Sales for the month – $10,056.59
Units shipped in – 615
Units sold – 605
Turn Rate – 39.4%
Average Sale Price – $16.62
Income – $760.52
The average turn rate is still high and above 50%.
This is the third month of the year not great numbers but still above $10k. My goal is to get this number above $100k a month. No gaylords this month. I want to move back into getting gaylords as an additional source of business but the time requirement is not there, this may be something that I do when I move into fulltime. I was having massive computer issues which put me behind in shipping and other tasks that I needed to do to manage my account. I am in the process of finding additional sources of inventory and purchases liquidation inventory as well. I am going to get back into shipping out other types of items as well looking into wholesale items to continue to grow the account.
I am still in the process of getting things streamlined for the business. I also helped another gentlemen get started and he has the ability to work fulltime, I suspect he will surpass my numbers in the month of April because of the time that he can put in. I am still thinking of going fulltime as well. I want to get this going and give it everything that I can to truly see what I am capable of.
So big goals for 2019 as you can imagine.
- 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. – I reached out to a lot of wholesalers and got updated information regarding the inventory and didn’t find anything that was profitable. I will continue to reach out to get lists of products from reputable suppliers and continue to source additional inventory.
- Purchase books on a bulk basis: Look for auctions, wholesale sources and liquidations. – I got an opportunity to purchase books on a bulk basis but this was only a supplier that I had to drive to. The good thing is that the supplier allowed me to scan a few books before I took the entire shipment. I will look for auctions and other wholesale sources to get items. I will focus on more of the liquidation instead of purchasing gaylords from people. This way I know that I can make some profit and the books will be slightly easier to get rid of.
- 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. – Didn’t get this at all. Still trying to reach this goal. Will be on the list until it is accomplished. Hopefully it is a healthy mix between RA items/ wholesale and books.
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. Another thing that I want to address is the diversity of sourcing that needs to be done. I need to diversify where I am sourcing my books from and also source additional inventory. I do not have a way to get additional inventory without me personally going to get it. I’ve tried the scouter thing, it worked for a bit but the scouters continue to either fall of or just do not work out. One of my scouters started their own Amazon business which sucks but it is part of the process.
I did not hit my goals this month but this is not going the way that I want it to go this month so far. I finished the quarter in profit but not a drastic increase in sales that I was expecting. The thing that I like about this business is that your results are directly related to the amount of effort you put in and in the month of March, I had a few other issues that I was dealing with that got in the way of pushing my numbers higher. I am also running into another problem, I am not spending all of the money that the business is generating on more inventory. I am spending some and using the remaining to get rid of some debt. I need to focus the amount of funds that I am generating on producing additional revenue for the business in any way possible. I am looking for other avenues to generate additional income. I currently have a few website domains that I control that I am thinking of turning into authority sites as well as get more books created for Amazon Kindle. This will be an interesting month to say the least.
Short and straight to the point.