How to Build an Ecommerce Business in 2024 [FROM $0-$1M]
Summary
TLDRThe video script outlines a step-by-step guide on building a successful high-ticket e-commerce brand, emphasizing the potential for substantial financial gains. It suggests starting with identifying a winning product, preferably with a cost over $5,000, and leveraging AI and technology advancements to enhance the customer experience. The speaker shares personal success with a $6 million drop-shipping store and offers strategies for finding suppliers, building a website, optimizing for user interaction, and running targeted ads. The script also covers the importance of understanding customer intent and delivering results, providing real-world examples such as gym equipment sales. Finally, it discusses scaling the business through increased ad spend or product range expansion, and the potential for a lucrative exit strategy. The speaker invites viewers to book a call for personalized assistance in starting their e-commerce journey.
Takeaways
- 💼 Building a multi-million dollar e-commerce brand is achievable and can significantly change one's financial future.
- 🚀 Success stories like Kill Cliff and Represent Clothing demonstrate that selling low-ticket products can lead to substantial exits.
- 🛒 The rise of technology and AI presents an opportunity for high-ticket e-commerce, where customers can virtually experience products before purchasing.
- 🔍 Identifying a winning product is the first step, which can be done by observing everyday life and using tools like Google Shopping to find successful stores.
- 📈 Analyzing trends with Google Trends is crucial to ensure the product or market is growing or at least stable, rather than declining.
- 🔗 Finding suppliers is simplified by visiting Google Shopping, identifying relevant stores, and using tools like Shop Hunter or Koala Inspector to estimate sales.
- 🛍️ Building a website quickly is possible with platforms like Shopify and tools like Repio, which allow for rapid site creation and cloning successful designs.
- 🎯 Running ads effectively involves targeting the bottom of the sales funnel, focusing on high-intent search terms to attract customers ready to buy.
- 📊 Utilizing tools like Lucky Orange can provide insights into user behavior on your website, allowing for optimizations that improve the shopping experience.
- 📈 Scaling a high-ticket e-commerce business involves increasing ad spend or broadening product selection, and doing more of what's already working.
- 📊 To achieve a profitable exit, focus on consistent profitability, as e-commerce stores often sell at a multiple of their annual profit.
Q & A
What is the potential of building a multi-million dollar e-commerce brand according to the speaker?
-The speaker suggests that building a multi-million dollar e-commerce brand is not as complicated as one might think and could potentially replace or even triple a 9 to 5 income.
What is the common factor among the successful e-commerce brands mentioned in the script?
-The common factor among the successful e-commerce brands mentioned is that they usually sell low ticket products which are under a couple of hundred dollars.
How does the speaker view the future of high ticket e-commerce?
-The speaker believes that with the advancement of technology and AI, high ticket e-commerce, selling items for thousands of dollars online, represents an incredible opportunity and predicts that high ticket direct to consumer e-commerce brands will explode in the next 3 to 5 years.
What is the speaker's personal achievement in the high ticket drop shipping store?
-The speaker has personally built their own high ticket drop shipping store to over $6 million in sales in under 2 years.
What is the first step the speaker recommends for building a successful e-commerce store?
-The first step recommended by the speaker is picking a product, which can be done by using tools like chbt or by keeping an eye out for high ticket items in everyday life.
How can one find out the monthly sales of a store using a tool like Shop Hunter?
-One can find out the monthly sales of a store by typing 'buy [product] online' into Google Shopping, finding a store with a product type in the name, taking that store's URL, and plugging it into a tool like Shop Hunter or Koala Inspector.
What is the importance of checking the overall trend of a product before investing in it?
-Checking the overall trend is important to determine if the market is growing, stable, or declining. It helps in identifying if there is increasing demand over time, which is crucial for a successful e-commerce venture.
What is the process of finding suppliers for a high ticket e-commerce store as described in the script?
-The process involves going to Google Shopping, typing in the product, finding stores with the product type in the name, locating a section that says 'Brands', and compiling a list of all brands into a Google spreadsheet.
How can one quickly build a website for their e-commerce store?
