Built Online Podcast Episode 84: "$4 Million in 6 Years with George McConnell"
Host: Cody McGuffey
Guest: George McConnell
Release Date: January 13, 2025
In Episode 84 of the Built Online Podcast, host Cody McGuffey sits down with George McConnell, a seasoned e-commerce entrepreneur who has remarkably scaled his online businesses to generate nearly $4 million in gross revenue over six years. This in-depth conversation delves into George's journey, his strategies for success, the challenges he faced, and invaluable insights for aspiring e-commerce entrepreneurs.
1. George’s E-Commerce Journey and Achievements
George McConnell opened up about his impressive e-commerce accomplishments, highlighting his ability to sustain and grow his revenue over multiple years.
Key Highlights:
- Revenue Milestone: George is closing in on $4 million in gross revenue since starting his Etsy store in early 2019. Last year alone, he achieved $1.2 million in sales from a single storefront.
- Consistent Growth: While he aimed for higher growth this year, George remains pleased with maintaining his revenue, emphasizing steady expansion.
Notable Quote:
"I started Etsy back in 2019... since then, I've generated close to about 4 million in gross revenue."
— George McConnell [03:11]
2. Overcoming Limiting Beliefs and Embracing Abundance
Cody and George discuss the psychological barriers that many entrepreneurs face when achieving significant financial milestones.
Key Highlights:
- Dream Become Reality: George describes his initial disbelief upon earning his first substantial revenue, reflecting on how such success seemed almost surreal.
- Abundance Mindset: Both agree that recognizing the vast potential in online markets helps entrepreneurs position themselves effectively to create and capture value.
Notable Quotes:
"It's one of those dream come truess where you could see it, but you don't know it even exists until it actually happens."
— George McConnell [03:32]
"Believe that you're just very, very bright and just take time, like delay that gratification."
— Cody McGuffey [46:28]
3. Diversifying Income Streams: Physical and Print-On-Demand (POD) Shops
George elaborates on his strategy of maintaining multiple income streams to ensure consistent revenue.
Key Highlights:
- Physical Store Success: George's primary physical store, focused on craft supplies like leather, has been exceptionally profitable, contributing the majority of his revenue.
- Expansion into POD: Approximately two and a half years ago, George expanded into print-on-demand, launching shops targeted at niches with consistent demand—babies, weddings, and birthdays.
- Strategic Niche Selection: By choosing evergreen markets, George ensures year-round sales stability, reducing reliance on seasonal fluctuations.
Notable Quotes:
"I didn't launch all these shops all at once. I waited... understanding your consumer is the biggest thing."
— George McConnell [12:56]
"I have a physical business and POD stores... generating about 5,600,000 last year."
— George McConnell [13:07]
4. Strategic Advertising: Leveraging Facebook Ads Without Pixel Tracking
The conversation delves into George's advertising strategies, particularly his use of Facebook Ads despite limitations with Etsy's platform.
Key Highlights:
- Ad Testing Approach: George creates multiple ads for each product, testing their performance with minimal daily budgets before scaling the successful ones.
- Challenges with Etsy Ads: Without pixel tracking, George cannot directly measure ad conversions on Etsy, relying instead on his sales data to infer ad effectiveness.
- Cost Efficiency: Over time, George has optimized his ad spend, reducing cost-per-click (CPC) from over $1 to as low as $0.15-$0.20, enhancing his return on investment.
Notable Quotes:
"I create five ads for just one and see which one performs the best and then start sinking money in that."
— George McConnell [00:00]
"With Etsy, you cannot add a pixel... I can only base it off of my previous sales."
— George McConnell [24:53]
5. The Importance of Reinvesting Profits Back into the Business
George emphasizes the critical strategy of reinvesting earnings to fuel sustained growth.
Key Highlights:
- Reinvestment Strategy: George consistently reinvests all profits back into his businesses, refusing to extract personal income until reaching significant revenue milestones.
- Long-Term Vision: This disciplined approach has enabled George to scale his operations rapidly, maintaining a focus on business growth over short-term personal gains.
Notable Quotes:
"Every dollar went back in... if money came in, I spent that money right back in the business."
