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Discussion in 'Progress/Execution Threads' started by MythOfSisyphus, Mar 15, 2018.

  1. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I’m starting this thread to document my journey from “good money” (you can read my intro story here) to FU money.

    I aim to do this in the next 5 years by getting my online salon supply business to the stage where it’s profiting 7 figures a year and then hopefully selling it for several million. I’ll then have enough money invested to live comfortably off interest and investments for the rest of my days. Or at least that’s my plan. Let’s see what happens.

    I’m documenting this for a few reasons...

    First of all I hope that sharing my successes and failures will be of some value to you on your own journey.

    Secondly I see it as a way of holding my self more accountable to my goals. Not that I think I’ll slack off or give up, but I this will add some extra motivation for me in hitting my milestones.

    Thirdly, because while I’m confident in what I’m doing , it never hurts to get a fresh point of view. Hopefully your feedback can help me see things I might be missing.

    And lastly, all I seem to do lately is work on the business and learn about business. This thread will give me a much needed creative outlet.

    I’ve decided that I won’t be giving away any major details about my business apart from what I’ve already stated in my intro thread but I will try and be transparent as possible regarding what I’m doing and my progress toward the financial targets I’ve set.

    Goal for 2018: $1,750,000 in revenue
    I aim to make $1,750,000 in revenue (a figure more than double what I made last year) and I’ll start setting financial targets to hit each month in order to get there.


    Monthly totals so far:


    January: $101,992

    February: $103,041

    March: $50,689 (At the halfway point)


    Considering I need to average $145,000 every month to hit my goal I’m a long way behind where I need to be. But while the start has been slow, I think if I put in the hard work now, I will see my efforts start to pay off in the back half of the year.


    I’ll set my goal for March at 108k which would be a good result considering my position at the halfway mark.

    The goal for April will be 118k and if I can grow revenue at around 10k per month thereafter I might be able to hit the annual target by years end. It’s an unlikely goal, but why not shoot for the moon?


    How I plan to grow revenue:

    1. Hire & Outsource – Until 2 weeks ago I was handling everything on my own. I have since hired someone part time to assist with packing & shipping which will free me up to spend more time growing the business. I’ll also be looking for other opportunities to outsource work to VA’s and other contractors.


    2. Expand the product line – I’m currently talking to 2 new suppliers in China after ordering samples of some new beauty products and am about to put in large orders with both of them for variants of some products we already stock that have been extremely popular. I’ve also just started stocking some new aftercare products (products that the salons we supply can retail to their customers) and so far they’ve generated around a thoursand dollars worth of sales within the first week or so.



    3. Improve marketing campaigns – I’ve been spending around 5k per month on advertising on adwords and facebook but haven’t put in the time and effort required to really test and tweak the campaigns. I spent my nights over the past 2 weeks doing an online adwords certification and completely overhauled the old campaigns and set up some new ones. They’ll need time to settle but once they do I’ll continue to tweak and adjust to get a better ROI which will mean I can increase the overall marketing budget and generate more traffic and more revenue.


    4. Increase Social Media Presence – This has probably been the most neglected area of my business. I keep meaning to post more regularly but always seem to find other things to work on instead. I think this is partly because as a guy selling beauty products, marketing them doesn’t come naturally to me and I’m not an avid social media user outside of work either. Having said that, Instagram is huge in my niche and other brands are taking advantage so I need to step up my game here. I did try to outsource the social media work by advertising on upwork however I couldn’t find anyone with knowhow in both B2B and the beauty industry.



    5. A heap of other stuff - I use Trello to track all my various to do lists and I probably have well over 100 changes planned for the business from website tweaks to improving my email campaigns to improving ad copy. Basically anything that will 1) Increase traffic, 2) Increase conversions, 3) Increase order value. These are the things that will grow revenue.


    So that’s my first post done. I’m not sure how often I’ll be providing updates. I’ll at least do a run down for the end of each month documenting how I measured up against the financial goals and what changes I made. What went wrong, what went right. I’ll also try and provide updates and answer any questions each week as well.


    The plan is to keep coming back to this thread and setting new goals each year, all the way through until I make that sweet FU money and drive off into the sunset in my new lambo.
     
    Last edited: Mar 15, 2018
  2. amp0193
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    Skimmed the op, I saw the word unlikely way too many times.

