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Niche Pursuits Business Report for September 2017

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Niche Pursuits Business Report for September 2017

As usual, I'd like to share some of the latest happenings in my business as a way to keep you up to date and as a way for me to reflect.

Overall September was a good month!  The biggest news is that the Niche Site + Amazon FBA business that I listed on Empire Flippers has sold!  I'll share a few more details on that below.

Before I jump straight into the “business”, I'd like to share a personal goal of mine outside of business.  I've mentioned a few times that I'm a runner.  I've now run several marathons and have always dreamed of one day running the Boston Marathon.

Well, last month I qualified for the Boston Marathon in a time of 3:12:29!  I won't go into too many details, but I was absolutely elated to achieve this goal and look forward to running in Boston next April.

I also got accepted by a charitable organization to represent them at the Boston Marathon. As a result, I'm raising funds for this charity as I train.  I don't expect you to donate, but I wouldn't get angry if you did.  You can see more of my details here on the Boston Marathon donation page here.

Here's a picture from my race last month:

 

Selling a Business on Empire Flippers

I'll provide just a brief recap on my site being sold because the deal hasn't technically closed yet (no funds have been transferred).

I don't remember the exact date date that the listing went live on Empire Flippers; however, I know that it sold faster than I expected.  It took roughly a month and a half for the business to sell.

You can see the site listing right here.

Leading up to selling the site, I did a “seller interview” where I talk about how I built the business and why I'm selling it.  If you'd like to listen to that interview, you can watch the Youtube video below.

I'll be honest, that I struggled alot whether to sell the business or not right up until the very end.  Giving up a six figure a year income stream is not easy.  However, I also believe I can do a lot with the funds and focus on other businesses as well.

You can see where I weighed all the pros and cons of selling the business here.

Overall, the new buyer is in the process of transferring the assets.  Once Empire Flippers is satisfied with everything, the initial payment will take place.

Here were the terms of the deal:

  • About 42%  paid in cash on close
  • 35% cash after 90 days
  • Final 23% paid with 30% of net earnings each month; balloon payment if not paid after 2 years.

An ideal payment would be 100% up front, but I'm still happy with the terms of the deal because I'm confident in the business.

Partnering with Brand Builders

Over the past few months, you may have noticed a couple of emails from me about Brand Builders. I've promoted Brand Builders as an affiliate and each time I send out an email, the response is tremendous.

The pre-built affiliate sites typically sell out in a couple of hours.  As a result, Jon Haver (one of the Brand Builder's owners) and I starting discussing how I could get more involved in the business.

After several calls, I made the decision that I wanted to be an owner in the business and not just an affiliate.  Brand Builders is a great business with a rapidly growing reputation as the go-to place for buying a brand new site.

As of Oct. 1st, I am now officially a part owner of Brand Builders.  I won't go into all the details, but I did have to buy into the business (at a very favorable rate) to become an owner.

I am not a majority owner and am not involved in the day to day operations of the business.  However, as I have ideas for how Brand Builders can continue to grow and expand it's influence…those ideas now have more weight.

I've already discussed with the team at Brand Builders how I'd like to see some higher quality offerings with some more premium features for my audience when it comes to pre-built niche sites.  

Overall, I'm happy to announce that I am a part-owner of Brand Builders and I'm excited to see what the future brings in that business.

Table Labs Software Launch

Another big development last month is that I launched Table Labs, a software tool to help you easily create beautiful product comparison tables.

While new buyers of the software love the tool, I did not get as many buyers as expected.  I set a goal for how many people I thought would take me up on the offer, but I didn't hit that goal.

However, I still believe that Table Labs will become the defacto tool to build Amazon product comparison tables.  It's an awesome piece of software and we are making some adjustments based on customer feedback.

I also know that a monthly subscription is a big reason that more people didn't buy, so I'm figuring out how I can come up with a different offer.  

In the meantime, I'm very happy with the software itself as it turned out AMAZING!  

Fitness Brand

Even though I'm no longer sharing income numbers, I do want to provide a quick re-cap on a couple of brands.

I have a brand in the fitness space selling products on Amazon…and a website that does pretty well in Google.  The biggest update for this brand, I already shared in my previous blog post here.  

In a nutshell, I launched a product on Kickstarter and it didn't go very well.  But I then launched that same product on Amazon and it's turned into roughly an extra $1,000+ extra in net income.  Not bad for a product that appeared nobody wanted on Kickstarter.

For this fitness brand, we also have a couple of existing products that have really started to take off.  We've been selling these products for about a year now.  Our top selling product more than tripled in net income from August to September.  I believe part of that is seasonal, but part of it is also just the slow growth and strength of listing over the past 12 months.

That one product did about $2,900 in net income (not gross income).

I'm really excited about this brand as I plan to try some more social media and paid traffic strategies with my own funnels outside of Amazon.  I'm really just strategizing a plan at this point, so hopefully I'll have something concrete to share in October.

Music Brand

As you may recall, for this brand we recently attended a trade show in Nashville, TN and have started to try and get this product into retail.

In the past month, we've been able to get into a few retail stores!  These are all small boutique shops that won't drive a ton of volume, but we are just happy to be on the shelves!

Most of these sales have come from a group of sales reps that we are working with.  They get paid a commission when they get our product into retailers.

Overall sales of this business were actually down a little bit in September as online sales slowed.  However, I'm optimistic for October.

Your Thoughts

Overall, September has been an eventful month.  I sold a business, I launched a new software business, I bought into a business, and I continued to try and grow a couple of other brands.  Oh yeah, and I tried to publish a couple of blog posts here on NichePursuits.com!

How did your September go?  Did you have any wins or losses that you would like to share?  Leave a comment below.

