Jermaine Brown is a local Atlanta-based entrepreneur who bootstrapped his B2C automotive e-commerce company, CCAW Automotive Group, to more than $10 million in annual revenue. He is currently a partner at Outlander Labs, an early-stage investment firm that specializes in companies with an outlandish vision.
Jermaine recently teamed up with Saltbox for a Concrete Conversation to talk about raising capital for your business and strategizing exits for e-commerce startups and creating the right environment for entrepreneurship.
Here are a few of the highlights from our discussion with Jermaine.
RAISING CAPITAL FOR YOUR BUSINESS
If you are considering raising capital for your business, begin by asking yourself three questions:
- How big is your market?
- How big do you think your company could get?
- How quickly do you want to get there?
If you identify that the market is sizeable and you’ve determined that you need to grow quickly, you may want to consider a fundraising round.
If you’re not sure about an exit strategy, remember that lucrative acquisitions are possible for e-commerce companies — even very niche ones.
- Companies like Quiet Light Brokerage and FE International are great platforms for e-commerce M&A. You can reach out to them for a free evaluation.
- A good rule of thumb is to start working on selling your business 18 months before you want to sell it.
Some advice for new entrepreneurs from Jermaine’s work:
- Know and lean into your strengths! Tools like StrengthsFinder can help you identify them.
- Always have an entrepreneurial support system, like the community of doers and makers you’ll find at Saltbox.
- When you start with the end in sight, the path gets much clearer. Know where you want to take your company and then work backwards.
A huge thanks to Jermaine Brown for taking the time to meet with the Saltbox community and discuss raising capital for your business!!
Browse past webinars and sign up for future events here. And follow us on Facebook or Instagram (@joinsaltbox) for the latest happenings at Saltbox.
If you are looking for a modern HQ for your growing business, schedule an in-person tour to check out our space and meet our team.