Leibish Blumenfrucht may only be 21, but he has a very secure understanding of business, especially in the world of e-commerce. He manages online designer clothing stores on both EBay and Amazon, but is open minded and not set in stone to stay in this arena.
He feels that in business there really is no floor or ceiling. He also knows that if you’re doing something that you don’t enjoy, it will actually be a burden to you.
Leibish lives in New York City part of the year, and the other part, in Miami Beach, Florida. He is attending an undergrad business school in Brooklyn currently. Leibish has also taken a real estate class as well as different online business courses. He believes that education is important, but that it should be relevant and useful to a person’s career choice.
How did you get started in your career and what inspired you to do so?
I was helping my mother out with her online store. She had become a bit overwhelmed with some other things and asked me if I could lend a hand. It didn’t take long for me to see how simple e-commerce can really be. It really can be that work-from-home-in-your-pajamas type thing.
How do you make money?
Simply by selling designer clothing through online stores. I’m thinking of expanding the offerings and looking at venture capital down the road.
How long did it take for you to become profitable?
There were some hardships in the beginning, but there is with all businesses. You just have to stay the course and be willing to take the risk. I think about 6 months in I was seeing a profit.
When you were starting out was there ever a time that you doubted it would work? If so, how did you handle it?
Back in 2011, I got into cryptocurrency and Bitcoin. There were a lot of people telling me to stay away from it, get out of it. They just didn’t believe that it was going anywhere. I may have had some doubts at first about it, but I stuck with it and it was a bit successful for me.
How did you get your first customer?
I had my inventory listed and someone found something they wanted and bought it. I have built my store on trust and good customer service. Because there are so many online stores, I have to do something to stand out. An example would be that a customer paid for first class shipping, and I shipped it priority mail. It’s just been a lot of self-taught trial and error to find the things that bring them in.
What is one marketing strategy, other than referrals, that you’re using that works really well for new business?
I don’t use any marketing strategies, it’s just word of mouth. I have so much competition in this industry so, again, I have to do things that make my store stand out. I make sure that I’m delivering quality products and giving good customer service.
What is the toughest decision you’ve had to make in the last few months?
There was a period of time that the business wasn’t going well and I was presented with another opportunity. I had to make the choice of continuing with the store or going with the other. I took the risk and bought more products and it’s been paying off, so far.
What do you think makes you successful?
I shop online and know what I want my experience to be like. I truly believe in treating others the way you want to be treated and that’s what I try to do with my business.
What has been your most satisfying moment in this business?
That would have to be when Bitcoin went to $19 thousand. All the people that had doubted it and telling me to stay away from it were totally dumbfounded.
What does the future hold for your business and what are you most excited about?
Regardless of bumps in the road, this industry is pretty dependable and consistent. I’m excited to expand my offerings. I’m thinking about bringing in sports merchandise and memorabilia.
What business books have inspired you?
I’ve watched a lot of YouTube videos on management strategies. I think one book would definitely be American Made: Why Making Things Will Return Us To Greatness. It’s by Dan DiMicco. It describes the importance of keeping business in America and American made.
What’s a recent purchase you’ve made that helps with your business?
I recently added women’s clothing to the store. I wasn’t really sure about it because I didn’t understand that side of the industry. I did some research and then decided to take a chance with it. It’s been successful.