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Where to start with e-commerce and Shopify? (I will not promote)
Background: 3 time founder/ceo/entrepreneur here. All three businesses are alive and well and at various stages of growth. I have different equity structures/funding etc with those businesses (actively running 2 as CEO, but likely even narrowing my focus to just one as it is doing well and scaling with new revenue streams etc). Ideally would like to grow it and then transact at a certain point, in the next 2-5 years. 2 of the businesses are B2B and one is a B2C and while not a non-profit, the strategy and plan right now is to basically cover costs, it is a service that the other two B2B platforms use, but also has a B2C audience as well. I digress… I just filed for another LLC and am stoked about this 4th business that I’ve been noodling on for a while. It is adjacent to my other 3 businesses, not competitive in any way, and would be a business I believe I could own 100%, and would take little start up capital and wouldn’t require my full energy to run. I’ve mostly dug my feet because it is foreign to me in that it is e-commerce, and would require Shopify etc. i want to drop ship product for the first bit, so as to not have to manage inventory etc. I’d primarily rely on email and social media for marketing. It’s a niche product (for the mvp) but I have a solid long term strategy I’m excited about once I get the mvp up, running and operational. While I am good with risk, I take very calculated risk, and with my other three businesses, having business partners helped me have the courage to make the jump. This one, is all on me. I’m setting aside like $10,000 to give this a whirl (tell me if I’m wildly off here on my start up capital). I already have emails of 24,000 of my target customer that I can start with and I know how to grow social in the space and with the audience and also how to do targeted ads. ChatGPT will help me with cranking out email campaigns. I’ve already identified product that I can drop ship, and I feel like I have a good pulse on the margins and price point. As a first time e-commerce /shopify business owner, what resources and direction could you steer me in? Are there any go to, sure fire places I need to spend my time learning? What should I outsource? What should I try to do myself.2
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