Starting a Business & Building a Brand | Leaving a Profitable Venture
The Fashion Anchor was creating a profit, and it was growing. So what would motivate Aaron turn over his share the business?
Calling It Quits
Aaron gave his share of the Fashion Anchor to his partner. What was his motivation? His philosophy about how to run a business conflicted his partner, and he also didn’t feel passion surrounding the product like he previously felt. At this point, selling the ecommerce business is in his best interest. If passion dips and interest level is low, less effort can result. With an ecommerce business, that reduced contribution could mean less content creation, link building, maintenance, and more. Compounding issues further, not performing at an optimal level can result in decreased sales, ad revenue, and traffic. Selling prior to neglect ensures the ecommerce business including its website are not impacted, which is vital to the remaining partner or new owner.
The once profitable asset can be affected significantly; therefore, before the burning fire of desire is permanently extinguished, selling is highly advisable.By shedding the venture, the entrepreneur can focus on other existing projects or something new while still earning a nice price-tag for the business. Aaron notes how he’s very passionate about his other companies Pete & Pedro, Alpha M., MENfluential Media, and of course, Tiege Hanley. So without the Fashion Anchor, he can focus more time and energy on these businesses about which he’s impassioned.
Viewer Question: “Alpha question. How should I go about paying myself for the business I own. I am the only one working and I was confused on whether or not I should pay myself a percentage of the sales for the month or go on the dollar amount. For example, 30% of the profits go to me while the rest is used to grow the business. Thoughts?”
Aaron has struggled with paying himself his whole entrepreneurial career. Two years ago, he finally started taking a salary and taxes, and after time he increased his salary. He needed to start taking a salary because (1) taxes and (2) business owners are supposed to earn a salary! Entrepreneurs often get caught up in the hustle and sacrifice of owning a business. Once you’re sure-footed and making consistent revenue, reward yourself for the hard work. For Aaron, he’s had financial struggles so he didn’t want to sacrifice the business and its success for himself.
How much salary should an entrepreneur take? Whatever can be comfortably budgeted after the business is beyond the start-up phase and moving into solid territory. Also at the end of the year, take more if the business can afford but be sure to leave enough to grow the business. You never want to take all the profit and leave nothing to pay overhead as funds will have to redeposited. Aaron’s advice is to be responsible, conservative, and don’t over do it.
Podcasts: Tiege Hanley also experimented with this marketing wild card. Tiege Hanley connected to a group of podcasters, and the integration was good. However, the read comes in at a 1:45 which is a long time to listen. Results to come.
Alpha M.: Aaron just published a men’s skin care video on his YouTube channel to boost Tiege Hanley’s SEO. This type of video is in contrast to where Tiege Hanley is slid into random topic videos of Aaron’s. Tiege Hanley is not doing preroll because it gets ‘cheap clicks’. Instead, they’re spending to boost the video on YouTube. Out to the right of YouTube, the video will be an ad. If it converts, they’ll continue to invest. Check the video out below:
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