78/100 campaigns launched
PRODUCT COST: $3,380
FB COST: $1,653.64
TOTAL REVENUE: $6,049.25
TOTAL PROFIT/LOSS: +$1,015.61, (Including Testing Costs)
TOTAL PROFIT/LOSS: +$1,551.03, (Not Including Testing Costs)
So basically we've done over $1k profit yay!
Had my biggest day during this challenge a few days back,
Crazy to think this came from just a $30 FaceBook Spend!
Exit Plan is Core
One of the best things about operating a business is having the ability to sell it.
Operating a business is like being a fireman on duty everyday. You're putting out fires and solving all these problems that come up that threaten the livelihood of your business.
It's a struggle if you don't incorporate the right process but what I've noticed is that experienced business people get into business with the idea of growing it to as big as they can get and cashing out on the sale.
They know this struggle is temporary and what motivates them to grow revenue month after month isn't the extra money they'll be making but how much the worth of the business has grown so it becomes even more of a juicy takeover.
We're entrepreneurs at the end of the day and we love creating new things.
Every business will get boring once it just becomes a process of repetition and almost every entrepreneur will want to move on to something else after 2-3 years of working on a project.
Imagine you have a $30k/m ecommerce business. You profit about $4-6k/m.
It takes 4-6 hours of your day to run this thing.
A lot of ordering, dealing with customers, crappy negative ROI months, dealing with employees, site is down, etc.
But after you run it for 2-3 years, you sell it for a sweet $200k
That's $200 you have to start a new business. You're smarter and wiser and should have a better chance at building something better so you do it again, this time your business is worth $1M
Wooo $1M in the bank from the sale, start another business.
That's the usual business life of a true entrepreneur. Build, manage and sell once your motivation drops.
Full Store Details
The reason I touched on the above is because below are the stats for my niche store running for about 2-3 months.
Store 1 has done about $17k in sales over the last 4 months. I've only launched about 120 campaigns in this niche. If I were to launch 1000-2000 campaigns like I did with Teespring, I'm sure it will go over $100k in revenue.
If I can keep this up for about 12-18 months, it will be in a great position to sell.
A $100k+ Revenue business.
This is the awesome thing about drop shipping/shopify, you can cash out by selling it to someone.
The idea here is to increase organic traffic flow to the business so it's mainly on autopilot.
Next Challenge Ideas?
What's the next challenge you guys would like to see?
I've been hearing a lot about Instagram so am thinking of doing a 50 paid posts challenge where I ONLY use Instagram to market my ecommerce products.
It'll be really interesting as there's a lot of hidden gems and not much is shared about Instagram.
Let's see, we're still 20 campaigns away from our next challenge.
Get Serious About Shopify & Teespring