This episode offers an unfiltered look into the financial performance and operational challenges faced by established and new ecommerce businesses in 2018. It spotlights the impact of external factors like tariffs and Amazon’s private label expansion on revenue goals and product development, providing crucial lessons on adaptability and strategic planning for ecommerce operators.
Key takeaways
Analyze your year-end revenue against initial goals to identify growth drivers and inhibitors, understanding that external factors (e.g., tariffs, platform competition) can significantly alter projections.
Be prepared for market shifts, such as platform giants launching competing private label brands, and strategize how to differentiate or pivot your product offerings.
Prioritize financial planning and product development flexibility to quickly adapt to unforeseen circumstances that can impact revenue.
For new ventures, set aggressive yet realistic revenue run-rate goals, acknowledging the initial ramp-up phase and potential for rapid growth.
Regularly review and adjust business strategies based on market performance and competitive landscape to maintain growth trajectory.
EcomCrew Premium is open for a limited time EcomCrew Premium is now accepting new members from January 28 - February 3. We only open registrations a few times a year with the next reopening probably in April, so if you're ready to take your business to the next level, join us and get the following benefits: 1-on-1 unlimited email coaching Access to 4 full length courses (Importing from China, Launch an Amazon New Best Seller, Build a 7-Figure Product Brand, Facebook Messenger) Access to future courses Private monthly Q&A webinar Private Secret Sauce webinar where we bring in an ecommerce expert once a month Access to our exclusive members-only Facebook group Click here to explore Premium. With that out of the way, let's get down to what this episode is about. 2018 Recap: The Numbers Dave and I first discussed the detail that seems to be the most important for most people: end of year revenue. For us at Terran, we ended the year at $5,944,667. This is 27.22% higher than 2017, which was about $4.6 million. We initially had a goal to earn $9.7 million dollars in revenue this year, but due to unforeseen circumstances we were forced to cut back product development which ultimately affected our revenue. I talked about this in more detail in this episode. Dave's new company, which he started from scratch, ended the year at $556,000. His 2019 goal is to achieve a run rate of just under $2 million. Money in the bank, Shanghai winters, and Amazon creating their own IceWraps brand While last year was overshadowed by such things as additional tariffs and Amazon creating their own brand that's exactly like IceWraps, not everything was bleak in 2018. We decided to prioritize
What does this episode say about finance & fundraising?
Analyze your year-end revenue against initial goals to identify growth drivers and inhibitors, understanding that external factors (e.g., tariffs, platform competition) can significantly alter projections.
What does this episode say about founder & leadership?
Be prepared for market shifts, such as platform giants launching competing private label brands, and strategize how to differentiate or pivot your product offerings.
What does this episode say about amazon & marketplaces?
Prioritize financial planning and product development flexibility to quickly adapt to unforeseen circumstances that can impact revenue.
What does this episode say about supply chain & operations?
For new ventures, set aggressive yet realistic revenue run-rate goals, acknowledging the initial ramp-up phase and potential for rapid growth.
What does this episode say about finance & fundraising?
Regularly review and adjust business strategies based on market performance and competitive landscape to maintain growth trajectory.
