How I Started Two 7 Figure Businesses While Working Full Time With 2 Kids

Summary

In this inaugural episode, Steve Chu shares his inspiring journey of building a seven-figure online business while working full-time and raising two kids. He emphasizes the importance of entrepreneurship focused on lifestyle improvement rather than aggressive growth, debunking myths about the necessity for vast capital, extensive technical knowledge, or sacrificing personal life. Steve's story, from a routine job to a successful e-commerce venture, illustrates the feasibility of starting a business with minimal investment and the potential for significant lifestyle enhancement.

Takeaways

• 🚀 The channel focuses on entrepreneurship, particularly in online businesses and e-commerce, with an emphasis on improving lifestyle rather than rapid growth or outside funding.
• 💡 Steve Chu, the channel host, shares his journey from starting a business with $630 to running a seven-figure blog and e-commerce store, highlighting the potential of online ventures.
• 🤰 The catalyst for starting the business was the birth of their first child, which led to a desire for a more flexible lifestyle and financial stability.
• 👗 The niche of selling wedding handkerchiefs was identified through personal experience and a gap in the market, showcasing the importance of finding a unique product offering.
• 📈 Steve and his wife managed to replace her six-figure income within a year through their online store, demonstrating the profitability of a well-executed e-commerce business.
• 🏆 The success of their store led to the creation of additional revenue streams, including a blog, podcast, online course, and annual conference, illustrating the scalability of online businesses.
• 💼 Steve advocates for starting a business while working a full-time job to maintain financial stability and reduce risk, suggesting a gradual approach to entrepreneurship.
• 💼 He also encourages finding a 'cushy' day job to provide more free time and energy to focus on one's own business, challenging the conventional wisdom of job-hopping for growth.
• 💼 The script dispels common myths about starting an online business, such as the need for significant capital, extensive technical knowledge, or a large time commitment.
• 🌟 The ultimate goal of entrepreneurship, as presented, is to achieve a balanced lifestyle where one can earn a substantial income while spending time on personal passions and loved ones.

Q & A

What is the main theme of the YouTube channel mentioned in the script?

The main theme of the YouTube channel is entrepreneurship, with a specific focus on online businesses and e-commerce, aiming to help people improve their lifestyle without consuming their lives.

What was the motivation behind starting the online business discussed in the script?

The motivation was to support the family financially after the wife became pregnant and wanted to quit her job to become a stay-at-home mom, replacing her six-figure income without drastically changing their lifestyle.

How much money was initially invested to start the e-commerce store 'Bumblebee Linens'?

The initial investment to start Bumblebee Linens was $630.

What is the concept of 'drop shipping' as mentioned in the script?

Drop shipping is a business model where the seller takes orders on their online store and has a distributor ship the orders directly to the customer, without holding inventory.

How did the idea of selling wedding handkerchiefs come about for the online store?

The idea came from the personal experience of the wife needing a nice handkerchief for her wedding and not finding any satisfactory options locally, leading them to import handkerchiefs from China and later sell the excess online.

What was the initial reaction to the launch of the online course 'Create a Profitable Online Store'?

Despite launching with zero content, the initial reaction was positive with 35 students enrolling, trusting that content would be provided.

How does the speaker suggest managing the time commitment required to run an online business?

The speaker suggests finding efficiency and adopting a slow and steady mindset, dedicating a little time each day to work on the business.

What is the 'Cellar Summit' and why was it created?

The 'Cellar Summit' is an annual e-commerce conference created to provide a networking opportunity for the community, with a focus on strategy and action-oriented sessions, rather than for profit.

What are some of the common myths about starting an online business that the speaker aims to dispel?

Some myths include the need to start the next big company, the necessity for significant funding, the requirement for extensive technical knowledge, and the belief that it's too time-consuming to manage.

What advice does the speaker give regarding starting a business while working a full-time job?

The speaker advises starting a business on the side while maintaining a full-time job for stability, using the free time that would otherwise be spent on a new job to work on one's own business.