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I teach online store owners how to crack the code of eCommerce success for a life of uncapped income, flexibility and fun.
Hi, I'm Jodie
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Learn the 5 Major Online Store Mistakes That Are Costing You Sales.
It has been a while.
A lot has been going on in my world, as I’m sure it has yours, which has kept me away from the microphone and keyboard and having lots of day naps. Excuses, excuses, I know. I’m SORRY!
In this episode, I’m sharing an exciting update with you.
I sold my eCommerce business! And then promptly fell into a complete state of exhaustion and burnout.
Today I talk about both of these things, the good and the bad, with a little oversharing too (sorry in advance).
But this is life as a business owner and I’m not one to sugarcoat things.
Listen to the whole conversation below, or if you don’t care about the burnout stuff, read the overview below covering tips and things to consider when you plan to sell your business. But if you are feeling a little (or a lot) tired, I encourage you to listen to the full conversation.
Selling a business is equal parts scary and exciting, and in this episode, I share with you my experience and tips that might help you when the time’s right to sell your business.
And if you are feeling tired and stressed, perhaps there are a few helpful lessons in today’s episode too.
See you next week!
Flippa – https://flippa.com/
Website Closers – https://www.websiteclosers.com/
Iland co. – https://www.ilandco.com/
Kate Toon – https://www.katetoon.com/
A Podcast episode on Burnout – The Lise & Sarah Show with Chelsea Thomas from I HEART Bargains
My beautiful Kinesiologist – https://www.thebloomcollective.live/
Find out more about working with me here:
Let’s be friends: https://www.instagram.com/iamjodieminto/
Overview of the episode.
Welcome to this episode of Online Store Success, my first for 2023. I’m thrilled to be sharing with you that I’ve officially sold my e-commerce store, iland co., and today I will be sharing the ins and out’s of building a business to sell and the lessons I’ve learned during the process.
I’ve not been shy about the fact that a great deal of my business success is due to Facebook and Instagram ads, specifically learning the skills needed to manage these myself. I’ve managed over half a million dollars of my OWN money over the last 5 years or so, and know a thing or two about ensuring the best bang for my buck with my advertising dollars, especially as a fully self-funded business.
If you would like to upskill your meta-marketing skills, be sure to join the waitlist for the next round of eComm Ads Academy, kicking off after the Easter School holidays, on 24th April. Numbers are strictly limited as this is a done-with-you program where you add me to your Facebook Ads account and I’m your second set of eyes for 10 weeks.
Head over to the show notes to take a look at the program and put your name on the waitlist today.
Ok, today I’m sharing with you my journey of selling my online store that I started from scratch 8+ years ago.
It’s been a rather bumpy journey to get here, and if you listened to previous episodes where I actually made the decision to close my store, before being convinced by business brokers to reopen it to sell (which I did!), it’s been anything but a straight line to get here. Have a listen to episodes 22 and 23 to hear more of the chaotic path that leads me here. Burnout has been an underlying problem for a while now which I will talk more about in upcoming episodes while I continue to recover. It’s a common problem for small business owners who are wearing ALL of the hats, juggling all of the responsibilities and pressures, mostly on their own. Anyway, more on that later.
#1: Profit matters the most when determining your asking price.
#2 After your net profit, Revenue trends and opportunities will affect the multiple you can expect:
#3: Selling your business is a lot of work.
#4: You never know who is waiting in the background ready to buy your business! You will be surprised how many prospective buyers are waiting on the sidelines – from customers to suppliers, your business will be highly desirable to someone that’s already in your circle
In summary, if you are planning on selling your business in the future, it’s wise to prepare now.
Net Profit matters – keep this in mind in the years leading up to listing your business for sale. If that means running a very lean, scrappy business with minimal overheads, do it! It will pay you dividends later in your sale price.
Future growth opportunities are really important. No one wants a business with nowhere else to go. Think about your business’s potential to expand into new markets, countries, and platforms, and include this in your sales deck.
Having a few offers on the table will help drive up your sale price. Consider listing on a platform like Flippa as well as advertising your business to your audience. Just make sure if you sign any contracts with business brokers that you aren’t agreeing to pay them commission even if you sell it privately. I had one business broker I wanted to also list with, but this was part of their contract and I was already in talks with my eventual buyer, and I would have had to pay the broker 10-15% of the sale price despite them not being involved in the deal at all.
Next week I’m sharing the 12 things I’d do very differently in my next eCommerce business. Be sure to subscribe in order to get notified as soon as the episode is live – you don’t want to miss this one!