We Bought A Brand: The Rollercoaster Ride Begins
With more than a few unexpected turns...
Deacon here with an update on our latest venture. As you know, my business partner Travis and I recently acquired a supplement brand. Well, buckle up because it's been quite the ride already!
First off, let me tell you - closing a deal is just the beginning. We thought we were buying a proven product with momentum. Turns out, we were in for a few surprises.
Surprise #1: Our best-seller was out of stock. Not just a little out of stock. Completely out. And it made up 90% of the brand's revenue. Talk about starting on the back foot!
Surprise #2: Remember that "proven" product? Well, it had undergone a complete formula change. We're talking every single ingredient, different.
Surprise #3: The manufacturer lost their CGMP certification in 2021. For those not in the supplement world, that's a big deal. It's what you need to sell on Amazon.
Now, I'll admit, when I discovered these things, my heart rate definitely spiked. Travis, on the other hand? Cool as a cucumber. (I swear, that guy's resting heart rate is superhuman.)
But here's where it gets interesting. Despite these hurdles, we managed to pull in $12,412 in revenue in our first 30 days. Not too shabby, right?
Here's what I've learned so far:
1. Cash is king. We're being ultra-conservative with our spending. Every dollar counts when you're relaunching a brand, and startup expenses add up quick (especially when you’re stocked out).
2. Listen to your customers. We brought back the original formulation because our inbox was slammed with requests. But that costs another $8K and three more months. Fingers crossed…
3. Be ready to pivot. Our original plan went out the window pretty quickly. Flexibility is key. And our original plan was a great foundation to pivot from, so planning is still important.
4. Partnership matters. I'm not gonna lie, Travis's calm demeanor and e-commerce expertise have been crucial. We’ve made some big decisions quickly with experience and wisdom on our side. Choose your business partners wisely, folks.
Looking ahead, we're aiming to double our revenue in the next 30 days. Ambitious? Maybe. But hey, go big or go home, right?
For all you e-commerce store owners out there, what's been your biggest surprise when launching or relaunching a product? And for those of you thinking about acquiring a business, what questions does our experience raise for you?
Until next time,
Deacon Bradley
P.S. Oh, and if anyone wants to experience what it feels like to detox your entire body at once, we've got about 70 units of liver supplements left that came with this acquisition. Just saying. 😉