The Formula for a Successful Product-Based Business with Grace Hayden

Today, I'm chatting with Grace Hayden again. Grace has been on the podcast before when I was just starting out, and I'm thrilled to bring her back.

Since we last spoke, Grace has sold one of her product-based businesses and is still growing and working on her second business, which she runs with her family. She also intends to sell this one, which I think is absolutely incredible. I'll tell you what, I did not realize that businesses were something you could sell. For a long time, I did not think of my business as an asset, something that could be sold.

So, I really loved this conversation with Grace. You will love her. She shares so many wonderful tips, and we talk about her TikTok journey because she is one of those people who has a ton of followers on TikTok. It's been really cool to watch her behind the scenes since I've known her for quite a few years now.

Grace was also part of the last Product Powerhouse Summit, which we hosted in the spring of 2023. She talked about email marketing, and I heard nothing but rave reviews about her session. I'm just so happy and grateful to have her back on the podcast.

Meet Grace Hayden

Grace Hayden is the founder of multiple e-commerce businesses, notably her Turkish towel company, which she sold in 2021. Currently, she is building a family e-commerce business, Outdoors, which features the Chuck Box Camp Kitchen. She also wrote a book, "Start an E-Commerce Business from Scratch," which we discuss in this episode. I am so excited to chat with her.

Previous Podcast Episode: Episode 38 - The Power of Selling One Product (if you haven't listened, check it out!)

Guest Links:

• Grace Hayden on TikTok
• Grace's Book on Amazon
• Product Powerhouse Summit

Interview Highlights

Q: How did you get started in e-commerce?

• Grace: I’ve been doing this for over 20 years. My background is in retail. I had a Turkish towel company that I built up and sold. Now, I’m working on another business with my family with the intent to exit.

Q: What inspired you to sell your businesses?

• Grace: It was the goal from the start. I wanted to invest time in a way that would pay off significantly in the future. For example, the Turkish towel company was started with young kids at home and limited hours. Selling it meant getting paid for all the work put into it, including the startup period where you’re not making sales.

Key Takeaways

1. Businesses as Assets:

   • Grace discusses the mindset shift needed to see your business as a sellable asset. This approach ensures that all the time and money invested eventually pays off.

2. Building with an Exit in Mind:

   • Focus on profitability, grow your email list, and secure trademarks and registrations. Grace used a broker, Empire Flippers, which specializes in e-commerce businesses.

3. Profitability and Pricing:

   • Ensure your costs to acquire a product are much lower than the resale price. This allows room for marketing and potential discounts.

4. Target Market Clarity:

   • Grace emphasizes the importance of understanding your target market. Making yourself part of your target market simplifies this process and aligns your marketing strategies.

5. Five Ps of Retail:

   • Product, Person, Price, Place, Promotion. These five pillars are essential for any retail or e-commerce business and provide a framework for troubleshooting and growth.

Practical Advice

• For E-commerce Business Owners:

  • Start with one product and build variations to simplify your inventory and marketing.
  • Use in-person events to gain immediate customer feedback, which can refine your online presence and product offerings.

• For Creatives and Artists:

  • Understand your pricing strategy, including retail and manufacturing costs, to ensure profitability.

Conclusion

Grace Hayden’s journey from starting to selling businesses offers invaluable insights for any entrepreneur. Her practical advice and strategic approach to building sellable businesses are essential takeaways for anyone in the e-commerce world.

Links to Follow Grace and Learn More:

• Buy "Start an E-Commerce Business from Scratch"

Thank you, Grace, for sharing your expertise and strategies. For more tips and insights, follow Grace on TikTok and grab a copy of her book. Until next time, happy selling!