304 North Cardinal St.
Dorchester Center, MA 02124
304 North Cardinal St.
Dorchester Center, MA 02124
Having achieved monetary success, many entrepreneurs purchase an enormous home, maybe an costly car. However not Steve Chou. He co-owns a thriving ecommerce enterprise, runs a rising YouTube channel, and teaches in style programs from his “My Spouse Give up Her Job” web site.
And he loves frugal residing. “Being frugal and spending much less is nice for my peace of thoughts,” he advised me.
That is my second interview with Chou. Two years in the past we addressed Bumblebee Linens, his ecommerce firm. At this time’s dialog covers stress, high quality of life, and, sure, low private overhead.
The audio for our whole dialogue is embedded beneath. The transcript is edited for size and readability.
Eric Bandholz: You’ve your programs, YouTube channel, and ecommerce enterprise. Plus you’re writing a guide. How do you do all of it?
Steve Chou: I’ll let you know my schedule. My typical work week begins on Sunday after I’ll put together an article. I’ve a author and editor now, however I add my persona. After Google modified its algorithm a few years in the past, writing has turn out to be boring for me. Google needs solely the reply. Offering extra than simply the reply might harm natural rankings.
Mondays are after I do most of my work. Utilizing a device similar to Ahrefs, I take a look at what my opponents are writing about after which decide some key phrases. I’ve a spreadsheet with a whole bunch of subjects. The author normally creates a top level view on Mondays, and I’ll approve it.
On Mondays, I’ll additionally movie a YouTube video for my channel the place I educate individuals begin their very own life-style ecommerce companies. I’ll normally publish a podcast on Mondays, too.
On Tuesdays, I put together a lecture for the 2 programs I run, and I’ll solely work from 8:00 a.m. to midday or 12:30. Wednesdays, I educate these courses.
Thursdays, I work on duties for Bumblebee Linens, our ecommerce enterprise. Fridays are my considering days, the place I plan long-term targets and duties for the next week.
Bandholz: How do you take care of stress?
Chou: There have been two durations as an entrepreneur the place I had stress. The primary was after I tried to hit seven figures in income with Bumblebee Linens. I went all out to achieve this silly quantity. My spouse and I fought always. Our marriage wasn’t good. We have now since agreed to not obsess over development due to the stress.
The second interval was throughout Covid. We promote objects for weddings and occasions. Lots of our clients are airways and accommodations. Covid decimated these companies. On March 23, 2020, our income dropped 70%. We had staff and warehouse hire. Happily, we recovered.
We just lately purchased a constructing, which suggests no extra hire checks.
Bandholz: What’s your tolerance for debt?
Chou: It really works effectively when the going is nice however not when there’s a downturn. I’m debt free.
Right here’s my philosophy on cash and frugality. Being frugal and spending much less is nice for my peace of thoughts. I must know that if my companies have been to instantly cease, I might nonetheless reside with out worrying. So, that’s why I preserve bills low. I attempt to not spend some huge cash or enhance my life-style.
I take a look at my web value commonly. I must see it rising. That’s how my thoughts works. We have now loads of cash within the financial institution and may cowl our children’ faculty. We don’t spend a lot. Our complete household spends possibly $100,000 a yr. Stuff doesn’t make me comfortable. I’ll spend cash on experiences, however not issues.
Bandholz: Bumblebee Linens. How do you purchase clients?
Chou: Our focus is principally on Fb and Google Adverts. Our common order worth is $60. Nearly 50% of our clients spend lower than half of our AOV, and solely 10% spend greater than twice that quantity. Many of the smaller transactions come from Fb. However the 10% that spends double represents virtually 50% of our income. Most of these consumers come from Google Adverts.
Nevertheless, Google Adverts will not be straightforward to scale. We switched to Efficiency Max about three months in the past, and it’s been doing effectively. It requires little or no mind energy. However, sadly, it sucks up site visitors for different Google campaigns. My return on funding from Google Adverts was greater earlier than Efficiency Max.
I’ve completely different Efficiency Max campaigns. Most are set for a 3-times return on advert spend. I do know I can attain occasion planners with Google. We search for individuals who purchase an abnormally great amount of linens. Chances are high these persons are occasion or wedding ceremony planners and are available by Google.
After their preliminary buy, we’ll contact them through cellphone, asking, “Are you an occasion planner?” We even have a post-purchase survey that asks, “Are you a enterprise?” If sure, we attain out to them with a coupon code and a devoted account rep.
Bandholz: How can listeners join with you?
Chou: Take a look at our web site, MyWifeQuitHerJob.com, the place yow will discover our podcast and programs. The YouTube channel is @MyWifeQuitHerJob. Our ecommerce website is BumblebeeLinens.com. My Twitter is @mywifequit, and I’m on LinkedIn.