-One can quickly build a website using tools like Shopify, which offers fill-in-the-blank website templates, or by using services like Repio, which allows mirroring of multi-million dollar brands in seconds.
What is the strategy for running ads when selling high ticket items online?
-The strategy involves targeting people at the bottom of the funnel who are most ready to buy, using specific search terms related to the product, and focusing on platforms like Google and Bing where one can target people searching for specific terms.
What are some alternative methods to paid ads for selling high ticket items?
-Alternative methods include direct outreach to potential customers, such as sending offers to gyms to increase their membership prices by offering massage chairs, and leveraging case studies and comparative advantages.
How can one scale their e-commerce business according to the script?
-Scaling can be done by doing more of what's already working, which could mean increasing ad spend on the same products (vertical scaling) or broadening the product selection (horizontal scaling), and increasing outreach efforts.
What is the financial goal the speaker suggests for those looking to sell their e-commerce store?
-The speaker suggests aiming for a take-home profit of $250,000 per year, which would allow the store to be sold for a million dollars at a 4X multiple per year.
What is the speaker's final call to action for viewers interested in building their own e-commerce store?
-The speaker encourages viewers to book a call with him and his team to work directly on building their first e-commerce store, offering help to those who are action takers.
Outlines
💼 Building a High-Ticket E-Commerce Brand
The first paragraph introduces the concept of e-commerce and drop shipping, emphasizing the potential to build a multi-million dollar brand. It discusses the commonality among successful brands, which is the sale of low-ticket products, and proposes that high-ticket e-commerce is a significant opportunity due to advancements in technology and AI. The speaker shares their experience of building a high-ticket drop shipping store to over $6 million in sales within two years and outlines the steps to achieve this, starting with picking a product and using tools like Google Shopping and Shop Hunter to find successful stores and assess market trends.
🎯 Targeting High-Intent Customers with Ads
The second paragraph delves into the strategy for selling high-ticket items online. It explains the importance of targeting customers at the bottom of the sales funnel who are ready to buy, using search terms that indicate high buying intent. The speaker discusses the advantages of using search engines like Google and Bing for targeting specific search terms and contrasts this with platforms like Facebook and TikTok that target audiences. The paragraph also explores alternative sales methods, such as direct outreach to potential customers, leveraging email campaigns, and building case studies to demonstrate the value of the product. It concludes with strategies for scaling the business, either by increasing ad spend on existing products or expanding the product line.
🚀 Taking Action and Scaling for Success
The third paragraph serves as a call to action, acknowledging that many viewers may not follow through with the strategies discussed. It encourages action takers and highlights the speaker's and their team's success in helping over 150 people make their first $1,000 online. The speaker offers a direct line of communication for those interested in building an e-commerce store, providing a link to book a call. The paragraph ends with a thank you note, an encouragement for viewers to like and subscribe, and a teaser for the next video.
Mindmap
Keywords
💡E-commerce
💡Drop Shipping
💡High Ticket Products
💡Direct to Consumer (D2C)
💡Exit Strategy
💡Google Shopping
💡Google Trends
💡Shopify
💡Paid Ads
💡Scaling
💡Outreach
Highlights
Building a multi-million dollar e-commerce brand is achievable and simpler than perceived.
Success in e-commerce can be achieved by finding a winning product and building a store to replace or exceed a traditional income.
E-commerce brands like Kill Crew and Represent have grown by selling low ticket products, indicating a market opportunity for high ticket items.
Advancements in technology and AI present an opportunity for high ticket e-commerce, allowing customers to experience products virtually before purchase.
A prediction that high ticket direct to consumer e-commerce brands selling items over $1,000 will see significant growth in the next 3 to 5 years.
The speaker has personally built a high ticket drop shipping store to over $6 million in sales in under 2 years.
A step-by-step guide is provided on building a multi-million dollar high ticket drop shipping store.
Product selection is crucial and can be aided by using tools like chbt for high ticket drop shipping product ideas.
Observing everyday life for high ticket product ideas, such as gym equipment or park benches, is recommended.
Using Google Shopping and tools like Shop Hunter or Koala Inspector can provide insights into a store's monthly sales.
