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The Real Reason You_re Not At _1M_Month Yet · The Empire of Wealth

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  Speaker 1: Having scaled my own e-com businesses to over 850 million
• 0:03
  Speaker 1: in sales and having personally invested in or advised hundreds
• 0:06
  Speaker 1: of e-commerce founders, I've gathered a pretty good understanding of
• 0:10
  Speaker 1: what it takes to grow an e-com brand from six
• 0:12
  Speaker 1: to nine figures. And in this video, I'm going to
• 0:15
  Speaker 1: reveal a single hack I've discovered to scale your brand
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  Speaker 1: to millions. This hack is... All right, let's stop messing around.
• 0:22
  Speaker 1: If you're still looking for the next growth hack or
• 0:25
  Speaker 1: one secret tactic, an untapped marketing channel or foolproof ad strategy,
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  Speaker 1: then I have some good and bad news. The bad news,
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  Speaker 1: that elusive hack that you're looking for, it doesn't exist.
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  Speaker 1: AI for this, TikTok for this, agencies for that. Should
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  Speaker 1: I run one campaign or run hundreds at small budgets?
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  Speaker 1: You need to learn that profitable scale isn't out there
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  Speaker 1: somewhere that's a magical hack that will appear. Instead, the
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  Speaker 1: key to real scale is hiding in plain sight within
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  Speaker 1: your business already with what you're already doing. And that's
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  Speaker 1: the good news that I've got for you. Because that
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  Speaker 1: means that it's within your control. It's within your reach.
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  Speaker 1: You just need to uncover it. And it's remarkably simple
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  Speaker 1: when you know what you're actually looking for. I've simplified
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  Speaker 1: it down into a four-step formula that I've repeatedly used
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  Speaker 1: when building my brands, advising my Shark Tank investments, or
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  Speaker 1: mentoring founders in Daily Mentor. It is fair to say
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  Speaker 1: that 99.9% of people just don't know this. Today, you'll
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  Speaker 1: see exactly how to apply this framework to your business,
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  Speaker 1: gain immediate clarity on what to do and how to
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  Speaker 1: do it, and finally understand the truth about breaking through
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  Speaker 1: to your next revenue milestone without wasting a dollar on
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  Speaker 1: false promises or wasting another day chasing shining objects. So
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  Speaker 1: let's get into it. The first step is by far
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  Speaker 1: the most important, and that's to diagnose the constraint. Here's
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  Speaker 1: the first rule of scaling. When you grow a business,
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  Speaker 1: you also amplify its problems. We recently had a call
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  Speaker 1: with a brand that sells health products. They just hit 400,000
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  Speaker 1: a month in sales in just five months. Huge growth.
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  Speaker 1: Their next big goal was 1 million per month. On
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  Speaker 1: the surface, they looked ready. Steady revenue, new hires, launching
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  Speaker 1: multiple channels. But under the hood, cracks were beginning to show.
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  Speaker 1: The moment they tried to scale, everything buckled. Tariffs were
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  Speaker 1: suddenly costing them $ 30, 000 a month. They kept getting the
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  Speaker 1: wrong shipments from China. The team was super stressed out
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  Speaker 1: and stretched out. in their fast growth revealed that their
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  Speaker 1: business had been built on shaky ground that's why the
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  Speaker 1: first step of scaling is always to take a brutally
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  Speaker 1: honest and informed look at your business and identify the
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  Speaker 1: root problems that could hinder your growth what i'm talking
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  Speaker 1: about here is diagnosing the constraints and in my experience
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  Speaker 1: there are really only two constraints you need to worry
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  Speaker 1: about the first are operational constraints this means that you
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  Speaker 1: can't keep up with existing demand Often this is because
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  Speaker 1: of inventory issues due to wrong forecasting or inefficient suppliers.
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  Speaker 1: Or it could just be due to poor cash flow
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  Speaker 1: management and it's hard to fund your operations. The second
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  Speaker 1: are efficiency constraints. This means you're spending way too much
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  Speaker 1: money to generate the demand, which hurts your profitability. Maybe
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  Speaker 1: your ROAS is too low, or you're overpaying staff, or
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  Speaker 1: you're investing in a tool that just doesn't really have
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  Speaker 1: an impact on your bottom line. How do you tell
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  Speaker 1: what is your main constraint? It's simple. Ask yourself this
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  Speaker 1: one question. If I ramped up budget, what would happen
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  Speaker 1: to my business? Would I start to get issues operationally,
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  Speaker 1: such as the issues I mentioned with the wellness brand,
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  Speaker 1: like the team breaking and supplier issues? This would be
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  Speaker 1: an operational constraint. Or would your advertising simply start costing
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  Speaker 1: far too much and you would start become unprofitable? This
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  Speaker 1: would be an efficiency constraint. This is often a light
• 3:31
  Speaker 1: bulb moment for e-com brands as they are constantly told
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  Speaker 1: to just spend more money on ads, which amplifies their problem.
