How to scale an eCommerce brand quickly without sacrificing your FREEDOM.
And the way I'm applying it to my Amazon business this year.
(applies to ALL online businesses)👇
And the way I'm applying it to my Amazon business this year.
(applies to ALL online businesses)👇
Quick background, my Amazon FBA business did over $600k on Amazon in 2021 (first full yr selling).
By implementing the following strategy, I've continued to grow that and my other online businesses.
Here's how (all learned from those ahead of me in this space).
By implementing the following strategy, I've continued to grow that and my other online businesses.
Here's how (all learned from those ahead of me in this space).
1) The Problem:
First, let's define the current issue. Right now, you are bogged down by the day-to-day of your business.
This leaves minimal time for you to grow the business.
First, let's define the current issue. Right now, you are bogged down by the day-to-day of your business.
This leaves minimal time for you to grow the business.
There's two type of business activity:
1. Growth
2. Maintenance
We can all understand, but how we do actually get to the point where we can focus on growth?
1. Growth
2. Maintenance
We can all understand, but how we do actually get to the point where we can focus on growth?
By Defining Them:
• Product Dev -> Growth
• Customer Svc -> Maintenance
• Supply Chain -> Maintenance
• Market Expansion -> Growth
When you start a biz, all activity by default is growth (product research, setting up a production line, creating listings)
• Product Dev -> Growth
• Customer Svc -> Maintenance
• Supply Chain -> Maintenance
• Market Expansion -> Growth
When you start a biz, all activity by default is growth (product research, setting up a production line, creating listings)
Over time, more of your time is taken up by the operations of a business.
Each new product/channel adds to the operational drag of the business.
For my Amazon biz, I was caught up in customer support, dealing w Amazon, managing PPC and on and on...
Until I defined the Solution
Each new product/channel adds to the operational drag of the business.
For my Amazon biz, I was caught up in customer support, dealing w Amazon, managing PPC and on and on...
Until I defined the Solution
2) The Desired Solution
We know where we want the business to grow, but how do we feasible get there?
First, we have the current:
• Running business mostly ourselves
• If we go away, so do sales
• We are the only ones who the know the biz at a deep level
We know where we want the business to grow, but how do we feasible get there?
First, we have the current:
• Running business mostly ourselves
• If we go away, so do sales
• We are the only ones who the know the biz at a deep level
Second, we have where we want to go:
• Removed from maintenance (operations)
• Full focus on strategy & growing the business
• We have time to THINK instead of simply reacting
The last part is huge. If we can begin ACTING, magic can happen.
No magic happens in react mode.
• Removed from maintenance (operations)
• Full focus on strategy & growing the business
• We have time to THINK instead of simply reacting
The last part is huge. If we can begin ACTING, magic can happen.
No magic happens in react mode.
3) Identify Gap in Current vs Desired Solution
Now, to be removed from any business...
Someone else has to be responsible. So we must immediately accept DELEGATION as critical.
So we know we need to hire help.
Now, to be removed from any business...
Someone else has to be responsible. So we must immediately accept DELEGATION as critical.
So we know we need to hire help.
But before hiring, we must identify exactly what this 'help' is going to do and how.
And we want the right people, doing the right things.
To do this, it's time to systemize the business.
And we want the right people, doing the right things.
To do this, it's time to systemize the business.
4) Develop Systems
Only systems can allow you to transition from operator ➡️ business owner.
The strategy is to systematically remove yourself from the business.
1. Develop process = system in place
2. Hire = find specialists
3. Delegation = ownership transfer
Only systems can allow you to transition from operator ➡️ business owner.
The strategy is to systematically remove yourself from the business.
1. Develop process = system in place
2. Hire = find specialists
3. Delegation = ownership transfer
5) Calculate Value of Delegation
Let's say your biz has these averages:
• You make $10,000 per month profit
• You work 220 hours per month
Your Rate:
10,000 / 220 = $45 per hour
Let's say your biz has these averages:
• You make $10,000 per month profit
• You work 220 hours per month
Your Rate:
10,000 / 220 = $45 per hour
6) Your Current Allocation (track it)
You also know that out of those 220 hours each month:
• 40 is spent managing customer service
And you look at the market to see:
• You can hire a customer svc rep at $9/hr
You also know that out of those 220 hours each month:
• 40 is spent managing customer service
And you look at the market to see:
• You can hire a customer svc rep at $9/hr
One thing to remember, you cannot hire with a belief someone will come in and immediately be as good as you.
• They will be slower
• They will make mistakes
• Operations temporarily slow down
But you know you are paying them 5 times less than it costs you (45 / 9 = 5)!!
• They will be slower
• They will make mistakes
• Operations temporarily slow down
But you know you are paying them 5 times less than it costs you (45 / 9 = 5)!!
7) Calculate Your Monthly Savings
Comb through all 'maintenance' areas and calculate all of the tasks you can save (and the potential $$$).
Ask yourself:
• Where is your biz losing money?
• What growth tasks can you do to fill the newfound time?
Comb through all 'maintenance' areas and calculate all of the tasks you can save (and the potential $$$).
Ask yourself:
• Where is your biz losing money?
• What growth tasks can you do to fill the newfound time?
At this point, your mind is exercising the right muscle for growth!
No shortage of ideas will be at your disposal when you no longer feel burden over REACTING to every little notification in your business.
"How can this work without me?" will change the way your business runs
No shortage of ideas will be at your disposal when you no longer feel burden over REACTING to every little notification in your business.
"How can this work without me?" will change the way your business runs
And that's it! If you enjoyed this, please:
1) RT the first tweet in the thread
2) Follow me @wishzen for more gems
1) RT the first tweet in the thread
2) Follow me @wishzen for more gems
You can build an Amazon Private Label business and quit your 9-5 in under one year.
Go here 👇 theamzaccelerator.com
Go here 👇 theamzaccelerator.com
FBA University is FREE for your first 30 days!
Join the community of 200+ building Amazon FBA businesses while gaining access to:
• Daily Leads
• 10+ hours of content
• Q&As
• Templates/Resources to use
fbauniversity.org
Join the community of 200+ building Amazon FBA businesses while gaining access to:
• Daily Leads
• 10+ hours of content
• Q&As
• Templates/Resources to use
fbauniversity.org
Loading suggestions...