Checking overall market trends with Google Trends is essential to identify growing, stable, or declining markets.
Finding suppliers involves researching brands on successful stores and compiling them into a spreadsheet.
Building a website is simplified with tools like Shopify and Repo, allowing for quick website creation and mirroring of successful brands.
Optimizing website interactions using tools like Lucky Orange provides insights for improvement.
Targeting the right audience with paid ads, focusing on those at the bottom of the sales funnel, is crucial for high ticket items.
Alternative sales strategies include direct outreach to potential customers, like gym owners, with tailored offers.
Scaling a business involves increasing ad spend or broadening the product selection.
Outreach can be scaled by increasing the volume of emails or calls, based on proven conversion rates.
A clear explanation of how to achieve a profitable exit by selling a store, based on multiples of annual profit.
A call to action for viewers to book a call with the speaker's team for direct assistance in building an e-commerce store.
Transcripts
I'm sure all of you have heard about
e-commerce and Drop Shipping before and
I'm sure you all see these people
building million-dollar Brands and
exiting and selling their brands for
millions of dollars and the truth is
building a multi-million dollar
e-commerce brand is not as complicated
as you might think and really you are
only one winning product away to
building a store to the point where it
can replace or even double or triple
your 9 to-5 income and you are
definitely only one exit from completely
changing your financial future forever
and over the last few years there's been
a whole bunch of e-commerce Brands blw
up you have kill crew with colti and
Marco you have represent CL with George
Heaton and the one thing that's in
common with all these Brands is they
usually sell low ticket products which
are under a couple hundred and in my
opinion with the advancement of
technology in AI High ticket e-commerce
and selling items for thousands of
dollars online represents an absolutely
incredible opportunity and the reason
for that is in the past when you're
selling things online it's usually just
like impulse purchases but now with
technology let's say if I'm buying a
fireplace there's Ops where I can scan a
QR code and I can see what the fireplace
will literally look like in my living
room as technology and AI advances
you'll be able to actually experience
the product for yourself before actually
making the buying decision in the next 3
to 5 years we're going to see more and
more High ticket direct to Consumer
e-commerce Brands explode that are
selling items primarily over $1,000 I've
personally built my own high ticket Drop
Shipping Store to over $6 million in
sales in under 2 years and in this video
I'm going to explain to you step by
literal step how you can build a
multi-million dollar High to A Drop
Shipping Store that you could eventually
exit for a lifechanging amount of money
step number one is picking a product so
there's all sorts of things you can do
to get product ideas number one is you
can use chbt you could just type in for
example tell me a list of high ticket
Drop Shipping products that cost over
$5,000 that's kind of the cheat code way
to do it what I would recommend is just
when you're around living your
day-to-day life keep your eyes open like
whether you're at the gym you could see
treadmills workout equipment if you're
at the park you could see benches
playground equipment there's all sorts
of these items that cost thousands and
thousands of dollars all around you so
then once you get some ideas what you
want to do is you want want to put them
in Google shopping so you would want to
type for example buy electric guitar
online and then what you want to do is
when you scroll down to the bottom left
you'll see a section that says Sellers
and you want to find a store that has a
product type in the name so if I was
selling guitars I would want to find a
store that had guitar in the name and
then you want to take that store's URL
and you want to plug it into a tool like
shop hunter or like koala inspector
they'll give you a rough idea of how
many sales that store is doing per month
so once we found some successful stores
the next thing we want to do before we
move on to step two is we want to just
check the overall Trend so if you go to
Google Trends and you type in something
like electric guitar or electric
fireplace you can see the overall trend
over time so if you look on a 5year time
span in the market you're selling in you
would be able to see over time is this a
growing Market is this a stable Market
or is this a declining market so
obviously we want to find markets with
an increasing demand Trend over time
which means the market is growing so we
will be able to play as we start our
store a bigger presence in this growing
market and if we have these two things
number one a product that we can sell
for over a $ few th000 number two has
lots of demand and ideally is even been
increasing over time that is going to be
an excellent product idea and once we
have that we're ready to move on to step
two which is finding suppliers and
finding suppliers is very very simple if
we're doing electric fireplaces we would
go to Google shopping and we would type
in buy electric fireplace online and
