How I Bought A Multi-Million Dollar Egg Carton Business For $0
Nov 2, 2023
01:23:30
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Sarah Moore, a troubled teen turned Harvard Business School graduate, shares her inspiring journey of buying a multi-million dollar business with $0 and no experience. Topics discussed include scraping databases, finding a free workforce, simplicity over innovation, growth post acquisition, and Sarah's unlikely background.
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Quick takeaways
Sarah Moore challenges industry norms by focusing on the potential and profitability of a business rather than the industry it belongs to.
Sarah Moore's approach to buying and growing eggcartons.com involved innovation and adaptability.
Reflecting on her entrepreneurial journey, Sarah Moore offers valuable lessons and advice.
Sarah Moore leveraged her gender and unique attributes as a way to stand out in a male-dominated industry.
Deep dives
Finding Opportunities in Unexpected Places
The podcast episode discusses how Sarah Moore, a young entrepreneur with limited resources and experience, bought a multi-million dollar business called eggcartons.com. She used a combination of hustle and a numbers game approach to find the right business opportunity. By reaching out to hundreds of businesses and leveraging a team of interns, Moore was able to identify eggcartons.com as a potential acquisition. The business, which specialized in wholesale distribution of egg cartons, had proprietary products and a strong customer base. Moore recognized the potential to expand into other markets and industries beyond just eggs. With the COVID-19 pandemic providing additional opportunities, Moore was able to significantly grow the business and create value, disproving the notion that one needs extensive resources or expertise to succeed in entrepreneurship.
Challenging industry norms
Sarah Moore challenges industry norms by focusing on the potential and profitability of a business rather than the industry it belongs to. Rather than fixating on specific industries or being restricted by preconceived notions, Moore emphasizes the importance of finding an established, consistently profitable business as the foundation for success. She believes that anyone can buy and operate a small business if they are willing to put in the effort and approach it with an open mind. Moore's strategy is to keep things simple and straightforward, avoiding unnecessary complexity or jargon. By recognizing the true market potential and focusing on the strengths of the business, Moore has been able to drive significant growth and value.
Creating value through innovation and adaptability
Sarah Moore's approach to buying and growing eggcartons.com involved innovation and adaptability. Rather than focus solely on the egg industry, Moore identified opportunities for expansion and diversification. By recognizing the business's capabilities in specialty packaging and proprietary products, she tapped into new markets beyond just eggs. Moore's willingness to adapt to changing circumstances, such as the COVID-19 pandemic, allowed her to pivot and capitalize on increased demand for certain products. This commitment to innovation, combined with an understanding of customer needs and the ability to provide separation and protection, has enabled Moore to create significant value and drive the growth of the business.
Lessons learned and advice for aspiring entrepreneurs
Reflecting on her entrepreneurial journey, Sarah Moore offers valuable lessons and advice. She highlights the importance of being resourceful and not counting yourself out due to a lack of experience or resources. Moore emphasizes the significance of perseverance, finding the right opportunities, and employing a numbers game approach. She also encourages entrepreneurs to hire and fire quickly, surrounding themselves with capable individuals for support and growth. Additionally, Moore advises against making significant changes in the first year, allowing time to truly understand the business and its dynamics. Overall, Moore's story demonstrates that with determination, a proactive mindset, and adaptability, success can be achieved in the world of entrepreneurship.
Using Gender and Uniqueness to Your Advantage
Sarah Moore leveraged her gender and unique attributes as a way to stand out in a male-dominated industry. She wore tall heels and introduced herself as the extremely tall woman in order to be memorable among brokers. She also used creative methods like faxing her picture and wearing a sweatshirt that stated her intention to buy businesses. Moore emphasizes the importance of using every tool and advantage at your disposal to achieve your goals.
The Value of Freedom
For Sarah Moore, pursuing entrepreneurship and buying businesses is all about achieving freedom. She believes that anyone can pursue this career path and attain freedom if they are willing to put in the time and effort. Moore learned valuable lessons from her difficult upbringing, which she believes were instrumental in her success. She encourages others to pursue entrepreneurship as a means to gain independence and create the life they desire.
Helping Others and Fair Opportunities
Sarah Moore is passionate about providing fair opportunities for others who want to pursue entrepreneurship and buying businesses. While she receives a high volume of inquiries, she asks that people do not contact her business directly. Instead, she plans to create a form where interested individuals can request information, and she will provide as much guidance and support as possible. Moore hopes to help others succeed in this field and contribute to their journey of achieving freedom and success.
Episode 515: Shaan Puri (https://twitter.com/ShaanVP) invites Sarah Moore to tell her insane story of being a troubled teen, making it to Harvard Business School, and buying a multi-million dollar business with $0 and no experience.
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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
