Capitalism.com with Ryan Daniel Moran Richest Kid In Maine: How This 20-Year-Old Sells $450k/Month, Then Sold For $4 Million
Jeremiah is the co-founder of Tribe, a fitness brand specializing in mobile device armbands, with hundreds of thousands of dollars in sales per month. He has since branched out into starting other companies and mentoring other entrepreneurs. He is an equity partner of Roam, a brand selling physical products for outdoor adventuring.
Show NotesHow the heck do you become a millionaire at 20?
If you're Jeremiah, you had a little luck, of course, but you also harnessed your skills and attention to detail to take advantage of your luck.
Here's how Jeremiah did it, and how he would do it differently if he could start again. You need to hear his awesome story, since he's got amazing insights that you can apply to your physical products business right now.
Private labelling can get your foot in the door, but it's hard to scale if you don't take control. If you can find a good designer and take care of your customers under your brand name, you can build trust and loyalty. This translates well into snowballing your business on a platform like Amazon. The problem is you end up relying on a third-party to produce quality products.
So Jeremiah decided to design his own products under his brand, Tribe, which sells mobile device armbands for fitness aficionados. That led to a great boost in positive reviews and sales, while giving Jeremiah control over the products that got into his customers' hands.
Focus on revenue generation. Designing a logo can be really fun and feel rewarding, with something shiny that you're proud to put on your products. But does the new logo actually translate to sales?
Figure out what steps you can take that measurably increase revenue, whether it's a Facebook ad campaign, adding a new feature to a revision of a popular product of yours, or a promotional sale.
Hire a team early. Jeremiah and his partner would get burnt out periodically at Tribe. While they've succeeded in building it to a seven-figure sale, Jeremiah wishes he had taken on employees earlier on.
At Roam, his new company, they've hired a full-time employee and are in the midst of recruiting. This helps ease the pressure off the founders while also adding more hands on deck to scale faster.
We hope you've found Jeremiah's story helpful in your own journey to a multimillion dollar payday!
Key takeaways:
- Private labelling can get your foot in the door, but it's hard to scale if you don't take control
- Focus on revenue generation, and
- Hire a team early
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