E327: 10 Lessons in Running a Successful Ecommerce Business from 7-Figure SellersAugust 10, 2020 in Ecom-Crew-Podcast
In the course of building a business, it is fairly common for entrepreneurs to make mistakes along the way.
If you learn from them, it can still be considered a win, but you don’t always have to make the mistakes yourself to be able to learn from them.
In this episode, our returning guest Gary Huang shares the 10 things he learned after interviewing more than a dozen 7-figure sellers.
Gary has worked with some of the industry’s leaders in building successful ecommerce brands. He is the founder and host of Seven Figure Seller Summit, an online event that helps ecommerce companies level up their businesses to that 7 Figure Checkpoint.
He’s also founded 80/20 Sourcing, which assists entrepreneurs in sourcing their products from China efficiently and cost-effectively, so Gary’s definitely got some experience under his belt.
In this episode, Gary talks about:
- How 7 figure sellers get around excuses
- Using tools outside of Amazon to find profitable products
- Applying the 80/20 rule to increase profits without sacrificing the important things
- Building a superstar team
- Building a brand the white hat way
- Avoiding the idiot tax
- Using metrics to know what works and what doesn’t
- Split testing ideas
- The importance of focusing on profits, not revenues
- Being smart about your business to increase your selling multiple
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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.