RYB 893 (BUSINESS SOLD) 5 Things I Learned After Selling Our E-commerce BRAND

I am fired up to share some pretty big news today! We recently sold the eCommerce business that we have been building for the past three years. I'm going to share the five big take-aways and core elements in building a brand. We just held a virtual workshop called “Email List Building Fasttrack.”

We had over 100 business owners in the workshop and taught them how to create a list from scratch and how they could get over 500 subscribers within 30 days. If you'd like to purchase a recording of the workshop, head over to brandcreators.com/list

The Backstory of Selling 

Our Brand 

We started building the brand over three years ago. From there we started with the idea of creating a few products, content, and an email list. We had a decent suite of products that we sold regularly, had a decent email list, affiliate offers, Adthrive, and content ranking well within Google. 

This all took a lot of time to grow. There isn't anything that you can create today that will start making you money tomorrow, and there is no such thing as an overnight success. You need to have the mindset that you're building something over time and have a direction of where you want to go. 

Throughout the last three years, we were learning, failing, winning, and experiencing a lot of ups and downs throughout the entire process. We eventually decided to sell the business because we took the brand as far as we wanted to go and wanted to focus on other things. Next, we listed our brand with Quietlight brokerage, and within a couple of days, we had eight offers. 

We really wanted our business to thrive after we sold it and made sure that we choose someone who was going to take the time to grow the brand. We picked a buyer and went ahead and got the paperwork started. However, within thirty days, we got the call that the buyer had backed out. This was right around the time when COVID hit the U.S. 

We decided to list it again and did get another offer fairly quickly. It took over five months before we were able to close with the second buyer, but we have officially closed the deal, and I actually was able to meet the new owner. I went over our process, cadence, and messaging. He was blown away at our open and click-through rates. 

My Number One Take Away 

The number one thing I took away from this experience is that we focused down on a specific niche. We honed in on an area of the market, and we really dove deep within that specific niche. As we started to build out our content and grew our email list, we started to introduce more broad topics within the market. 

It's important to start niched down but make sure that you can always come out of that specific niche a bit as you grow. This means that you should make sure you're branding isn't too narrow, so you have room to expand your audience and attach people in other sub-niches. 

Content is Essential to Grow Your Brand 

There are many different forms and ways to create content. From day one, we grew our email list using a giveaway before publishing a single piece of content. We did this because we were still launching products on Amazon and needed a way to spike the algorithm. 

We built out list around our sub-niche before we even had a product available. Once we had our first product ready to launch, we emailed our list using the three email product process techniques. We launched five products, six weeks apart. Each one allowed us to get traction in Amazon and get ranked. 

When we sold the business, we had over 200 pieces of blog content, a Facebook group, and a YouTube channel. Our main focus was writing content for the blog and driving traffic from Pinterest. From there, we repurposed a lot of our content on multiple channels.

Diversify Revenue Streams 

The minute you have 100,000 page views a month, apply for Adthrive. However, keep in mind that you have to work hard to get there. So, I recommend looking into Ezoic ads if you have over 10,000 page views and Mediavine if you have over 50,000 views. 

When you have traffic come to your website, you get paid, so it's great! I also recommend using affiliate programs, physical products, and digital products to bring in revenue. 

We could have created a digital course if we had wanted to put the time and effort into it. Which probably would have been very profitable. However, it just would have taken too much time. The key is to look at your business and decide what your main goals are before deciding how you are going to monetize your business. 

You Need Good Bookkeeping In a Successful Business 

If you're selling physical projects, get a third-party bookkeeper immediately. If you plan to sell your business, you need to make sure that you aren't doing it yourself, so anyone interested in buying the brand knows that the numbers are accurate and allows total transparency. 

Final Takeaway

In order to build a profitable business, it's going to require you to stay focused and committed. If you do those two things, there is a good chance that you will succeed. You will still have tough days, but you need to decide what you're willing to trade for the freedom that you're working towards.

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“Remember, I'm here for you, I believe in you, and I'm rooting for you! Now it's time for you to take action and go rock your brand”! 

Take-Aways From Today's Episode

  1. The Backstory of Selling Our Brand (4:51) 
  2. My Number One Take Away (13:19) 
  3. Content is Essential to Grow Your Brand (17:12)
  4. Diversify Revenue Streams (21:37)
  5. You Need Good Bookkeeping In a Successful Business (25:06)

Links

Quote: 

“In order to build a profitable business, it's going to require you to stay focused and committed”. 

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