then what you want to do is you want to
go to the same stores you found before
so any store that has electric
fireplaces in the store name and then on
their website you want to find a section
that says Brands you want to make a
Google spreadsheet and you want to put
all these Brands inside the spreadsheet
and you want to do this for all the
electric fireplace stores you can find
so you have a complete full list of all
the electric firl suppliers so then once
we've picked a winning product once we
have winning suppliers step number three
is building our website and guys there's
tools now like with Shopify they have
fill-in-the blank website templates that
you can literally build a respectable
nice looking website within a couple of
hours and if you want to do it even
faster there's tools like repo they have
a collection of all the best Shopify
brands on their website and they will
allow you to mirror multi-million dollar
brands in seconds another thing you can
do is when you have this list of
suppliers from step 2 when you reach out
and start closing them so let's say I
closed modern Flames they've agreed to
work with me they're going to let me
sell their stuff stuff on my website
then what I could do is I could go to a
existing website like electric
fireplaces Depot that currently has
modern flames on their store and what I
can do is I can just put electric
fireplace Depot so I can copy and paste
that URL and I can put it into the tool
like shop I scraper and it will allow me
to export their whole product list onto
my store pictures descriptions
everything will be literally copied to
my store in the snap of the fingers all
you have to do is you still have to go
to chat gbt and change the words around
so you're not going to get caught
plagiarizing and get your site taken
down and the biggest thing when you're
launching your store is you want to go
for Speed over per action so you could
hypothetically spend months and months
making the perfect website but there's
going to be nobody going to it because
you haven't moved on to the next step
which is ADS so I recommend when you're
launching just focus on speed so once
you actually start closing suppliers it
shouldn't take you much more than a week
Max to actually go live with your store
once you have visitors going on your
site you use tools like lucky orange or
you can actually see how people are
interacting with your website and you
can make optimizations and changes that
take into account how they're acting so
for example if you see someone clicking
trying to view product images but the
image won't blow up so they can scroll
then you would want to make that future
available on your store there's all
sorts of insight you can gain just by
watching how people interact number four
now we want to start to run ads so when
we're selling High ticket items that
cost thousands and thousands of dollars
it's very important that we target
bottle of funnel people when you're
swing something online you can imagine
everybody in a funnel let's say if
you're sell grills someone at the top of
the funnel would be searching for the
term Grill they don't know what brand
they want they don't know exactly what
Grill they want they just know they want
a grill someone here would be searching
for an Alfresco Grill Alfresco is a
specific brand of Grill so the person
not only knows they want a grill they
know they want an Alfresco Grill and
then at the very bottom of the funnel
you would have people searching for
Alfresco 32-in Grill in Black so not
only do they know they want a grill they
know they want an Alfresco Grill they
know they want a 32in Alfresco Grill
that's black so the person at the bottom
of the funnel is most ready to buy
compared to everybody else they've
already largely made up their mind for
exactly what they want so if we had
partnered with al fresco to sell their
grills we would want to Target this
person at the bottom of the funnel
because they're most ready to buy and
that's going to be our most profitable
type of customer now it's not always
going to be branded Search terms for
example if someone someone was searching
a term like high-end 32in Grill in black
for sale that is still a very high
buying intent term that we would want to
Target at the bottom and when you're
advertising on platforms like Facebook
and Tik Tok you're targeting audiences
so you're saying like I want to Target
18 to 50 year olds who live in this
place who have this interest now the
advantage of Google and Bing is their
search engines so we can actually Target
people searching for specific Search
terms and that is a huge Advantage when
we're selling these products that cost
thousands and thousands of dollars now
paid ads is not the only way that you
can sell products let's say if I'm
selling mage chairs what I would
probably do I would go on Apollo and I
would find all the gyms in the US and I
would download all the decision makers
emails from people who work at those
gyms like CEOs Founders marketing
directors then what I would do is I
would send them offers hey want to boost
your monthly membership price by 25%
consider outing massage shairs to your
gym and then ideally over time you build
case studies so you can send these
offers on email you can also call them
so like let's say if you're targeting
gyms in Chicago and you find a gym that
does have massage chairs what you can do
