I Bought a Failed Business and Turned it Around

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[Music] I want to start to buy a failed Million Dollar business and then save by Implementing some new strategies it can Maybe revive it to its former glory now Though this is pretty risky buying any Seven-figure business isn’t going to be Cheap and I could end up losing all of My money the price points for these Aren’t as crazy and Out Of Reach as you May think so I really want to try this Out to see if it could be a shortcut to Making a ton of money or if you’d be Better off just starting from scratch There’s this really neat Marketplace Called Shopify exchange where people can Sell e-commerce businesses and because This Marketplace is owned by Shopify the Listings on here are actually connected To the stores so the sellers can’t fake Their numbers or provide some phony Screenshots and even just scrolling Through here can be really interesting Even motivating you can see a bunch of These stores that have Revenue numbers In the eight figures balance of stores That have zero revenue and somehow even Negative sales maybe from returns or Chargebacks or something I don’t know And as far as pricing goes the same Thing anywhere from 50 bucks to the Millions depending on what you want to Get okay so my search criteria is going To be one I want to try to find a

Business that’s done over a million Dollars in sales two I’m hoping their Fairly recent sales I don’t want to buy Something super outdated and three bring Water and Good Vibes that’s pretty much It let’s hop on the computer [Music] Okay I looked through like every listing On this Marketplace a lot of them were Just completely unreasonable asking Hundreds of thousands of dollars for Drop shipping stores from like 2017. Just a whole lot of Facebook Marketplace Hey buddy I know what I got here type Live but I narrowed it down to two Really good options May I may I present to you the first Option a company called Lenny lemons That’s gone over 8 million dollars worth Of sales in the last few years eight Million it’s a company in the baby Niche They want 20 grand for it and it looks Like they even have some inventory That’ll come with a sale which is 20 Grand for a business that’s cleared over Eight million dollars in sales I feel Like that’s not bad although a lot of The sales are from a while ago Maya Presents you the second option don’t buy It I’m out it’s a business in the beauty Niche that’s done about three and a half Million now I really like this one Because the sales were as recent as of This year so I feel like we could pretty

Quickly get that up and running and They’re also asking 20 bands so I don’t Know exactly how this process works but I’ll message both of them and get back To you actually never mind you guys know Me sneaky fella pumped fake two a little Bit whoa I hit up a few other listings As backup and off rip we’ve just Uncovered I don’t know if I want to call It a scam but definitely a racket of Sorts so this one seller got back to me And basically said hey sorry already Sold the store but there’s this Marketing agency I credit all of my Store success to let me know if you want To get in contact with it which is just It’s got to be the craziest declined Acquisition strategy I’ve seen from a Marketing agency in a long time so this Is kind of getting my guard up in terms Of scams and kind of letting my hopes Down if this is the first response we Got this this thing was kind of too good To be true so I’ll just check back in When those other two reply [Music] Foreign Ended up just never getting back to me He probably smelled the incoming lowball Offer through my email ahead of time no Hard feelings now as far as the three Million dollar Beauty conglomerate store Owner Stephanie hit me back very quickly Which gave me the option to place an

Offer so I shot for the stars and said 40 off I could do 12 Grand she said nah I’m gonna need 16 I said let me think About it I mean I spent 16 at the ball On a random Tuesday not a big deal Obviously but while I was thinking about It we had an unforeseen circumstance it Just so happens that right when I sit Down to make this video Shopify Announces that they’re gonna be taking Down this Marketplace entirely in like Two weeks I kid you not this Banner just Pops up out of nowhere I mean last Resort there’s also another website Called Flippo we could use where you Could buy the same kind of thing but but I think I’m just gonna try to sneak in Here last second and swoop up this Beauty conglomerate before The Exchange Closes down that way we won’t have to Leave Shopify and can process this Transaction safely and they don’t work It was already too late so if we wanted This deal we had to make it happen Outside of this safe trusted media but On the plus side me being hesitant made Stephanie drop her price to 14 000 from The original 20 and so at this price I Was ready to go through with it the Seller set up a deal through escrow.com Which I’ve never personally used before But apparently it’s gonna act as a Middle party for us so I don’t know I’m Really about to go transfer 14

