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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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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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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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MythOfSisyphus

MythOfSisyphus

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Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 15, 2018
189
934
331
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Australia
Just thought I'd do a quick update for anyone who's interested in how the current situation is impacting the business.

Basically all of our customers (we're B2B) businesses should be closed with very few exceptions so I expected revenue to drop dramatically but at the moment we're only down about 30% over the last month.

We've seen a big shift in the type of products we're selling with many new customers purchasing training related and use at home products.

This sudden shift has meant that we're under-stocked for many products and overstocked for others. This hasn't been a major issue with most of our suppliers in China and Korea still able fulfill our purchase orders quickly.

My 2 staff are still working the same hours but I am finding additional tasks for them to keep them busy and ensure their lives aren't impacted too much by the current situation. One of them is now on more money than she was previously due to Australian government subsidies for business impacted by COVID-19.

I'm running the business from home 95% of the time while also home schooling my 8 year old son which has been a challenge so far.

I've cut back costs where I can but unfortunately most of our overheads aren't able to be scaled down with the fall in business.

Given how many businesses have already been ruined and how many jobs have been lost so far I can't complain at all. We're still turning a tidy profit and things should recover well once the restrictions in Australia are lifted.
 

Genius01

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Dec 18, 2017
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Nigeria
Just thought I'd do a quick update for anyone who's interested in how the current situation is impacting the business.

Basically all of our customers (we're B2B) businesses should be closed with very few exceptions so I expected revenue to drop dramatically but at the moment we're only down about 30% over the last month.

We've seen a big shift in the type of products we're selling with many new customers purchasing training related and use at home products.

This sudden shift has meant that we're under-stocked for many products and overstocked for others. This hasn't been a major issue with most of our suppliers in China and Korea still able fulfill our purchase orders quickly.

My 2 staff are still working the same hours but I am finding additional tasks for them to keep them busy and ensure their lives aren't impacted too much by the current situation. One of them is now on more money than she was previously due to Australian government subsidies for business impacted by COVID-19.

I'm running the business from home 95% of the time while also home schooling my 8 year old son which has been a challenge so far.

I've cut back costs where I can but unfortunately most of our overheads aren't able to be scaled down with the fall in business.

Given how many businesses have already been ruined and how many jobs have been lost so far I can't complain at all. We're still turning a tidy profit and things should recover well once the restrictions in Australia are lifted.
Congrats.
Illustrates the power of an online business/online sales channels over traditional stores.

How are you managing to deliver the products? (Since I believe, hair care products are not classified as essential products).
Are there increased costs associated with ensuring deliveries get to your customers?
Or your delivery process has been uninterrupted so far....if so, how come?
 
OP
OP
MythOfSisyphus

MythOfSisyphus

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 15, 2018
189
934
331
40
Australia
Congrats.
Illustrates the power of an online business/online sales channels over traditional stores.

How are you managing to deliver the products? (Since I believe, hair care products are not classified as essential products).
Are there increased costs associated with ensuring deliveries get to your customers?
Or your delivery process has been uninterrupted so far....if so, how come?
While we're definitely not an essential service we're an online only retailer so still permitted to operate as usual with the necessary precautions.

We use the national postal service for deliveries. They're experiencing some delays but most orders we send are still arriving within a few days. International orders ( only a tiny percentage of our business) are experiencing huge delays.
 

Genius01

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Read Millionaire Fastlane
Speedway Pass
Dec 18, 2017
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Nigeria
While we're definitely not an essential service we're an online only retailer so still permitted to operate as usual with the necessary precautions.

We use the national postal service for deliveries. They're experiencing some delays but most orders we send are still arriving within a few days. International orders ( only a tiny percentage of our business) are experiencing huge delays.
Oh great.
Happy for you.
More power to you as you navigate the murky waters of this Covid19 business season.
 

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