The total revenue on all of Ryan’s businesses for January 2015 was just shy of $500,000, which is slightly less than December of 2014. In this episode of Freedom Fast Lane, Ryan Daniel Moran shares more about the changes in his businesses and the things that made the biggest differences. One business had its best month ever, another was sold. Ryan’s other business is starting to gain traction, while one of his projects has been put on hold.
Men’s Fitness Company
Ryan’s first Amazon business had its best month ever in sales, which was about $325,000. This business has the most traction as Amazon picks up a lot of steam over time. The company has grown monthly over the past two years, and had its best month in January 2015.
The biggest difference in these sales was that some existing products increased the market share. One of the best sellers lost market share, and other products that weren’t doing as well had a sales increase of 30%. This happened through an accumulation of reviews, rankings increases, and repeat customers. The trend is that when one product picks up steam, the others tend to as well and there is an increase in sales. Ryan suggests focusing your attention on replicating the product release strategy as much as you can comfortably handle in order to have a million dollar plus business.
The men’s fitness company just outlined four additional products that will be released in the next 90 days; however, there is a six-month curve before the products will be significantly profitable. The layout, style, and design of some of the products will be changed to look more professional and less generic. The goal in design and product presentation improvement is to attract retail partners.
One of the products lost market share due to cheating competitors, some of whom leave negative reviews on the listings and inflate their own listings. Another competitor is buying hundreds of fake reviews on his products.
- Rolling out a new design.
- Rolling out additional products (4-5 that will be launching in the next 90 days).
- Continuing to work on other sales channels that are not dependent on Amazon. Ryan is looking at e-commerce and funnels.
Total Revenue: $325,000
This Amazon business ran out of inventory in January due to finally cracking the code in December, having a big surge, and not being able to keep in stock fast enough. The supplement company was on pace to do $50,000 a month in sales. However, the problems snowballed, which meant they weren’t able to order fast enough so the in stock dates weren’t met.
Amazon temporarily removed the company, and after fighting to get back on, they have been reinstated. As a result, the keyword rankings have been lost but the reviews have been maintained. They are back on track, and at the point of doing about 70 sales, which is about $40,000 a month in sales.
One of the things Ryan wished he had known when starting the businesses was that managing inventory was going to be a pain no matter what market he was in. Ryan wishes he had been more aggressive in his inventory management from the beginning.
Total Revenue: $40,000
Zen Active Sports
The yoga products company has been sold; however, Ryan will be advising the company for the next year, but has been removed from the operations. This sale means he has successfully built and sold a company that is mostly Amazon based. The next Freedom Fast Lane podcast details the sale of the business.
Total Revenue: Company sold
Freedom Fast Lane
Ryan’s personal brand did about $75,000 in sales in January due to late affiliate payments (reserves held by the merchant), and new sources of income, including the Next Level event that is launching for Amazon entrepreneurs who are at least at the $25,000- $100,000 a month mark. The workshops are in Austin, Texas. Find out about new dates at event.freedomfastlane.com. These are hands-on workshop style events, and create custom plans to increase your business by 2-5 times using the strategies that Ryan has successfully used in his businesses.
A new consulting partner has been taken on by Ryan, and if you are in the service based business or do consulting, you need to take note. When you get really good at the services that create massive differences in your client’s businesses, figure out how you can leverage those. Dial in to what services add to their bottom line. If you’re doing that, then you should explore what activities are adding to your client’s bottom line, increase your prices or incentivize growth more than you currently are.
Total Revenue: $75,000
Perfectly Passive Income
This product has been put on hold while Ryan reviews the process over the next few months. Ryan says he is losing about $25,000 a month by not launching; however, he doesn’t feel in line with the strategy he had. There is a waiting list at perfectlypassiveincome.com
Total Revenue: $0
What’s next for Ryan Moran and Sean Coyne?
They will invest the money from the Zen Active Sports sale into their next project together, which will be a brand new company. This will be a new type of business that both Ryan and Sean have never built before. At the moment, they are looking at the cost to fund and build the business. Assuming it goes ahead, this will be a great case study to share and track from the ground up on Freedom Fast Lane.
Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!
Links to Resources Mentioned
Step by Step to Six Figures on Amazon (Sean Coyne podcast)