- Avg. revenue /month$26,451
- Avg. sessions /month24,991
- Avg. profit /month$13,000
- Inventory value$1,000
Why this business was started
I decided to start this business selling third-party Apple Watch Bands / Straps as an experiment during the COVID season, but with a proper process and longevity in mind. I hold a full time job but was required to work from home, which gave me more flexibility on this 'side project'. Also, i conveniently own 2 Apple Watches and thus switching up these bands came very natural to me. I took my time at the start, sourcing suppliers and testing orders (first 2 months) until i got the hang of it. I also took the time to design the interface of the store to be visually appealing and easy to navigate, in order to optimise it for sales. This store went beyond my expectations and cleared almost $200,000 in sales over this 6-7 month period.
I kept going at it as i appreciated the winning attributes of this business: - Lightweight and small in size, cheap to transport, evergreen - Good and reliable supplier - Augmented shipping which provides local tracking numbers instead as 'from china' tracking numbers - Fast shipping (average 7-9 days from time of order, and always under two weeks) - People who own an Apple Watch tend to have a higher spending power - High perceived value and passionate niche - Many designs to cross promote and up-sell - Very cheap to gift influencers with (for UGC and social proof)
The reason of selling this business
2 months into this I realised the winning formula for this business and decided to devote more time to it. However, 4 months later into scaling, i realised that i started to burn out with the sheer number of orders and customer service that i had to manage. Combined with work and family commitments, i realised that i needed to hire or branch out with more skills to properly grow this baby.
With my current abilities and capacity, it is unlikely i will be able to take this bring this business into its full potential. I hope to hand this business on to somebody or a team better equipped to develop this brand further, or even to maintain what has already been built.
What's involved in running this business
Spending two-four hours everyday to - fulfil orders and liaise with supplier - analyze and monitor ads - respond to the emails Additional time will be required in order to scale this business
Traffic and Performance
- Avg. revenue /month$26,451Verified
- Avg. sessions /month24,991Verified
- Avg. profit /month$13,000
- Inventory value$1,000
- Profit Margin45%
- Avg. sales /month900
- Shopify plan
- Inventory warehouse
- Facebook Ads
- refunds/resends/props for content etc.
Logo and branding assetsBasically all branding assets and guidelines required. I am highly organised, so everything is logically documented. .psd .png .ai files, brand specifications such as fonts, #colors, etc. can be transferred via Google Drive, Dropbox etc.
Personal support after sale1 week highly dedicated support (via skype call if required). My wish is for the future owner to scale this brand well. I will provide you with my supplier contact, work closely with you on the numbers, provide any clarity you need. I will provide you a spreadsheet (csv/xlsx) of my numbers, milestone screenshots (pdf/word), $200 credits (paypal) for future refunds etc. (very unlikely to be consumed in full). If you need an Apple Watch for taking your own content, i would be happy to give you my Series 4 Aluminium Space Gray for FREE. Can be delivered with my inventory.
Product photosI have a huge library of creative content in image and video formats such as .psd .png .ai .mp4, etc. All of them, including working files, can be transferred via Google Drive, Dropbox, etc.
SuppliersI will connect you directly to my supplier via wechat.
How to grow this business
I started to populate my pixel with high quality US data (100% of sales from the US), then branched out to UK and EU. Currently, sales are quite well distributed over these countries such as Germany, UK, Italy, France, Spain. Following this, i would suggest to branch out to future countries such as Canada, Australia, New Zealand etc.
You may wish to engage a fulfilment centre in the US or EU and purchase the bands directly from the manufacturer at 70% lower than Aliexpress prices (i can provide some advice on this as i did some groundwork, but simply do not have the time to scale it in this direction).
Within the next few months, I would suggest leveraging on more micro-influencers for UGC, build better brand awareness, and create an affiliate programme, leading up to end-of-year holidays. Over time, you may increase your range of products and cycle through various sales offering as these products are evergreen and customers tend to purchase more than one.
You may also do a new product collection launch. My supplier will have the insights and access to such products.
Take advantage of the recent Apple Watch Series 6 Launch, upcoming November and December Holiday season to increase sales.
You may wish to 'growth hack' the socials, as the business following is 100% organic. I never ever buy fake followers. IG following is 22% US, 13% Italy, 8% UK, 5% India, 5% Germany, 47% Others.
The business assets are very gender neutral, but about 70% of customers and following are skewed towards a male audience, so if you wish add a feminine touch or have experience marketing to a Female Audience, that would be a big market / demographic opportunity to expand into.
Various techniques can be used to increase the Average Order Value such as 'buy more save more', but '2 get 2 free' etc. There are also many return customers so providing gift cards and pushing newsletters are always profitable.
I purely advertise with Facebook Ads at about $300-400/day.
You may easily grow with Google Ads, Pinterest Ads, Fulfilment Services, Virtual Assistant. I do not have the skillsets in the entire gamut of tools, so i believe there may be someone more suited to grow this business.
Skills to have
To maintain with the current business trajectory will be to have skills in Shopify, Oberlo, Aliexpress, Facebook Ads. You may want to: - explore third party apps for affiliate programs, gift cards. - scale with google ads, pinterest ads, etc.
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