INCOME REPORT FOR AMAZON BUSINESS
AUGUST WRAP UP
Biggest month I have had to date. I met my goal for the month and actually surpassed it. My goal for August was to hit $6,122.00. My actual says for the month was $6,547.22. I exceed my goal by $425.22 which is great. I am on the pace that I want to be on and I am selling nothing but books. With the cost I am getting the books for and the strategy that I am employing, sales are going in the right direction as well as profits. My gross margins have taken a hit but I am still making at least 100% on the items that I am selling which works for me. When I focused on higher ROI items only, my sales figures were not increasing. I had a higher margin rate but the absolute dollars that I was making was not the same as I am currently making. I may have my 1st four figure deposit in the month September. My ASP number is slightly different than the number I have in my spreadsheet but nothing that is significant.
Below are snapshots from June, July & August. Hopefully September is right on track. The month is starting slow.
INCOME REPORT FOR AMAZON KINDLE BOOKS
Deposit from kindle was approximately $8 bucks. Minimal income from the Kindle books so far. I haven’t written a new book as I am still in the research phase of everything that I am doing for that book. I know it will be related to stocks. I also have another idea in the works for a book related to how to make structure your company to become wealthy. That could be two or three additional books. I am in the process of looking for alternative income sources as well.
PLANS FOR SEPTEMBER – AMAZON BUSINESS
I stuck with the two scouters that I had and had to let go one of them. He didn’t provide me with any additional books and to me to “back off” when I asked about the number of books I should be expecting from him this week. So the plan is to stick with the one book scouter that I currently have. I’ve changed the deal with one of my sourcers, which allows me to keep the funds that I have to purchase additional inventory and make money on the inventory that my scouter is sending me. I take 40% of the profits, she purchases the inventory on her own accord and I pay her once a month. She currently has approximately 200 books in inventory and I pick up units from her on a weekly basis.
My goal for September is the same as August: I want to send to Amazon FBA 1,000 units. I didn’t hit my target but I did get a lot better at sourcing and sending in more inventory weekly. Three weeks in a row in August I sent in over 200 books. I want to continue the trend and send in more items on a weekly basis and keep my turn rate above 50%. I do have some additional inventory that is lying around the house that is none book items but the cost of the books is too appealing to pass up. The items that I have are in a few different categories and should sale well. Still using the same sources for inventory as listed below:
- Nextdoor – Free books from individuals in the neighborhood
- Facebook – free books and paid books
- Library Sales – Best source of books for a cheap price and abundant. A lot of competition from other book sellers
- Thriftshops – These books are harder to come by as the prices vary considerably but can be a steady source if a specific route is developed which I need to do.
- BookScouters – (Currently have 1 scanner – do not plan on hiring any more scouters currently)
- Freecycle – Haven’t used this source yet but it may be a good source to get as it could lead to a steady supply of books
- Auctions – These are some of the larger book sources but I haven’t found a good one to go to.
- Gaylord – a cheap number of books but a lot of works for minimal profit.
Notary – Loan Doc Signing Agent
I’ve taken the notary exam and you get your results 15 business days from the. That time frame has not passed and I am still waiting on my results from the exam. Once I have my results from the exam (hopefully I passed) I will enroll the loan signing system course to get that part of the business started.
The goals are the same, I am trying to build up extra cash to make that 1st big real estate purchase and continue to pursue the journey to freedom with a decent amount of cash rolling in.