Evan Johansen
@evanjohansen_
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Looking for female UGC creators who have experience in the fitness / health / supplement space. Tag them below & retweet👇
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Levels to the game 💭🧵
An average yacht costs about 10% of the purchase price just to maintain on a yearly basis.
Like many in Monaco, easily $50-$100MM+ price tags.
$80MM yacht will take you $8MM a year just to maintain, gas, pay for the crew. etc.
Say you have a “little”
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One year later… Trust in yourself and your skillsets to rebuild. Few will understand 🔨🏠
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The mistake I made here was that I was so naively optimistic and rarely took the time to comb over the REAL financial statements.
I didn't realize the business was losing so much.
“Revenue is vanity, Profit is sanity, and Cash is king”
Book Rec:
Profit First - Mike Michalowicz
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The mistake I made was that I let our opex get way too high relative to our revenue. When revenue dropped, I did not cut opex fast enough, until it hurt.
To save yourself, check out
@TaylorHoliday
and his 4 quarters accounting breakdown here:
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1. KNOW YOUR NUMBERS
Most entrepreneurs do what most will call "bank balance accounting".
Understand your P&L, cash flow statement, Balance Sheet.
You may be rolling your eyes right now by how simple this is, but looking at your bank balance or ROAS is not the way...
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2. PAY ATTENTION TO YOUR OPEX
Operating expenses can sneak up so quickly on you. This software here, this subscription there.
Don't let it.
"It's only when the tide goes out that you learn who has been swimming naked."
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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:
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"There’s nothing that produces wisdom more thoroughly than really getting your own nose whacked hard when you make a mistake, and we had a firm amount of that." Charlie Munger
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Caffeine makes the world go round. I don’t care what biohacker told you otherwise.
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Going to preface this by sharing that this journey was absolutely wild. I went from doing $0 to $2,000,000 / month in 3 months, then back almost down to nothing in such a short amount of time. Still taking inventory of the lessons.
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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.
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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.
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Stay away from people teaching in the realm of business, and making simple concepts complex.
These people will lead you astray and then try to sell you on some XYZ course or automation to make you rich. Bullshit. This game isn’t easy, but it’s simple.
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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.
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I’m noticing a trend - too many entrepreneurs holding off their life.
“I’ll do this when X happens”
Do you not realize that we’re only here for a finite amount of time?
Why did you get into the game to begin with?
Book the trip. Ask the girl out. You’ll figure it out.
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Reality is just a bi-product of your imagination and your ability to define what it is that you want. Selfishly, and unapologetically.
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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.
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I am sitting right now in a coffee shop writing this, sipping a hot drip coffee reflecting on how things got to this point.
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So many entrepreneurs get into this game for freedom, but end up making their own self made prison. What a shame.
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What do y’all think about this? Net worth levels 🤔 Taken directly from Felix Dennis’s book “How to Get Rich” (good read, horrible title)
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During this time I was 19 years old turning 20 years old, and I did not know how to interpret this change. Below is a combination of both the business / personal lessons.
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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"
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These lessons are in no particular order. I also sprinkle some book recommendations that have helped me identify some of these problems / lessons, and navigate them for the future.
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My goal with this is to share some of the mistakes I have made, so others don't go through what I did.
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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.
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Take 1 hour every week to allocate for “Thinking Time”. Do nothing but just sit and think. Take notes. I promise you it will change your life and your business.
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Wanna know what I say to that? Fuck it. We keep hammering... That's the only mentality to have if you wanna win.
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Providing for your parents > everything
Our culture has is all backwards...
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2) Product with inherint LTV
Some may ask why supplements?
- Insane gross margins (75%+)
- REAL subscription potential (Consistent future revenue)
- Sticky customers
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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.
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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.
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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.
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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.
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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.
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If you don't choose, someone else will do so for you. Don't be a victim to circumstance.
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Where you are right now is a sum of all of the decisions YOU made up to this point. Let that sink in.
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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.
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@fastrlife
Totally disagree. Push Pull Legs is possibly the single best thing you can do to develop a developed physique beginner or advanced.
As long as you make sure to throw in the main compounds of Squat, Bench, Deadlift at least once a week. And the right hypertrophy movements.
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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.
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@VisionAndSales
@mrkbdnr
@zzarakkk
@ecomwithbrook
@PaulNiklas8
@realAndrewPayne
@jleone2008
@coltybrah
That's why I chose supps - high margin, LTV is incredible, subscriptions (if people love they'll never cancel). It's a compounding business model within ecom.
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Hey everyone! Thanks for such a positive response. I am going to be reaching out to anyone I see that fits best for this campaign. Appreciate the support UGC community 😃
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@iamshackelford
- I’ve seen you talk about (Thumb Stop Ratio, Click on 3 Sec VV, 25% VV, 50% VV, etc.) - What are the target numbers you go for on those metrics?
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@ShopifySupport
Shopify platform. All sessions stopped and customer's couldn't checkout. Revenue cut off for 2 hours. "No visitors".
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@oliver__b1
Minimum benchmark. All depends on product, price, and tons of other factors, but...
10% ATC
5% IC
2.5% PUR
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@oliver__b1
ive thought about this heavily as well - it seems like it just limits your freedom - big commitment
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@PaulNiklas8
For sure they have. Still sitting on this only being a week ago. Big plans coming and excited to share on twitter if people would find it useful
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@lucawashenko
Get both. For purchase over $5000 you get 1.5x points on platnium. And the travel too. I would only shift spend away from the gold biz when you hit the $150k cap on 4x points. But if you’re going for points, i’d grab the capital one spark biz for 2% cash back on everything.
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@iamshackelford
The way I look at it is simple.
I ask myself “Will consumers be purchasing products online, in some capacity, 50 years from now?” The answer is always yes. Then I just avoid the noise.
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@LukeAlll
Also low respect for people who haven't experienced failure. It's a part of the journey.
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@VisionAndSales
@mrkbdnr
@zzarakkk
@ecomwithbrook
@PaulNiklas8
@realAndrewPayne
@jleone2008
@coltybrah
however, if you're disciplined and able to hold off pulling cash for the 6-12 months that you're growing - the benefits on the otherside are way more scalability compared to agency. Agencies at scale are a NIGHTMARE that i'd never sign up for.
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@Splittestingcom
@thedanielokon
@zachmstuck
This is where i see the whole dtc has everything wrong. For any of those brands at the “top of their category” blasting off investor funds into oblivion - what would happen if they shut off those heavily unprofitable ads? Their artificially inflated numbers would then be exposed
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@VisionAndSales
@mrkbdnr
@zzarakkk
@ecomwithbrook
@PaulNiklas8
@realAndrewPayne
@jleone2008
@coltybrah
i agree, ecom isn't the best for cash flow. Especially if you have a tough cash conversion cycle (ie: long lead times and unfavorable credit terms) - which is the case for most as the beginning.
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@Splittestingcom
@thedanielokon
@zachmstuck
if you’re “burning cash” i wouldn’t categorize that as a successful brand…
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@VisionAndSales
@mrkbdnr
@zzarakkk
@ecomwithbrook
@PaulNiklas8
@realAndrewPayne
@jleone2008
@coltybrah
i can write a thread on this from my experience - thanks for the feedback dude
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@LukeAlll
Thanks so much for the kind words man 🙏. I just checked out your video and value the transparency on your end as well. Let’s win 💪🏼
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@JimmyFarley00
I'm a simple man. When I want to have a good laugh. I read a Jimmy Farley tweet.
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@TaylorHoliday
What's the MER and NC-ROAS on this? Super curious how it looks like at that scale 🤔
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