Built Online Podcast Summary: Episode 78 - "From $0 to $30M in Sales with Jeremy Parker"
Introduction
In Episode 78 of the Built Online Podcast, host Cody McGuffey welcomes Jeremy Parker, a seasoned entrepreneur with a remarkable journey in the e-commerce landscape. Jeremy shares his path from a budding filmmaker to building a multi-million-dollar e-commerce platform, offering invaluable insights for aspiring entrepreneurs.
Jeremy Parker’s Entrepreneurial Journey
Jeremy's transition from filmmaking to entrepreneurship was both unexpected and enlightening. Initially passionate about documentary filmmaking, Jeremy experienced a pivotal moment at the Vail Film Festival at [00:00], where he questioned if filmmaking was truly his calling. This introspection led him to pivot towards business, drawing parallels between storytelling in film and branding in business.
“I realized I truly love building things. It became less about the end goal of making money or being rich. I've always wanted freedom.”
— Jeremy Parker [00:00]
Early Ventures and Lessons Learned
Jeremy delves into his early entrepreneurial endeavors, starting with a high-end T-shirt company launched during the recession of 2007-2008. Despite the challenging economic climate, this venture taught him the fundamentals of manufacturing, PR, production, and e-commerce. His persistence led him to promo.com, a significant player in the promotional products industry.
“Swag is a massive business. It's an over $20 billion a year industry.”
— Jeremy Parker [05:19]
After three years in the promo industry, Jeremy co-founded Tipped Media, pioneering product placement with YouTube stars. This innovative approach resulted in a successful acquisition by a publicly traded company. However, not all ventures were successful; his social networking app, Vouch, failed despite garnering hundreds of thousands of users. This failure underscored the importance of aligning product development with customer needs.
“Vouch never took off to where it needed to be. I built the wrong platform for the audience.”
— Jeremy Parker [07:00]
Building Swag.com: From Concept to $30M
Jeremy's most notable achievement, swag.com, exemplifies his ability to navigate and innovate within the e-commerce space. Observing the shift in the promotional products industry's demographics—from older office managers to millennials—Jeremy tailored swag.com to meet the evolving needs of a younger buyer.
“We scaled from zero to over $30 million in sales a year by focusing on the office manager, who was an underserved segment.”
— Jeremy Parker [08:38]
Swag.com's success was driven by its user-friendly B2B platform, offering over 7,000 curated products and streamlined ordering processes. Jeremy emphasized the importance of incremental growth and tackling business challenges step-by-step.
“Anything's possible, it's just you gotta break it down.”
— Jeremy Parker [10:47]
Navigating Entrepreneurship: Motivations and Mindset
Jeremy discusses his motivations for entrepreneurship, highlighting his desire for freedom and the ability to build something meaningful rather than the pursuit of wealth. He candidly shares his experiences with burnout and the critical realization that entrepreneurship is a lifelong commitment filled with continuous learning from both successes and failures.
“Entrepreneurship seems to be the way, but it is a challenge and it's not easy.”
— Jeremy Parker [19:30]
He advises aspiring entrepreneurs to embrace failure as a learning opportunity and to remain open-minded, stressing that perseverance is key to eventual success.
“If you learn from your failures, you will get so much better that you'll put yourself in a position to succeed.”
— Jeremy Parker [20:08]
The Acquisition Process: Selling Swag.com to Custom Inc.
Jeremy provides an in-depth look into the acquisition of swag.com by Custom Inc., detailing the strategic steps that led to this success. Emphasizing the importance of business fundamentals, Jeremy explains how maintaining robust growth and demonstrating clear value made swag.com an attractive acquisition target.
“Make sure your business succeeds. Give the acquirer zero reason to have any doubt.”
— Jeremy Parker [27:46]
He highlights the significance of having multiple interested buyers to create a competitive environment, thereby enhancing the company's valuation. The negotiation process was lengthy and meticulous, ensuring that the terms aligned with swag.com's long-term vision and operational integrity.
“Know your bottom number, know what you're not willing to take below.”
— Jeremy Parker [35:44]
Current Endeavors: Swag Space
Post-acquisition, Jeremy has embarked on a new venture, Swag Space. This platform leverages the technology and infrastructure developed at swag.com, offering a white-labeled solution for businesses to create their own branded swag storefronts effortlessly. Swag Space empowers marketers, designers, and other professionals to monetize their networks by providing customized promotional products without handling production or logistics.
“Swag Space is a business in a box. You create your website, upload your logo, and start selling.”
— Jeremy Parker [42:19]
Rapid Fire: Personal Insights
In the concluding rapid-fire segment, Jeremy shares personal preferences and reflective insights:
-
Favorite Business Book: "Living with the SEAL" by Jesse Itzler, a book about pushing personal boundaries and achieving excellence.
“Living with the SEAL will get you out of your funk and bring you to the next level.”
— Jeremy Parker [35:53] -
One Thing He Wishes He Knew Before Starting in Business: Emphasizes the importance of humility and resilience, advocating for adaptability and customer-centric approaches over rigid adherence to initial plans.
“Overthinking everything and not listening to the customer can lead to failure.”
— Jeremy Parker [37:13] -
Worst Business Advice Received: Being told to "hunker down" instead of seizing opportunities. Jeremy stresses trusting one's instincts and understanding that external advice may not always align with the business's unique needs.
“Trust your instincts and trust your gut. Sometimes that's the best thing.”
— Jeremy Parker [38:07] -
Current Work Hours: Reflects on the intense hours during swag.com's startup phase, contrasting it with a more balanced approach now, highlighting the evolution from hands-on operations to strategic management.
“In the early days, I was working 15, 16 hours a day consistently.”
— Jeremy Parker [39:16] -
Personal Traits: Describes himself as honest, trustworthy, and giving, with a penchant for saying "yes" to opportunities that foster growth and meaningful connections.
“I am a very honest person and I'm a very trustworthy person and I'm a giving person.”
— Jeremy Parker [40:38]
Conclusion
Jeremy Parker's story is a testament to the resilience and adaptability required in the entrepreneurial journey. From overcoming early failures to scaling a business to $30 million in sales and successfully navigating an acquisition, Jeremy offers a roadmap filled with practical lessons and motivational insights. His latest venture, Swag Space, signifies his ongoing commitment to innovation in the e-commerce space, providing tools for others to build and scale their own businesses effortlessly.
Key Takeaways:
- Embrace Failure: View setbacks as learning opportunities rather than deterrents.
- Customer-Centric Approach: Align product development with actual customer needs.
- Incremental Growth: Tackle business challenges step-by-step for sustainable success.
- Trust Your Instincts: Balance external advice with personal insights and business intuition.
- Adaptability: Be willing to pivot and adjust strategies in response to market shifts.
Connect with Jeremy Parker:
- Swag.com: www.swag.com
- Swag Space: swag.space.com
This comprehensive summary encapsulates Jeremy Parker's entrepreneurial endeavors, the strategic decisions that led to significant business growth, and the personal philosophies that drive his success. Listeners and readers can draw inspiration and actionable insights from his experiences to apply to their own business ventures.