Vinnie Fisher

speaker

121 appearances 1 recordings 1 series first heard Dec 2015 last heard Dec 2015

Vinnie Fisher’s voice in public audio — every appearance, attributed to the second.

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Top Founders · How to Be A Parent And Make $1,000,000+ · 25 Dec 2015 podcast

The operator of that business, Terry, who is also my business partner, he has specific goals set by me, our chairman of the board, that we're pushing out profits to the partnership at a profit margin of net, hopefully, north of 20% every month.

Yeah, so if you actually, just to go along with that, so if you were looking at fully accountable in there, in our dashboard, we have calculators that I've built over time.

So we call it solving for X. So it's like, I think it's our first calculator.

I don't have it in front of me, but it is the variable we do to solve for our marketing expense.

So we preload in the math we want for the margin, and that will tell us our allowable expense to acquire a customer.

And so we start with a premise that we want a 20% profit margin in that business, and we build the rest of our math around it.

So it's not really $40 to acquire the customer because you have fulfillment costs.

You're going to actually pay between 10 and 15 points to get the product in someone's hand.

So in your math, let's just call $5 as 10% for the $4.70.

So just make it five for math purposes.

So off the $50, I've got at a minimum $5, but more like $7.50 to get that bottle in the consumer's hand.

Then I've got some breakage.

That's everything.

That's the cost of the bottle and the shipping in the customer's hand, 15%.

Okay, got it.

So that's $7.50.

You then have your merchanting costs.

So you're going to have about six points all in with your fees and your costs.

So you spend another 6%, which is about...

three dollars on top of that five so you're at a little over let's say about eleven dollars into the product yep then you have um your cs cost which is about what does cs mean customer support you have customer support so you're going to have about a one percent load and so that can move a little bit for volume but we we plan at one percent overall on that so 50 cents

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