Oct 5, 2015: Progress to date
- Last 30 days: $29.5K (with women’s ring promos, real number somewhere around $25.5K)
- Etsy: $2.2K
- Knot Theory website (just the rings): $0.6K
- Total minus promo: $28.3K
- This week’s goals for accountability:
- Ship rings to Amazon.ca
- Add music to ring video
- Get started on holiday promo (priority: buy spots in gift guides)
- Current Challenge:
- Can’t get women’s rings on page 1. Last promo just finished. Can start playing with prices I suppose. Any other good ideas?
- Overview:
- Knot Theory Silicone Wedding Rings (no update)
- Men’s: New designs coming soon. New colours coming in less than 2 weeks.
- Women’s: New colours coming in less than 2 weeks.
- Period Panties (no update)
- Got manufacturer’s fabric samples. Lookin’ good!
- Umbrellas (no update)
- Ordered competitors’ products.
- Cashmere scarves
- Aliexpress scarves arrived. Looking good. Labeled as Burberry though.
- Ordered competitors’ products, picking them up this week.
- Sales of top competitor rapidly went up, now that winter is coming: Clothing: #850 (~1621units/month) #7964 (~327units/month)
- Quick Dry Towels (no update)
- Tried out competitor’s product. Already great, have no big way of improving it further other than slightly better branding.
- Fairly competitive niche. Seems like many people are thinking to do it too.
- Will find out more about MOQ and margins before deciding if I want to proceed. Low MOQ also means low barrier of entry though.
- Knot Theory Silicone Wedding Rings (no update)
- Business Goals for 2016:
- Hire 1 VA to delegate tasks to; focus more on developing new brands and scaling the businesses
- Achieve 150 product sales a day average for year 2016; estimated 5~8 product lines needed to achieve this.
- Milestone Celebration
- Will celebrate when my total monthly profit reaches $25K! Current profit ~$17.5fK including bow tie sales.
- Will hire my photographer friends, paying them real money for once. I do want good bald pics of myself. It’s a personal mission to re-brand alopecia as attractive, raise awareness, and encourage confidence. Maybe for future milestones I’ll fund other alopecians’ shoots, to help build their confidence 🙂