OCTOBER WRAP UP
My best month to date, still below the number that I want to be at for the month. I am still in the process of building my inventory and trying to get close to that 1500 book mark which will definitely be helpful. I am spending the entire weekends that I have sourcing for more inventory. I still have one person helping me with inventory sourcing and they are providing around 100 books, in their learning phase. Hopefully when this employee goes full time sourcing I will be able to up my inventory to around the 5,000 mark pretty quickly and continue to push on from there. I have been contemplating getting a warehouse and reaching out to some suppliers to get gaylords in and start processing books on a bulk basis. That is still in the works. The business cannot support that as of yet. The goal for the final two months of the year is to sell close to $20,000 in sales because of the holiday season and the amount of inventory I am sending it, this is definitely doable. So I need to sell roughly $10,000 per month between November and December. I will continue to source as I am and send in a lot of inventory to reach those goals. I’ve updated my inventory software to InventoryLab which is an additional cost. With the speed that I need to list the books and get the inventory out, I think it was a worthwhile expense.
Snapshot below is from October. The month of October started off really well, let’s see what we end up at.
INCOME REPORT FOR AMAZON KINDLE BOOKS
Deposit from kindle was approximately $7 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. This is definitely going to become a greater source of my income going forward. I just need to publish more books.
PLANS FOR OCTOBER – AMAZON BUSINESS
I am still targeting sending in 1,000 books in a single month. The two sources that I have been going to are starting to dry up so I am going to mix back in my routine thrift stores and library sales. The reason I kept away from thrift stores was the price, but I need the inventory so I definitely will have to figure out how to make that work. I am still looking for a longer term source of books to send into Amazon, maybe a Gaylord source or overflow from a thrift store. I still use the following sources to pick up books on the weekends.
- 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 booksellers
- 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.
Another announcement – I am starting an authority website on a subject that I’ve done some extensive research on and I think it will bring in some additional income. Once I get everything set up and start making money on that site, I will post the results here.