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  1. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Thanks very much guys and girls! I went away on a extra long end of year holiday :) Now its right back to work. Have a very successful 2022 everyone!
  2. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    I've received a few PM's which I have not yet responded too. I will try to respond to everyone ASAP - as you can imagine December is like the busiest time of the year x5.
  3. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    I have a tax advisor but he's U.K. based so his knowledge may be limited. Now since you've mentioned this, I will definitely do my research and find a qualified international tax advisor to help me. Thanks! Yes but not only limited to banks, I've got a large credit line facility in place too...
  4. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    How do I know my idea and niche will succeed? - You don't Where do I source the products from? - Wherever best for your products, China, Taiwan, the US or anywhere Shall I create a website, or use Shopify? - Yes Shopify is great Marketing? - Very important
  5. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Good luck. I've used GSA in the past, not so much though. Amazon PPC used to be my primary source of income, not anymore though. Nearly all of our sales are organic now. Only new SKU's we would advertise. Thanks. Thats great, keep it up! The biggest benefit would be less costs. It's much...
  6. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Nothing in specific that I can remember. I do have a notebook full of super useful notes somewhere in my house and that probably has a lot more info, which I've forgotten mostly by now. Thanks for your kind words, I appreciate it. I'm sure you have a bunch more experience than I do but sure...
  7. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Thanks!
  8. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    We have our own two warehouse locations, 12 of the 19 staff are warehouse pick and packers. Everyone automatically just assumes we use FBA, we don't. Most of our orders are MFN.
  9. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Thanks a lot, will look into it!
  10. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    We source from China, the US and Eastern Europe. Logistics costs have increased and made our margins thinner indeed.
  11. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    The plan is for myself to oversee the US operations for the first year until things are up and running while the team focuses on the U.K. My staff do so, why would I alone have access to it? There is no point in having employees if I were to do that. I hardly communicate with suppliers now...
  12. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Currently as a UK LTD. We've also just registered ourselves in the US and formed an LLC in the state of Wyoming at the cost of less than $1,000. This I believe is the best route to take for non-resident, mainly online businesses that plan to expand to the US. We plan to launch in the US during...
  13. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Thanks my man! Going to order the fastlane book later today, will let you know my thoughts. I already know it will be super useful just based off the reviews. As soon as I had exhausted all other options and nothing seemed work, I would just lose the passion I once had for the business. When...
  14. Silk Cuba

    3 Businesses & The Road to $1M in Personal Income

    HOT! EXECUTION 
    Since you mentioned the GGOB book, it made me order it. Maybe it'll be useful to me aswell. I think business in its early stages always have varying profit margins. Mine was the same. In the early days, some months I used to spend $25k+ and others maybe $4-5k. The net margins would differ quite...
  15. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    The profitability factor I knew I could eventually turn around once I had enough traction and buying power. 1) Being able to lower my COGS by buying stock in much bigger quantities i.e. by the container and negotiating discounts for the products and then the logistics. 2) Spending less on...
  16. Silk Cuba

    3 Businesses & The Road to $1M in Personal Income

    HOT! EXECUTION 
    Congrats! It's a good idea to post updates and occasionally look back on, to see how far you've come. We can all get lost in the moment. What is the biggest reason your margins differ so much month to month? Is it more like a direct-cost thing or just general expenses?
  17. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    I am re-investing 90% of the profits to finance growth. I am deep-in. I currently hold no other investments. My only focus is growing this company. I pay myself a salary enough to get by and occasionally dividends when necessary. I am not at that point yet where I can justify taking funds out...
  18. Silk Cuba

    23 Year Old w/19 Employees: Just Did $5m in 2021, *OFFICIALLY A MILLIONAIRE* - AMA

    GOLD! HOT! EXECUTION 
    Thanks pal. Glad to share. Well thats the thing, I did $30k in revenue in my first full month of trading, so there weren't many failures to learn from. You could say luck played a big part in it. I'd say the launch was one of the more simpler things. In my opinion, its not that difficult to...
  19. Silk Cuba

    How many Business Failures did you have before success?

    NOTABLE! CHAT 
    Definitely like 7 or so before I made my first million $.
  20. Silk Cuba

    Going "All-In" on ONE cryptocurrency... which?

    CRYPTO INVESTING NOTABLE! 
    Definitely bitcoin if we are talking long-term here.
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