LRS 081: How Pat Flynn is Making Money (+ A Look Inside His Income Report) 55

LRS 081: How Pat Flynn is Making Money, and The Importance of Income Reports - let's reach success podcast

Today the topic of the Let’s Reach Success podcast will be related to your personal finances, but in an interesting way.

I’ll talk about income reports and why it’s worth sharing them, even if the numbers aren’t impressive and even if you are a bit ashamed of what you got to show.

I just did it for the first time the previous week and feel different already. I’ll stick to this and can’t wait to share progress. Accountability does help, trust me.

The inspiration for doing this in my case came from Pat Flynn. Although many bloggers and entrepreneurs today are sharing their exact numbers, and we’re talking about big money here, Pat is the one I’m interested in the most and also one of the first guys ever to do it online back in the days.

So I’ll also explore his income reports a bit on the show today.

Hope you’ll enjoy it, and that by the end of it you’ll be even more motivated to grow your online income, and to share it with the world.


Show Notes:

  • What makes Pat different and what’s going on over at his blog [1:26]
  • His main income stream, where exactly it’s coming from and how you can get started doing the same [5:06]
  • What was the first thing Pat did to start making money online and how does it work [8:35]

Mentioned:

Listening options:

• Subscribe to the show on iTunes to get automatic updates.
• Listen on Stitcher Radio.
• Subscribe on your Android device.
• RSS feed

Thanks for listening.

Glad you joined me on the podcast today. If you want to hear a particular topic on it, leave a comment below and I’ll make sure I cover it in the future.
Also, if you enjoyed it, please share it using the social media buttons you see on the left.

And finally, please leave an honest review for The LRS Podcast on iTunes. You’ll help a lot with the rankings for the show and I’ll appreciate it.

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Should You Buy an Ecommerce Business? 10

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.