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Search results

  1. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    $400k+ in November. (profitable!) $165k in the last 7 days. (also profitable!) Now have 5 staff + me and have just made an offer to another potential new team member. Hopeful. Outgrown our warehouse + need another warehouse operative. About to delete two more product categories and disposing...
  2. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    So we're in 2023 and time for a quick update! 8 years since I started this thread. I've re-read the entire thread and it's a bit of a roller coaster. When I started the thread my goal was $75,000 / month but we're now almost doing that per week with 2 staff and I'm chasing $500k / month. The...
  3. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Can't believe it's been two years since my last post on this thread. It's been a roller coaster of a couple of years. Gone from five staff down to two staff + me, one of which is my wife who's now working pretty much full time for the business after we lost our customer support operative and...
  4. SparksCW

    The real 'profit first' accounting method

    EXECUTION 
    Have you actually read the whole book or just the cover? Profit first isn’t simply about deducting your profit first. It’s about making sure there is profit to be taken in the first place and managing the cash to ensure the profit is actually available to be taken. Profit First has...
  5. SparksCW

    What are your rules of personal finance?

    INVESTING 
    Very well said.
  6. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Just hit $170,000 for November with a few days left to go. Even better considering we’ve been out of stock for most of the month on all our top sellers. Would have cleared $200k easy if we had stock! We now have 5 in house staff, 1 remote and planning to move to larger premises next year...
  7. SparksCW

    How Do You Celebrate Hitting a Big Milestone?

    I have a bottle of Veuve Clicquot Yellow Label on my Desk. It has a note on it saying “don’t open until 1X” I’ve had it for 2 years now, and have drunk a few other bottles since, but not this one. You see this particular bottle is worth £100,000 ... as I can only drink it when I a) clear...
  8. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Late last year and the beginning of this we were in a pretty poor situation, we were stagnant and actually decreasing monthly revenue not growing, made some mistakes with website platforms and fell behind. Then C0VlD-19 came along and I thought it was game over! I was in survival mode trying to...
  9. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    It's March already! And we have a positive update! Last month was great, we beat Feb 2019 and we actually made a decent $xx,xxx profit. We also got a LOT of new stuff done, we have a bit of a system going on between the three of us here and it works quite well. I let my office manager go, not...
  10. SparksCW

    Going into business with my Dad

    PEOPLE 
    So many red flags! You say your dad is a "certified entrepreneur" but also say he has a day job?? I worked for my dad for 14 years, I learnt a lot but I owned nothing and was under paid. I left with nothing but the knowledge and skills I'd learnt from grafting for him. The "carrot on the...
  11. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Bank loan got approved today so next week I’ll be able to consolidate and remove my immediate cash flow issue, give a small buffer and then focus solely on selling!!
  12. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Hi Paul, yeah I read your threads too, was a shame for it to fail. I found your website (I think!) at one point and it looks pretty good quality so I guess it just came down to pricing and cash flow issues. I'm working hard to not let my business slip any further, hopefully I've caught it at...
  13. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Thanks Amp! I've let one of my staff go today, long time friend who introduced me to my now wife 10 years ago. But it was the right thing to do. She wasn't working out any more with where I'm trying to take the business and coupled with the money issues it just had to be done. Kept me up all...
  14. SparksCW

    Any UK property people here? Need advice on selling house

    REAL ESTATE 
    Don’t forget that a buyer has to pay stamp duty on properties above £125k + legal fees etc so there’s really not enough money in it for a developer to make it worthwhile. Your market is first time buyers so you really need to find a way to finish the property or wait until you get lucky with a...
  15. SparksCW

    Whats a service business worth

    Can you employ someone to do most of what you do, freeing up time to work on your products business? When the products business is standing on it's own feet you can then either shut down the first business, or add in a manager and exit quickly for a smaller amount. Best of both worlds? Either...
  16. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    September since my last post, and September is where it really started to go downhill. Since September our traffic and sales have dropped by 50%, we ran out of cash and I used a PayPal Working Capital Loan to cashflow us, however paying back up to $6000 a month when we're not making much profit...
  17. SparksCW

    Can You Escape the Giants in an Online Business?

    SOCIAL MEDIA RANT 
    This is because your offer is not as good as Amazons offer so a $2 difference + a better offer = Amazon win. If your website portrayed a much better offer than Amazon then the $2 difference becomes irrelevant. It's hard, but we have the same issues and generally if we can't communicate that our...
  18. SparksCW

    What Makes An eCommerce Brand Worth $5,000,000

    Is that based on pure profit only without taking into account intangible things like audience, brand value, IP etc? We have a long way to go yet, I’m reliant on our new plan of edu-commerce boosting the multiple as well as the revenue.
  19. SparksCW

    What Makes An eCommerce Brand Worth $5,000,000

    Let’s say you own an eCommerce business in a competitive niche primarily reselling branded goods. What makes that company worth $5,000,000? Today I took some time out to figure out my “number” and then envision what my company would look like to gain a $5m sale so that I could work backwards...
  20. SparksCW

    $5000 to $30,000 per month - eCommerce Progress

    EXECUTION 
    Sales still poor, cash eventually ran out. Had to borrow a fair amount to keep creditors paid. Our new Magento 2 site went live two weeks ago finally after 8 months. The traffic has halved (not sure why - no 404's, doesn't appear to be any ranking slips!) and the conversion rate is also...
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