24 hours. They have no advantage as us in the number of hours they are allocated each day. But how we task out, create standards of procedures, and leverage other peoples time, is one of the true secrets to being on the way to building an empire.
In the last 8 months, my perspective has changed from building multi-million dollar business, to firmly believing it will be a billion dollar business.
I don’t just say this out of pure thin air. I’ve worked it backwards. To build a billion dollar business, you only need to have a business worth of 300 million, because a 300M dollar ebita business will most likely get a 3-4x multiplier….in the event of a sale. And why would one ever sell that. Money is of no importance but a scorecard to keep track of. Our businesses should be built for the customer, and with passion and energy. They should be built with our customers and employees interests first, and our own personal needs second. Anyways to create a 300M business, it requires hard core persistence, this wiliness not to give up, to sell it to others, and a firm belief that it will get there.
In the last 8 months I’ve realized the magnitude of the potential of the world we live in. For those who haven’t experimented, I dare you to. Facebook Ads, Google Ads, Google Shopping Ads, Email Lists, Email list retention, email list sequences combined with how active people are, enticing people with better offers based on how unactive they are when they open your emails. These are all massive opportunities of unlimited revenue, that I’ve recently been experimenting with and having major successes with, and I’m just scratching the surface.
In the last 8 months, I’ve transitioned from having small storage units scattered around town, from running from small easy space units to get inventory for a fba shipment or a wholesale order which took almost all day and all my energy to now owning my a 2500 sqft warehouse.
If you’ve listened to many of my podcasts, you’ll know my obsession with warehouses. I’m really not sure what it is. Maybe the idea of storing all your inventory in one place. Maybe the idea of build rocketships or anything imaginable like in the tv series I watched growing up – called dexters laboratory. Maybe iit’s the fact that knowing all your inventory is sitting here without annoying fba warehousing fees, limits on how much inventory, or limits on the size of inventory.
So finally, I made the jump and acquired a large warehouse where we’ve consolidated a lot of the inventory. In addition there is room for expansion for more warehouses, a key ingredient in scaling this business both on Amazon and everywhere that will have us while keeping our MAP prices (minimum advertised price)
And all of this happened in 8 months. I’m looking forward to the last 8 months. Will update you more in depth on each of these areas sspecifically in future episodes. Till next time kings, keep building
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