It is hard to believe we are already near the 4th quarter! This year has gone remarkably fast already and generally it just speeds up from here! I have been disappointed to see my income on a slow steady decliner particularly when compared to last year. There are several reasons for this and we will explore some of these in this post. I will also revisit this in “what I learned” toward the end of the year! For now, however, let’s talk more about August!
SOURCES OF INCOME
My sources of income are as follows:
-2 Amazon.com seller accounts
-1 Amazon.ca seller account
-2 Ebay seller accounts
-2 websites (though strangely, no income came in this month from either site. I am investigating the reasons for this!)
-Kindle income (from my kindle book. I’ve also created more books in other niches which I’ve been dragging my feet on publishing!)
affiliate accounts (including Amazon associates, clickbank and more- see the full report for details)
The newest thing I’m most excited about right now is importing into the U.K.! I have been working for a long time on this due to complicated tax law, verification requirements and local policies in the U.K, but I have just paid for my first shipment to be imported and expect it in the next month or two! I believe this will help the income quite a bit! Amazon.co.uk does not have nearly the same traffic volume as Amazon.com, but it is also far easier to get products ween on Amazon.co.uk. It is far less competitive! I will keep everyone updated as things progress!
One other thing I may not have mentioned is that I recently hired someone to manage my customer service emails. This is something I put off for a long time, but I’m so glad I’ve finally taken the plunge! This has not only freed up my time but it has also cut down on my anxiety of dealing with some of the more challenging customers! I have developed a high level of trust in Matt, my customer service guy. He treats my customers as he would treat his own! So far it has been amazing!
With that out of the way, let’s take a look at the income for August!
Amazon Account 1: $20,016.36
Amazon Account 2: $11,472.68
Amazon.ca account: $2090.00 (approximate conversion to USD)
eBay account 1: $280.96
eBay account 2: $19.77
Total Physical Product Sales: $33,879.77
35% (approximate profit margin)= $11,857.91
Amazon Associates: $32.17
Nanacast(Products owned by Jim Cockrum) includes:
Lisa Suttora Affiliate Program
Kindle Book (Six Step Six Figure System)
Total affiliate income (and other “costless” income): $953.12
GRAND TOTAL ESTIMATED PROFIT FOR THE MONTH: 12,811.03
LAST MONTH’S TOTAL ESTIMATED PROFIT: $13,671.22
LAST YEAR’S TOTAL ESTIMATE PROFIT: 17,227.09
FROM LAST MONTH: DOWN 860.19
FROM LAST YEAR: DOWN $4,416.06
The income is down again, but not quite by the same margin as last month. This gives me hope that I can turn this around. At the very least, I believe I’ll see an increase in income in the next several months even if it is not up from last year.
One big contribution to this problem is the number of private label products I’ve been developing but that have not yet arrived. It is a long story and I plan to go more into this as part of my private label post series, but briefly, I’ve been working hard to get a quality product and as a result it has taken a tremendous amount of time to actually introduce it to the marketplace. At this point, it looks like the merchandise will not arrive until close to Christmas! I’ve been working with suppliers on some of these products since early this year! I am working on a better strategy for next year that promotes efficiency but also takes quality into consideration (my focus this year has been on quality, but it has been at complete expense of efficiency!) It’s always about finding a balance between doing really great quality work but also making sure the profits make sense. More on this to come!
In the meantime, if you’re just starting out or if you’re looking for ideas to make some quick cash and also an overview of my plan to make a six figure income, please download my book for free below by entering your name and email address. Thanks so much for your interest and your support!