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  Speaker 1: If you're still confused about this, there are also four
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  Speaker 1: key metrics that you can track to determine what is
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  Speaker 1: constraining your business. These include marketing efficiency ratio, which stands
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  Speaker 1: for MER, COGS, which is your cost of goods, operating expenses,
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  Speaker 1: also known as OPEX, and net profit. Let's take MER,
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  Speaker 1: which measures how much revenue you gain for every marketing
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  Speaker 1: dollar you spend. For most e-com stores, a good benchmark
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  Speaker 1: to aim for is 35%, but obviously this can differ
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  Speaker 1: between industries and margin profiles. If it's less efficient than this,
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  Speaker 1: it could mean that you have holes in your marketing machine,
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  Speaker 1: like an underperforming ad or high CPAs, which point you
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  Speaker 1: to having an efficiency constraint. Now, just a quick side
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  Speaker 1: note here. If you don't even know what your target
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  Speaker 1: MER is and you're running an e-com business and you
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  Speaker 1: don't know how to track it daily, this is terrifying
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  Speaker 1: and you need to reach out to us ASAP. We
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  Speaker 1: might be able to save you from bankruptcy or double
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  Speaker 1: your business with just one phone call. Next, you need
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  Speaker 1: to consider COGS, which for most healthy brands should be
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  Speaker 1: at around 35% of revenue. Higher COGS means you have
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  Speaker 1: a profitability problem, which is often caused by pricing or
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  Speaker 1: expense issues. Lastly, you have OPEX, which should ideally be
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  Speaker 1: around 10% of your revenue, which leaves you for around
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  Speaker 1: 20% of net profit. Checking on these metrics should give
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  Speaker 1: you a good start of diagnosing your business. This is
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  Speaker 1: why when we work with founders inside Daily Mentor, I
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  Speaker 1: often ask them to do a report card where they
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  Speaker 1: list down all their key metrics. This gives me and
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  Speaker 1: the mentors an accurate point of view to diagnose the
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  Speaker 1: main issues. And once you've identified the bottleneck that's holding
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  Speaker 1: back your growth, you move on to step two, which
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  Speaker 1: is to fix your current systems to remove those constraints.
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  Speaker 1: But don't just settle for the quickest fix solution and
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  Speaker 1: get it done with. The last thing you want to
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  Speaker 1: do is build something that's just duct taped together, that's
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  Speaker 1: guaranteed to fall apart again when you try to scale
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  Speaker 1: it to the next level. Instead, focus on building resilient
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  Speaker 1: solutions that not only remove present bottlenecks, but also prevent
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  Speaker 1: future ones from popping up. Of course, the big question is,
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  Speaker 1: how do you know which solution to pick? There's a
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  Speaker 1: huge experience piece here, which makes it challenging for new
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  Speaker 1: founders to figure out, but here are some rules of
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  Speaker 1: thumb to get you started. For example, if you're dealing
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  Speaker 1: with COGS being 45% of your revenue, slightly high, the
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  Speaker 1: simple solution is to adjust your pricing. Maybe you can
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  Speaker 1: price higher to offset the higher COGS or try bundle
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  Speaker 1: offers to increase your average order value. Another solution, although
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  Speaker 1: not always possible, is to decrease your COGS. There are
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  Speaker 1: many ways to do this. You can strike a deal
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  Speaker 1: with your supplier or find a brand new supplier to
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  Speaker 1: lower that price. This is what happened with a homeware
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  Speaker 1: brand that I talked to. They were doing okay at
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  Speaker 1: around $ 500, 000 revenue a year, but their actual numbers behind
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  Speaker 1: the scenes were brutal. Just 8% net margins. Way too
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  Speaker 1: low for a new business. They'd been told to scale
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  Speaker 1: up their Facebook ads by another mentorship, but obviously their
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  Speaker 1: business would just go straight into unprofitability. Part of their
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  Speaker 1: solution was to find a new logistics partner to improve
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  Speaker 1: these margins, which we all agreed was a smart thing
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  Speaker 1: to do. But we also taught them how to structure
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  Speaker 1: a welcome offer that had doubled the margin of their
