This episode offers a candid look into the goal-setting and achievement process for e-commerce entrepreneurs. The hosts share their 2023 successes and failures in diversifying revenue beyond Amazon, expanding into international marketplaces, and implementing business operating systems. It provides valuable lessons on the strategic reasons behind diversification, the challenges and opportunities in new markets, and the benefits of structured goal-setting for business growth and personal time management.
Key takeaways
Prioritize diversifying revenue streams beyond Amazon to mitigate risks from listing suspensions and over-reliance on a single platform. Aim for at least 30% non-Amazon revenue, ideally pushing towards less than 50% for increased resilience.
When expanding internationally, consider Canada first for its ease of entry and similar importing processes to the US. The UK market can offer higher profit margins on some products and opportunities for strong organic sales with less reliance on PPC.
Implement a structured operating system like EOS (Entrepreneurial Operating System) to improve team alignment, goal setting, and overall business execution. Revisit and refine your implementation annually for continuous improvement.
Regularly review and assess annual goals to understand what worked, what didn't, and why. This feedback loop is crucial for adapting strategies and setting more effective goals for the future.
Leverage existing product lines when expanding to new marketplaces rather than launching new products to minimize risk and capitalize on established supplier relationships and listings.
Ever wondered how a business can pivot from reliance on one major platform to flourishing across multiple revenue streams? Join us for a candid exploration of our very own transformation in 2023. We're not just talking shop; we're giving you the nitty-gritty on how we've spread our wings from Amazon US to international marketplaces, direct-to-consumer websites, and the untapped potential of B2B sales. With a sprinkle of successes and a dash of lessons learned, we're serving up the real story ...
Frequently asked about this episode
What does this episode say about amazon & marketplaces?
Prioritize diversifying revenue streams beyond Amazon to mitigate risks from listing suspensions and over-reliance on a single platform. Aim for at least 30% non-Amazon revenue, ideally pushing towards less than 50% for increased resilience.
What does this episode say about supply chain & operations?
When expanding internationally, consider Canada first for its ease of entry and similar importing processes to the US. The UK market can offer higher profit margins on some products and opportunities for strong organic sales with less reliance on PPC.
What does this episode say about founder & leadership?
Implement a structured operating system like EOS (Entrepreneurial Operating System) to improve team alignment, goal setting, and overall business execution. Revisit and refine your implementation annually for continuous improvement.
What does this episode say about amazon & marketplaces?
Regularly review and assess annual goals to understand what worked, what didn't, and why. This feedback loop is crucial for adapting strategies and setting more effective goals for the future.
What does this episode say about amazon & marketplaces?
Leverage existing product lines when expanding to new marketplaces rather than launching new products to minimize risk and capitalize on established supplier relationships and listings.