    If that number is your real goal, think outside the box about how you could achieve it. If there’s no realistic path to reaching a target, then it’s more of a dream than a goal.

    What could you do to make it likely? What elements can you influence to make this a reality?

    If it’s cash, get cash.
    If it’s time, get employees/VA and automate.
    If it’s knowledge, bring in an advisor.
    If it’s fear, conquer it.
     
  3. dabelge
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    following, nice work so far
     
  4. jcvlds
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    These are the golden nuggets of insight and motivation that I've come to love so much.


    Good luck on your journey @MythOfSisyphus, it sounds like you have already achieved some level of success so I'm sure these new goals will be achieved soon :) I'm just getting started myself.. haven't done a proper intro and not sure if I should do a progress thread or not but it will be fun to watch yours. Keep it up!
     
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  5. Cruze
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    Really nice story man! I sell beauty products, too. In Germany and Europe. I build my own nature cosmetic brand at the moment. Maybe we can connect us and talk about problems in this niche?
     
  6. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Thanks. I'd, definitely recommend doing a progress thread. I really wish I had been documenting my journey from the start.
     
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  7. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Sure. Send me a PM
     
    Last edited: Mar 16, 2018
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  8. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    It's definitely not unreachable but I have intentionally set something that's going to be a huge reach for me. And that's exactly what I want. Something that will push me harder than Id otherwise push myself.

    I've outlined how I intend to get there, it's just a matter of execution.
     
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  9. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I was wondering, did you put 3000$ on one single product at the beginning or it was multiple products ?

    Does SEO has helped you to make sales or it was with Ebay at the beginning that helped you to get cash first, then scaling on google ?

    Thanks for your time and your intro threads, your story is inspiring !
     
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  10. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The 4,000 was spent on multiple products (around 600). There are thousands of products in this niche and most cost around 5 dollars to import and retail for around 20.

    In the beginning most of the sales came from ebay and it took around 10 months for the shopify sales to overtake them.
     
    Last edited: Mar 16, 2018
  11. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Thanks for your reply ! That's helping
     
    Last edited: Mar 16, 2018
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  12. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Holy sh*t, when I saw the title of the thread I was like, "Uh huh, I won't believe a thing until you've sold $100 worth of stuff..."

    But then I saw this...

    Which gives me evidence that you're no action-faker.

    Thread watched!

    Also, are these you're own personally branded products? Or are you just distributing?

    I think there are two big differences between the two.

    Good luck, can't wait to see this unfold!
     
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  13. DrunkFish
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    Wait i might have read this wrong, and i dont know the industry. But you get B2b sales to beauty shops/salons with ads and ebay and stuff? I figured that was more of a reaching out type of thing. I don't picture an owner surfing ebay for products but like i said, completely have no idea of this industry.
     
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  14. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The business has been going for about 3 years now so it took some errort to get to where I'm at.

    I was actually quite content (and still am grateful) to be at the level I'm at right now, but re-reading TMF a month or 2 ago lit a bit of a fire in me to really go all in on this thing and see where I can take it.

    90% of the products are my own brand. The other 10% I buy wholesale from a major brand in the industry. I stock their products because I haven't been able to find (or have made) those particular products of the same quality anywhere else.
     
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  15. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The niche I'm in has a lot of buyers who have home based salons, so we sell to anyone from part time work at home mothers to professional beauty salons, to beauty schools.
     
    Last edited: Mar 17, 2018
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  16. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    One thing i learned from your thread is that your niche has to have recurrent buyers, ex in your niche : Plastic gloves (hygiene), kit, etc..

    These are the thing they regularly buy in order to work, that's a great opportunity.
     
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  17. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Its definitely a massive plus, but I wouldn't necessarily say it's a necessity though. There's plenty of successful businesses that have 1 time buyers.

    I don't remember where I heard it but it's believed that when evaluating their success entrepreneurs often overrate their own input and underrate the part that luck played, and people evaluating the entrepreneur from the outside do the opposite... They overestimate the importance of luck and underestimate the importance of hard work.

    In my situation I'd like to think I have a pretty realistic view. I got into very good niche... It had high barriers to entry and its a rapidly growing part of a larger evergreen niche (the beauty industry). It was a lucky break to hit a niche like this on my first attempt at a proper business.