000 to a stranger amount on the internet And have never even spoken to and the Thing with wire transfers there’s no Going back once you initiate it there’s No way to get a refund oh so we’ll see What happens [Music] You know what if I get scammed it’ll be Good for the plot character development [Music] After initiating the transfer all I Could really do was sit back and Anxiously wait the escrow service said They received my payment but they took Forever processing it they requested Over an agreement and were just Suspiciously gatekeeping this Transaction I just woke up to this email saying that My payment for the escrow has finally Been secure so I guess now the ball is Officially in the seller scored will They send me this store I don’t know at This point it’s been like a week since I’ve sent that payment so I’ve had the Time to come to peace and accept the Very real possibility that I might have Just got rinsed but we’ll see now after Getting up that morning running a few Marathons reading three books Establishing four new uncles and having Breakfast an hour later I got an email My eyes couldn’t believe things are Different now it’s not be treasy no more

Talk to me nice it’s Mr Bia has anau Owner of multi-million dollar online Beauty conglomerate Avenue this is an Email from Shopify inviting me to become The new store owner of this business so I think we might be in or this is a Virus malware phishing link and I’m About to have all my accounts squeezed Dry and rinsed what’s up gentlemen well I’m pleased to announce that it was Option one we finally did it I was now The owner of this once thriving E-commerce business I checked the sales On the store and sure enough everything Was as advertised except as the new Owner I now had a new problem [Music] Okay so I just realized that this store Has a hundred fifty seven thousand Dollars worth of sales that were made This year meaning tax has not yet been Paid for the sale so if I as the new Owner and as the person who updated the Information inside of this store now Receive a 1099 tax document saying that This is my income I very well could have Just spent fourteen thousand dollars to Buy myself an eighty thousand dollar tax Bill no no no no we’ll talk I can’t I Don’t know if it’s true or not I’m about To make some phone calls and figure this Out this was and honestly still kind of Is quite the scare for me but I email The owner talked to Shopify support and

We were eventually able to update the New ownership in the system and then by Also creating a new payment processing Account we did resolve this issue bruh Okay so everything with this sale has Now been settled let me show you what we Got this is where the Journey Begins Being able to look through everything in The store was really cool I found they Had a couple half a million dollar Months we could see their top selling Products which were magnetic eyelashes Followed by this mask they recently sold Some of this lip gloss that makes your Lips bigger fishing hook but the product Pages on here were actually fired let’s Set a goal right now to get the store Back up to a thousand dollars per day in Revenue but if we don’t hit that goal Within two weeks of today you already Know the drill I’m shaving my head bald Again you know what let’s up the stakes I’ll also shave my eyebrows actually After going through the website I ended Up hopping on a call with the previous Owner to get some more info I got to hear Stephanie’s story of Getting into Drop Shipping after being Dissatisfied with her job so I decided To go on YouTube and learn some courses My boyfriend at the time had and then Also what I could do to revive it I Think She basically said should be through

Better Tick Tock ads thank you have a Good one bye-bye with this we were off I Hopped on the computer and got to work Day one hour zero I think I want to try To revive this product right here this Lip gloss that makes your lips bigger Stephanie sent over a bunch of content She paid for of people using this Product so I think I can make some Pretty steezy ads with it and this Product is also on zendrop which is a Software supplier that you can connect Right to your Shopify store and they’ll Process all of your orders and ship them Out automatically really quickly and for Super cheap I would borderline plug them For free because it’s just a great Service especially if you’re just Getting into Drop Shipping I know the Order for filament and the shipping Times are people’s biggest concerns so I’d probably use them either way but Zen Drop did throw me a bone to help cover Rent after this recent business Acquisition so here I am disclosing that They did bless me with a couple dollars But they’re honestly great you connect Them to your store and they’ll process Ship out and fulfill all of your orders For you can choose from products they Already have on their website or they Can even get any product from AliExpress And start processing and shipping it for You this instant lip plumper is gonna

