E150: Rebuilding a Million Dollar Company – 12 Month UpdateMay 31, 2018 in Ecom-Crew-Podcast
Last year Dave set out on a goal to rebuild another million dollar company in a span of one year. It has been a little more than 12 months since he set out with that goal, and today we have him on the podcast to talk about his results. Did he make it to that $1 million mark? Let’s find out!
But first, here’s a bit of a backstory. In October 2016 Dave sold his first ecommerce company, which was doing just under $2 million in revenue per year. He had a number of reasons for selling his company but one of them was that he felt it would be easier to recreate a million dollar company using the knowledge he’s gained running his first company over the past few years. He detailed his year-long journey building his second company in a blog post series you’ll find here.
In today’s episode Dave and I talk about his journey, and whether he was successful in rebuilding a million dollar company or not. We also talk about the challenges he encountered along the way, and what his plans are moving forward.
Some conversation points:
- How profit margins differ significantly during the first months of product development
- How much money a physical products business should devote to inventory
- Risk aversion
- His bad luck getting caught up in the effects of China’s first big snowstorm in years
- How big he wants his business to grow
Whether Dave succeeded in his goal or not, what he accomplished within 12 months is nothing short of amazing. It’s a great example for those just starting in ecommerce, whether they want to reach $1 million in revenue within a year or not.
Part 1: Rebuilding a $1million Ecommerce and Importing Business from Scratch
Part 2 – Rebuilding a $1m Ecommerce Business – Finding Products and Suppliers
PART 3 – REBUILDING A $1M ECOMMERCE BUSINESS First 60 Day Results
Part 4- Rebuilding a $1m Ecommerce Business – 6 Month Results
Million Dollar Update – 12 Month Update
Thanks for listening! If you have any questions about this episode, feel free to leave them below.
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Until the next episode, happy selling!
Michael started his first business when he was 18 and is a serial entrepreneur. He got his start in the online world way back in 2004 as an affiliate marketer. From there he grew as an SEO expert and has transitioned into ecommerce, running several sites that bring in a total of 7-figures of revenue each year.