Welcome to the Evolvepreneur (After Hours) Show
I am your Special Host Richard Wray
Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business.
My very special guest today is Jeff Barnes ...
Jeff Barnes discussed how he grew an e-commerce business from $0 to $17 million in revenue in just 8 months. However, issues with a supplier in China led to the business facing bankruptcy after they were unable to fulfill orders for 6 weeks without informing Jeff. Jeff touched on lessons learned like the importance of checking orders and having transparency in the supply chain. He also stressed the need to carefully consider costs and have the right team in place to support growth. While the business failed, Jeff was able to leverage his marketing skills to start an agency and also continues to advise other entrepreneurs on scaling. An interesting point was how a single unreliable supplier can bring down an entire rapidly growing business.
Key Moments:
- Jeff Barnes had an adventurous career path, joining the Navy straight out of high school and later working in corporate America before becoming an entrepreneur.
- Jeff helped a friend scale an e-commerce dropshipping business rapidly through effective marketing, growing revenue to $1 million within a month and on track for $3 million monthly.
- However, a key supplier suddenly stopped shipping products without notifying them for 6 weeks, even as they continued advertising and racking up orders for an out-of-stock item.
- This led to 50,000 refunds, merchant account shutdowns, and the business becoming bankrupt within 45 days as it owed suppliers money.
- Lessons include the importance of quality assurance processes, transparency in the supply chain, and having cash reserves for unexpected issues.
- Effective scaling requires considering customer support, finances, costs, margins, and preparing infrastructure for growth.
- Hypergrowth sounds exciting but comes with challenges if the proper foundations are not in place.
- Entrepreneurs should find their "zone of genius" and hire help for other areas rather than trying to do everything themselves.
- Jeff now advises companies on scaling challenges and shares lessons from his experiences.
- The number one piece of advice is to specialize in your strengths and build a team to support your goals.
About The Show
Evolvepreneur (After Hours) Show features guest stories about entrepreneurs and their journeys from startup, growth to success.
If you're looking to succeed with quick start concepts for online entrepreneurs, this brand new show reveals how startup entrepreneurs or someone looking to start, grow or reboot their online business can understand how to create specific strategies to build their list, make offers and connect with their best buyers.
We want to help entrepreneurs make a real difference and navigate the messy world of startup or re-launch.
Also, visit https://evolvepreneur.app/podcast/show to grab your free copy of #1 International Best Selling Book "Evolvepreneur Secrets for Entrepreneurs".
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Want to be a guest on the show?
Apply here: https://evolvepreneur.app/page/guestapplication
Sponsored by Evolvepreneur.app—"Your All In One Business System".
