- Thread starter
- #33
Quick update...
I finally quit my job this past Christmas after profit per day closed in on $2K/day. December sales were $600K. I've also hired an employee and my work/life balance is superb after the last few years of grinding. 2016 was $3M US in sales, roughly $700K profit, 90% of which went right back in or paid off borrowed funds.
I spend my days now learning/reading/watching (course and YouTube)/listening( to podcasts), looking for new opportunities, devising new ideas and implementing high-level tasks (mostly, still some emails here and there). Great insights come at the intersection of what initially seem to be unrelated ideas/knowledge/experience, and so I am continually trying to expand my view and thus the opportunity for new insights/blue oceans.
Have expanded to Amazon.co.uk and Amazon.Ca.
Monthly revenue right now (have about 30 odd products, 5 out of stock, with 15 more in production) including the .ca and .co.uk is around $350K/month, but I'm really hoping to dial things up with the implementation of a new website and warehouse and a very aggressive product expansion. Things are moving slower than desired due to, as usual, China.
All products in development are a custom design.
Hiring an employee was a great choice, and I also believe working my job until it became irrelevant (from a financial perspective) helped mitigate risk and allow me to weather the massive delays with production and other issues. I would suggest all entrepreneurs consider keeping their day job as long as possible (studies also show these entrepreneurs are more successful, they have a longer runway and can withstand the difficulties of getting momentum and profitability). I think the burn the boats mentality leads to failure more then it provides further incentive.
I finally quit my job this past Christmas after profit per day closed in on $2K/day. December sales were $600K. I've also hired an employee and my work/life balance is superb after the last few years of grinding. 2016 was $3M US in sales, roughly $700K profit, 90% of which went right back in or paid off borrowed funds.
I spend my days now learning/reading/watching (course and YouTube)/listening( to podcasts), looking for new opportunities, devising new ideas and implementing high-level tasks (mostly, still some emails here and there). Great insights come at the intersection of what initially seem to be unrelated ideas/knowledge/experience, and so I am continually trying to expand my view and thus the opportunity for new insights/blue oceans.
Have expanded to Amazon.co.uk and Amazon.Ca.
Monthly revenue right now (have about 30 odd products, 5 out of stock, with 15 more in production) including the .ca and .co.uk is around $350K/month, but I'm really hoping to dial things up with the implementation of a new website and warehouse and a very aggressive product expansion. Things are moving slower than desired due to, as usual, China.
All products in development are a custom design.
Hiring an employee was a great choice, and I also believe working my job until it became irrelevant (from a financial perspective) helped mitigate risk and allow me to weather the massive delays with production and other issues. I would suggest all entrepreneurs consider keeping their day job as long as possible (studies also show these entrepreneurs are more successful, they have a longer runway and can withstand the difficulties of getting momentum and profitability). I think the burn the boats mentality leads to failure more then it provides further incentive.