— George McConnell [08:55]
"I didn't pay myself any extra for 15 months... that's how I was able to scale it so quickly."
— George McConnell [07:52]
6. Customer-Centric Approach and Building Trust
A cornerstone of George's success has been his unwavering focus on customer satisfaction.
Key Highlights:
- Understanding Consumer Needs: George prioritizes comprehensively understanding his customers' desires and feedback, using tools like EverBee to analyze competitor performance and identify gaps.
- Positive Reviews and Loyalty: By addressing customer pain points and enhancing product offerings, George has garnered numerous positive reviews, fostering trust and loyalty.
- Personal Engagement: George goes the extra mile to engage with customers personally, offering support and assistance beyond standard business interactions.
Notable Quotes:
"The satisfaction from all of them is what made me grow at such a fast pace."
— George McConnell [10:52]
"I go far beyond anything I can. If they message me any hour of the night, I'll message them and I'll sit there and talk with them."
— George McConnell [38:22]
7. Challenges and Personal Struggles of Entrepreneurship
George candidly discusses the hardships he has faced, balancing personal life with business demands.
Key Highlights:
- Financial Pressure: Managing significant monthly expenses ($15,000+) necessitates continuous revenue generation, often at the expense of personal financial stability.
- Work-Life Balance: George shares personal anecdotes about the strain his business has placed on his marriage and social life, highlighting the sacrifices inherent in entrepreneurial success.
- Mental Health: The ongoing stress and uncertainty of running multiple businesses contribute to anxiety and relentless drive, underscoring the emotional toll of entrepreneurship.
Notable Quotes:
"I need to be an entrepreneur for the rest of my life, no matter what."
— George McConnell [36:45]
"I had to call her up and ask her for gas money... it's just crazy."
— George McConnell [43:50]
8. Rapid Fire Insights: Books, Advice, and Characteristics
In a rapid-fire segment, Cody prompts George to share quick insights on various topics relevant to business growth.
Key Highlights:
-
Favorite Business Books:
- "How to Win Friends and Influence People"
- "The 10X Rule" by Grant Cardone
- "Shoe Dog" by Phil Knight
- "Relentless" by Tim Grover
-
One Thing He Wishes to Know Earlier:
- "That my design sucked. Nobody wants to tell you."
-
Worst Business Advice:
- "You're going to be rich. Because no matter what, the more money, the more money you make, the more money you spend."
-
Characteristics Friends and Customers Would Mention:
- Positive: Highly dedicated, customer-centric, resilient.
- Negative: Family may feel neglected due to business focus.
Notable Quotes:
"If you chase money, the money just runs."
— George McConnell [36:45]
"Life doesn't happen to you. It happens for you."
— George McConnell [46:28]
9. Final Thoughts and Advice for Aspiring Entrepreneurs
As the episode wraps up, both Cody and George share motivational insights aimed at inspiring listeners to pursue their entrepreneurial dreams with resilience and strategic planning.
Key Highlights:
- Resilience is Key: Persistence in the face of adversity is essential for long-term success in e-commerce.
- Embrace Learning from Failures: Each setback provides valuable lessons that contribute to future achievements.
- Believe in Your Vision: Maintaining faith in one's business vision, even when immediate results are not visible, is crucial for sustained growth.
Notable Quotes:
"You want to have some side business here and there... but if you want to have two of them, you can't have both."
— George McConnell [40:33]
"Believe in your future is the key... invest in yourself, invest in your business and you go, you'll have everything that you want, plus more."
— Cody McGuffey [46:28]
Conclusion
Episode 84 of the Built Online Podcast offers a comprehensive look into George McConnell's remarkable e-commerce journey, providing listeners with actionable strategies and heartfelt reflections on the realities of building a successful online business. From the importance of customer satisfaction and strategic reinvestment to the personal challenges of entrepreneurship, George's story serves as both an inspiration and a practical guide for aspiring e-commerce entrepreneurs.
Whether you're just starting out or looking to scale your existing online business, the insights shared in this episode can help you navigate the complexities of the digital marketplace and cultivate a mindset geared towards sustained success.
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