E381: How Mike is Growing His New Ecommerce BusinessMay 6, 2021 in Ecom-Crew-Podcast
I bought an exciting new ecommerce business last year!
I’ve talked about how that opportunity came about with my business partners, Andrew and Bill, back in Episode 366.
Now, several months into this venture, there’s a bunch of new questions to be answered and a lot more stuff to be explored, all of which I’m happy to share with you guys.
In today’s episode, Dave is back on the show to ask me some of those burning questions:
- Was it wise to have bought the company during the pandemic year?
- What are the top 3 things I’m focusing on to grow the business?
- How am I dealing with the increased cash flow needs as the business grows?
We’ll be talking about all that and much more in this episode. Whether you are looking to buy an ecommerce business yourself or are developing your business to sell it in the near future, this episode definitely has a lot in it for you.
- How we structured this deal and my big role in the company – 5:00
- COVID’s impact on buying or selling ecommerce businesses – 11:14
- Expanding our product catalogue – 13:30
- My development strategy for sourcing from China – 19:56
- Dealing with increased cash flow demands – 21:57
- Managing a standalone warehouse versus moving everything to a 3PL – 24:56
- Boosting website presence and launching a massive content campaign – 35:32
- The value of email marketing to this new business – 44:46
It’s always a fun time having Dave come on the podcast. Be sure to check out all the awesome stuff he’s putting out on the EcomCrew Blog.
If you enjoyed this episode as much as we did, leave us a review over on iTunes. It helps more than you know.
Until the next one, 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.