How I'm going to make $1,000 pure profit/day by April 30th, 2018...
~ A profitable thread ~
~ A profitable thread ~
Alright first, I can't guarantee that I'll be making that, but I have a plan to do so and I want to share it with you.
I've found that once you find something that works, it's all about knowing your numbers.
I've found that once you find something that works, it's all about knowing your numbers.
For example...
On my current store, to make $1,000/day profit, I'd need roughly $2,000/day in revenue (my margins are a pretty consistent 50%). My average order value is around $50. That means I need 40 purchases/day.
That alone is eye-opening, but let's dive further.
On my current store, to make $1,000/day profit, I'd need roughly $2,000/day in revenue (my margins are a pretty consistent 50%). My average order value is around $50. That means I need 40 purchases/day.
That alone is eye-opening, but let's dive further.
My conversion rate is around 1.5%. That means 1 of every 67 website visitors makes a purchase. 1 purchase per 67 website visitors * 40 purchases = ~2,700 website visitors/day.
So to make $1,000/day profit, I need roughly 2,700 website visitors/day.
So to make $1,000/day profit, I need roughly 2,700 website visitors/day.
That's it. I need 2,700 website visitors/day to make $1,000 profit. Simple.
But let's check it out against my expenses to see if it adds up.
But let's check it out against my expenses to see if it adds up.
If it costs me ~$150 in ad spend to get 1,000 website visitors, that's a little over $400 to get 2,700.
If my product cost is $15 per purchase, times that by 40 purchases and you get $600.
If my product cost is $15 per purchase, times that by 40 purchases and you get $600.
$2000 revenue - $400 ad spend - $600 product cost = $1,000 profit
See how that works?
It's just math.
See how that works?
It's just math.
Obviously, I have no idea whether or not it will play out the same in the real world as it does in my head...
But, I can guarantee you it'll play out better with this plan in place than without it.
But, I can guarantee you it'll play out better with this plan in place than without it.
So do with that as you will. Know your numbers, make a plan, and execute it.
Simple, not easy.
Simple, not easy.
Onto the shameless plug:
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Fix that and get on the list here --> nateschmidt.io
