EP16 – Supply.co: Anatomy of a $1M Month, the Pros/Cons of Shopify’s Fulfillment Network, and Leaving Amazon
Patrick Coddou is a master innovator and entrepreneur. After spending years hunting down the “perfect razor” – one that would give a close, comfortable shave without irritating his skin – Patrick gave up and decided to simply design one himself. What began as a personal vendetta against poor quality razors has evolved into Supply, a dynamic company that provides men with premium shaving and grooming products.
Since Patrick founded Supply in 2015, he and his small team have seen spectacular growth, and continue to pursue their ultimate goal of being a one-stop-shop for men’s products. Supply appeared on Shark Tank in 2019, and recently achieved their first $1MM month.
Today, you’ll learn how to establish a flywheel in your business to create cumulative growth, the pros and cons of the Shopify Fulfillment network, why Supply removed all of their products from Amazon, and how they still managed to hit $1MM MONTH in revenue.
“Take pride in your product. People believe in people. Put your name and face on what you’re doing as much as you can… you will see the dividends.” – Patrick Caddou
Here are just some topics we discuss:
- The origin story of Supply. How Patrick used a personal dilemma to create a seven-figure business.
- Kickstarter and investment funds – How Patrick and his wife got the business up and running.
- Revenue Milestones – The most effective levers that Patrick and his team utilized to hit seven figures, first annually, and then in their first $1MM month.
- How to build a Flywheel to create a scalable, sustainable, and profitable business
- Effective branding – Why you SHOULD attach your name to your brand from the inception of your business
- Developing a business model that ensures a high lifetime value per customer.
- Scaling and Marketing – there is no silver bullet, but there are a few things that you might be missing that could move your business forward
- The Pros and Cons of the Shopify Fulfillment Network, and why Supply removed ALL of their products from Amazon
- Some encouragement from Patrick – why you should keep grinding away at your business, even if you aren’t seeing the results you want… yet
- Patrick’s vision for 2020 – How Supply will continue to develop their brand, scale, and hit high revenue goals