How We Increased Profits From 18% To 30% Over Last Year
This is a follow up story for Romans Tide. If you're interested in reading how they got started, published almost 5 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
I’m Nick Shucet and I started Romans Tide as a reselling business back in 2015 after losing $20k in a failed business venture with a friend doing landscaping. I started out doing retail and online arbitrage and quickly scaled the business to over $1,000,000 in revenue in 2017. As we scaled from there I quickly realized I was getting my crash course in business.
Being someone that dropped out of school and got a GED at 17 I had a lot to learn and it was happening, fast. I realized I was also learning the ins and outs of Amazon and that led to the evolution of Romans Tide. I decided we would pivot the company to become a brand management agency for other brands on the Amazon platform. Buying products to resell is very cash intensive and I wanted to bring cash into the business in other ways so we landed on Brand Management. Our target market is brands on Amazon doing over $1,000,000 in revenue or startups that have funds to break into the Amazon market.
Tell us about what you’ve been up to! Has the business been growing?
The business has become more profitable over the years even though revenue has stayed stable. We are still doing $100k+ a month in revenue but profits have jumped from around 18% to 30% as we do less reselling and more management.
Make sure you’re dedicating time to writing out your processes so you can outsource properly when the time comes. Even if your solo at the moment you still should write out your processes.
One thing we really started working on in 2020 was our Linkedin presence which has worked out well. We also redid the site, started a blog and created our “Think you know Amazon” quiz that can be found on the site. Tools like Phantombuster, drop contact, and lemlist have really helped us grow our business and pretty much automate our lead gen process on Linkedin.
Once we acquire a customer we really focus on getting to know their brand and I think that's what really sets us apart from other agencies. We understand branding, positioning, customer avatars, and re-targeting. This is something most Amazon agencies miss because Amazon customers are already there and ready to buy so a lot of that work is not needed to be successful on Amazon, although I would argue that the landscape is changing there and branding has become more important and will continue to do so.
What have been your biggest lessons learned in the last year?
Covid was a rollercoaster for us. Profits went up and then down and then up again. We tried to capitalize on some trends in the market by launching some of our own products but got beat up due to shipping delays, freight costs nearly doubling, and delays at Amazon warehouses.
I learned that trying to capitalize on trends can be tough when you don’t have a smooth operation in place. We learned a lot due to this mistake but will be ready next time we see an opportunity.
We also added a vertical to one of our brands, fitness coaching. It’s been a great value add for our audience and is a role I personally handle as it is my passion.
Reflecting on last year I see how frantic and scattered I was. This year I drew on some old experiences and have slowed down a lot. Meditating daily, planning my weeks, consistent productive team meetings, and my wife and I even got a big glass whiteboard and have short morning and evening meetings with the kids. It’s brought a lot of clarity to all of us and we look forward to our “board meetings” haha
What’s in the plans for the upcoming year, and the next 5 years?
The plan is to focus on building our own brands, Canetic Health, and Luci and Rix. Canetic Health is a health and wellness company that offers products as well as fitness coaching for busy professionals.
Luci & Rix is a home goods company focused on delivering products to aesthetically please moms as well as fun for kids.
We are not only focused on Amazon but we are working daily on our presence across multiple social media platforms.
The 5-year plan here is to build brands and then sell them at a 4-6x multiple of revenue.
Right now we are looking for products to add to our catalog, actively engaging with our audience on social media, and fine-tuning our content and offers.
Have you read any good books in the last year?
Unfortunately, I don’t get much time to read and I opt for meditation over reading at the moment. 10-20 minutes a day using Headspace.
Advice for other entrepreneurs who might be struggling to grow their business?
Slow down, a lot of us like to feel busy or stay busy. Focusing on things that give you more focus, clarity, and energy is always a good decision, no matter how busy you think you are. I’ve got 3 kids and multiple businesses. I still make time to meditate, workout, sleep 6-7 hours, and prep meals. Having consistency and discipline where you can be in full control will make all the difference when life throws a curveball at you.
I’m a big believer in taking care of number 1 and we all should be number 1 in our own lives. The happier we are as individuals the more happiness we can bring to others.
Make time for yourself and do the things you love. If you’re truly honest with yourself and acting in your own best interests everything else will fall into line.
Make sure you’re dedicating time to writing out your processes so you can outsource properly when the time comes. Even if your solo at the moment you still should write out your processes.
Dedicate time to networking. The right connection can skyrocket your growth.
Don’t try to do it all. Be really damn good at one or two things, delegate the mundane repetitive stuff.
Are you looking to hire for certain positions right now?
We are always looking for people that can help with content. If you’re a great writer, video editor, or just kick ass at being creative and branding then please reach out.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
