SaaS Interviews with CEOs, Startups, Founders
How To Build an 8 Figure Business Fast with James Marks of WhipLash
23 Jan 2016
Chapter 1: What is Whiplash and how does it serve e-commerce?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have.
Chapter 2: What challenges does the shipping industry face?
I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination. We just broke our 100,000-unit soul mark.
Chapter 3: How does Whiplash generate revenue and what are its fees?
And I'm your host, Nathan Latka. Okay, Top Tribe, this week's winner of the 100 bucks is Jose Avila. He is a 17-year-old that doesn't want to go to college and he wants to start his own business.
Chapter 4: What is the importance of flexibility in business growth?
For your chance to win 100 bucks just like Jose every Monday morning, simply subscribe to this podcast on iTunes right now and then text the word Nathan to 33444 to prove that you did it. Coming up tomorrow morning, I talk with Ryan Moran and I flat out asked him, Ryan, do you actually own your Tesla? Okay, Top Tribe, good morning.
Chapter 5: How did James Marks transition from part-time to full-time entrepreneurship?
The show is growing so fast. You guys are tuning in every morning, and you're really going to love today's guest. His name is James Marks, and he's the co-founder and CEO of Whiplash, the shipping department for e-commerce. He also negotiated his first commercial lease when he was 17, and he's been building companies ever since. James, are you ready to take us to the top?
I certainly am.
Chapter 6: What lessons did James learn about equity distribution among co-founders?
Let's do this.
All right, awesome. First things first, what is Whiplash?
Whiplash is order fulfillment for e-commerce. So if you are selling something online, you're going to hire us to hold your inventory. And when you sell something, we'll ship it out.
Chapter 7: What hiring strategies is Whiplash implementing for growth?
Okay, great. So help us understand, tell us the story of the last customer that paid to use you guys.
The last customer, well, probably the last word that left the warehouse is a company called Beta Brand. And they sell online. They do crowdsourced clothing design. And after their stuff gets manufactured, they put it in our warehouse and we ship it to the buyers.
Chapter 8: What advice does James have for young entrepreneurs starting their journey?
And why is that more efficient for them than just holding the inventory themselves?
because shipping is the thing that seems simple and is maddeningly difficult. It's a problem that we made ourselves, actually. We thought it was simple years ago when we started and we realized that we could actually have a whole company that just got good at this. That's how we got into the game.
Got it, got it. Well, okay, so let's just jump into the revenue to understand the margins and splits and all that. Let's see, let's just go back to September or October, whatever month you remember. How much revenue did you guys do? And then break that down for me.
Uh, so October was around 330 K gross. Okay.
And, and what did that mainly come from?
About half of that is the carrier fees. What, you know, we rebuild the postage, whether that's UPS or USPS. Um, the other big portions of that are our handling fee. You know, we charge 295 for our services and then also a monthly storage fee.
And what's, what's the monthly storage on average?
Uh, on average, you know, I would say it's $500 to a thousand. We've got about 157 customers. So there's a pretty big range and how much they've got on storage with us.
Okay. So instead of looking at like every single customer on average, just only looking at the monthly recurring component of your business, the 157, what are they paying you on average per month? It's about $600. About $600. Okay, great. And so if I do the math, what is that? About $60,000, $70,000? Well, no, about $100,000.
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