Cost me about two dollars and then like Another four for ship then we’re going To turn around and sell it for 20 30 on Our website so when people buy from our Website Zen drop will automatically Fulfill those orders and send this Product to our customers and we keep the 20 30 difference as profit I spoke to Jared the founder of zendrop and he said That their average current delivery time Is about 11 days which is great for Drop Shipping they even have some product Research tools on here so you can find Your next winning product through this Platform within a few clicks you can Even have all of your packages come in With a custom card with your branding on It all through the same platform you no Longer have to deal with AliExpress and Struggle with language barriers and try To develop your own systems with Suppliers from China this does all that For you so feel free to check them out Using the link in my description again This is something that I would recommend Even outside of this brand so now that We have the back end of our business Figured out which took a few clicks on Like five minutes thanks to zendrop I’m Gonna try to work on this product page a Little bit just tweak a few things and Then edit some advertisements Foreign this was my final product page Basically just switched the wording and

Some images here and there minor stuff Like this button it leads you to check Out here’s a few clips of the new Advertisements I remixed really going For that Tick Tock organic non-overly Edited Vibe okay I think this looks good I believe it could pop off but now is The real test it’s where all this could Fall apart if you find out the story’s Banned from Tick Tock ads if they don’t Like our products some of our wordings Off they don’t like our images there Could be days of just back and forth Let’s hope things go smooth and we can Get these ads approved and running on Tick Tock right away But it’s oftentimes not that simple So I set everything up here all of our Ads are now getting reviewed so I’ll see You guys in the morning with hopefully Some good news about some approved ads Good news and bad news here so good news I woke up today God is the greatest Weather Tick Tock approved all of our Ads no problem things went exceptionally Smooth so that was a huge relief the ads Started running and as you can see here We even got 173 store visitors up to This point which when I saw that this Morning threw me off 173 sessions and Zero sales it doesn’t really make sense For this funnel there are good ads and This is a great landing page they should At least have a two percent conversion

Rate so we have these should have gotten Like three for sales so then I looked Closer at the conversion rate and we had 14 people add this to their cart and 10 Reach the checkout but zero actually Converted it just really doesn’t add up So I went on the store and tried to Check out as a customer I went through The whole sales page and once I got to The shipping portion of the checkout Process I was met with this message Saying I can’t have the product Delivered to my address just when I Realized I didn’t look over the shipping Settings for this store so I went back In figured all that out and now we are Good to go and people can actually Purchase from our store but overall Things are looking good I’ll check back In once we hopefully get some sales soon As I put down the camera look at this we Already got our first sale so the Shipping was definitely the issue things Are looking promising but it wasn’t all Sunshine and rainbows from here in fact I ended up losing money on ads that First day however I did get a little Data from that so I spent a lot of time Using it to create better ads since I Could kind of see what was working in Practice I also experimented with Targeting different interests and then Played around with a website to try and Increase the conversion rate

Purchase purchase purchase come on let’s Go can we get another one cow check out Check out check out now I was fighting For these sales I spent hours optimizing Every aspect of this funnel Okay I’m gonna preface this by saying Maybe don’t go buy a fourteen thousand Dollar business if you’re just getting Into this all we really got was a Website and some content we could use For ads which we could have easily built The website for free using Shopify you Can get a free trial using the link in My description and also have my paid Course link down there which explains How to set everything up pay some people To make a few videos using your product Connect your website to zendrop to have The back end sorted and boom for under a Thousand you basically have the same Exact thing you could probably even do It for under like 500. so I just want to Put that out there because this 14 000 Shortcut is currently working although It may not be the best way to achieve These results day one we got 149 dollars Worth of sales but compared to the Amount of sessions we had this wasn’t a Good number so I really shortened down Our landing page to be less wordy and More to the point which did wonders for The conversion rate I also started Increasing the budget on the ads that Got us the initial sales and almost a

Little anti-climatic here but even Though Ecom and Drop Shipping has been Dead for years now we did finish off day Two with over a thousand dollars in Sales now please stand for the court of Profit I was pretty aggressive with the Ads right out of the gate so it’s not Huge but for day two we’re talking about 400 in ad spend and 257 and product Costs leaving us with about three Hundred dollars profit for the day but That profit margin is likely to grow as The ads get more optimized as I use some Of that data to create better Advertisements and the page gets more Social proof so that’s pretty good I Might actually just change the domain of The store and scale it up for a Follow-up video but I hope you enjoyed This one and have an amazing rest of Your day peace

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