Goal for this Role
Recruit Shopify merchants and help them integrate and grow the TrueMed payment integration to $1M/month revenue with 70% gross margin by end of 2023.
Outcomes for this Role
- Over the next 10 months, create and operationalize systems that allow us to scale to $1M/mo in revenue.
- Note: Our current business model is we take a 10% cut of payments processed through True Medicine. So $1 million in True Medicine revenue represents $10 million in payments processed per month.
- 70%+ gross margins
- Build process that allows for us to cost-effectively recruit merchants, manage MDs and NPs, and issue LMNs with 70%+ margin profile
- Spearhead the creation of systems required to accept payments
- As we increase the number of payments we handle, we will need to figure out and build systems to handle the complexity that comes with processing payments.
- For example:
- Chargebacks – we will certainly get chargebacks in the course of business. Figuring out ways to handle such chargebacks (on both the merchant and consumer side), as well as building SOPs for how we handle things internally.
- Fraud – Same as above, but figuring out and building systems around how we handle fraud attemps across HSA/FSA/HRA cards, credit cards, and debit cards.
- Returns – Inevitably, a consumer will purchase a product via TrueMed that requires a return and a refund. We need a process for this.
- Reimbursement – I suspect a main use case for consumers will be purchasing something via TrueMed that they pay for using an existing credit card. After purchase is complete, we will need a process to help them submit for reimbursement to their TPA or HSA Administrator, and a process to fight any rejections.
- Leverage VAs to make internal process smooth
- We have a strong belief that we should leverage Virtual Assistants to do all sorts of rote and repetitive tasks. We have an agency we already work with and would task you with building systems that rely heavily on automation and delegation.
- For inspiration, read this article.
Values We’re Looking for
- Enthusiasm for our mission to put food and metabolic habits at the center of health.
- Exhibits a growth mindset and learns quickly.
- Demonstrates ability to understand and absorb new information.
- Understanding of your own strengths and weaknesses – when to ask for help and when to move forward autonomously.
- Wants to work with/manage fewer people of the highest caliber than more people of mediocre caliber.
- Critical thinking:
- Able to quickly understand objectives and execute in an environment of ambiguity.
- Never uses “because that’s what I was told to do” as a reason for doing something that doesn’t make sense.
- Acts without being told what to do.
- Brings new ideas to the company.
- Cares about getting to the right answer, not being proved right.
- When faced with a setback or tough feedback, moves forward instead of dwelling on the past.
- Focussed on achieving the mission, not having the right answer.
- Adjusts quickly to changing priorities and conditions.
- Understand sunk costs are sunk.
- Openness to criticism and ideas:
- Reacts calmly to criticism or negative feedback, and has a “feedback is an opportunity for information and improvement” mindset.
- Is willing to give criticism and negative feedback – realizing we are all here to get to the right answer to achieve our mission.
- Speaks and writes clearly and articulately.
We don’t have hard and fast rules for specific experiences. People we are talking to have backgrounds such as early startup executives, BD, sales operations, consulting and finance.
We are looking for someone who is looking to take the above objectives and align closely with the team on business objectives and mission – and then go execute with little mentorship.
Our goal is to build a small team of people who see this mission as their life’s work and want to take autonomy over their objectives. We plan to pay at the higher end of cash/equity for seed-stage startups.
More About TrueMed
- Justin Mares, who has co-founded healthy food brands Kettle & Fire and Perfect Keto (which combined generate over $100 million/year in revenue) and is the co-author of Traction, a leading book on growth marketing.
- Calley Means, who recently sold his first company and is co-authoring a book (with his sister, Levels co-founder Dr. Casey Means) through Penguin on metabolic health – to be released next year. Stanford/HBS grad.
- Justin and Calley have combined raised over $100 million in institutional capital and managed hundreds of people.
- Top tier engineering team; Legal counsel who was lead outside counsel for Hims.
We’ve raised ~$3 million raise from leading institutional investors and angels.