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

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amp0193

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So tip 1. Don't use working capital finance for anything but stock purchases and make sure your repayment percentage falls well within your profit margin!!
1) Print out in big letters and tape to the wall: NO MORE DEBT

2) You have a weekly cash flow for the next few months? Do you know when you run out of money completely? If not, you need to know. That knowledge will prompt action and help you prioritize. You can't operate in the dark.

3) Then figure out what you can do to not run out of cash. Re-finance with a bank. Work out a payment furlough with Paypal (I got a 30 or 60 day reprieve... don't remember, just by calling and asking).

4) Time to take outside investment?


It is not worth losing family/kids/everything/health. Your #1 job as CEO is do not let the business run out of money.

You may feel like giving up. Don't. Every successful business person goes through a time like this. Those that make it didn't give up.

You got this brother.
 

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SparksCW

SparksCW

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1) Print out in big letters and tape to the wall: NO MORE DEBT

2) You have a weekly cash flow for the next few months? Do you know when you run out of money completely? If not, you need to know. That knowledge will prompt action and help you prioritize. You can't operate in the dark.

3) Then figure out what you can do to not run out of cash. Re-finance with a bank. Work out a payment furlough with Paypal (I got a 30 or 60 day reprieve... don't remember, just by calling and asking).

4) Time to take outside investment?


It is not worth losing family/kids/everything/health. Your #1 job as CEO is do not let the business run out of money.

You may feel like giving up. Don't. Every successful business person goes through a time like this. Those that make it didn't give up.

You got this brother.
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 night worrying about doing it but she was a star about it and is looking to the positives about a new career break and getting back to being friends rather than "an employee". Every cloud and all that...

Monthly expenses now reduced by $1500

Next step is to sort the loan and sell my truck, already have replacement car lined up, it's by no means luxury but it's free!

Personally I have three credit cards, 2 of them are now interest-free for 9 and 15 months respectively. I have a plan in motion to pay 1 maybe 2 of them off in the next few months. Also started work on a longer term side hustle, amazon affiliates in the same niche as my main business, I'm doing it as a no pressure long term SEO strategy, monetisation from Amazon Affiliates and referring people to buy from my main business. Currently keeping this away from the main business though as I want to start building separate, relevant, streams of income.

Sales and website traffic are picking up, some ads back on and working so now the race to make a profit this month, currently were about $3000 away from break even and it's only the 10th, so far so good!

@Andy Black have started walking with podcasts on, done a few miles sine last week and it definitely helps so going to try and keep this up every other night at least.
 

Andy Black

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@Andy Black have started walking with podcasts on, done a few miles sine last week and it definitely helps so going to try and keep this up every other night at least.
That’s good. The walk will do your body good.


Also try walking without music or distractions. Let your mind wander and chatter away until it’s run out of steam and/or resolved its worries. I find my mind clears better when I’m not filling it.

Podcasts are good, but so is being alone with your thoughts.


If you want to chat about ads or anything just holler. Happy to be a sounding board.
 

Paul David

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I’ve just read through the whole thread and its extremely similar to what I went through with my e-commerce/eBay/amazon business. Stock issues, good months, sales dropping for no reason, cash flow issues. Then the dreaded PayPal loan.

I hope it works out better for you than me. That company closed in 2018, I owe Funding Circle £148k, bank overdraft £50k, PayPal £12k and Amazon £8k.
Funding circle and the bank are personally guaranteed by me so I’ll be going bankrupt shortly as there’s no way I’m paying them back.

I tried to spin too many plates at once and reinvested loan money into the wrong stock.

Good luck mate, hope it works out for you. It also caused me massive issues at home. Just be careful with borrowing anymore money.
 
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SparksCW

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I’ve just read through the whole thread and its extremely similar to what I went through with my e-commerce/eBay/amazon business. Stock issues, good months, sales dropping for no reason, cash flow issues. Then the dreaded PayPal loan.

I hope it works out better for you than me. That company closed in 2018, I owe Funding Circle £148k, bank overdraft £50k, PayPal £12k and Amazon £8k.
Funding circle and the bank are personally guaranteed by me so I’ll be going bankrupt shortly as there’s no way I’m paying them back.

I tried to spin too many plates at once and reinvested loan money into the wrong stock.

Good luck mate, hope it works out for you. It also caused me massive issues at home. Just be careful with borrowing anymore money.
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 the right point. Luckily I'm not buying lots of stock, the loan is to consolidate and reduce monthly outgoings to solve cash flow issue so whilst I'm borrowing more I'm not taking on much more debt (provided I do pay off these other ones obviously!) and I've also reduced my monthly business outgoings by more than the new loan amount at the same time.

Loan applied for today, insured my replacement car so just need to get it fixed (has a "minor" issue :inpain:) and get the truck sold.
 
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SparksCW

SparksCW

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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!!
 
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SparksCW

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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 simply for cost reasons but mostly because we were on different paths and it was affecting the business. It had to be done. My workload has now increased, but I feel a lot better despite that.

Currently writing up processes so I can get a part time administrator then employ a full time marketing assistant in the next month or two. Next hire definitely has to be revenue generating and the business will be a lot more streamlined and efficient before then.

Cash flow issues currently solved with a bank loan, we've actually managed to put $10k aside as we had a good month, I'm going to sit on it for a month or two and if we keep building a cash flow buffer I'll pay it back to the loan to reduce the monthly rate. When I first took it out I was really worried it wasn't enough as I can't get any more without putting my house on the line, luckily last month was much better than the few before it. If we do need to dip into it then, that's what it was there for, but it's a nice challenge to not touch it.