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  Speaker 1: current order value. Suddenly this constraint was lifted and they
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  Speaker 1: could scale Facebook ads, doubling their business almost overnight. Admittedly,
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  Speaker 1: there are lots of potential ways to fix this. and
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  Speaker 1: knowing which one, again, comes down to experience. But here
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  Speaker 1: are some ideas to get you started. One quick and
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  Speaker 1: cheap and easy way is to focus on website zero,
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  Speaker 1: especially if you've been suffering from poor conversions. It could
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  Speaker 1: be as simple as the change we made with Oodie
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  Speaker 1: with adding this more than 95% recommended badge just below
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  Speaker 1: the pricing on our product detail page. It was ridiculously
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  Speaker 1: subtle and simple, but it added an extra 9k in
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  Speaker 1: just 8 days. Over the year, that would add an
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  Speaker 1: extra $ 800, 000 in revenue. Or it could be something major
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  Speaker 1: like a whole new advertorial with an aggressive offer page
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  Speaker 1: and multiple upsells. Another potential solution is to work on
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  Speaker 1: your positioning. Having much better positioning makes it more relevant
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  Speaker 1: and compelling to your market, which in turn makes them
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  Speaker 1: convert better and at cheaper rates. One business owner I
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  Speaker 1: talked to had this exact problem. They were selling automotive
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  Speaker 1: accessories to a largely competitive niche without any hook or difference.
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  Speaker 1: That's why his ads just weren't scaling, nor was his
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  Speaker 1: funnel converting. We taught him that the easiest way to
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  Speaker 1: solve this is to ask the question, what makes my
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  Speaker 1: product stand out in the market? Is it because of
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  Speaker 1: a unique feature, an outcome that only your product can deliver,
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  Speaker 1: or it can even be an emotional connection that none
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  Speaker 1: of your competitors are delivering? Now, there are other potential
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  Speaker 1: ways to improve your MER, and I'm going to talk
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  Speaker 1: about those later. But first, I want to address a
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  Speaker 1: common issue of OPEX getting out of control. If this
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  Speaker 1: is your issue, the solution is simple, but not always easy.
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  Speaker 1: Looking into your expenses and try to eliminate as much
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  Speaker 1: as you can. My top tip here is to get
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  Speaker 1: your financials broken down into all of your major expense lines.
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  Speaker 1: On the columns, you have the past three months and
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  Speaker 1: on the rows, you have all of the expenses over
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  Speaker 1: $ 100 that you spent in those past three months. Then
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  Speaker 1: you go in and delete the rows and see how
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  Speaker 1: it impacts your P & L. For example, you might
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  Speaker 1: be paying a retainer fee to an agency that frankly
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  Speaker 1: isn't giving you as much as you thought that they were.
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  Speaker 1: In this case, you could simply fire the agency and
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  Speaker 1: hire a temporary contractor, or you could go in-house. You
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  Speaker 1: want to change this in the financials of each of
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  Speaker 1: those columns. You might also be using tools and SaaS
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  Speaker 1: and software that aren't really contributing much to your operations,
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  Speaker 1: but are eating up your revenue. And you'll find that
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  Speaker 1: it's these small, seemingly insignificant expenses that add up and
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  Speaker 1: strain your cash flow. Now, once you've taken care of
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  Speaker 1: all these bottlenecks and everything's moving smoothly, you need to
• 9:09
  Speaker 1: move on to the next step. I call this step
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  Speaker 1: accelerating the flywheel. And it's where you start to see
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  Speaker 1: incremental improvements in your business that make it run faster, better, smoother,
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  Speaker 1: and generate way more revenue. I generally like to look
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  Speaker 1: at three areas of growth. First are your ad creatives.
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  Speaker 1: Many founders make the mistake of relying on just a
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  Speaker 1: handful of winning ads. This is a huge roadblock. Because
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  Speaker 1: even the best ads will start fatiguing sooner or later.
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  Speaker 1: We recently had a kid's toy business in Daily Mentor.
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  Speaker 1: When I first talked to them, they were set to
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  Speaker 1: go from about $ 850, 000 to over $ 3 million in a year.
