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How The Little Potion Co made their first Million dollars in sales.
Manage episode 378959063 series 3482730
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3 short years ago....was when I first met sisters Alicia and Jacinta from @thelittlepotionco.
The Little Potion Co (a mindful magic potion making brand) was a side hustle for them both and they made everything from Jacinta’s back shed and by hand.
Now 3 years later they are over a Million dollars in sales and it is testament to how much they have continued to evolve, to listen to experts and to their customers, to invest, to take risks and to thank goodness understand their margins and pricing!!!
What I would say are keys to their success?
- They have multiple sales channels and markets (DTC, Wholesale, USA, AUS, NZ...)
- They have a strong USP and keep evolving it and adapting and editing the range.
- Marketing is in many forms. Not just one channel. Influencers, Social, UGC, Paid ads, Collaborations, Print, SEO, Email marketing....
-They started outsourcing and hiring for their team.
-They spend time ON the business and not just IN (we can all get better at this one!)
- They know their financials and work at always improving their margins and pricing structures.
Of course there are many other factors, and we chat through their story and journey today on the podcast.
And we all know that having top line sales does not mean you have this money in the bank and it should not be the only thing you focus on, but it is also great to celebrate milestones along the way!!
Want to get your hands on my Pricing Guide? To help you figure out how to price your products for profit? Grab it here.
If you want help to reach your first million or first $10K then send me a DM on instagram and we can plan where you will be in 3 years too!
I'm Mel Robbins! from @thelotco
Register for my FREE webinar here https://www.thelotco.com/training
And if you want a Roadmap to Building a Profitable Product Business head here for directions!
Looking for specific help with Wholesale? Check out the Transform your Wholesale program
Find more details at https://www.thelotco.com.au/
Business Coach for product-based businesses. Teaching creative business women how to build a scalable and profitable million-dollar product business whether a physical Retail store or Brand.
Over 25 years in Retail and Wholesale Sales and Marketing.
Grab my 8 step checklist on building a profitable product business.
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