is you can figure out how much that gym
who has massage shairs charges per month
so let's say they charge $59 per month
for their gym what you would want to do
is you would want to find another gym in
Chicago who doesn't have massage shares
and they're probably going to charge
less so let's say if they're charging
$29 per month you could then call them
and say hey your competitor over here is
charging $59 per month because they have
these other services for their customers
I'll make you a one-time offer that we
will come set up a massage chair in your
gym and if you don't see an increase in
memberships or you're not able to
increase your membership price at a
stable membership growth rate you can
return the chair and we'll refund you in
full and most likely when gyms can start
offering different services to their
customers then more people are going to
want to go there cuz they'll have more
stuff they can use in their marketing
materials or lastly you can find
Facebook groups so you could go on a gym
owner's Facebook group and then you
could say Has anyone used like massage
chairs to increase their membership
price or any other complimentary
services that you guys have used to
boost your membership rate or boost how
much you can charge and then they might
say something like massage shares to you
but they might say something else like
oh yeah we added this red light therapy
or we added a sauna or any other ideas
that these other gym owners have used to
increase what they can charge per month
and then you can then offer those
products to them people don't buy
products they buy results so if if a gym
owner is buying a massage chair they're
not buying a massage chair they're
buying the ability to increase their
membership price so you have to ask what
result can I deliver my dream customer
and then you have to solve that result
for them with your product and with your
offer so instead of just saying hey do
you want a massage chair it's like hey
do you want to increase your membership
rate by $20 per month by using this
massage chair then once you have that
it's very easy to find your target
customer and make them a good offer
because you're very very clear about
exactly who they are and what they need
and step number five is scaling all you
need to do to scale is do more of what's
already working so if you're running
paid ads you can scale two ways
vertically which is essentially means
scaling your ad spend spending more
money on the same products so you can
make more sales of the same products
that are already working or you can
scale horizontally which means
broadening your product selection it
could be bringing on new massage chair
brands it could be bringing on new
products instead of just massage chairs
maybe you start selling massage beds so
in both situations your advertising
spend is going up in one situation
you're spending more on the same
products in the other situation you're
spending more across numerous products
on the scaling side of things on hold
Outreach you just have to do more of
what's working so let's say for every
2,000 emails you send you get two people
to buy your massage chair so all you
have to do to scale 10x is send 20,000
emails and there's a book called
predictable Revenue that's literally
about this that often times the only
thing to scaling is doing more of what's
already working obviously your business
is going to get more complex because
maybe you're going to have to have more
people to make the calls you're going to
have more people to manage but
ultimately if you know for certain that
every thousand emails you send or every
thousand phone calls you make you're
going to make two sales if you keep
everything the same and the quality of
the customer you're reaching out to is
the same and there's thousands of gyms
in the US then logically speaking the
result should be 10x if you simply do 10
times more of what already got you there
let's say your goal is to exit and sell
your store for a million most e-commerce
stores sell at a 4X multiple per year so
that means if you wanted to sell your
store for a million you would have to be
doing 250,000 take-home profit per year
$250,000 profit per year is about
$25,000 profit per month so guys if
you're selling products where you can
make a $1,000 profit per sale you only
need to sell two products every 3 days
if you can sell two products every 3
days for $1,000 profit that means out of
the 20 out of the 30 days in a month
you're selling one for $1,000 profit
that ends up being $20,000 per month if
you're doing 20,000 per month you're
doing 240,000 per year and you can sell
that store for roughly a million dollar
but we all know the truth most people
watching this video are probably just
going to watch this flick to the next
video and never actually take action on
this but for those of you who are
listening who are the action takers for
those of you who do want to make a
change me and my team have helped over
$150 people make their first ,000 online
so if you're interested in working
directly with me and my team on building
your first ever ecommer store I'll put
the link below in this video that you
can book a call to speak directly with
us thank you for watching this video if
you took any value from it would greatly
appreciate if you could like it and
subscribe and I'll see you guys on the
next one
cheers
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