I saw this post on reddit about this guy's numbers, they seem insanely low to me. Is this guy just f*cking up horribly or is this how it really is?
Imgur
Imgur
Don't like ads? Remove them while supporting the forum. Subscribe.
"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
Download (Unscripted) Download (Millionaire Fastlane) Register
Registering for the forum removes this block.
Remove ads while supporting the Unscripted philosophy...become an INSIDER.
Don't like ads? Remove them while supporting the forum. Subscribe.
What I don't get is how he has all of these employees + a manager and still works 10-12 hours a day to make 90k a year?From what I've seen (and I've seen quite a few), some of those numbers are pretty out of whack.
Amazon fees at 30% of revenue are about average.
Payroll is too high. I have clients selling millions with 0-1 employee.
Rent is too high.
Professional fees is too high.
This guy has good revenue, but really needs to focus on optimizing expenses to have a successful business.
Don't like ads? Remove them while supporting the forum. Subscribe.
Yeah, several of the expenses look ridiculous. Is he renting retail space on the main strip?
Come to think of it though, there is one expense that is horribly low, and that's insurance. This guy is on the precipice of disaster. He has 10 employees, rents some apparently giant space, has 7mm in product sales (hopefully no choking hazards), and all of his insurance costs less than $700 per year? Bullshit! His workers comp should cost more than that if he's in the US. Plus he should have CGL, commercial property insurance, business interruption, and probably cyber liability, EPL, and I would argue for some others if it wouldn't bore everyone to tears.
I'm amazed he's made it 7 years doing things this way. If he doesn't have worker's comp, that exposes him to heavy fines and felony charges, on top of the unlimited liability for injuries to his employees. If he does have WC, then he probably doesn't have any other insurance, like product liability.
In his reddit post, he said he "doesn't plan to be sued this year." Oh boy.
Join Fastlane Insiders.