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www.getwsodo.com www.getwsodo.com ASM7 Welcome Module: Nailing Your Numbers: How to Scale Your Business As you read this training guide, you will be asked to take some simple actions. Please take each action before proceeding through the guide. This Lesson Covers: Three business objectives Sample timeline for this business Determining your financial goal How to make more money faster How much are you willing to invest (money and time)? Committing to your investment and success Three Different Business Objectives There are three different objectives to consider when starting a new business, and each one requires a slightly different approach. Read about all three below, so that you can decide which one makes the most sense for you! Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Cash Flow Goal: Build a cash machine that generates income for you Ramp up sales quickly at the beginning Focus on a good profit margin Reinvest part of the profits Keep some of the profits for yourself Keep ramping up the profits to grow your income Cash Out Goal: Sell the business and make a windfall Ramp up sales quickly at the beginning Quickly grow your product catalog (this is the easiest and fastest way to grow the value of your company) Reinvest all profits Initial focus is sales volume Next focus is profits Combination Goal: Cash machine with potential to sell Ramp up sales quickly at the beginning Slowly grow product catalog Reinvest most, but not all, profits Grow sales and profits to achieve more flexibility with your business Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Sample Business Timeline Although each person’s business will vary slightly, and a lot depends on how quickly you get your first product into inventory, the above timeline is typical of an Amazon physical products business that is just starting out. This process can be repeated for your first product until you are able to scale it up to where you want to go, or can be repeated for any additional products that you launch. What Is Your Financial Goal? You financial goal is ultimately based on your REAL goal. Maybe you want to replace your current job, so that you can quit working for someone else. Perhaps you need a cash windfall ASAP, or you want to build a business that you can pass down to someone. Or, maybe you want more free time to spend with your family, or to travel. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Start figuring out your financial goals by writing your real goal below. For example, you may write something like “My goal is to be able to quit my job in 12 months and still have plenty of money to travel,” or “My goal is to be able to keep my standard of living and go camping with my family every weekend.” My goal is: _ _ Before you can calculate your financial goal, you also have to know how to calculate profits. Below is a simple way to calculate profit: Net Profit = Total Revenue - Cost of Goods Sold (CoGS) - Business Expenses Total Revenue: What Amazon pays you after deducting all of their fees Cost of Goods Sold (CoGS): Product costs + Shipping costs (includes both importing and shipping to Amazon) Business Expenses: Advertising, website hosting, etc. Net profit should be anywhere between 25%-40%. For example, $100,000/month in sales = $25,000 - $40,000 in profit. Regardless of your of your business objective (cash flow, cash out, combination), you still need to make a profit. Take the following steps to set your financial goal: Choose a month profit goal Choose a timeframe to achieve that Write it down Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com My financial goal: “I will achieve a profit of $ per month by _.” 4. Make More Money Faster The best way to succeed sooner is through your inventory. Inventory is not necessarily an expense, it is an asset to your business—every time you buy inventory, you put money into the business that you can get back as you sell your products. Almost everyone runs out of inventory in the beginning, but this is a good thing—it’s a sign that you have a good product! However, every day that you are out of stock is a day of lost sales. So, the more inventory you have, the faster you will succeed. Inventory is not the only way to get a boost at the beginning, however. Consider taking the following steps, in order to succeed as quickly as possible: Order more inventory initially, so that you don’t run out (“calculated risk”) Choose a product that can be shipped by air (must be smaller and lighter) Choose a product that can be sourced in your country (your product will get to you quicker and shipping will cost less, but your product options will be more limited) Choose a product that has a higher profit margin potential (may require paying more for initial inventory) Spend more time on marketing/advertising (buying your way to the top) Price your product more competitively (this will give you more sales, but less initial profit) Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Pay for professional product images and videos (this increases conversion rates) Brand and package your product better than anyone else in the market Each of these will help you succeed much faster than you normally would, but keep in mind that there is a cost for each one of them, too. 5. Investment Models Here are three different ways that you can invest your time and money: Slow and Steady a Initial investment: $500 - $3,500 b Few samples c Minimum inventory d Basic product launch e Basic branding f Simple packaging g Social media presence Fast Starter a Initial investment: $ 3,500 - $10,000 b More samples c Ample inventory d Good product launch e Professional branding f Professional packaging g Social media + brand website Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Rapid Ramp-Ups a Initial investment: $10,000 - $20,000+ b Lots of samples c Lots of inventory d Big/multiple product launches e Professional branding/packaging f Partner with social media professionals It is critical to remember that your success is NOT solely dependent on your financial investment! The most successful students of ASM have often started in the “Slow and Steady” group. Keep your focus on your own personal goal, completely independent of anyone else. 6. How Much Money Are You Willing to Invest? Money is one factor in building your business that must be taken into account. Think about the following things, as you decide how much you are willing to invest: Risk = reward, but your risks must be calculated, not reckless What are you capable of and comfortable with investing financially, in order to meet your goals? How much money am I willing to invest in this business? $ _ 7. How Much Time Are You Willing to Invest? Time is another investment into your business, so make sure to take these factors into account, as well: At first, you will have lots of down time (waiting for samples, inventory, etc.) Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Once your business takes off, there will always be something to do: Researching additional products Creating content (emails, social media posts, etc.) Launching additional marketing strategies Analyzing data (advertising ROI, conversion rates, etc.) Product listing testing and improvements There are three different ways that you could choose to spend time on your business: Part-Time a One hour per day, average b Executing ASM training c Taking all action steps d Following community Focused a 2-3 hours per day, average b Executing ASM training c Taking all action steps d Active in community All-In a 5+ hours per day, every day b Executing ASM training c Taking all action steps d Active in community e Going above and beyond Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com How much time you spend on the business depends on your goals, how quickly you want to succeed, and what you have to offer. Regardless of these factors, however, you must make a commitment to your business. Before moving on, please do the following: Write down your time commitment to the business (for example, “I will commit _hours to my business, per day.”). Post this somewhere you will see it every day. Set a calendar reminder for yourself. Now that you have made these commitments to your business success, we will see you in the next lesson! Copyright © 2017 Amazing Selling Machine