Ben Federman
| Ben Federman | |
|---|---|
| Born | 1983 (age 40–41) Milwaukee, Wisconsin |
| 🏡 Residence | Miami Lakes, Florida |
| 🏳️ Nationality |  United States |
| 💼 Occupation | |
| founding 1SaleADay | |
| 🌐 Website | 1SaleADay.com |
Ben Federman (born 1983), an American entrepreneur, is the founder and CEO of 1Sale LLC, a large deal website.[1] He has subsequently founded other online deal sites, including Ben's Outlet, Dynamite Time, and Shadora.[2] He donates half of his companies' earnings to charity.[3]
Early life[edit]
Federman was born in 1983 in Milwaukee, Wisconsin. As a child, he has stated “I was the guy selling stuff in the hallways of school. In the fourth grade I had a business selling candy to kids. I’d buy it for 10 cents and sell it for 50 cents.’’ He dropped out of school in 8th grade,[2] later earning his high school equivalency degree.[4] He joined the United States Army at 18 and served a tour of combat in Afghanistan.[5]
Career[edit]
After his military service,[5] he moved to Brooklyn and began working at a small electronics retailer.[1] He became familiar with profit margins for electronics,[6] then worked as a sales representative in web sales.[7] He has stated “I used to spend a lot of time checking out big shopping sites like Amazon.com. It dawned on me that, if you featured just one or two items at a time, you could get great volume pricing.”[5]
1SaleADay[edit]
In mid-2007,[8] he launched the online company 1SaleADay (now known as 1Sale LLC) from his apartment living room. Every 24 hours the company offers items discounted 80-90% off retail in the categories of electronics, watches, jewelry, and household goods.[1] He started with one employee,[6] and $200,000.00 in funding.[5]
He initially went to trade shows for much of his bargain merchandise.[1] For the first year and a half, he purposely did not make money off a single item (loss leading).[7] He occasionally offered items for free, and the site's popularity increased via word of mouth[4] and social media.[1]
After two years,[2] the company began to turn a profit.[6] As of July 2011 it sells up to 30,000 items a day, and has revenues of $60 million.[1] As of September 2011, the website was one of the top most visited 500 websites,[9] with over 150 million visitors per year[3] and half a million a day.[2]
Octagon Commerce[edit]
In 2009 he began founding other online deal sites under his parent company Octagon Commerce.[2] As of October 2011 they include Ben's Outlet for electronics, Shadora for jewelry, Dynamite Time for watches,[4] PaperGoods for paper, and GlassesUnlimited for eyeglasses.[6]
In late 2010, Octagon Commerce[1] received a multi-million investment from Optima Ventures,[6] a Miami-based private equity firm.[2] In mid-2011, Federman began moving the firm to Miami Lakes, Southern Florida.[2]
Media presence[edit]
He interacts with customers via the 1SaleADay Facebook page,[8] which as of September 2011 had over 300,000 fans.[3] In Fall of 2011 he was highlighted as one of Entrepreneur Magazine's young millionaires of 2011.[6][10] He was interviewed on Fox Business in 2011.[11] He has also been featured in The New York Times,[12] The Examiner,[8] Crain's New York Business,[5] PBS Nightly Business Report,[10] New York Daily News,[1] and The Miami Herald.[2]
Personal life[edit]
In 2010 he donated more than half his companies' net earnings to charity:[5] primarily educational outreach programs, homeless shelters, children with special needs, multicultural community events and military affiliated charities.[4]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Lazarowitz, Elizabeth (July 18, 2011). "1SaleADay.com founder Ben Federman consciously lost money for betterment of Internet startup". New York Daily News. Retrieved 2011-10-22.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Cordle, Ina Paiva (October 20, 2011). "Daily sale site 1SaleADay moves to Miami Lakes". Miami Herald. Retrieved 2011-10-22.
- ↑ 3.0 3.1 3.2 Young Jr., Don (September 22, 2011). "A One on One with Ben Federman – Founder and CEO of 1SaleADay.com". Daily Deal Media. Retrieved 2011-10-22.
- ↑ 4.0 4.1 4.2 4.3 Goh, Daniel (February 10, 2011). "A Chat With Ben Federman of 1SaleADay.com". Young Upstarts. Retrieved 2011-10-22.
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 Fisher, Anne (November 12, 2010). "Cashing in on the 'new frugality'". Crain's New York Business. Retrieved 2011-10-22.
- ↑ 6.0 6.1 6.2 6.3 6.4 6.5 Morgan, Gwen (September 5, 2011). "1SaleADay.com's Ben Federman and the Value of a Daily Steal". Entrepreneur. Retrieved 2011-10-22.
- ↑ 7.0 7.1 "Building A Better Shopping Site, 1SaleADay - Interview with Ben Federman". Benzinga Staff. February 7, 2011. Retrieved 2011-10-22.
- ↑ 8.0 8.1 8.2 Taylor, Jennifer (May 12, 2011). "Kings of engagement: building Facebook Fan base to 89,000+ users in 4 months". Examiner.
|access-date=requires|url=(help) - ↑ "1SaleaDay". Alexa. Retrieved 2011-10-22.
- ↑ 10.0 10.1 "PBS Nightly Business Report - Ben Federman". Retrieved 2011-10-22.
- ↑ 1SaleADay.com Fox Business (August 6, 2011)
- ↑ Ha, Anthony (March 1, 2011). "Daily Deals Site 1SaleaDay Raises Tens of Millions". New York Times. Retrieved 2011-10-22.
External links[edit]
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