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  Speaker 1: Then they suddenly got hit with an 80% drop in revenue.
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  Speaker 1: The core bottleneck? They only relied on a single meta
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  Speaker 1: ad to drive their sales. And granted, it was a
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  Speaker 1: good ad. Once this single golden ad stopped performing, they
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  Speaker 1: didn't have anything to replace it with. No ads in
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  Speaker 1: the pipeline. No system. to test creatives, and no other
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  Speaker 1: acquisition strategy. You see, your goal is to have a
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  Speaker 1: creative supply chain that churns out new and diverse ads,
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  Speaker 1: consistent winning ones, and scale those. So how do we
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  Speaker 1: fix the creative supply chain? If you're just starting out,
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  Speaker 1: focus on first upping your ad output volume. Once you
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  Speaker 1: have consistent flow going, try to diversify your ads. Then finally,
• 10:23
  Speaker 1: focus on improving the quality. You could also give your
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  Speaker 1: product to small creators on TikTok and Instagram and get
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  Speaker 1: them to make creatives for you. Then hire those who
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  Speaker 1: really outperform and start paying them a retainer. Better yet,
• 10:35
  Speaker 1: rather than a retainer, give them a unique affiliate discount
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  Speaker 1: code and get them posting five times a day. only
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  Speaker 1: paying them for sales they bring in. You can then
• 10:43
  Speaker 1: grab the creatives off their social media, put it into
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  Speaker 1: your ad account, and give them a small percentage of
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  Speaker 1: the ad spend in the future for that creatives. They'll
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  Speaker 1: make so much money, so will you. We also like
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  Speaker 1: to repurpose existing assets we have, then just use B-roll
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  Speaker 1: voiceovers or AI to create variety. Now, the second area
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  Speaker 1: of growth is about optimizing your entire sales funnel. Here,
• 11:04
  Speaker 1: I suggest an inside-out approach or improving the processes that
• 11:07
  Speaker 1: is closest to checkout first, then working your way upwards
• 11:11
  Speaker 1: or backwards. Because think about it, even if you have
• 11:14
  Speaker 1: the most highly optimized, high converting product page in the world,
• 11:17
  Speaker 1: you still won't get any sales if your checkout page
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  Speaker 1: is a whack. So it pays to tweak your post-purchase
• 11:22
  Speaker 1: offers first, which realistically shouldn't take long, then go back
• 11:26
  Speaker 1: with cart optimization, then to your product page, and then
• 11:29
  Speaker 1: finally your homepage. As to what the actual tweaks are, well,
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  Speaker 1: there's plenty for you to choose from, and I'm not
• 11:33
  Speaker 1: going to get into all of those today. I've got
• 11:35
  Speaker 1: plenty of other videos. Just don't forget to A-B test
• 11:38
  Speaker 1: everything so you know which optimizations are actually working. The
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  Speaker 1: next area of growth is your SMS and email campaigns.
• 11:45
  Speaker 1: I'd start by optimizing automated flows through split testing. Start
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  Speaker 1: with the earliest messages in the flow as they will
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  Speaker 1: be delivered the most. Now there are a dozen flows
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  Speaker 1: that you can do, but I would encourage you to
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  Speaker 1: focus on the five key ones that every brand must have.
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  Speaker 1: First is the welcome flow. Abandoned checkout, browser abandonment, add
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  Speaker 1: to cart abandonment, and post-purchase flows for new and returning customers.
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  Speaker 1: Everything else like re-engagements or win-backs isn't a priority at
• 12:13
  Speaker 1: this stage, as it can be done via campaigns. And
• 12:16
  Speaker 1: speaking of campaigns, if you're not sending two to four
• 12:19
  Speaker 1: times a week, then you should be focusing on upping
• 12:21
  Speaker 1: this to that level. A lot of people here say,
• 12:24
  Speaker 1: I'm running out of campaign ideas. You can use a
• 12:27
  Speaker 1: free website not sponsored by them at all, milled.com to
• 12:31
  Speaker 1: see a ton of email ideas. Now, remember, email marketing
• 12:35
  Speaker 1: isn't about selling things that cannot be sold. Rather, it's
• 12:38
  Speaker 1: about selling more of what people already buy to people
• 12:42
  Speaker 1: that just don't have it yet. So don't be afraid
• 12:44
  Speaker 1: to send more and more messages and find these types
• 12:47
  Speaker 1: of people on your list. Now, the good thing about
• 12:49
  Speaker 1: optimizing one area of growth is that it affects every other.
