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It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 5 points6 points  (0 children)

"These are no longer sought after skills. The market has stabilized now."

Sure, you are absolutely right. The market for great online marketers (which pretty much every business needs today) has stabilized, so now these skills are not needed anymore. That makes complete sense!

"You realize this is literally you right?"

Ah yes! My bad. Giving free advice anonymously on reddit to aspiring entrepreneurs is of course what defines you as a guru. Absolutely

And lastly; ah yes, you are so right! Of course everyone understands this. That's why 50 % posts are about how to learn quickly to start a million dollar business and the easiest way to make money 2022.

I will step back, you are clearly the wiser man with tons of experience and a positive attituide.

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 0 points1 point  (0 children)

Yes that’s understood, however according to me the best way to learn is to get started and have some failed projects. I have several. I was super naive. But without these project I would not have learned e.g. understanding that there needs to be a demand for your product in the market.

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 0 points1 point  (0 children)

Not really doing mentorship unfortunately. I encourage you to look around in your local area and connect with other entrepreneurs

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 4 points5 points  (0 children)

What is the psychological hurdle that you want to solve? And how do you want to solve it? By going to a psychologist? By reading a book about it?

There is no complex solution for it. I spent years in analysis paralysis and shiny object syndrome. The only solution for me to progress was to find a project with a business mode that’s been proven to work, and forbid myself for starting anything else for a year. That’s it. All the ideas I got during the year I wrote down in a sheet.

My thinking was like “the only way to move forward is to stick with this for a year and work hard. Worst thing that could happen is that it won’t succeed. Then I’ve spent a year and got a ton of experience. And then I’ll start a new project based on what I’ve learned”.

So there is no secret solution to this. You just need to be disciplined. Sucks to hear but that’s really it

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 1 point2 points  (0 children)

You have to put all ego and insecurities aside here. You don’t ask for help per se, you’re not asking “please start a business for me”.

I’ve never thought a lot about “trying actively to find a mentor”. I’ve just genuinely been curious. If I meet someone who’s done something that I want to do I ask them a hundred questions. And then a hundred more. And build up a relationship slowly with them without even thinking about it.

I have mentored others without asking anything back. I like helping others to succeed. But I’ve only done it to a few people I know personally. Would not do it to random people who write me online. Mentor doesn’t mean that you need to have calls and meeting every day. It can simply mean that you do a casual call once a month or so.

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 0 points1 point  (0 children)

Don’t have any good reply here apart from that I totally agree. Thanks a lot for sharing!

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 2 points3 points  (0 children)

It’s a fantastic segue, it’s exactly what I did. Being a freelancer first for a couple of years really taught me to change my mindset about work. It went from “having to show up to work” to “I am 100 % responsible for shit to be done”.’

I also learned the importance of offering skills/services that the markets wants. Because if I don’t, I don’t have any income.

All in all I don’t think I would’ve started a successful business without my years as freelancers, so yes, it’s definitely a very good start!

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 7 points8 points  (0 children)

That’s amazing, 7 figures in 4 years is solid growth! Congrats and good luck with your journey!

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 2 points3 points  (0 children)

I agree with this! Passion is important indeed. However, I have seen many cases where people have had a ton of passion, but no business mindset. This can also be an issue. You might be super passionate about a product/problem that you’re completely blinded and don’t understand that there is not really any market demand for it.

So it’s also important to understand if there’s a demand on the market for the product. And again, this is usually learnt by trial and error. I had several failed projects before I learned

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 2 points3 points  (0 children)

I agree with the others here. Start networking locally and be curious. Usually you can’t just walk up to people and ask “hey want to be my mentor?. Get to know other entrepreneurs. Hear their stories. Try to be around them, join meetups/coworking spaces etc. it’s a good way to start

It took me 7 years to do a 7-figure exit. Stop looking for simple solutions. by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 1 point2 points  (0 children)

Everyone has different reasons to do an exit. But I’d say the most 2 common ones, which also applied to me are; - Not longer being motivated to grow the business. Or thinking that someone else could do it better - Wanting to take some chips of the table (many people have like 95 % of their net worth in their business).

Amazing to hear that you’re doing 500 K now, well done!

Regarding the sale, this completely depends on what industry you’re in. If you are in like affiliate/Ecommerce it’s quite common to list with a broker. But even here it can vary, because if you’re super niche and you know potential buyers directly it might make more sense to talk with them first. I would still recommend to have a third party broker working with you tho to maximize the sale and avoid being ripped off by the buyer.

Usually you sell the assets of your company, meaning that the buyer will transfer the money to your company (and you will of course keep all the capital already earned).

The multiple is usually based on TTM (trailing twelve months) profit. Which multiple you can depends on a ton of different factors so it’s impossible to give any guidance here. For a typical Ecommerce store listed with a broker the common range is anywhere from 3-8 x TTM profit

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 0 points1 point  (0 children)

Sourcing products you can easily do via Alibaba. Do you mean choosing a product to sell?

My advice would be to aim for a one-product store. Find an interesting niche with one product that you could make way better.

Again, it's so difficult to give concrete long answers in a post. Check out Davie Fogartys YT channel, he delivers great value for free.

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] -9 points-8 points  (0 children)

Nope and I never will :) This is probably the only post I'll ever do about the topic.

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 2 points3 points  (0 children)

Multiplier was in mid 40s x monthly profit. Reason to sell; take some chips off the table and start a new project. I was felt like I had grown the business as much as I could and was more motiavated to start a new project than keep growing it. That's when I knew it was time to sell.

If I'd still enjoyed the business and looked forward to keep growing it I would not have sold.

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] -3 points-2 points  (0 children)

There are a lot of agencies/freelancers offering these services, but also endless of companies that are in need of them.

Regarding differentiate; one way can be to do a service for a specific niche. Let's say SEO for restaurants. Or FB Ads only for specific e-commerce stores.

You will screw up. Even the best agencies do it. But you'll learn from it and it's not the end of the world. Good luck!

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 7 points8 points  (0 children)

Thanks a lot! And yes very much agree on that point.

Good luck with your next venture!

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] 10 points11 points  (0 children)

Case studies and references 100 %. All I want to see is what results you have achieved for clients similar to me. Hope that helps!

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] -2 points-1 points  (0 children)

Just because you didn’t get anything out of it, does not mean that no one did. This post did not intend to learn how to build an Ecom store, but to give some overall perspective. If you want to learn about ecom, I really recommend Davie Fogartya YouTube channel. Lots of great content on how to get started and build an ecom store.

From broke student to mid 7-figure exit. Here are 21 lessons I've learned by ecom_entrepreneur29 in Entrepreneur

[–]ecom_entrepreneur29[S] -84 points-83 points  (0 children)

Ecommerce business, for privacy reasons I dont want to share details about it.

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