EFP 61: Empire Building Series – Billy Murphy From ForeverJobless

August 22, 2013

How do you go about building an honest-to-goodness online empire?

That’s the question we aim to answer as part of our new “Empire Building” series on the podcast. First up, we’ve got Billy Murphy from ForeverJobless.com.

To be honest, I wasn’t entirely sure about this interview going into it. Sure, he’d been on Mixergy, had hundreds of comments on each of his first three blog posts, was hanging around A-listers on the interwebz, etc. But…just because you’re a good connector/marketer doesn’t mean you’ve got real business chops.

After a quick chat with Andrew Youderian and a few minutes into the call with Billy, I realized he was both a marketer AND knows his shit when it comes to building eCommerce sites, niche selection, branding, etc. He opened up about his successes and failures in getting started with eCommerce, his revenues from various profit streams, and how he’s leveraging his smaller eCommerce sites to build out a massive brand.

This is one you’ll want to listen to…check it out!

Check Out This Week’s Episode Here:

 

Direct Download – Right Click, Save As

Topics Discussed This Week Include:

  • Connecting with a local dev shop and our Marketing Apprentice position
  • Buying a “too good to be true” eCommerce site on Flippa
  • Interesting ways to split equity in a limited partnership or joint venture
  • An eCommerce disaster and lessons learned
  • Niche selection tactics that work
  • Why diversification may be the worst thing you can do with your new venture
  • Leveraging business strengths and building a community

Mentions:

So – what are your thoughts about building an eCommerce empire? What do you like/dislike about his approach to building out new profit streams? Let us know on Twitter, drop us a voice recording, or leave us a comment – we’d love to hear from you!



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Discussion

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  1. janet bartoli says:

    Great show as usual! Love hearing about the new empire building series too!

    • Justin Cooke says:

      Thanks, Janet!

      We’re going to be talking to quite a few “empire builders” over the next few months to find out how they went from a one-horse profit stream to an “empire”…should be interesting…glad you dug the show!

  2. Hey, another fantastic interview. He’s definitely got the business chops hasn’t he. Drop shipping is a tough model for sure, with generally low margins. But its a great place to start with E-commerce, Then developing into your own product range. Kogan .com .au is a great example of this in Australia. He started out with a handful of products then went on to develop a $100 Mill per year business. Pretty cool

    • Justin Cooke says:

      Thanks, Darren!

      He does, for sure… Between him, Andrew, and Dan/Ian – they’re providing a ton of useful information in the eCommerce space for those looking at dropshipping, sourcing, etc. It’s an interesting side of the business, I think. It’s too significantly different from what we’re currently doing for us to switch over, but I can see us heading in that direction and testing things out. :-)

  3. Justin Cooke says:

    Hey John,

    Yeah, Billy’s done a great job at building his blog/brand in a short period of time. It reminds me of Derek Halpern’s approach to Social Triggers (lots of off-site interviews in short period of time to drive traffic/interest to blog/site)

    I thought the equity split was an interesting mix based on work being put in, how you got to the table, etc. I always like to hear about how partnerships and splits are formed, hehe.

    For us, (like you) it’s all about the system and processes we have in place. We’re constantly looking for bottlenecks and continue to “outsource” ourselves where/when possible.

  4. jazztothebone says:

    Wow. This was awesome. Billy’s formula – “traffic x 1% x % based on how far at the top of google = income” has just given me exactly what I needed to know to move forward. Thank you so much! This is so wonderful! Thank you! You have no idea – it validates my idea. Thank you so much!!!

    • Justin Cooke says:

      Awesome! I really liked his numbers-based approach to building eCommerce sites. It’s something that resonates with us and I’m glad to hear you definitely got something out of it!

  5. Oliver Worthington says:

    Great show as always guys and another inspirational interview, one thing I’d like to mention about this interview is that there was a disjoint between “ecommerce sites” and “suppliers” I pieced together that Billy bought ecommerce sites that worked, in someway, with suppliers who shipped the products as part of a private deal, it didn’t sound like he was sat on a large warehouse full of products.
    In episodes before “ecommerce sites” and “suppliers” were classed as physically stocking the product, which I think sounded unlikely to be happening in this situation. Having setup sites in the past drop shipping and supplying directly, I think it’s better to be clear on this because when you’re purchasing a $4k e-commerce site making $1k a month it’s great, but if you’ve got to organise the logistics of stocking and supplying the products, then this isn’t such a great deal and outlay will be more than just $4k, if it’s being drop shipped by suppliers, then it is.

    • Justin Cooke says:

      Hey Oliver,

      You’re right, of course…this was a “dropshipping” site he purchased. This is a situation where the supplier will white-label the product and ship to YOUR customer as if they were you. This saves you from having to hold stock/inventory. (Although your margins are lower, of course)

  6. Dan says:

    Loved this show guys ! Great job.

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