    But... I put in years of work beforehand, often with little to no reward learning the ins and outs of marketing, copywriting, SEO, Web design etc. It was those years of slugging away with nothing to show for it that put me in a position to make the most of my lucky break when it came along.
     
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  18. jcvlds
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    Like MJ and many other great people here say, you create your own luck!

    What would make you say were the high barriers to entry into your niche? Industry knowledge? Capital for inventory? Trying to evaluate your experience to see how we can try to look for niches like yours systematically and find ones with barriers to entry that we can overcome but others won’t


    Sent from my iPhone using Tapatalk
     
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  19. ZCP
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    Time to hire, setup proper books, erp, dedicated marketing staff / outsourcing. Get help and advice and grow the company.

    Order to go in.....
    Cash flow, then Profit, then Growth.

    Consider an inside thread where you lay out a little more of the business specifics and we can help with some advice there.

    Sounds like a great opportunity!
     
  20. AlessioLC
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    His barrier to entry wasn't that high imo, he just saw that the market was not fully served by the actual businesses so he went for it, while having a little bit of cash to invest in product stocks.

    He also improved each time his websites which a lot are not doing, even now, that's a massive plus if you can rank to the top pages.

    As others niches, you need to have a bit of cash if you want to create a brand, you can't dropship. (At least not in this case)
     
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  21. scottyg packfan
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    thanks for doing this. I'll keep an eye on it for sure.

    I have a question. I'm a software developer, and as such, I use Trello quite often. I know how I use it in my field and it works great for that but how are YOU using it? Do you have any examples of your boards and cards. It might help some people out to see a tool to organize their thoughts and tasks. I could dump a bunch of questions on you but I'll not burden you with my silliness. What ever you want to tell us would be great! Thanks.
     
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  22. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The main barrier is Industry knowledge. Most people probably wouldn't bother touching the niche without knowing how to use the products. It was just fortunate for me that my wife had this knowledge. Now that I've been doing it for a while that initial barrier isn't too important. I know quite a lot about the niche and it's products without ever having performed any of the beauty procedures myself.

    The majority of my competitors are women who were in the industry already and decided to start a side business. Most of them have good knowledge of the products but poor business models and poor websites.

    There are a few at the top of the chain who appear to be both industry professionals and very astute business people as well.
     
  23. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Sure.

    I just use the one board, however I have that board divided into several lists...

    Reminder List - This contains a card that displays a visual display of my revenue goal for the year, and then my revenue goal for the month. Undearneath these are simply a few ongoing reminders (with due dates set) that I need for the future.

    To Do List - This one is the most important. This is where the tasks I'm currently focussed on are kept. When they're completed they get moved into the next list

    Completed - Pretty self explanatory. This is where my completed tasks go. I archive the contents of the list at the end of each day so that each day I can see it filling up with the tasks I'm knocking out. This helps me see what I've acheived.

    Project Lists - I have about 10 other lists for the various projects I have going on. For instance I have one for the Amazon migration I'm doing at the moment (adding our products to Amazon Australia). I also have ongoing lists for things like website updates, social media, ebay, advertising etc.

    Prioritising the tasks - This is what makes my system really effective - Any task that is tied to my goals of increasing revenue is marked with an 'IMPORTANT' label, so for instance something like setting up a marketing campaign for an upcoming sale will have a direct impact on revenue and therefore be marked with the important label. Anything that requires immediate attention (can't be put off until tomorrow or next week etc) will be given an 'URGENT' label.

    So what I do is grab all the tasks listed as both 'IMPORTANT & URGENT' and add them to the top of my To-Do list. I then grab any listed as urgent and do them next. After that I prioritise anything listed as 'Important' to do next. Things listed as neither urgent, nor important i just get to when I can.

    This is basically just a simplified version of the Eisenhower decision matrix but I've found it works really well at keeping me focused on only the most important revenue raising tasks and helps keep me organised and motivated.

    I hope that's clear. Let me know if it's not though.
     
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  24. Michał Kóska
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    You've opened my eyes to something new- thank you :)
     
  25. HackVenture
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    Since you have your own brand, it seems like the quickest way to a dramatically increase of sales would be to find resellers in countries/cities outside areas you currently serve? Have you considered or tried that route?

    All the best, seems like business is moving along nicely, rooting for you!
     
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