12X business revenue and profit in 2022

I can do it and I want to do it!!!!

YES!

I want to reach $10MM because that will give me even more freedom haha.

I want to reach $10MM because that will help me gain some street cred on ECF! I want to find a husband on ECF 😀

I want to reach $10MM because I want to make as much money as possible while young. I want to reach $100MM before I retire. I want to have more money than my cousins who will get lots of inheritance.

Of course, health and love come first. Great health, great love, and a wealth level that range from very comfortable to life-changing and world-changing!

Strategy:

  1. Increase each tier’s performance:
    1. Traffic 3x
      1. More ads – IG/FB, reels, etsy, google shopping
        1. Create brand that looks like YSL(?) and target their audience
        2. Gather a list of brands that look like YSL(?0
      2. v Hire FB advert staff in-house or get an agency
      3. Influencer seeding – try it ourselves first, then if want, try it with Kynship.
      4. Collaborations
        1. product co-creation for brands/influencers with passionate fans
        2. brand-collab with brands who have similar audience
      5. Etsy: increase ad spend to double
    2. Conversion rate 2x
      1. More reviews
      2. Easier to find rings
      3. Better FAQ layout and content to answer all questions
      4. Chat bot perhaps
      5. Create niche-specific landing pages (also good for SEO and ads marketing)
      6. Etsy: Free shipping, upselling, and FAQ info in listing images
    3. AOV (Average Order Value)
    4. CLV (Customer Lifetime Value) 2x
      1. Membership?
      2. Subscription?
      3. More email promos / customer engagement
    5. Rate of returning customer
      1. Same as above
    6. Rate of rescuing abandoned cart
      1. Cuter rescue email?
    7. Email opt-in rate
      1. A/B test different pop up forms
      2. Learn from the best
  2. Branding
    1. Dark theme! Make it cool. But still eco (with a splash of green plants, or natural stone) and fun (maybe real cats etc) and worldclass. Try some new ring designs to see how it’ll fit
    2. Design 2 amazing IG grids with very intentional purpose for each image (what brand feel we want the visitors to get, what product questions we want to answer, what hero products we want them to see, what curiosity to intrigue, what )
    3. IG highlight with reviews etc
    4. Lots of reel content from influencers or a hired content generator
  3. SEO
    1. Always updating website homepage and adding blog articles
    2. v RankHarvest – focus on engraving, customization, v day
    3. Articles
    4. Meta https://www.shopify.com/blog/how-to-write-meta-descriptions
  4. Better email marketing
    1. Which sender to use (Shopify email or Klaviyo or Pabbly?)
    2. Build journeys – better welcome, follow-up, etc
  5. Set 90 day goals, 6 month goals, and 1 year goal. Weekly goals too!
  6. Actively network, contribute (give), and ask questions (take)
  7. Spend 1 day a week to learn and implement new things/improve SOP/improve efficiency, etc.
  8. Take weekends off to socialize!

Goals:

  1. One Year:
    1. 12X our revenue
    2. Have a SODA’d operation with local and virtual teams
  2. 6 Month:
  3. 3 Month:

Improve our capacity:

  1. Hire 1 more VA, perhaps from Eastern Europe
  2. Move to a warehouse
  3. Get a second engraver machine
  4. Train a second engraver
  5. Start using Wizmo and DesktopShipper

What to do about Amazon?

  1. Replace Sellerlabs with Zontools (or whatever that other thing is called)
  2. See if we can replen FBA
  3. Launch Foxfire.
  4. Remove all bad inventory (B4, B6, Rose Gold, high return items) – if we can send more inventory in
  5. Get good reviews
  6. Downvote bad reviews
  7. Regular release of new listings
  8. Regular release of engraved listings

Local inventory:

  1. We need to QA all inventory so the person fulfilling the orders always fulfills with good inventory only
  2. Wall organization when we move to new space
  3. Dump all bad or old inventory

Products:

  1. Create new moulds for Bevel
  2. Create new moulds for CF with less flow line effect
  3. Create new moulds for CF with inside grooves for Amazon (under Foxfire or KT brand)

Etsy:
2020: 2.3X sales ($85K), 70% growth in traffic (1.7X), 22% growth in conversion, 2X orders
2021: 3X sales ($250K), 188% growth in traffic (2.8X), 14.5% drop in conversion, 2.5X orders, higher AOV because of engraving. Growth started in June.

