Wie eine 88-Millionen-Uhrenfirma den Umsatz verdoppelt

0:00Unternehmer/Gast I sell luxury watches to other watch dealers. Are you B2B? B2B, yes. >> Got it. Our revenue last year was 88 million. Mhm. And our margin is 3%. So >> Okay. I would like to It's It's a It's the >> Jewelry, I get it. It's the type of the business. >> Yeah. So, I would like to double our revenue. Um and obviously, you just need to sell double the inventories, uh double of the watches. And right now we are capped because I'm am actually um I'm actually the person who get good leads. Because in order to make money, you need to buy cheap and sell either high or uh at at okay, right. So, I'm not able to give up my proprietary deal flow.

0:46Um because somebody can just take it and do themselves. Because in this industry, pricing is price is most of the um compe- compe- competitive advantage. Uh branding is not that much. So, um >> watches are the ones that are carrying the price, but your specific price is Yeah. >> So, I'm able to get good price and sell reasonably. But right now my time is pretty capped. And we are trying to double it. I'm trying to figure out what's the best way to do it. So, I think is there a way that we can chop it into pieces?

1:17Alex >> Yeah. Meaning you have your proprietary lead flow, right? >> Right. You cannot share where the leads are coming from and then share the leads with someone. And have someone else work the leads. That's what I That's what being trying to do. Um but I would my time will be capped of these proprietary leads because I want I want to double my proprietary leads. So, you want to double your lead flow. Right. Right. >> Right. And I'm guessing this has to do some sort of outbound method that you're doing.

1:45Alex >> Correct. Yeah. >> Okay. So, I would probably look at like VAs in like offshore that don't know anything about the space. So, I think it's like So, if you look at the keys of the kingdom, it's like what you don't want to have is somebody who understands how to get the deals, gets the cash to buy it, and then find sellers, right? You have all three of those, which is why you have a money flow. Right? And so, if we got let's say somebody who is a VA who could work some of the outbound stuff uh and do more of that work for you, they don't know any of the buyers.

2:11And they probably don't have the cash to buy something like that. And so, I think you could pretty easily get someone to duplicate the effort that you're doing on the outbound lead generation side doing that and just keep it controlled there. Yeah. Does that make sense? Yeah. Um another business model we've been doing we've been trying for the last year is we partner with other people who get leads, but they don't have money, and we just partner on deals. Okay. >> These are doing pretty well, but the caveat is that they will over declare their cost, or if they will under declare their price. So, they So, they will they will undercut you. They will give you a fair Yeah. cut, but they won't give you everything. Uh-huh. Is Is this just the the the a feature or it's a bug?

2:50It's a feature. It's a feature. So, I'll say something that uh it Leila taught me this one in the early on in our relationship. >> Yeah. She said never count the other guy's money. If the deal works for you, the deal works for you. Okay. If the deal doesn't work for you, it doesn't work for you. If the other guy makes more money, he'll do more deals with you. Got it. So, right now I have two options, right? One is partnership, one is VA. There's if I have to prioritize one, what should I do is Which one do you like better? Which one scales faster given your skill set? Uh partnership. Then do partners. I don't think there's any issue with that. Got it.

3:25Alex >> Build a big I mean, if you think about it from the value of a business perspective, I I personally do like the partnership thing. Um if you have a reliable way of getting of getting them kind of in, I would say the only you know, problem with that particular angle is that if they make enough money doing the deals with you, they eventually just stop doing the deals. >> a it's a short-term relationship. Right. So >> poor. Yeah, keep keep them >> [laughter] >> Sell them a watch.

3:51So, um or tell them to move to the US, get taxed. Anyways, um Boy, big. Uh I think long-term the VA thing is nice because of the issue that we were just talking about. Uh because if you only get like eight eight deals done with somebody before they make enough money to buy their own, you know, I was I was trying to think of a auto AP. There you go. That's That's I can show you my luxury watch collection. Um then I just don't think the VA thing's going to be that hard for you to do.

4:20Um Can you elaborate more or can you can you So, you you document, demonstrate, duplicate. So, what do you do? What's your process? You find somebody like a VA is going to have a very hard time making the amount of money to do one deal. You're going to pay them $5 to $10 an hour. It's not going to be a lot. And so, it's going to take a lot of hours for them to buy an $80,000 or $240,000 watch. Mhm. Right? >> So, they are basically just talking to other wholesalers and bring me deals. >> Yeah. They're just going to do what you do. Okay, but then I'm still the person who evaluating the deals, right? At the end of the day, my time was

4:50>> Realistically, you just have a rubric. Mhm. Like you know all the brands of all the watches. I know that you probably in your head have an idea of what's hot right now and what prices you're willing to buy at. So, you just have a decision tree that's in your head that you run every time. You just need to document it so that you can say, "Hey, if you find anything that's like this or they have any of these products, like let me know." Okay, the tricky part is that the price fluctuate day by day. Mhm. And somebody has to be in the business to understand what's the what's the reasonable price to buy. Yeah.

5:22So >> Feature. Feature. You're I mean, you're you're in the commodities business. Price is the game. Mhm. So, you having real-time metrics on pricing is what allows you to scale and go from being a one-man shop to somebody who can get more to build a to building a business. The fundamental you build a business around buying and selling. So, price is the is is the exchange. And so, that's probably just going to like every morning you update the pricing sheet and then they can go out and hunt. Mhm. I see. Does that make sense though?

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