EFP 104: Slaughtering Your Sacred Cows

Justin Cooke

July 31, 2014

 

Everybody overvalues certain things or ideas about their business, including us. This week we’re going to look at some of the more common sacred cows, overvalued metrics, and ideas entrepreneurs have and how to dump them.

Get Rid of Your Sacred Cows that are Holding You Back

Joe and I will be sharing some of our own personal stories and our old beliefs that we held onto before dropping them and moving on with our business. Moving past the internal barriers that are holding you back lets you focus on and scale the things that do matter.

We’ve all got our own sacred cows, so this episode may hit home!

Check Out This Week’s Episode Here:

 Direct Download – Right Click, Save As

Topics Discussed This Week Include:

  • Perfecting site design and copywriting before launching.
  • The size of your team and why it matters (or not).
  • Having an office and being a “real business.”
  • Blogger blindspots and vanity metrics.
  • Profit matters over revenue.
  • When networking won’t help you.

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“Networking is a multiplier. Build something before you network because zero times zero is still… 0” – Joe – Tweet This!

What are some of the barriers and false beliefs you’ve had to overcome to scale your business? How did you overcome them? Leave a message on SpeakPipe or join us in the comments below.


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Discussion
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  1. Jeff Raymon says:

    Just a few thoughts on the dropship site I sold through Joe and Justin (I was who they were referring to with the site making $3,000p/m sales with $70 profit).

    Consistency: By selling high priced marine electronics, repeat customers were hard to come by. Profits fluctuated greatly month to month, from over $500 p/m to less than $50. It is difficult to get a good idea of the value of a business that has such large swings. Which IMO is why it was sold for such a low price.

    Preparing for the sale: Cutting costs while attempting to increase sales in anticipation of selling is something I did not do, I totally agree with Joe and Justin here.

    Profit Margins: Be very aware of the profit margins in the industry you want to get in, especially in dropshipping, they can be a killer. The next product I sell will be something that can eventually be branded, white labeled, made overseas, etc so the business has an avenue to grow.

    Selling my site with Justin and Joe was a great experience and I would recommend it to anyone. Based on their teams due diligence, I would feel comfortable turning right back around and buying a website from Empire Flippers.

    Thanks guys.

    Jeff

    • Hey Jeff, hope you didn’t mind us calling you out there. Not our intention at all. I’m glad we were able to at least sell the site quickly for you. Perhaps the new owner can expand the business and profits.

      Glad you had a good experience though and I am looking forward to selling your next site (approval comings soon!).

  2. JakubH says:

    The “labor of love” websites are the best to buy :) but for sure much harder to find. I was lucky to buy one last year for $3500 and only the content is worth imo $20000++ … I just wish I would get more than $500 a month (0 minutes work though) out of the 40000 monthly uv, unfortunately it’s niche that I know nothing about (specific kind of diet)

    I’m looking forward to see your new design, hope if won’t be too “corporate”

    • Don’t worry, we’re definitely not going corporate. We’re still working out the kinks and trying to finalize things, but we’re working hard to get it out as soon as possible!

  3. Quite some smackdown on little old me! :)

    • Hey don’t take it too hard, when I was your age I didn’t even have the ability to write a blog never mind monetize it! We should sit down later in August and review possible ways to effectively monetize your blog. After the launch and travel when things die down a bit. ;-)

      • Heh, I don’t mind. Justin and I were brainstorming before the show and he came up with the idea to use my site as an example. Thought it was a good one so I couldn’t complain too much.

        That’d be fun man!

  4. Karl says:

    Great episode yet again!

    I think the most overlooked thing about the ones you mentioned is profit vs revenue.

    It can be hard to really put the whole picture together and look at how much you’re really spending.

    Little things like hosting, domains and services add up REALLY quickly.. Eating up your profit.

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