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.
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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!
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.
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.
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.