INCOME REPORT FOR AMAZON BUSINESS
JULY WRAP UP
This was an amazing month. Biggest month I have had to date. Doubled what I did for the month of June, which was awesome! I didn’t hit the target that I set last month on inventory units but I was more than half way there and had the biggest month in terms of sales that I’ve ever had. It is safe to say that the best way to grow this type of business is to make sure you are sourcing as often as possible and shipping as often as you can. This type of business is all about the hustle. I listed a total of 542 books in July. That is more than I have ever listed before in any single month and approximately 80% of all the units that I sold last year. If I can keep the momentum up, this definitely will be an interesting year to say the least. I am not counting the sales from my other brand as I haven’t sent in any more products at all and I am not actively trying to market the products. My main focus is the Everything Store and growing that as quickly as I can. In the coming months, I think that I will start to transition from books and start adding other inventory as the Christmas season is approaching quickly. I have also looked into unique bundles, so I will definitely give that a try as well in the near future. I let one book scouter go as he was not providing me the type of inventory that I needed and didn’t really get the book scanning thing. That is definitely an error on my end as I should have screened and trained this person better so they could have succeeded. Now I am down to two scouters with help from family. I have a pretty healthy deposit coming in the 2nd week of August which could potentially double or triple my current inventory level if I am sourcing correctly. I had three days where sales were over $200 and an all-time high sale day of $247. In July there were a total of 12 days with sales over $100 which is another record for me as well. This has everything to do with the level of sourcing I was doing on a weekly basis and the amount of items that I sent in. I can definitely tell the difference when I am working for myself throughout the week and adding inventory daily instead of trying to source inventory on a weekly basis and only source on the weekends. Keeping up this intensity will definitely allow me to hit record numbers. Below is a summary of sales and an estimate of what I would like to hit in August. Cash flow is negative due to the fact that I spent more money on books than the deposits I received for the month of July. August should have two good deposits from Amazon and further the amount of inventory I have in the system. I am currently shipping once a week, once I start shipping out inventory more than once a week, that will the numbers will really pick up. I do not plan on adding any additional funds to the business. The way I envision the funds working is in a loop, going and growing from one business to the next as each company gets established and starts producing decent cash flow.
INCOME REPORT FOR AMAZON KINDLE BOOKS
Deposit from kindle was approximately $14 bucks. Good enough to by 14 books to increase the tiny amount into something substantial.
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.
PLANS FOR AUGUST – AMAZON BUSINESS
I am sticking with the two scouters that I currently have. I’ve changed a deal with one of the scouters to give them a higher incentive to provide me with more books to continue this growth that I am experiencing:
Send in to Amazon approximately 1,000 books by August 31, 2018(same goal as last month. I didn’t hit my target but I did get a lot better at sourcing and sending in more inventory weekly. 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 3 scanners with 2 actively scanning)
- 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 passed the practice exam for the Notary, I’ve registered for the actual exam and I am scheduled to take that mid-August. After I take the test, I have it on my schedule to sign up for the loan signing course so that I can start verifying loans and making that extra income. My concern is the real estate market is slowing down and with that, new home buyers are not buying homes. So although this may be a good extra source of income, I don’t see it lasting very long as the market may dry up for new home buyers. I will take the money when it comes as it is extra padding toward my goals.
I gave my bookscouters targets that I need them to hit in order for me to reach my goals on a monthly basis. I am firing on all cylinders for the month of August. I am trying to keep the momentum that I had in July going until the end of the year. If I can keep it going and growing similar to what I have been growing at, the end of the year will be definitely respectable. Now that I have a process in place for sourcing books and just making sure that I continue to go out and source on the weekends to get books, I think the growth will just get better exponentially.
I currently use ScoutIQ for all of my scouting needs regarding books. With books being so cheap and profitable, I think I will focus on books for another month to build up some more cash in the bank before I start looking at other categories. I already have approval to sell in a lot of the categories. I tracked individually books that have a higher Used Buy Box price than merchant fulfilled prices. Here are my results: I would subtract a week (7 days) for check in time and for the inventory to go live. The reason I was tracking these types of books was to see how quickly would they sale or even if they would sale at all. Now that I know books with a certain Escore will sell, this gives me an additional source of books to send in as inventory with a bit of certainty that they will sell. I will continue to refine my approach as more of these books sale and I collect more data.
This shortest time and longest time includes the shipping time as well. So on average the shipping time is approximately seven days depending on where I am shipping it to or it could be 2 days if shipping in California to the Moreno Valley or Ontario facilities.
That is the wrap up from July, there was a lot going on and a lot of building but, I think it is worth it. I am slowly building up the business and working “on” the business instead of working “in” the business. August will definitely be a stretch as I have to push myself to try and keep the current momentum I have going. What I don’t want to happen is have a slower month than the previous two months. I don’t think it would be good for my morale. I will definitely be focusing on the one thing that keeps my numbers growing, sourcing. The main focus for August is to source, source, source any and every where I can find inventory. Current ASP for the month of July is $13.37. I don’t want it to go any lower than that. With textbook season coming up and other ancillary books that will be bought, I should be able to increase my ASP and beat out my sales numbers for July.