Sales for the month – $13,848.10
Units shipped in – 1,133
Units sold – 889
Turn Rate – 60.5%
Average Sale Price – $15.68
Income – $4,191
The average turn rate is still high and above 50%.
Not bad for the 1st month of the year, my goal is to continue to move this forward on an upwards toward my goal a multi-million dollar business with books while I add on additional products via wholesale and retail arbitrage. The goal for me this year is to expand the business as quickly as possible as fast as possible without incurring any debt. My sourcing has gotten better but I do need additional sources of inventory and some bulk sources to make a true attempt to become larger.
I didn’t have any issues this month besides a negative review that wasn’t even for one of my items. A customer ordered a different product and the review references a textbook. Just a pain but it is all part of doing business on Amazon. Not too worried about it. I tend to under grade my items so that the customer receives a far better book than anticipated. So this is a minor issue. I’ve switched back to the spreadsheet that tracks all of my metrics so I can get a better idea of what is going on with my business. I still use inventory lab to list the products and track some of the accounting metrics but I definitely will be using the spreadsheet as it is easier for me to use and has a lot of the metrics that I want in a spreadsheet and it helps to actually see what is going on with the business. I finally hit my goal of 1,000 units of inventory. The next goal is a bit higher. This is becoming fun.
So big goals for 2019 as you can imagine.
Goals for February
- Find 5 wholesale replens products: I’ve reached out to some distributers and wholesalers but I need to continue to do so until I get the number of accounts that I need to really make this work.
- Purchase books on a bulk basis: Look for auctions, wholesale sources and liquidations
- Find a storage unit/small warehouse to work from to increase the space that I can fill up with inventory and keep the house clean and decluttered. I want something under $1,100 bucks a month.
- Send in 2,000 units of inventory. Roughly 500 books a week. This should be doable. I can get up to 200 on the weekends so the remaining books I have to source during the week. Let the games begin.
One of my overarching goals is to keep everything extremely organized in the future and make sure that I have everything in one place. I tend to write things down all over the place and forget where I put my brilliant notes. I have a book that I am putting everything in going forward just so I know where it is. I tend to not bring it with me everywhere but I am consciously making the effort to bring it.
So for the summary, I did much better in January than I did in December which I didn’t think was possible. February will be the real test to see where I am in terms of sales and what I can actually do. I need to push it extremely hard on the weekends and throughout the week. Almost a 50% increase month over month is sales after hitting my inventory goal for the month. I have the momentum, now I just need to keep it going every month throughout this year.