Sarah: Hey, guys. In this video, I’m gonna be teaching you something
that’s pretty cool. I’m gonna be teaching you how to scale in
just 1 year to $1 million with e-commerce. And yes, it is possible to reach $1 million
in a year. Now, I’m gonna be honest with you. I haven’t quite done this yet. With the help of my mentors, Ted and Mark,
I’ve been able to scale to the point where by the end of this year, I’ll have done over
$1 million in online sales. Now, I’ve been in this business for about
three-ish years and the truth is is that I could’ve scaled a lot faster but unfortunately,
I made some mistakes along the way. One of these was a very big mistake and is
actually something that I’m gonna be discussing in tip three. But someone who has proved that this is possible
is my friend, Aidan Booth. Aidan is incredible. Now, he has made over tens of millions of
dollars in sales over his career and Aidan is pretty special. He hasn’t just scaled his stores to $1 million
in a single year. He’s actually scaled them to $1 million in
6 months. And yes, Aidan is my special guest here today
on this video so when he’s talking to you about how to scale your business to $1 million
in a single year, you should really listen closely to what he says because he knows his
stuff. And when listening to him, you might notice
that he has a funny accent like me. That is because we are both New Zealanders
so if you can’t understand us, don’t worry because I will have some captions available
with this video. This is gonna be an advanced video with advanced
ideas on scaling. If that is something that you want to learn
about, then keep watching this video. So let’s jump straight into it. Tip number one, don’t fulfill orders yourself. Now, I know a lot of people are like me and
they get started in e-commerce by fulfilling orders themselves. And when I say fulfilling orders, I mean picking,
and packing, and shipping an item out to your customer. For many people, eBay is the first point of
entry into online selling. They list an item on eBay and quickly discover
that there are lots of people out there who will buy it and make them money. So you start finding cheap items around the
place, listing them on eBay, and, of course, making money. And this is all well and good until you hit
your scaling cap. This is something that I actually discussed
in my video, Why I Quit Retail Arbitrage. And frankly, the reason why you hit that cap
is because of the fact that you are fulfilling orders yourself. There are only so many hours in a day which
honestly means that there are so many orders that you can fulfill in a day. Order fulfillment is frankly quite annoying. Not only is it potentially the most time-intensive
part about selling online but it’s also the least skill-intensive. It’s basically manual labor. So leverage your time by getting other people
to handle order fulfillment for you. Now here are two ways that you can create
an e-commerce store and do this. One is dropshipping. This is when the manufacturer for the item
that you are selling picks, packs, and ships the item to your customer. Now, my subscribers here at Wholesale Ted
know a lot about dropshipping because it’s what we teach here at this channel. If you’re new though and you want to learn
more about it, I suggest you watch my video, How to Start a Business With No Money. This is a very exciting strategy and it’s
a strategy that Aidan used to scale his business to $1 million in just 6 months. And two, the other way that you can do this
is that you can let Amazon FBA, otherwise known as the Fulfillment by Amazon Program,
handle orders for you that you make from your own items that you manufacture and private
label. Don’t think that you need to be selling on
amazon.com to leverage this. You can actually use the Amazon FBA Program
if you are selling in your own private store. All right. So that is our first tip. Let’s switch to Aidan so that he can give
you the next tip. Aidan: So when you’re working towards any
kind of goal, I find it really helpful to actually work backwards, to break down what
the goal is into smaller chunks. It seems, at least for me, to make it more
manageable. So is a $1 million per year goal attainable? Absolutely, it’s attainable. We’ve seen lots and lots of people do it. In fact, this screenshot that you’re seeing
right here is not even one of mine. It’s one of our students. He’s someone who built a $1 million business. Actually, a multi-million dollar business
in a period of just about six months. And what I would recommend you do, and this
is exactly what we’ve done, is break down the goal. So work backwards to figure out what it is
on a daily basis. So $1 million per year, that’s $2,740 per
day, which all of a sudden, seems a lot more attainable. Now with the physical product business model
that we use, we typically see a winner, which is a product which gets you a lot of sales
and makes you a lot of money. Typically, most winners will make you somewhere
in the range of $200 to $500 per day. You probably need about 10 winning products
operating at 1 time, working at 1 time, to be bringing you in $2,740 per day. So how do you identify 10 winners? Well, if you can identify 1 winner for every
20 products that you test, then that means you need to be testing 200 products. The other thing to keep in mind is that you’ll
need a budget as well. So it’s not just, you know, testing 200 products,
that’s fine. How much is that actually gonna cost you? If you’re spending $10 to do each test, then
that’s $2,000 that you’ll need. Of course, you’ll be reinvesting profit because
what typically happens is when you test a product, you’ll start making some sales. And even on the products that don’t become
winners, they’ll still make some sales so you’re not actually losing all of that money. Winners don’t last forever so you need to
plan in some attrition into your plan as well. So we’ve got a plan where we can test, you
know, 50 products a week and we’ve got a system in place to do that. So continue to test. Find out what works for your specific little
niche and keep working on that. And most importantly, never ever give up. Sarah: Tip number three, use paid traffic
instead of free search engine traffic. Okay, so truthfully, here at Wholesale Ted,
I teach you how to use free search engine traffic a lot and it’s for two reasons. One, I know a lot of our viewers have small
budgets when starting out and I wanna give them a way that they can affordably drive
traffic and sales to their online stores. And I mean, frankly, for this purpose, it
works very well. It’s free, high-quality traffic that anybody
can take advantage of if they input the time. And two, as I have admitted before on this
channel, I’m actually quite passionate about search engine optimization, otherwise known
as SEO. I personally find it fun so I find it fun
to make videos on the subject. But, as I’ve also said multiple times on this
channel, if you want to scale your money fast, then you’re going to need to use paid traffic. My focus on free traffic has definitely choked
my income and it’s hurt my earning potential early on in my career. Here are two big reasons to pick paid traffic
over free SEO traffic. One, if you use paid traffic, you will get
