How I bootstrapped my new ecommerce supplement brand to 7+ figures in revenue in only a couple of months, after an 8-month low, and having to start from scratch again...
A 🧵
A 🧵
As many of my friends know, I'm pretty private with my wins. But after getting constantly pushed by my friends to share my thoughts on Twitter so people can learn, here we are. Hope you enjoy.
I'm sitting here in my beautiful apartment in Austin, sipping my coffee. Proud. I set a goal beginning of Q4 to smash $1MM in revenue for this brand by the EOY. And here we are. Next year the goal is $10MM+ then to position an exit.
8 months ago I was in a completely different headspace. Some may call it as Seth Godin coined, "The Dip" - great book btw I highly recommend it. This book was helpful in figuring out when it's time to strategically "quit"
amazon.com
amazon.com
I was transitioning from major setbacks from my previous business, getting out of an unfitting business partnership, and overall confused as to what my "next steps" were.
Wanna know what I say to that? Fuck it. We keep hammering... That's the only mentality to have if you wanna win.
That unsettling feeling, or confusion when you're not clear on your purpose or goals IS A SIGN...
And you must listen to it. Take the necessary actions to JUST MOVE FORWARD.
And you must listen to it. Take the necessary actions to JUST MOVE FORWARD.
So let's get to the sauce & tactics (which everyone on Twitter loves to mentally masturbate to).
How did I do it?
I could speak your ear off for days but i'll confine this to a few bullet points.
How did I do it?
I could speak your ear off for days but i'll confine this to a few bullet points.
1) K.I.S.S - Keep It Simple Stupid
What if I told you this business only has 1 contractor, 1 agency, and myself working no more than a few hours a week on it. That's true.
In the past I overhired for roles I didn't need, and overall just complicated the process.
What if I told you this business only has 1 contractor, 1 agency, and myself working no more than a few hours a week on it. That's true.
In the past I overhired for roles I didn't need, and overall just complicated the process.
All you need is singularity of focus on 1 funnel, 1 product, and a few winning marketing angles to scale to $1MM in revenue. To get to $10MM in requires a little bit different of an approach. Watch Hormozi's video for more context.
youtube.com
youtube.com
2) Product with inherint LTV
Some may ask why supplements?
- Insane gross margins (75%+)
- REAL subscription potential (Consistent future revenue)
- Sticky customers
Some may ask why supplements?
- Insane gross margins (75%+)
- REAL subscription potential (Consistent future revenue)
- Sticky customers
However you need to make sure your product is really good. But also TASTES GOOD. You can have the best supplement in the world, with transformational results, but if it tastes bad, you will lose a customer.
3) Don't be afaid to finance your growth with backorders.
When you're bootstrapping an inventory based ecommerce brand (that has lead times of upwards of 2+ months) - cash flow is everything.
When you're bootstrapping an inventory based ecommerce brand (that has lead times of upwards of 2+ months) - cash flow is everything.
With this, the whole argument of "I don't have enough capital" goes completely out the door.
This is just one of many ways to creatively finance your growth. Here's the SOP sheet & guide to implement yourself.
docs.google.com
This is just one of many ways to creatively finance your growth. Here's the SOP sheet & guide to implement yourself.
docs.google.com
4) Direct response creatives
I can't stress this enough, your creatives are EVERYTHING. If you ask me where a majority of my time is spend. It's creatives. Brainstorming angles, hooks, and videos that will convert cold traffic to paid customers.
I can't stress this enough, your creatives are EVERYTHING. If you ask me where a majority of my time is spend. It's creatives. Brainstorming angles, hooks, and videos that will convert cold traffic to paid customers.
Wanna know the creatives that are working now when it comes to paid ads? I made a swipe file you can check out for some inspo:
drive.google.com
drive.google.com
5) What are your personal goals?!?
This is not a tactic I know... hear me out though.
Are you looking for a cash flowing business that pays you every month?
Are you looking to scale this business to unicorn status and take it public one day?
This is not a tactic I know... hear me out though.
Are you looking for a cash flowing business that pays you every month?
Are you looking to scale this business to unicorn status and take it public one day?
I notice (and myself included) people can get wrapped up in just building for building sake, maybe not paying themselves even though they want to.
Figure out what you as an entrepeneur want, and then BUILD YOUR BUSINESS ACCORDINGLY.
Figure out what you as an entrepeneur want, and then BUILD YOUR BUSINESS ACCORDINGLY.
Reality is just a bi-product of your imagination and your ability to define what it is that you want. Selfishly, and unapologetically.
For me, my goal is to just have this as a cash flowing business that pays me myself $100k-$500k+ / mo. And to work on it a few hours a week on activities that I enjoy. Nothing wrong with that.
Of course when starting that won't be the case, but it's so important to define it.
Of course when starting that won't be the case, but it's so important to define it.
Anyways, I'll be pumping more content out like this in the future. Sharing the journey more transparently.
Make sure to keep an eye out by:
1. Follow me on IG instagram.com
2. Follow me @evanjohansen_ on Twitter
3. RT below to pay it forward
- Evan
Make sure to keep an eye out by:
1. Follow me on IG instagram.com
2. Follow me @evanjohansen_ on Twitter
3. RT below to pay it forward
- Evan
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