CASE STUDY $500 FLIP

Transcription

1 CASE STUDY $500 FLIP I started up this project with the idea to flip this around $200. It turned out to be much better. I m not going to reveal the website itself but I will show some print screens of the website and pre-sale conversation with the buyer. As a single dad my time is very valuable to me. That s why the things I don t really like doing or in which I m simply not good enough I d like to outsource.

2 I decided to create a store that was pet related and selling items only for women. 1) First thing I needed to make this store stand out was nice professional looking logo. Logo design is not my thing so I went to fiverr.com to hire somebody to do that for me. I have a couple of guys with whom I often work but the easiest and fastest way to find someone would be. I always pick delivery time Up to 24 hours Set price range to $5 And only Show Online Sellers And sort by Average customer review

3 Contact the first 5-10 sellers and go straight to business: Hello, I need a nice looking professional logo for my store. The store is. related selling products,... Can you come up with something original and amazing? Thanks. Within 24h I received my first logo. I wasn t 100% satisfied and asked some modifications and 2h later I had my perfect logo and color codes. 2) Now I was ready to create the store. I m not going to go through the main course again but will add some remarks with some points: - I really took my time to go through the FREE themes and I picked out a very nice looking theme that works perfect for this kind of stores which is Pop. - I changed the colors of the theme to match those of the logo. Try to be different. Change colors, font, font size, whatever you think looks great. Ask people to give you feedback. Show it to people around you, wife, kids, brother,

4 - I made a beautiful looking front page. Again try to be different. Don t stick with the pre set-up look. Add sections, change positions, I created a nice header image that stands out on canva.com which take no longer than 10 minutes. - I made 5 major categories. 3) I went to Aliexpress.com and started adding products to Oberlo. I looked for more or less 50 products. Some categories just had 3 items others 15. 4) I hired someone on fiverr.com to clean up the products in Oberlo and adding them to the store. I paid $13 to get that job done for me in 2 days. It s very important to give clear and direct instructions on fiverr. I provide the sellers with sample descriptions and I always do one

5 product myself so they exactly know what I expect. Like this I almost always can give them a 5 star rating because of their excellent work. 5) I created an attractive popup. 6) My store was ready to get listed. I used almost the exact same copy as given in the main course. I added following at the end: And set reserve at $79. 7) I commented on my listing almost immediately. 8) Within 2h I had a first $10 bid, one day later I had 3 bidders and hit reserve.

6 9) I contacted each bidder. That s something I do every time! Not only does it lead to sales so much faster but without selling a site on Flippa it made clients by doing this. Two totally ignored me third one (the one who hit reserve) turned out to be the final buyer. He started asking the usual questions about products and suppliers, if anyone could run this, I answered these very quickly. He was clearly interested in the store. At this moment I have someone that is looking to buy the store, I hit my reserve and still have 24h to go.

7 I could ignore his question and tell him that I ll wait till the end of the auction and risk that no one else will bid and it s his for $79. Or I could use these 24h as an advantage so I answered the following: By adding a BIN price and not just sending them your price you create a kind of urgency. The risk is always there that someone else finds your price irresistible and runs away with his store. This is a really powerful leveraging tool. Make that BIN price something that would make you very happy (but still reasonable ) so that you have space for negotiating. We agreed very fast on the BIN price. I agreed on a skype call and changed payment into Escrow. He thought my first price of $500 was fair enough. Off course they don t sell all that easy. Some won t sell at all. But Shopify is hot and the potential is enormous. Look at this as a business. Know what you want and know your potential. Outsource where needed. You can make a great income with this type of business.