How have you marketed the product and where are your customers originating from?<\/strong><\/p>\nWe have marketed our product through many outlets. The first is organic social traffic to our different social media. Second, is our affiliate marketing strategy where we have reviews done on our products across all social media. Currently, we use CJ Affiliate with around 381 active publishers. In addition, using this software we get access to banner ads on sites and being listed on coupon sites. Lastly automatic email\/text marketing campaigns. <\/p>\n
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Is the asset on your listing owner-operated, how much time does it take to run the business, who else is needed on the team, and what is automated?<\/strong><\/p>\n<\/p>\n
This is owner-operated, with the amount of time fluctuating depending on what needs to be done. On a standard week one can expect to only spend 24 hours on LUU which encompasses customer service and actively pursuing marketing campaigns. We have been able to run this company with just 2 individuals for the last 4 years. In regards to all other aspects of the business these are automated, your delivery fulfillment, email\/sms marketing campaign’s, financial booking and more. Whats great about our model is a lot of your work will be outsourced at the lowest rates. That being said the most amount of time needed from you will be customer service, although even this can be outsourced with the software we have integrated. In regards to time fluctuating this can be due to activities such as talking with your accountant team, talking with our suppliers, extra time dedicated to building marketing campaigns and more. <\/p>\n
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What does someone need to do to continue operating the business in its current form?<\/strong><\/p>\n<\/p>\n
In the acquisition of this company, I will introduce you to our legal team, accountant team and suppliers. The first task that would be set out for you would be having the inventory sent to a delivery service that can ship the product on your behalf. In this process, I can give referrals to the best e-commerce delivery services in our industry. <\/p>\n
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Can you list a few opportunities for a potential new owner to continue growing the business?<\/strong><\/p>\nIn building this business we had focused on B2C growth as we wanted to create a loyal customer base. As we keep growing we have built out a strong community, therefore, leading to the next opportunity of B2B. We currently have listings on some wholesale sites. Therefore the two biggest opportunities for growth in the business would be expanding to retail and expanding our CBD hemp vape products. One option for this would be to release the first CBD hemp battery and pod system, what makes our CBD liquid so unique is the flavour it provides. Understand the barrier to entry to get access to this CBD liquid is high and we were able to achieve this through our years in the industry. <\/p>\n
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What has been the evolution of this asset since its launch?<\/strong><\/p>\n<\/p>\n
In 2018 our revenue was 32,647. Leading into 2019 our revenue became 169,218. In 2020 our revenue became 191,978. We have been growing year over year, although as we have grown we have expanded our product line. Therefore this was a cost we had endured, in the current stage of the company our product line is large and have a considerable amount of inventory ready for selling. In handing over this company you will be given 49,000 USD worth of inventory for free. <\/p>\n
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How does this business make money? What are the current revenue streams?<\/strong><\/p>\n<\/p>\nYour main revenue stream will be directly through the site with B2C being our largest contributor. Although with the little bit of pushing we have done with B2B one can expect orders from this monthly. \n
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What marketing channels are most profitable for the business?<\/strong><\/p>\n<\/p>\n
We found the most profitable marketing channels for our company is social media influencers posting reviews of our product on youtube. In addition, posting a large amount of content we have on TikTok. <\/p>\n
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How does the business currently acquire customers and what is your breakdown for marketing costs?<\/strong><\/p>\n<\/p>\n
We acquire customers through organic and paid marketing. Although it is important to note we have only been spending around 1,000 USD in marketing a month. A lot of our sales have been coming through organic traffic. One great avenue to bolster this is sending free products to influencers that will in return post a review on the product with their affiliate link. <\/p>\n
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How big is your current team? How many people does it take to run this business?<\/strong><\/p>\n<\/p>\nThe current size of the team is my partner and I. To run this business it would only require one individual due to the fact that the majority of the business is handled through outsourcing. The most amount of time you will spend on this business will be customer service but even that can be outsourced. \n
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What\u2019s the reason for selling your business on Flippa?<\/strong><\/p>\n<\/p>\n
The reason my partner and I are selling this business is due to us wanting to start another one. We have been running this company for 4 years and have decided we wanted to partner with another individual we have met in a new business idea we thought of pursuing. <\/p>\n
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<\/p>\nVIEW THE LISTING ON FLIPPA<\/a>\n<\/p>\n
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https:\/\/youtu.be\/8ZnU-FX1cks Tell us a little about yourself. What\u2019s your background? How did you start the business? Before starting this company with my business partner in 2018 I was in software development for Apple. Using the money I had received from this occupation I had made my first investment into starting this company. The reason I […]<\/p>\n","protected":false},"author":19,"featured_media":8651,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[394],"tags":[],"dipi_cpt_category":[],"acf":[],"_links":{"self":[{"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/posts\/8650"}],"collection":[{"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/comments?post=8650"}],"version-history":[{"count":0,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/posts\/8650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/media\/8651"}],"wp:attachment":[{"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/media?parent=8650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/categories?post=8650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/tags?post=8650"},{"taxonomy":"dipi_cpt_category","embeddable":true,"href":"https:\/\/flippa.com\/blog\/wp-json\/wp\/v2\/dipi_cpt_category?post=8650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}