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  Speaker 1: For example, lowering your COGS by finding a better supplier
• 12:56
  Speaker 1: frees up more money so you can spend it on ads,
• 12:58
  Speaker 1: which brings in more revenue. Or consider how doing CRO
• 13:02
  Speaker 1: to improve your conversion rate on your product page allows
• 13:05
  Speaker 1: you to spend way more on all of the ads
• 13:07
  Speaker 1: that are pushing to that product page create way more profit,
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  Speaker 1: and it's a beautiful compounding e-comm flywheel. Every incremental improvement
• 13:15
  Speaker 1: you do gives a bigger and bigger impact. But there's
• 13:18
  Speaker 1: one pitfall you should watch out for here. Any improvements
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  Speaker 1: to your business must not ask for more input from you. Otherwise,
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  Speaker 1: you're just creating more and more work for yourself. This
• 13:28
  Speaker 1: leads to an all too common problem of founders becoming
• 13:30
  Speaker 1: stressed out, burnt out, a one-man team that are basically
• 13:34
  Speaker 1: prisoners in their own business. To avoid this, you need
• 13:37
  Speaker 1: to plug in people to increase your leverage. And when
• 13:40
  Speaker 1: it comes to hiring, you need to get the person
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  Speaker 1: who can give you the most leverage. I have a
• 13:45
  Speaker 1: formula for this, which is leverage equals task importance times
• 13:49
  Speaker 1: your inability times time spent times leverage. Ease plus affordability
• 13:54
  Speaker 1: of hire. In other words, the best hire is someone
• 13:57
  Speaker 1: who compensates for your weaknesses, is working on a high
• 14:01
  Speaker 1: leverage task, frees you up from time consuming activities and
• 14:05
  Speaker 1: is affordable to hire. So you just need to go
• 14:07
  Speaker 1: through this econ flywheel, adding improvements, tweaking hiring as needed
• 14:11
  Speaker 1: and improving some more every single day. Eventually you'll get
• 14:15
  Speaker 1: into step four, which is expand the opportunity. Once you've
• 14:18
  Speaker 1: already maxed out your operations, you're now facing a new risk.
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  Speaker 1: In some cases, expanding into eight and nine figures with
• 14:26
  Speaker 1: your current business isn't enough, regardless of how much fine
• 14:29
  Speaker 1: tuning you do. Case in point, French women's brand approached us.
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  Speaker 1: They were doing, I think about 4 million euros a year,
• 14:36
  Speaker 1: but they got stuck at that level. They wanted to
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  Speaker 1: grow further. The answer here wasn't about incremental improvements because
• 14:42
  Speaker 1: they were just very, very efficient. It's a big swing
• 14:44
  Speaker 1: for diversification. And to understand this, we can look at
• 14:48
  Speaker 1: something called the Ansoff matrix. On the X axis, we
• 14:51
  Speaker 1: have new products. On the Y-axis, we have new markets.
• 14:55
  Speaker 1: It can also be shown with new channels instead of
• 14:58
  Speaker 1: new products. If we can achieve growth in both areas,
• 15:01
  Speaker 1: we can achieve diversification and prevent the likelihood of plateauing
• 15:06
  Speaker 1: in the future. Of course, big moves also come with
• 15:09
  Speaker 1: big risks, so we need to pick the right opportunity first.
• 15:12
  Speaker 1: That's why it's smart to focus on moves with the
• 15:14
  Speaker 1: highest leverage first to make sure that the risk is
• 15:17
  Speaker 1: worth it. In other words, ask yourself this question. How
• 15:20
  Speaker 1: much impact will doing X or Y bring to my business?
• 15:24
  Speaker 1: What is the chance of my success? And how much
• 15:27
  Speaker 1: time and money will it cost me? Am I willing
• 15:30
  Speaker 1: to spend that? Looking through every potential innovation through that
• 15:33
  Speaker 1: lens will improve your odds of making the right decision
• 15:36
  Speaker 1: to make your business grow. Then, once you've successfully identified
• 15:40
  Speaker 1: the right innovation, implemented it, and gained some traction, that
• 15:43
  Speaker 1: will open a whole new level of constraints yet again,
• 15:47
  Speaker 1: which will lead you back to the start of our framework,
• 15:49
  Speaker 1: where you'll do it over and over again. Diagnosing the
• 15:53
  Speaker 1: root cause of your problems, fixing the bottlenecks, accelerating a flywheel,
• 15:57
  Speaker 1: then finally expanding even more with newer, better innovations. It
• 16:02
  Speaker 1: sounds so simple when you think about it. So why
• 16:05
  Speaker 1: can't everyone do it? Why are most founders still stuck
• 16:07
  Speaker 1: and struggling at five figures or worse, just closing down outright?