Yes! I Love to Learn

Want to learn step-by-step how I built my Niche Site Empire up to a full-time income?

28 Comments for this Post

  1. Sohel

    Sohel

    So fantastic! Everyone time I wait for your content. I really get inspired to work more when I just hear your success..
    Thanks you so much!

    Reply
  2. Agnes

    Agnes

    Hi Spencers. Missed the selfie….
    Congratulations on selling your business and participation in the Boston marathon. I always feel encouraged when I read your monthly business report. I am sure one day I will make it online.
    Cheers

    Reply
    • Spencer Haws

      Spencer Haws

      Thanks Agnes…I just counted the marathon picture as my “selfie”…haha :).

      Reply
  3. Muhammad Ismail

    Muhammad Ismail

    Hey Spencer
    congratulation for selling your business so quickly. about the plugin table lab I again congratulation you.. yes you are right.. the reason of why people are not buying it high recurring cost with 20 tables in 1st page.

    I would suggest you lower the price and charge yearly like 20-30 dollars .. that will increase the sales and you will get quantity sales as the quality is note out already there.

    i hope you will soon announce a licenece key like wp rocket. (I am Serious 😉 )

    Reply
  4. Alan

    Alan

    Glad to see all the activity.

    One question about your physical product brands that you are selling on Amazon.

    Do you use multiple seller accounts on Amazon or keep it all under 1 sellers account.

    If you use multiple sellers accounts have you ever had any issues with Amazon trying to shut down your accounts because you had multiple accounts open.

    And if you only use one sellers account for all of your brands have you found that it makes it weird for the seller to view your products when you sell fitness items, bed/bath items, Etc.

    Thanks for the updates

    Reply
    • Spencer Haws

      Spencer Haws

      I started with one account for all my brands, and this has never been an issue from a buyers perspective. You’ll find that people don’t care or notice the sellers name. I did open a second sellers account under a different legal entity. You are allowed to do this on Amazon. I simply let them know I formed a new LLC and needed a new account.

      Reply
  5. Michael Curry

    Michael Curry

    Very inspiring Spencer, and good luck in the marathon!

    Reply
  6. Chris

    Chris

    Again congrats on the sale! And thanks for sharing how the deal was structured.
    Very interesting that you have bought your way into brand builders. I will be looking to that for my next project.

    And great time on the Marathon!! Looking to break the 3hr mark?

    Reply
    • Spencer Haws

      Spencer Haws

      Thanks Chris! Breaking 3hours in the marathon feels beyond my reach right now. Cutting 12 minutes off a time is not easy. However, I never thought I would run a 3:12 when I was consistently running a 3:30 time either. So, who knows!

      Reply
  7. Dan Jaques

    Dan Jaques

    Hey Spencer, nice work on the marathon . Question on the Tablelabs , looks a great tool, love the fact it monitors availability of all the products you feature. That alone is worth the purchase I think.
    Only thing, all my sites are Amazon uk , so any idea when you are likely to support UK asssociates?

    Reply
  8. Dennis Brand

    Dennis Brand

    Wow! Congrats on the sale of your niche site + FBA.
    I love the table lab software. But I am building large websites that will need a table in each of the articles. And having more than 4+ of those websites. It won’t be easy.

    Reply
  9. Ron Harvy

    Ron Harvy

    Great, you have really diversified your income sources. I too own a few niche sites but am now moving to FBA, thanks to your blog.

    Reply
  10. Ray Williams

    Ray Williams

    Well Done Spencer! Your success is inspiring! Jon Havers loves PBN’s how are you going to square that one off with him??!! Ha Ha

    Reply
  11. Miftahul Islam

    Miftahul Islam

    Your everything is inspiring. I am trying to ready my niche for sell. Thanks for sharing.

    Reply
  12. Chris

    Chris

    Congrats on the sale, Spencer!

    I think you sold at the perfect time and may have dodged a bullet with the shutdown of all the China factories lately.. their gov is taking the pollution issue very seriously now and seizing thousands of businesses.

    NPR just did an interesting story on this –

    http://www.npr.org/sections/parallels/2017/10/23/559009961/china-shuts-down-tens-of-thousands-of-factories-in-unprecedented-pollution-crack

    Reply
    • Ray

      Ray

      Chris – Mass exaggeration there “The shutdown of all the China factories” Really? So every plant in China is to close and millions of people laid off, the whole economy to be shrunk? We better tell the website Ali Baba and warn all sellers around the world and FBA sites that they are wasting their time and need to be very afraid of their businesses closing down…. Just wish people would show more judgemtn sometimes

      Reply
    • Spencer Haws

      Spencer Haws

      I haven’t had any issues with my factories, and haven’t heard of anyone else having issues yet.

      Reply
  13. Mr Alexander

    Mr Alexander

    Spencer,

    First of all, Well done… I also admired the work that you produce.

    What are you listening to in your iPod during the race?

    Now a days, when I run, or do any other physical exercises, i listen to your calls with Samara, ha!

    Mr Alexander

    Reply
  14. Gunnar Bengtsson

    Gunnar Bengtsson

    Hey Spencer,
    nice meeting you at the Empire Flippers sponsored event the other day. Keep up the marathon running, I find having a hobby to focus on is the perfect complement to running a business. I’m putting at the MSOP in Las Vegas (http://www.msop.com if you want to check it out) all week long and it’s really a lot of fun!

    Reply
  15. Nate

    Nate

    I’m glad you mentioned the part about the monthly fee being the reason for people not buying the table plugin.

    This is the main reason I haven’t bought it yet.

    The main reason I bought LTP was because of the one time fee.

    Reply
  16. Helen

    Helen

    So fantastic content! Your monthly income is really inspirational..I got your blog is full of information. Keep doing it.

    Reply

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