It’s arbitrary, but for most of us, it signals the coming of age in any business.
A brand can go out there, spraying bullets, or it can create a structured framework for success based on proven methods others have used to do the same.
There are very simple, logical things we can do to ensure success.
In my 20 years of experience running physical products, and eCommerce brands, my keys to breaking $1m reliably are;
1- Choose Your Products Wisely; Introduce 1 product at a time, not a whole collection. Use the data, and pick a winner. Use Helium 10 for example, see what sells on Amazon, the same will apply everywhere else
2- Winning Ticket; Go as high ticket as you can. 38 x $500 per week = $1,000,000, 1923 x $10 = $1,000,000. If you can engineer it, engineer it right! Less is more, always. Don’t overcharge, just pick a high-ticket product category, use the data…see above!
3- Turn Your Inventory; Turn that 'stuff' over as much as you can, it's not an asset. If a container costs $40,000, and you sell it for $80,000…$80,000 x 1 container per month = $1,000,000. Can’t be hard right! Don’t stockpile, use Inventory Planner or similar to automate this.
4- Pick The Right Channel; You can sell anywhere you like, but that doesn’t mean you should. With so many channels to choose from, it's critical that you pick the right ones. You want the best fit for volume, net revenue (after platform costs) and payment terms. Turn it fastest, pay the least fees and get paid fast enough to recycle it…and you’ll thank me for it!
Basically… Keep. It. Simple.
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