Renee came to us frustrated and quite frankly pissed…
Pissed off at himself for not getting the results he wanted and wasting a lot of time and opportunity cost.
Opportunity cost sounds like a big fancy term, but here’s what it means: Opportunity cost is defined as the cost of NOT being somewhere you want to be.
See, Renee wanted to be at $20k per month income, so each month he was NOT there was COSTING him $20k.
What is your income goal? And how many months have you been trying to hit that goal?
Multiply those two numbers and you have your personal opportunity cost.
Or as one of my coaches likes to say “Paul, that's tuition you paid to the School Of Not Knowing.”
Anyway…enough about my stupid mistakes and back to Renee…
He realized that because he screwed around for 6 months trying to do this on his own, that decision had already cost him $120k [6 months x $20k/month] of lost income.
Frankly, he was sick and tired of being sick and tired.
I’m going to tell you exactly what he did to hit that goal in second…
But here’s something really important to know:
eCommerce doesn't have to be hard!
ALL of our clients making $10,000/month or MORE are making tons of money with just TWO basic offers:
A $20 or so front-end offer.
A $50 or so back-end offer.
That's it! That's all you need for a million-dollar business.
In fact, I showed my 9-year-old daughter how to build up her own store, and now she makes $6K per month just from selling one product.
Want to learn how to do this?
Here's why this simplicity can change your life…
Renee's target income goal was $20,000/month. That's $240,000 per year, or $20,000/month.
Take a second and think about it…
What would you do with 20K per month? Where would you go? What could you enjoy and experience that just isn't affordable right now?
See it. Savor it. Smell the salt spray and feel the sand between your toes and the sun on your face.
Okay. Back to Renee. How did we make this number a reality?
How Renee Hit His Goal of 20K/month
First, we helped him create a $30 front end offer, which in his case was a simple piece of jewelry he was drop-shipping.
We rolled out his new $30 product, using the eStore Incubator system.
Within a few days we helped him to consistently sell 10 units a day of this one necklace.
Daily Money In: [income]
10 sales x $20/ sale product = $200
10 sales x $3/ sale shipping = $30
Total Money In: $230
Daily Money Out: [expenses]
10 sales x $1.00 wholesale cost per product = $10
10 sales x $1.50 cost to ship each item= $15
10 sales x a few points for credit card charges = $4
Total Money Out: $29
Adding it all up:
Money In = $230
Money Out = $29
Money Left Over = Profit.
Renee's Daily Profit= $201
Renee’s Monthly Profit [$201 x 30] = $6,030.
Nice work, Renee!
Adding a Second Product to his Funnel
Ok, but that was just for ONE product.
So we helped him set up a SECOND product.
Product 1: $6,030
Product 2: $6,030
Now he's at $12,000 per month profit. Not bad!
How long do you think it took him to get to this point?
Keep reading, it might surprise you...
We still have some ways to go to hit his $20,000/month goal, don't we?
So here's the next question we asked him:
Since he did an amazing job matching a passionate group of people with products they LOVE… do you think that some of them would want to buy more from his store?
Maybe buy another awesome product?
Of course they would!
Renee’s killer “back-end” product
So allow me to introduce his $50 back-end product…
A back-end product is just another product you offer after they’ve made the initial purchase. It’s usually a little more expensive than the first thing they buy.
Some people call it an upsell. We just call it a “back-end” product.
We teach all about how to find the right back-end products in our 4-step eStore Incubator system.
So we helped him offer his customers the chance to continue buying from his store with a $50 purchase.
He now had 600 customers [10 sales/ day x 2 products x 30 days=600 customers]
We tuned and tweaked and helped him convert 40% of the front-end customers into back-end customers.
That's 240 new customers a month purchasing his $50 product… 8 customers a day! [240 divided by 30 =8 sales per day]
Money In: $12,000
Money Out: $3,000 [25% or so for fulfillment, merchant, shipping expenses]
His Profit = $9,000
So let's recap everything we helped Renee set up:
2 front end products [10 sales each per day] for $12,000.
1 back-end product [8 sales per day] for $9,000.
BINGO. He just had his first $20,000 + month.
How to go beyond $20K/month
Want to know the awesome thing about this?
Renee isn’t even finished growing his store…
He hasn’t even set up his customers with “continuity program” purchases.
Imagine these number above but for every purchase it's not a one time purchase but a monthly subscription…
What would happen to Renee's income or your income growth with that set up??
When I share these numbers with people, they're usually skeptical. If you're skeptical, that's good! Numbers don't lie…but people do!
What does NOT lie is actual results. Real-world outcomes.
And that's where we CRUSH our competitors, because none of this is theory. We've done this – and we're doing it every day. In my business…AND in my clients' businesses too.
Here’s another way to scale PAST $20,000/month… you just deploy more products.
By the way, we helped Renee achieve this goal in 16 days…
If you want to see if our eCommerce System can help you hit (and even exceed) your personal income goal, check out our free training on how to create a 6-figure eCommerce business. It’s totally free!