This week on #TheLatChat, we sit down with Tanner Blessington from Blessington Watches, an Australian watch company creating limited edition watches inspired by Australian places, people and wildlife.From selling over $1 million of a soccer product online, to learning that revenue does not mean profit, to selling his car and using the money to start a watch brand, Tanner’s story is about ecommerce, branding, margins, risk, product development, family, community and the brutal reality of building a business in Australia.In this episode, Jacob and Tanner unpack the real numbers behind ecommerce, why selling a million dollars worth of product does not make you a millionaire, the pressure of advertising costs, GST, discounting, pricing, cash flow, unit economics, trade shows, working with family, and how Blessington Watches built a loyal community around Australian inspired designs.Need an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwFor business [email protected] Latitude AccountantsTikTok https://www.tiktok.com/@latitudeaccountantsInstagram https://www.instagram.com/latitudeaccountantsWebsite https://latitudeaccountants.com.au/Connect with Blessington Watcheshttps://www.instagram.com/blessington.watches/https://blessington.co/Subscribe to The Lat Chat for real small business conversations, practical advice, and unfiltered founder stories.Chapters00:00 Intro00:05 Meet Tanner from Blessington Watches00:28 How Tanner first got into business01:28 The soccer product that sold over $1 million03:01 Why revenue does not mean profit03:35 The truth about ecommerce margins04:16 How Tanner got into watches05:48 The story behind Blessington Watches06:43 Australian cities, wildlife and limited edition designs07:50 Why Blessington does not try to be Rolex09:03 Opening the Great White watch09:24 Why packaging matters in ecommerce10:54 The Great White watch features11:27 Water resistance, tungsten and watch details12:38 How limited edition releases work13:02 Building a loyal customer community13:33 What Tanner has learned in ecommerce14:06 Why discretionary products need a strong brand15:24 Trade shows and meeting other watch brands16:33 Learning business from family17:27 Working with your brother19:58 The highest high and lowest low in business20:06 Turning over $112,000 in 24 hours20:36 The reality of BAS and tax bills21:00 How discounting affects ecommerce brands21:51 Why unit economics matter23:12 Being flat out going broke24:37 GST problems in ecommerce25:16 Why ecommerce businesses need the right accountant26:39 Why cafes and hospitality are so hard27:03 Should entertainment expenses be tax deductible?28:05 What is Blessington Watches?28:32 Outro