instant results and instant traffic which means you’ll start making sales much faster. If you are using SEO, then you’re gonna have
to wait for the search engines to index your site and to raise it up in their search engines
and this can easily take at least a month. This is slow. If you wanna scale fast and make money quickly,
then you need to pick the fastest method to do so. And two, instant traffic has another benefit. It lets you immediately test which products
and which niches are profitable and you can find out very quickly which ones aren’t. Let’s think about it. Let’s say that you did your research and you
think that there’s a big opportunity to dropship products from AliExpress in a duck hunting
niche. Well, let’s say that you were relying on Google
and search engine optimization traffic. You’d have to optimize your site and then
wait for a bit, for probably at least a month for Google to start sending any serious traffic
your way. After waiting around, you might find that
the niche was super profitable and your traffic is converting like hotcakes. On the other hand, you might also discover
that actually, it’s not converting well and you just wasted a lot of time. You had to find out a whole month later that
the duck hunting niche is a bad one to focus on. On the other hand, if you had tested this
offer with a simple $10 Facebook ad, then you could’ve found out the profitability of
this niche in just one to three days. So if you wanna scale big and fast, focus
your attention on paid traffic. All right. So that is our third tip. Let me switch over to Aidan so he can give
you our fourth tip. Aidan: Another thing which I would recommend
you do is choose a good niche. Not just a good niche but think about the
way that you’re going to approach this. So there’s really two approaches that we use. The first is a super-focused approach where
you’ve got super-focused stores. So, for example, maybe you’ve got an entire
website which is just about bass guitars and bass guitar accessories. Now, what happens when you’re super-focused
like this is that you get lots of cross-sells. So you get a lot of different people buying
different products because every single product in your store is relevant to them. And it also helps increase conversion rate
because you’re seen as a specialist and they can also help you make money faster for that
exact same reason, they get better conversion rates. Now, the flipside of that argument is that
you could build a broad store. It’s a wider focus so instead of focusing
on, you know, bass guitars like we used in the last example, you might be focused on
something like pets or just musical instruments or something like this and broad stores work
incredibly well as well. If you wanna be earning $1 million just from
1 store, then it’s likely gonna have to be a broad store. Conversion rates are typically a little bit
lower on these kind of stores than on super-specific niche stores but that’s okay because you can
still make it work. It’s still focused on one specific niche but
you probably won’t get quite the same conversion rate and you won’t get as many other products
added to the cart as in the super-focused stores. So in the short-term, the super-focused stores
do work better, at least in my experience, because they allow you to make sales at a
high conversion rate and start making more money faster. Make sure you think out your plan from the
get-go and get into a niche that’s got lots of good products that you can sell. Sarah: Tip number five, look after your customers
so that they become repeat buyers. A report from Moneate shows that 48% of online
sales in the USA come from repeat buyers. Now, I just wanna let that sink in a little
bit for you guys out there. That’s 48%. That’s basically half of all online sales. Now, let’s apply some logic to this. Do you think it’s a lot easier to get a sale
from a brand new customer or a sale from a repeat buyer who already trusts you? Obviously, it’s the repeat buyer. To get a new customer, you’re gonna have to
either wait for search engine traffic to send customers your way or to run ads on places
like Google and Facebook to cold traffic. But that isn’t all. In addition to getting them to click on your
ad, you then have to prove to them that they are trustworthy and that they should buy from
you. On the other hand, repeat customers are cheap
to market to. You already have their contact details so
you can easily remarket to them using Facebook, Google, and email. And the great thing is that they already trust
you so you don’t have to prove to them that you’re trustworthy. Repeat customers are like basically free money. That is, on the condition that you look after
them the first time. Don’t treat your customers like a hit-and-run. Set up your store and your sales channel so
that customers receive regular updates on the progress of their order. If they have any questions, answer them. And sell products that are highly rated. For example, if you’re getting your products
from AliExpress, then you should read the reviews from previous customers and pick items
that have regular orders coming in because you know then that people are happy with the
items that they had been receiving. Because if the customer doesn’t like the product
that they got from you, you can be pretty sure that they’re not gonna order from you
again. So that there is my fifth tip. Let’s switch over to Aidan so he can give
you our final tip. Aidan: Another tip for you is to systematize
your plan. This is really the difference between the
people that run their business as a hobby and the people that have multi-million dollar
businesses, and not just online physical product stores, any kind of online business. And probably any kind of business, the ones
that do the best are the ones who are systematized. So here you can see a process chart from our
organization. This is how we break up the process of testing,
publishing new products on our stores. So this is a chart which you can use, the
kind of system to build a multi-million dollar business. You break each process out into a specific
chunk and start systematizing everything and turn it into a lean machine which is pumping
out these things. Hopefully, you found that useful. Sarah: So those are our six tips in scaling
to $1 million in a year. If you liked this video, I’d appreciate it
if you gave it a thumbs-up and subscribed to us here at Wholesale Ted. And if you liked this video and would like
to start your own online store but you don’t know how, you should download our free eBook,
“How To Make $10,000 a Month Online With Dropshipping.” You’ll find a link on how to download this
incredible, life-changing eBook in the video description below. Man: Hi there. And thanks for watching this video, created
by us here at Wholesale Ted. It is our mission to help everyone start and
grow their own online business. That is why we’ve created a simple eBook which
shows how anyone, yes, even you, can make $10,000 each and every month with dropshipping,
even if you don’t have startup money. And best of all, we’re giving away this eBook
for free. And yes, we really mean absolutely free. So, if you’d like to get this potentially
life-changing eBook, simply click on the link in this video description and get it now.