From zero to $ 6m, pair push through
YOU’VE just got to go for it.
This is the advice of one of the Townsville partners in an online department store and import business which has achieved annual $ 6 million turnover in a little more than a year.
Long- time friends Shane Scholefield and Nathan Longhurst launched Factory Buys in 2016 importing their first container load of product in December of that year.
They imported what they called a UDK or Ultimate Dog Kennel and hit paydirt.
“They were so popular we sold out before they even arrived in Australia,” Mr Longhurst said.
They have since travelled extensively through Asia sourcing goods from children’s toys, to camping gear, electronics, garden and barbecue equipment, bar stools to outdoor furniture.
They have grown their online merchandise to more than 2000 items, mostly from China.
“In just over a year we have gone from zero ( turnover) to $ 6 million. We have shipped over 27,000 packages and grown a social media network reaching more than one million people a week,” Mr Longhurst said.
The men met more than a decade ago and worked together in several warehouse and sales roles in Townsville as well as setting sales records in separate retail and industrial businesses.
Mr Longhurst said they had often talked of developing a business together and had considered ventures including a coffee shop.
But it was Mr Scholefield who, having moved to the Gold Coast, established the Factory Buys website, starting as a drop shipping business sourcing products after purchases.
“When I got involved I said ‘ let’s have a crack at this and bring in our own gear’,” Mr Longhurst said.
Both men worked in fulltime jobs, putting every hour they could and many sleepless nights into Factory Buys before taking on the business full- time mid last year.
“We’ve got about 2000 different products. We have been growing our product range and getting our name out there,” Mr Longhurst said.
“We are big on Facebook. We do a lot of Google advertising. We have a good relationship with Australia’s leading payment service providers.”
Mr Longhurst had long thought of doing better than some of his high- flying corporate bosses and became frustrated in their reasons for saving money rather than having a go.
The partners are fans of US businessman and bestselling author of The 10X Rule Grant Cardone and will attend his growth conference in Las Vegas next month.
Mr Longhurst said they intended applying Cardone’s 10 times rule with plans to launch a second business by forming an Australian industrial equipment supplier and working with private equity groups to help scale up their ventures.
“Instead of making excuses you’ve got to push through and do it. That’s probably been the biggest learning for us,” Mr Longhurst said.
“We have some massive 10 times level goals set for 2018 so watch this space.”