- Avg. revenue /month$16,120
- Avg. sessions /month12,401
- Avg. profit /month$2,049
- Inventory value$92,336
Why this business was started
I decided to start this business because I have a deep passion for entrepreneurship. Being a brand manager as my day job I believed I possessed the skills to create a successful side hustle and earn some extra money during evenings that I and my wife could enjoy. I loved the freedom of being able to work on the business from anywhere and anytime as it fit into my very active lifestyle. The best part was the more hours I put in, the better the business did so I was able to find a balance between extra work and extra income. My greatest asset is that I am not lazy. This is something I believe helped my success substantially.
The reason of selling this business
On November 22, 2020, I became a father for the first time! My wife and I were ecstatic. Around a month prior to this, I received a promotion at work that came with higher pay and an additional workload. I love what I do so this was no problem for me and with my growing family, the fairly substantial pay increase was welcomed. I want to be there with my family and with the slightly increased hours at work, I decided that now was a good time to move on from the side hustle. I know that there is a great opportunity for this business and someone with the willingness to invest more time will surely reap the rewards.
What's involved in running this business
As of now the large majority of the business is simply running and optimizing Facebook ads. If the new owner were to focus their attention here and spend approximately 5 hours a week on Facebook ads they could maintain the profits of the business relatively well. I would also budget an additional 1 hour of time per week to handle customer service emails (typically order tracking updates - with Shipbob / 3PL our orders deliver in 2-5 business days) as well as replying to comments on Facebook and Instagram ads (example: can this do ___? Where does this deliver from __? etc)
For the expansion of the business and to further increase profitability, I would invest more time into Google ads, specifically Google Shopping, Search, and Display network ads. I would also invest time into learning and implementing Amazon FBA (a lot of people look to Amazon for their products due to 1-day shipping options, which you will be able to achieve if you ship some inventory provided with the sale to an Amazon warehouse.)
Traffic and Performance
- Avg. revenue /month$16,120Verified
- Avg. sessions /month12,401Verified
- Avg. profit /month$2,049
- Inventory value$92,336
- Profit Margin12%
- Avg. sales /month413
- Shopify plan
- Inventory warehouse
- Reviews app, sticky cart app
- Facebook Ads
Logo and branding assetsI will provide the .png and .jpg files for our logo, favicon and all other branded material! I will send ALL branded material to be used by the new owner.
Personal support after saleYes! I will provide any and all personal training needed after the sale of the business. This will include order fulfillment, customer service, how the apps work, and an introduction to our supplier. I will walk you through the creation of your first Facebook ads, using the HOT Facebook pixel that I provide to you with all of our customer data. Support will last for two weeks starting when the store is transferred to new ownership.
Product photosI will send ALL photos of our product including the ones not currently on the website to be used at later dates. I will also send all custom product image designs that I have created. EVERYTHING will be sent.
SuppliersI have a strong relationship with the current manufacturer of the product. They are very responsive and ship units from their factory in China to our warehouse partners in the United States. I will provide a complete introductory to our manufacturing partner. I use the third-party logistics company Shipbob to fulfill all orders on our store. Our average fulfillment price using Shipbob $9 USD and our orders delivery to our customers in 2-5 business days. Shipbob is a great partner and would recommend you continue to use there service, it is highly cost effective and offers quick shipping times.
How to grow this business
I would love to continue working on this side hustle, however, becoming a father for the first time and a promotion at work has taken up the majority of my free time. I want to be there for my family so I will be selling the business.
I have many ideas for the future of this business.
Facebook / Social Media Ads Expansion Currently, I am only running ads on Facebook and they have been very successful. I will attach screenshots of the Facebook account and will offer full coaching in this department if a sale occurs. I see potential to scale this business into the Snapchat and Tik Tok platforms as they have very high user engagement rates. My vision isn't only for paid ads but primarily organic posts to help drive brand awareness through eye-catching visuals such as meals made with the Ultimate Kitchen Tool and the Ultimate Kitchen Tool in action. I also see great value in creating videos that educate/inspire customers with new ways to use the Ultimate Kitchen Tool.
Google Merchant Center & Google Ads Google shopping is growing at a very rapid rate and if I had more time to invest in this business this is an area I would focus on. Strong Google Shopping ads is very low hanging fruit that can take this business from $20,000 a month to $40,000 quickly. Through enlisting the products onto the Google merchant center and running low-budget shopping ads I am very confident that revenue will increase substantially while maintaining a 15% profit margin.
Amazon FBA As the brand of the Ultimate Kitchen Tool continues to develop people will begin to search for this product on channels other than the website. Amazon is an excellent place to list this product as it has a very high customer satisfaction rate and thus will achieve high ratings, which are the backbone of Amazon sales. Setting up an FBA (fulfillment by Amazon) account and selling inventory (which is included in the sale of the business) is another excellent way to scale this business and diversify the revenue streams.
Product Line Expansion Amazingly, all sales on this store have come from selling one single product (three SKUs - Red, Blue and Green)! As awesome as this is, it leaves the door wide open for growth. This could come in the form of Up-Sells or Cross-Sells to increase your AOV (average order value) or finding manufacturers for new products that would compliment the store and fit well with the brand. As becoming a homebody is the new norm, people have more time on there hands to cook delicious meals. The growing category of Foodies is where the Ultimate Kitchen Tool will thrive as many of our sales come from both men and women ages 25-40.
Skills to have
In order to maintain the status quo of this business the individual or team who purchases should have an understanding of Facebook ads.
To help this business thrive and rapidly increase the monthly profit rate the new owner should be proficient with Facebook and Instagram ads, working knowledge of graphic design and video editing, strong customer service initiatives, understanding of the Alibaba platform and negotiating with manufacturers, ability to implement Shipbob or other 3PL (third-party logistics) companies to fulfill orders but above all be a fast learner who is hungry for growth. When starting this business I was only a strong Facebook marketer, but I was able to learn the many new skills listed above to help this business grow.
Our features for a secure experience
- Verified revenue and traffic
- Secure messaging platform
- Escrow payment system
- Dedicated migration team
Why use Exchange?
Exchange is the largest and fastest-growing marketplace for Shopify e-commerce stores
Verified listing data
The revenue and traffic data that you see on each listing is pulled directly from its Shopify account. This means that the data has been verified. Exchange reviews and monitors listings for thorough and accurate information.
Secure messaging platform
You will be able to communicate with sellers via a secure messaging platform. After you log in and request information from a listing, sellers are notified and have the ability to respond. When you are ready, you can make an offer.
Encrypted payment capture
Exchange and Escrow.com have partnered together to provide you with safe transactions that have bank encryption, making sure that payment is securely captured. Escrow.com ensures that its users pass verification checks before transactions can proceed.
Take time to inspect the business
Once you submit payment to Escrow.com and the payment has been secured, the funds are held until you confirm that all assets received are as negotiated. You can use the inspection period to ask the seller any extra questions about the business.
Safe store transfer
When the transaction is finalized, the dedicated migration team at Exchange will begin the process of making you the new owner of the store. Buyers and sellers will be notified via an email from the Exchange team once store transfers have been completed.
Post-purchase 24/7 Shopify support
Once you log into your Shopify account for the first time and choose a subscription plan, Shopify Support Gurus are available 24/7 to help you with the settings of the store.