Ep 32: How to Build an 8-Figure eCommerce Business with John Yoon and Richard Yancey

Problem: How to build a successful eCommerce business

I think in a lot of ways Verum is our front facing part of our business where we’re trying to provide value to other merchants trying to enter the ecommerce space. – Richard Yancey

The Steps of Building Up an 8-Figure Ecom Business

Step #1: Have a Solid Marketing Plan

You have to understand how the markets work. You have to understand what kind of products sell depending on the season, depending on the trends. You have to also understand how customers purchase products. – John Yoon

Step #2: Build an Infrastructure to Handle Your Marketing Plan

You need to have the people and systems in place in order to handle the elements of your marketing plan and what comes from it.

Challenges and Motivation

On this journey to building an 8-figure eCommerce business, there will be many challenges that come your way, but you have to have the internal drive and motivation to get you past those hurdles.

My main enjoyment in life is creating stuff and seeing it become successful. So I just keep doing it regardless of what happens. – John Yoon

I don’t do this as a job, I just do this for fun. This is something that I want to show up to every day. I want to manage a team. I want to build something. – Richard Yancey

Tips for Maintaining Your Business While Working Remotely 

• Tip #1: Good communication bridges the gap
• Tip #2: Good company culture
• Tip #3: Have clear expectations

Traits Entrepreneurs Should Have To Be Successful

It’s really the mindset. I feel like the people who succeed always have the mindset of persistence. No matter how many times you fail, you keep on going and you keep on trying. – John Yoon

Having the mindset where you keep moving forward regardless of the issues that you’re facing or the problems that you’re facing and that you can overcome them. – Richard Yancey

Personal and Professional Mantras

John: I want to wake up and enjoy my life every day. The whole purpose of my day is to have a good time. 

Richard: Dealing with problems and managing stress is key. As you face challenges, as you face obstacles, don’t take things too seriously.