Shopify:
2021: 2X sales ($150K), 18% growth in traffic only, 2X conversion rate (2.55%). Growth started in June too.

I think engraving started catching on in June! Started in Feb. Probably took 4 months to get ranked on Google?

We can expect more competition this year, but we can also expect higher revenue from a full year of engraving!

$400k sales from these two sites in 2021. Can expect at least $1MM in sales in 2022 I think, just from having engraving offer for the full year. But we want to amp it up and grow to beyond that! At least $2MM! I think we can do $4MM if we aim for $10MM. Or we can do $10MM!!

 

In general, there are SO many things to focus on. So, which should we do first?

  1. Clear Goal: Grow 12x while operating smoothly – good customer experience, good team experience.
  2. Minimal effort, maximum result
  3. Pave the foundation for massive expansion -automation, staff, warehouse

Things that we can do to boost sales:

  1. Etsy – better listing images with clear return policies, free shipping etc (estimated $2000/month revenue increase)
  2. RankHarvest SEO (estimated $2000/month revenue increase)
  3. FB and IG ads (estimated $10,000/month revenue increase)
  4. Send out more emails (estimated $1000/month revenue increase)
  5. Create more email journeys
  6. Increase Etsy ad budget (estimated $2000/month revenue increase)
  7. Influencer seeding
  8. Collaborations with influencers
  9. Better IG feed, and reuse this better content in ads, blogs, landing pages, etc. (estimated $800/month revenue increase)
  10. More IG reels and stories (estimated $200/month revenue increase)
  11. Launch more engraving designs (estimated $2000/month revenue increase)
  12. Launch gold fill on all designs (estimated $500/month revenue increase at first)
  13. Launch 2 tier rings (estimated $500/month revenue increase at first)
  14. Launch more colours e.g. pale gold
  15. Renew Amazon inventory and be able to sell FBA again
  16. Import / add more reviews to Shopify esp. ones with images too  (estimated $500/month revenue increase at first)
  17. Hire someone to write seasonal and useful and high search volume low competition articles, to boost our ranking (estimated $500/month revenue increase at first)
  18. Hire the same person to do the same for our niche-specific landing pages

Estimated $22,000/month increase

That’s $264K/year increase.

We want a month to month traffic, conversion, frequency, and AOV report

To boost ring productivity:

 

Goals:

January: 
– FB ads management start

  1. DesktopShipper set up
  2. Hire RankHarvest
  3. Do a high end photoshoot
  4. Launch motivational rings
  5. Launch gold filled rings
  6. Launch 2-layered rings
  7. Feature and launch Valentine’s Day rings
  8. Look for a warehouse to rent
  9. Teach VA to clean up old orders
  10. Clean up our inventory
  11. Start on new moulds with Fred (bevel cf)
  12. Train Faroo
  13. App can take new fonts
  14. Taxes

February:
– Envelopes arrive

  1. Hire another VA from Eastern Europe
  2. Continue to look for warehouse to rent if not found yet
  3. Train a new fulfillment and engraving staff
  4. Boost Etsy conversion
  5. Launch horoscope designs

March:

  1. Influencer seeding with wedding season in mind, possibly with Cody
  2. Move into new warehouse March 1st, ideally.
  3. Buy a second engraver

April:
– 20,000 envelopes arrive, hopefully goes straight to warehouse

May:

  1. Launch Summer designs
  2. Summer collabs
  3. Summer photoshoot

June

July

August

September

  1. Start Xmas influencer seeding
  2. Promote Halloween rings
  3. Xmas photoshoot

October

  1. Add Xmas listings to Etsy

November

  1. Start promoting for Xmas in first week, leading up to Black Friday (25th)

December