build ecom businesses to 8 figures 馃摝 https://nitter.cf/t.co/gwJnxoXDQ4
United States
Joined July 2018
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If you have $500K to deploy into inventory this month, how do you decide which suppliers get the money?
Most Amazon sellers can spend $500K quickly.
Very few can explain WHY each supplier deserves a specific % of it.
We use Profit Based Supplier Allocation:
Supplier profit 梅 Total company profit
Supplier A generates 30% of your total profit?
At minimum, 30% of your purchasing budget should be available to them.
Supplier B generates 8%?
Why are you giving them 20% of your capital?
Your purchasing budget should follow profit.
Not revenue.
Not order history.
Not whatever your buying team is used to ordering.
Capital should flow toward the suppliers producing the best results.
We introduce this into sellers cash flow strategies all the time and it completely changes how they deploy capital and manage profitable cashflow
Everybody wants a bigger business.
Very few build the systems required to handle one.
Growth without infrastructure is just more problems.
The best thing you can build in business isn't the business. It's the ability to build one.
Markets change. Opportunities disappear.
The skillset of being able to build stays with you forever 馃殌
The first goal is to build a business that makes money.
The second goal is to build it so it makes money without you.
The second goal is harder than the first.
Most people quit because growth feels like failure at first. Mistakes multiply and everything feels messy but that鈥檚 what progress looks like
The fastest way to 7 figure profits?
馃敟 Master boring things:
Systems
Margins
Delegation
Replenishing Inventory
everyones hunting for the next shortcut when the real flex is waking up and doing the same high value habits daily without applause and letting that shit compound.
How to stay poor >> Keep starting new things rather than getting good at one thing.
Most businesses try to be marginally better at everything and end up dominating nothing.
I've sold over 20,000,000 orders of everyday household products online.
Here are 3 lessons I鈥檝e learned from building in the trenches:
3. Master the Platform or It鈥檒l Master You. Amazon鈥檚 fees, rules, and policies are the game. Understand your numbers in depth. Know how Account Health works and learn how to navigate it. Large sellers need a legal team on retainer or speed dial. it's a requirement.
If Nike still makes up a majority of your inventory, the email they sent out last week was just the first wave. Next few wont be as friendly with sell through time. Plan your pivot or 馃拃
Limit your time with cheap people.
People that are always
- penny pinching.
- not tipping when they go out.
- sending venmo requests
- vanishing when the bill comes