Day 165
17:56 PM
I can decrease the time in which I make £1M, just by being more aggressive with my ad spend,
i.e. spending 90-100% of my balance instead of leaving some in the bank.
Gets me to £1M 8 weeks quicker.
I also made it very clear that people are going to be paying £14.99/2 weeks (5 months) – big red writing.
I even made a sale price of £185, so they could roughly see the math and 100% wouldn’t get confused (before it was £/$24.99).
I’m slowly replacing the products with the clean, simple versions (small logo).
For customer service, ~ 10% UK people are asking to cancel.
Maybe that’ll decrease slightly over time, but in the meantime I’m making an integration with subscriptions + the print on demand company…
So I can press 1 button and ‘cancel’ from all websites, instead of wasting 1 min per email.
Pretty much, if any email contains ‘Subscription’ in the main text à cancel + cancel subscription + cancel order from supplier
If any email says ‘cancel’ à cancel + cancel subscription + cancel order from supplier
Still building that integration though, might take a couple days.
Anyway, so £1M pre-VAT in approx. 1 year.
£1M to 10m might only take 6-7 months. Not bad.
It all depends on how much my ad costs rise, and how aggressively I spend money.
I MIGHT switch banks to reduce currency conversion fees, approx. 2.7%
2.7% is on ad costs… because I’ve set ad costs to be in USD… Facebook doesn’t let you change it… unless you make a new ad account.
And also another 2.7% when paying supplier (USD).
The alternative solution is to accept payments from my US store in USD, get a foreign currency account with my current bank… and set that up.
Then hope that US sales are similar to UK sales (which they should be, around 5x at scale… since 5x population)
And given my high ad ROAS, that should work perfectly.
Anyway that’s a fairly small problem IMO,
since from £150 purchase…
£25 ad costs (est)
£25 product costs (est)
3% + 3% = £1.50
Got better things to worry about
I could just as easily raise my prices £30 and cover it 10x over [after VAT + transaction fees].
Anyway, that’s that. Everything’s looking fine and sustainable. Nothing to worry about for now*
*Until the next problem arises…