How This Teenpreneur is Making a Fortune by Running an Online Business Single-handedly
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Jack Bloomfield starts the day at 5.15am. After 15 minutes of push-ups, he gets ready for school and then spends 30 minutes reading Grant Cardone’s Be Obsessed Or Be Average. At 6am sharp, he starts working on his online business. Two hours and 30 minutes later, the 11th grader leaves for school. When he returns at 3pm, Bloomfield indulges in an afternoon sport, finishes homework, later dinner, and then once again logs into his computer to manage Bloom Ventures, the company he started at the age of 15.
This is Bloomfield’s third venture. The 16-year-old Brisbane resident, who “always had a strong passion for business”, first created an app, Next Gifts, four years ago, with an investment of 500 Australian dollars (around 370 US dollars), which he made by selling lolly bags at his parents’ tennis centres. It allowed people to create virtual cards online and get them sent physically in the post to their loved ones. A year later, after spotting “a gap in the market too good to resist”, he used his Next Gifts’ earnings to establish BlueHealth, an app that helped patients and doctors keep track of their health records in one place. But that wasn’t enough. Between the age of 14 and 15, Bloomfield tried different side hustles like forex trading, which taught him valuable skills like people management, finances, and data.
“I made a few thousand dollars here and there but I got my big break when I was 15. I got into the world of e-commerce,” says Bloomfield. He started out selling carbon fibre money clips in June last year, then scaled it all the way up through drop-shipping (whenever a product is ordered it is shipped by the companies’ network of suppliers to the relevant address)—an idea he got from watching a YouTube video. At present, Bloomfield has five e-commerce stores, including Best Bargain Club, which sells a variety of products from novelty items like desktop punching bag, hidden shoes and flask bracelet, to kitchenware.
While Bloomfield doesn’t want to reveal his company’s total revenue, he claims to be a millionaire. “Due to my e-commerce business model, the costs are relatively low as I avoid expenses such as rent, store, staff, etc., but I still have the product and advertising costs. I am not currently looking for extra investment in my current business as it is growing very nicely and I am able to take care of it all but I am always open investing in other businesses,” he says. In an earlier interview, published on news.com.au, Bloomfield is quoted as saying that during a strong period, he makes “north of $2900 a day”.
Starting Bloom Ventures was “really a no-brainer”, says Bloomfield, “as the idea of selling someone a product that could actually help them has always been really exciting and inspiring.” The entrepreneurial journey, however, has had its share of challenges. The chief being, striking the work-school-life balance. “It is a constant struggle; my parents are always worried about my grades,” he confesses. “As soon as I arrive home, I finish all my school work. It is always a challenge to stay focused but as soon as dinner is done, I am straight into business work till late at night.”
Finding free time is another big challenge, but whenever possible he tries to be a “normal” teenager and spend time with his parents and 14-year-old brother, and friends, and participate in sports track and field and volleyball.
While starting his first business, many people were surprised at his attempt but also pushed back, saying “I wouldn’t succeed.” “My age was always an obstacle. I was so concerned what others would think, but as soon as I realized that my age could actually be used as a talking point and a tool to get me places, my business and self-esteem really took off and I started putting myself and brand out there.”
For Bloomfield, the recipe for success has always been passion and strict time management. What has also helped him is outsourcing “grunt” work like order fulfilment and customer support to people overseas. “I am currently focusing on expansion and where I can go next. The idea of not expanding and growing myself and my work has always worried me. So it's reassuring to know that I can now spend a lot of time focusing on this part of the business which will definitely pay dividends within the next few months and years to come,” says Bloomfield, who credits his parents for being “incredibly supportive”. “Whatever I wanted in life, I was told I needed to go out and earn it myself which I believe has been really beneficial in bringing my own businesses to the point they are at today.”
His inspiration? “I don’t really have an inspiration. I only have a mission. So many potential young entrepreneurs in today’s world really want to start a business but none really have enough self-belief and determination to make it happen. If I can just inspire one person to go and put themselves out there and take action on that idea they have been thinking about for years, then that for me, is incredibly inspiring,” says Bloomfield, who wants to take his business to the US after completing school.