How to Make $3MM in 2017

Begin with end goal in mind. In 2017, I will make $3MM USD in revenue, $1MM USD profit.

Ideas:

  1. Tony Robbins course will teach me how to ramp up Knot Theory
  2. Give away a Free ring on the post card. That will help me gain emails! Hard to say no to free
  3. I noticed that many brands are actually very specific. Oakleys for glasses, Icrebreaker for merino wool clothing, Nike for shoes (but also apparel). It is okay to stick to just one very focused niche per brand
  4. For broader brand ideas, look to Bed, Bath, and Beyond
  5. For great Amazon category ideas, look to BBB and Costco, and great sellers on Amazon
  6. I’ve wanted to seek something that is more persistent…but everything has a life span. Don’t get too hung up on that.
  7. Homeoutfitters and Dollarama pretty much dictates what not to sell.
  8. BBB and Costco – model them but do better or have something unique

 

Some ideas seen at BBB today: (Note it’s not as much about kitchen nor sports…even though they carry some of those too)

  1. bed wedge ($140 foam wedge)
  2. pillow covers (I’m drawn to bedding..need to be unique tho..special fabric somehow)
  3. garbage bins (stackable)
  4. bathroom stuff in general (not very giftable though)
  5. spa pillow
  6. Observe what has a big and constant section (at the back, on the shelf)
  7. Robes (expensive and quite timeless)
  8. Minus33 Merino Wool is a brand to check out (two products generating $80K/month)
  9. Sunglasses. Worth creating a singular brand for?
  10. “KOR” might be too boring? Think about GoPro.
  11. “Smooch” with “Red Smooch” line for period stuff. Red “x” stitching to show off brand (it’s a kiss!). Other info printed on inside. No tags.
  12. Other lines such as “Smooch of the Day”, “First kiss”, “Smackin’ sexy”, “Sucking face”, “xoxo”
  13. Brand called VOYA, or BORA, or KORSICA, or FLUX (merino wool, temperature control. very common name tho)
  14. More category ideas:
    • Entrepreneur
    • Travel
    • Workout
    • Beauty accessories
    • Toiletries for travel
    • Home stuff for young ish ppl

Ideas at Costco:

  1. Merino wool base layer tops and pants, touques, socks
  2. Kids books and toys seem popular
  3. Observe what has a big and constant section

To make $3MM/year, I’ll need to make $25oK/month.

If taking six months to get ready, then I need to aim for $500K/month.

Biz facets:

  1. Silicone wedding rings – aggressive ads, promo, post card, funnel, influencer marketing; getting into chains stores such as jewelry stores; SEO content for mom, dad, firefighters etc – $200K/month (need to 5x the sales)
    1. I know there’s enough market for it. Qalo does $11MM/year. Total market at least $20MM/year.
    2. In 2017: $470K on Amazon.com, $40K on Knotheory.com, $55K on Etsy.com, $33K CAD on Amazon.ca; Total is about $600K USD
    3. Amazon can probably scale just a little bit more. 20% more ($600K)
    4. Etsy probably just 10% more ($60K)
    5. Knotheory.com can probably 5 times ($200K)
    6. Total is probably just $860K.
    7. Need more platforms to bring it to $2.4MM
  2. Photobooth props – $30K/month ($360K) ~ $50K/month ($600K) (see also notes on how to sell more props)
    1. Girls Night out – Feb to August – $20k+ ($160K)
    2. Chic Birthday – April to Nov 15 – 3000BSR – about $10k/month ($75K)
    3. 1st birthday girl – Jan to October – 5000 BSR – $6K/month ($60K)
    4. Sweet 16th – Jan to Oct – 5000BSR – $6K/month ($60K)
    5. Pirate props – Feb to Oct ~8000BSR – About $4K/month ($40K)
    6. 40th adult – Jan to Oct – 10000BSR – about $4K/month ($40K)
    7. 40th women – Jan to Oct – 15000BSR – about $3K/month ($30K)
    8. 50th adult – Jan to Oct – 15000BSR – about $3K/month ($30K)
    9. 60th adult – March to Nov – 15000BSR – about $3K/month ($30K)
    10. Hawaiian – Mar~Sep ~8000BSR – About $4k/month ($30K) – 162 22
    11. NYE – Dec – Can do $25K (37 a day average, can sell 1500 sets)
    12. Grad – March to July ~10000BSR – $4k/month ($20K)
    13. If do all 12: $160+75+60+60+40+40+30+30+30+30+25+20=$600K/year
    14. But probably can’t sell until June (need to create them)
    15. Can sell on Etsy too!
    16. And Amazon.ca
  3. Sunglasses x 6 – $40K/month
    1. Helios Arc
    2. O.R.B.
    3. Contacted Jeremy to research
    4. Customers don’t seem to be brand loyal
    5. Wayfarer and Aviators are classic. In black and brown turtois shell
    6. Blenders doing lots of social media (easy to give this away)
    7. EyeLove doing lots of charity
    8. How to differentiate? Find more success example
      1. good name
      2. good brand image
      3. military grade something
      4. great warranty
      5. charity – seems important
      6. influencer marketing
      7. Eyelove – Charity a huge component
      8. Duduma – price
      9. Blenders – cool factor I guess
  4. Merino wool base layers x 6 – $40K/month
    1. There are factories in Canada
    2. Costco makes them too cheap
    3. Can still sell on Amazon tho
  5. Period Panties x 3 – $20K/month
  6. Bedding items x 4 – $20K/month
  7. Bath items x 4 – $20K/month (BBB inspired)
  8. Something else 1 (a subcat per Jeremy’s recommendation) – $40K/month
  9. Another subcat from Jeremy (ask him for ideas) – $40K/month
  10. Something made in USA, Canada (bath bombs) – $25K/month
  11. Idea from Canton Fair, or dropship (cat lovers, moms), or power sellers, or affiliate – $25K/month

200+30+40+40+20+20+20+$40+$40+$25+$25= $500