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MythOfSisyphus

MythOfSisyphus

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Great update!
Wow, if your doing 195k in average month currently, then your November/December monthly sales will likely be way beyond 200k, probably closer to 250k than 200k per month.
FU money edging closer and closer.

Really inspiring thread, had to read it all over again just now.
Thumbs up!!
Thanks.

Growth seems to have slowed a little this year (to be expected at the 4 year mark) so 250k might be a stretch but it's definitely possible based on the kind of jumps around November in previous years.
 

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terrhuan

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You are an inspiration. Wishing you all the best. I'm beginning on the R&D of my own product right now, and hope I'll have some results to share in the not too distant future.
 

ChrisJHarrington

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What got you into the salon business to start out? Curious how you identified the need. Was it an industry you were familiar with, or you somehow stumbled across it/the need for what you're doing?

Keep it up!
 

Minuz

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Its Really really inspiring reading your story!! Congratulations and thanks for taking the time to share with us! Go for more and keep updating if you can. Thanks
 
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MythOfSisyphus

MythOfSisyphus

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What got you into the salon business to start out? Curious how you identified the need. Was it an industry you were familiar with, or you somehow stumbled across it/the need for what you're doing?

Keep it up!
Basically I'd been dabbling in online businesses for several years but took the plunge into this particular one because my wife is a beautician and knew the products pretty well. I looked at the competition that was around, spoke to a few suppliers and saw an opportunity to get into the market.

I explain everything in a fair bit of detail in this thread if you're interested
 
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MythOfSisyphus

MythOfSisyphus

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Read Millionaire Fastlane
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Jan 15, 2018
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Australia
Quick Revenue Update:

While our annual revenue is higher than last year (we're looking at hitting around 2.27m in revenue vs 1.76m last year) we haven't seen the kind of late year explosion in revenue we have previously.

This November was our biggest month ever at 210k but still only around 10k more than November 2018.

I can't be 100% certain for the decrease in growth but I think it can be attributed to at least a few of the below:

1) Maturity - The business is now in the start of it's 5th year and the kind of growth we were experiencing in the first 3-4 years (basically doubling revenue every year) was always unsustainable

2) Increased competition - New competitors keep popping up every month it seems and there are now around 20 well established Australian eCommerce stores in our niche.

3) Lack of expansion - The delay in our warehouse being built (almost 1 year past schedule) really killed expansion into new products. While we did delve into several new products there are plenty more that I simply couldn't explore due to a lack of floor space. If I had my time over again I probably would have just purchased or rented somewhere that was already built and ready to go.

Anyway... 2020 I would really like to put a focus on expanding into new products and boost monthly revenue to 250-300k. And I'll consider going back to doing monthly updates in this thread again to give myself a bit of added incentive.
 
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Genius01

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Dec 18, 2017
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Quick Revenue Update:

While our annual revenue is higher than last year (we're looking at hitting around 2.27m in revenue vs 1.76m last year) we haven't seen the kind of late year explosion in revenue we have previously.

This November was our biggest month every at 210k but still only around 10k more than November 2018.

I can't be 100% certain for the decrease in growth but I think it can be attributed to at least a few of the below:

1) Maturity - The business is now in the start of it's 5th year and the kind of growth we were experiencing in the first 3-4 years (basically doubling revenue every year) was always unsustainable

2) Increased competition - New competitors keep popping up every month it seems and there are now around 20 well established Australian eCommerce stores in our niche.

3) Lack of expansion - The delay in our warehouse being built (almost 1 year past schedule) really killed expansion into new products. While we did delve into several new products there are plenty more that I simply couldn't explore due to a lack of floor space. If I had my time over again I probably would have just purchased or rented somewhere that was already built and ready to go.

Anyway... 2020 I would really like to put a focus on expanding into new products and boost monthly revenue to 250-300k. And I'll consider going back to doing monthly updates in this thread again to give myself a bit of added incentive.
Thanks for the update.
You're still crushing it.
And yes, monthly updates would be fantastic.
 

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