Starting & selling million dollar online business, Nate Ginsburg [Nomad Summit 2020]
3 min readJan 24, 2020
This past weekend in Chiang Mai, Thailand, was the 8th Nomad Summit.
I attended the full conference day on Saturday & then taught a writing workshop on Monday.
Below are my notes from Nate’s presentation: Starting & selling million dollar online business.
For an overall review of the Nomad Summit event, venue, high-level takeaways, book recommendations, and links to all the other speaker notes I took, check out my main review:
- Sold FBA business in 2017 for appx $1M
- Able to sell his business because he had a great team, great business, had the right financial & operational aspects in order
- Invested in 4 businesses, now helps entrepreneurs to automate & scale businesses with SellerPlex = agency that helps businesses automate, unplug, and scale to 7 figures
- You can have success in any business if you know pros / cons and approach strategically
- Critical aspect of success: Quarterly Reviews & Planning
- Organization is critical — make SOPs for everything
- Think about business from a higher level & identify silos of what has to be done, then hire for that
- Thinking time = set aside time from working on the business to be off wifi, phone, connections, and think about SWOT analysis, and reviewing finances
- If you ever want to scale or sell a business, it’s necessary to have clean, organized finances
- For every $1K difference in profit, increase value of business 20–40x = $30K
- Get creative about how to add to your business model & serve customers with additional products / services based on their wants / needs
- Action: maximize flow (when you’re caught up in the moment & working on the activity, gives you energy & most productive thing you can do)
Nate focused on increasing value, and on making conscious business & life decisions, which I think is a really smart approach.
Katherine Conaway is a digital nomad, working remotely while she travels the world — on the road since June 2014.