Need to keep focused, keep the expenses low and the revenue/margins high for a few more months before we can "relax" but if it continues like February we'll be back to full strength in no time. We are now increasing eBay sales without worrying about that PayPal ball and chain that was killing our cashflow.

I've set a personal challenge to clear down a $4000 credit card this month, without taking any money from my wages or business. So it has to be all new money from selling things etc. Will update on this on 1/4/2020 to see if it was achieved! (or before if I smash it!) might even get my eldest son involved and teach him how to hustle at boot sales etc! (he's 5).

Booked a long weekend away in a luxury lodge with my wife and kids at the end of April (also end of tax year) so planning on being in a better financial situation by then so I don't have to worry about the cost of it quite so much. We need a break either way.

Tempted to put a weight loss challenge out but I'll leave that one until next month :rofl:

I've also set a 14 month goal to buy our premises which will significantly reduce our monthly outgoings.

So last month, all good. But very focused on making March just as good or better.
 
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SparksCW

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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 COVID-19 came along and I thought it was game over! I was in survival mode trying to figure out how to still be in business when it was "over". We sell luxuries, nothing that'll protect you from COVID so we were very, very worried.

But my landlord, who sold his company for many millions, took it upon himself to give me a weekly mentoring call. We made some changes and improvements. We cut a lot of zero margin products (that was scary!) and put a lot more focus into the brands and product sets that do make us margin.

Last month was our best month ever. Not just for revenue, but in actual spendable profit after buying stock.

So far this month, we've beat last month! And we still have a week to go.

In fact, the last two months we've made more net profit that the last two years put together! (which wasn't hard to be fair, but it shows we're on the up finally)

We've cleared our company credit card, paid off a working capital loan in full and refinanced a bank loan saving thousands per month.

Personally I've cleared a credit card (noted as a previous goal) and built a buffer for the first time in years. Long way to go but we're catching up. Also set my standard wages to more than my living costs for the first time in 3 years.

We are continually working away on the websites, improving, narrowing, cutting products with no margin instead of wasting our time fulfilling orders for no profit.

I've identified numerous sub-niches that are untapped and we're working on building them out now to widen our customer base. We're working harder on customer experience, speed, stock management. You name it.

We've created our own brand name and designed our own product lines. Not sure how we will fund it yet but that's a problem for later! We can replace 50% of what we are already selling for this product set and make a LOT more margin, customers also get a better quality product for the price so it's WIN WIN! These will also give us a chance on Amazon.

So instead of trying to survive we're now in full on growth planning mode.

Coming soon.. warehouse operative, marketing apprentice, freelance PPC expert, real time stock system and own brands.

We're currently just breaching $100k / month but this time next year I want to be doubling that.

Lots of work to be done!

The BIGGEST TAKE AWAY FROM THE PAST 2 MONTHS?

We will not grow if I try to do everything.

We need more staff to do the day to day, I need to just do business owner stuff.

I know what I'm doing, and when I do it we grow.

When I stop, we stop growing.

Don't get caught up in doing. Plan, strategise, theorise, design and utilise a team to implement and maintain.
 
Last edited:

Champion

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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 COVID-19 came along and I thought it was game over! I was in survival mode trying to figure out how to still be in business when it was "over". We sell luxuries, nothing that'll protect you from COVID so we were very, very worried.

But my landlord, who sold his company for many millions, took it upon himself to give me a weekly mentoring call. We made some changes and improvements. We cut a lot of zero margin products (that was scary!) and put a lot more focus into the brands and product sets that do make us margin.

Last month was our best month ever. Not just for revenue, but in actual spendable profit after buying stock.

So far this month, we've beat last month! And we still have a week to go.

In fact, the last two months we've made more net profit that the last two years put together! (which wasn't hard to be fair, but it shows we're on the up finally)

We've cleared our company credit card, paid off a working capital loan in full and refinanced a bank loan saving thousands per month.

Personally I've cleared a credit card (noted as a previous goal) and built a buffer for the first time in years. Long way to go but we're catching up. Also set my standard wages to more than my living costs for the first time in 3 years.

We are continually working away on the websites, improving, narrowing, cutting products with no margin instead of wasting our time fulfilling orders for no profit.

I've identified numerous sub-niches that are untapped and we're working on building them out now to widen our customer base. We're working harder on customer experience, speed, stock management. You name it.

We've created our own brand name and designed our own product lines. Not sure how we will fund it yet but that's a problem for later! We can replace 50% of what we are already selling for this product set and make a LOT more margin, customers also get a better quality product for the price so it's WIN WIN! These will also give us a chance on Amazon.

So instead of trying to survive we're now in full on growth planning mode.

Coming soon.. warehouse operative, marketing apprentice, freelance PPC expert, real time stock system and own brands.

We're currently just breaching $100k / month but this time next year I want to be doubling that.

Lots of work to be done!

The BIGGEST TAKE AWAY FROM THE PAST 2 MONTHS?

We will not grow if I try to do everything.

We need more staff to do the day to day, I need to just do business owner stuff.

I know what I'm doing, and when I do it we grow.

When I stop, we stop growing.

Don't get caught up in doing. Plan, strategise, theorise, design and utilise a team to implement and maintain.
Amazing update and great to hear! This completely fits into the picture with what has been happening in my business the last 2-3 months. Sometimes, the difference between breaking even / loosing money and actually making good profits are just a few small tweeks and focusing on a few different things.

Good job and keep going!
 

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