Greg Elfrink – Empire Flippers!
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Greg Elfrink discuss:
Affiliate Websites are websites that drive traffic to your site, taking a small commission on those sales for coordinating the transaction.
What does Greg say it takes to be successful online?
- Varies on skill level and budget towards online marketing
- Be persistent
- Wait for the delayed gratification
Experience allows you to fine-tune the formula for your success; serial entrepreneurs have a formula figured out more so than recent graduates
If you are more into Marketing, you should look into Dropshipping
Critical points of failure are something you should look into as a business owner. If Facebook ads go down, can your business keep moving forward?
Before you drop your ads, make sure you have a game plan to drive the traffic to the ads, and your site.
Market Research is key to do before launching your e-commerce business.
- site: Reddit (only brings up the keywords on that site)
- See what people are saying about what you are wanting to do. Seems like a lot want the same thing that isn’t out there? Make sure you have it!
- Amazon
- See your competitors
- Reviews – look at the ones between 2 stars and 4 stars, they will be more honest.
Would using Social Media help drive traffic and be a good marketing tool? No, since they are ad focuses it has caused a lot of the organic drive to drop; Best used with paid ads.
Greg believes that LinkedIn is best for driving organic business to business traffic.
Wanting to eventually sell your e-commerce site?
- Always use a broker if it is your first sale.
- Tell your broker the honest truth, this allows them to be professionally honest with you, and if they know what you are lacking, they may find a potential purchaser who can fix it and it not be an issue to them.
Trademarks and Patents add immense value to your business; patents more so.
- Prevents copycats
- Great for defense
- Licensing options
Key Takeaways
From this episode of The Millionaires Lawyer with Greg Elfrink:
- Your business is worth the most when you work yourself out of it; it should be able to operate without you.
- Shopify is a great e-commerce site for brick and mortar.
- Amazon FBA is a great affiliate site to get involved with.