$67 Million in Beauty on Amazon
Description
Company Stats
- Founded: 1985
- Revenue: $67 million, up 30% from last year
- Employees: 35 employees, achieving $2 million in sales per employee
Episode Highlights
- ✅ Transitioning from a beauty distributor to a manufacturing-focused business allowed TNG Worldwide to thrive, even during challenging times.
- ✅ Leveraging Amazon's platform has been a game-changer, with over 90% of sales now coming through Amazon, simplifying operations and fulfillment.
- ✅ Maintaining resilience and determination, especially during pivotal moments, is crucial for long-term success in any business.
Episode Summary
In this episode, Larry Gaynor, CEO of TNG Worldwide, shares the incredible journey of growing his company from its founding in 1985 to generating over $67 million in revenue today. With only 35 employees, TNG Worldwide has achieved an impressive $2 million in sales per employee, a feat that reflects the company's efficient operations and strategic pivots.
Larry discusses how the company transitioned from being the largest beauty distributor in the United States to focusing on manufacturing its own products. This shift allowed TNG to not only survive but thrive, particularly by leveraging Amazon as a key sales channel. Today, over 90% of TNG's sales are processed through Amazon, enabling streamlined fulfillment and reaching a broader customer base. Larry emphasizes the importance of resilience, recalling his entrepreneurial lessons from his book, "101 Life Lessons: Take a Chance," and how maintaining focus and determination through challenging times has been key to his success.
Notable Questions We Asked
Q: What inspired the pivot from a beauty distributor to focusing on manufacturing?
A: The decision came from recognizing the need to simplify operations and focus on a core strength—manufacturing. By giving up over 200 brands and honing in on producing high-quality products, we were able to streamline our business and thrive.
Q: How has leveraging Amazon as a sales platform impacted your business?
A: It’s been transformative. Over 90% of our sales now come through Amazon, allowing us to reduce the need for a large workforce and focus on producing and shipping quality products efficiently.
Q: What are some key lessons from your book, "101 Life Lessons: Take a Chance"?
A: One important lesson is the value of resilience—it's not how many times you fall down, but how many times you get back up. Another is to never be a minority shareholder in a closed corporation, as it limits your control over your business.
Q: How did TNG Worldwide achieve such rapid growth in revenue?
A: The company focused on manufacturing high-demand beauty and personal care products and pivoted heavily into e-commerce, particularly on Amazon, which significantly boosted sales.
Q: What is the significance of not being a minority shareholder in a business?
A: Larry Gaynor emphasized the importance of maintaining control over your business decisions and profit distributions, as being a minority shareholder can limit your influence and financial benefits.
Chapters
00:00 Intro
00:38 Company Stats
01:07 Entrepreneurial Lessons from Larry's Book
02:51 Adapting to the Pandemic
03:38 The Amazon Strategy
09:27 Connect With TNG Worldwide
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#Entrepreneurship #BusinessGrowth #AmazonSales #ManufacturingSuccess #ResilienceInBusiness #BeautyProducts #Leadership #Ecommerce #SmallBusinessTips #CEOInsights
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