In this podcast episode, Steve Chou, founder of the "My Wife Quit Her Job" podcast and successful entrepreneur shares his journey in e-commerce, starting with selling handkerchiefs on eBay, which led to the creation of Bumblebee Linens. He discusses the viability of e-commerce in 2023 and the importance of building an audience before launching a course. Steve also shares insights on growing a YouTube channel, repurposing content and creating passive sources of income. He talks about the "four burners theory" managing employees and automation in his businesses, and much more!
Timestamps
[00:00:57] Steve Chou shares how he stumbled upon e-commerce when looking for handkerchiefs for his wedding and how it led to the creation of Bumblebee Linens.
[00:02:22] Steve Chou discusses the advantages of e-commerce as a fast way to make money compared to SaaS, but expresses interest in pursuing SaaS in the future.
[00:03:53] Steve Chou affirms that e-commerce is still a viable business model in 2023 and emphasizes the importance of marketing and driving traffic to your site.
[00:08:17] Steve Chou talks about how he initially resisted launching a course but eventually gave in due to demand from his audience.
[00:09:36] Steve Chou explains that the key to launching a successful course is to build an audience first, which he did through his blog and email list.
[00:10:31] Steve Chou shares his content strategy for growing his YouTube channel, emphasizing the importance of consistency and framing content to appeal to a wider audience.
[00:17:07] Fastest Way to Make Money Steve Chou suggests starting with e-commerce for a one-year timeframe, and content creation (specifically video channels like YouTube) for a two to three-year timeframe.
[00:18:23] Monetizing Content through Affiliate Marketing Steve Chu recommends affiliate marketing as the best way to monetize content, even with low traffic levels.
[00:23:45] Managing Employees and Automation Steve discusses his approach to managing employees and automation in his businesses, including the use of a virtual assistant and writing standard operating procedures.
[00:25:06] Reasons for Not Using Shopify Steve explains why he doesn't use the Shopify platform and instead relies on custom code for his e-commerce business, highlighting the flexibility it provides.
[00:25:50] Getting a Book Deal from HarperCollins Steve shares his experience in getting a book deal from HarperCollins, including the importance of having an existing audience and the process of putting together a book proposal.
[00:31:57] Steve Chu shares information on how to access bonuses and courses related to his book.
[00:32:36] Steve Chu mentions a free six-day mini-course on e-commerce available on his website, "My Wife Quit Her Job."
Steve’s Links
Website: https://mywifequitherjob.com/
Book: https://www.harpercollins.com/products/the-family-first-entrepreneur-steve-chou
Course: https://profitableonlinestore.com/
My Links
Podcast: https://lifeselfmastery.com/itunes
YouTube: https://www.youtube.com/lifeselfmastery
Twitter: twitter.com/rohitmal
Family-First Entrepreneur with Steve Chou