• 16:11
  Speaker 1: As they say, the devil is in the details. Just
• 16:14
  Speaker 1: like most things in life, you need to have the
• 16:16
  Speaker 1: proper tools, knowledge and experience to apply this framework effectively.
• 16:20
  Speaker 1: You need to know the specific metrics to aim for
• 16:23
  Speaker 1: to be able to diagnose accurately. You need to know
• 16:26
  Speaker 1: what looks good and what's a red flag. You need
• 16:28
  Speaker 1: to know what to fix and have the skills and
• 16:30
  Speaker 1: experience to do a good job fixing it. You basically
• 16:32
  Speaker 1: need to have the experience that will tell you the
• 16:35
  Speaker 1: highest leverage growth levers to pull up. The sad truth
• 16:38
  Speaker 1: is it took me 10 plus years of winning and
• 16:41
  Speaker 1: lots of losing in the trenches to learn how to
• 16:44
  Speaker 1: put all of this into practice. And unfortunately, without knowing
• 16:48
  Speaker 1: the context of your businesses deeper, I can't go into
• 16:51
  Speaker 1: much more specifics than this video. However, if you're really
• 16:54
  Speaker 1: intentional about scaling, about sitting down at your desk every morning,
• 16:59
  Speaker 1: having a laser focused action plan that you know will
• 17:01
  Speaker 1: yield results, then let me offer you a shortcut. Leverage
• 17:05
  Speaker 1: my experience and all of the e-com founders that have
• 17:08
  Speaker 1: already figured it out and built successful eight to nine
• 17:11
  Speaker 1: figure businesses. Skip all the trial and error, avoid all
• 17:14
  Speaker 1: the mistakes we've made, and fast track your business growth
• 17:17
  Speaker 1: without the chaos. It's your unfair edge, and I called
• 17:20
  Speaker 1: it Daily Mentor. If you haven't heard about it already,
• 17:23
  Speaker 1: Daily Mentor is my e-com accelerator, inside of which you
• 17:26
  Speaker 1: can get one-on-one support from e-com heavyweights. They've sold over
• 17:30
  Speaker 1: 50 million units globally and have made over $ 2 billion
• 17:34
  Speaker 1: in sales collectively. We'll work alongside you with one-on-one mentorship
• 17:38
  Speaker 1: and show you this roadmap to seven, eight, even nine
• 17:41
  Speaker 1: figures a year. You'll learn all of our strategies using
• 17:44
  Speaker 1: the Daily Mentor video content library with training and templates
• 17:48
  Speaker 1: on how to run effective Facebook ad campaigns, how to
• 17:51
  Speaker 1: find and test winning products, proven forecasting methods, building a
• 17:54
  Speaker 1: world-class team to handle your growth, inventory management, conversion tips,
• 17:59
  Speaker 1: and so much more. Fair warning though, it won't be
• 18:01
  Speaker 1: for everyone. You can only get in via application because
• 18:05
  Speaker 1: aside from this personalized one-on-one guidance we've got, we've got
• 18:08
  Speaker 1: a really special community of e-com founders building up that
• 18:11
  Speaker 1: we need to protect by carefully vetting every founder for
• 18:14
  Speaker 1: a fit. So if you're interested, you can find out
• 18:16
  Speaker 1: more and apply for it by the link in the
• 18:18
  Speaker 1: pinned comment. I really want to reiterate, it's by application only.
• 18:22
  Speaker 1: We screen everyone who wants to work with us. So
• 18:25
  Speaker 1: if you do want to join, then please take the
• 18:27
  Speaker 1: application seriously to avoid disappointment. We want to guarantee that
• 18:31
  Speaker 1: we can make you money. But if you're genuinely committed
• 18:34
  Speaker 1: about scaling your business to eight figures and beyond and
• 18:36
  Speaker 1: are ready to execute on all of the tips that
• 18:38
  Speaker 1: we give you, then click the link and I'll see
• 18:41
  Speaker 1: you in there.