In my January retrospective, I wrote about Ambitious Mission's goal of creating 1,000,000 entrepreneurs by 2030.
As part of this effort, I decided to purchase an online store which sells clothing and miscellaneous fashion accessories. The idea is simple: buy a small but profitable business, make it turnkey, document the journey, and create information products based on the learnings.
Then, repeat. Over time, we should have a nice little garden of businesses covering our team's overheads, gradually allowing us to take on larger acquisitions. Standardizing and centralizing operations gives us economies of scale, and makes the businesses easy to sell later on, if desired.
We closed on the sale last week, and are in the process of transitioning retail and marketing operations over to our small-but-growing team of three. To say the process has been bumpy would be an understatement, but we're making progress.
Still, having spent weeks going over the financials of dozens of businesses, I remain confident in the decision. The business has a respectably strong brand, simple operations, low overheads, and simple customer acquisition strategy.
In the interest of transparency and personal accountability, I'm going to start including revenue and profit numbers in my monthly retrospectives (though the specific business/brands will remain anonymous). It's going to be a slow roll at the beginning, but hopefully folks will find the information useful, and the journey interesting.