Wow! I can’t believe March is already here! This is the month I’m supposed to start sticking to a set schedule (and it seemed so far away when I wrote that post! I’m definitely improving though thanks to that written goal!)
February was down in numbers in almost every area. I’m excited, however, as I look at the numbers because they provide a lot of insight- which I’ll get into more toward the end! I believe this is really going to help me work on the trouble areas for the coming months! Let’s get right into it!
EXPANDING INCOME SOURCES
I’m working to expand my income sources and it is happening slowly but surely. This month, I added my book “Six Step Six Figure System” which is currently available exclusively on Kindle HERE. I may expand to other formats in the future. This book made a little extra money for me, but more importantly has helped numerous people get started on brand new businesses and has provided others with resources for growing and expanding their existing online businesses! The book has been downloaded over 1,400 times (including during the free promo period)! I’m thrilled to say the least!
I want to take a minute to thank each one of you who downloaded and read the book and especially to those of you who shared your honest thoughts in the form of a review! If you’ve read the book, but haven’t shared your thoughts, I’d love it if you’d take the time to do so by clicking HERE. Thanks again to all of you for your support!
In addition to the kindle book, I have another small income source that I will not be disclosing at this time. However, I will tell you that it is part of a larger project. I don’t want to say too much, because the project may or may not come together. If and when it does, I will disclose the source of the income. My hope is to have this project fully up and running by the end of the year! I will include the monetary number in my reports if and when income is generated each month.
REGULAR INCOME SOURCES
My regular income sources include 2 Amazon.com accounts, an Amazon.ca account, 2 Ebay Accounts, A few websites (one makes income from physical products and a couple others make affiliate income) and a small handful of affiliate accounts.
THINGS THAT HAPPENED IN FEBRUARY
A few exciting things happened in February! First, I hired a marketing firm to handle my social media profiles and interact with my audience for one of my brands. This brand currently has no sales off-Amazon and Ebay. With this said, I found out today that there was a problem with the payment processing on my website which could have unknowingly been turning customers away! Nonetheless, it has yet to be seen if hiring this firm will be a good move or not. While I’m very impressed with the professionalism and the content that is being uploaded, it has not done much in terms of building an engaged audience. It’s a good start though as my social media profiles have more content than I would ever have time to create alone! Time will tell if handing off my social media interaction will be a good or bad strategy.
I have several new products on the horizon that I’m particularly excited about! Two of the products have not yet been released into the marketplace- at least not the exact version that I’ll be offering. This will help prevent me from appearing as just another “copycat.” I even spoke with both suppliers about the possibility of being their exclusive retailer for these products. I will need to weigh out the pros and cons on this, however. I’ll keep you updated!
On a personal note, it was a double birthday month for both myself (Feb 10th) and my daughter (Feb 20th) who turned 10! The 2 birthdays really helps with the Winter blahs! Thank you to everyone who sent over kind birthday wishes!
Now, let’s take a look at my February income:
Amazon Account 1: $29,141.75
Amazon Account 2: $14,244.04
Amazon.ca account: $1320.58 (approximate conversion to USD)
Ebay Account 1: $351.96
Ebay Account 2: $239.90
Website Income: $900.72
Sale of Brand Final Payment: $1,400
Undisclosed Income: $155.28
Total Physical Product Sales (and other income with cost associated): $47,754.23
35% (approximate profit margin) = $16,713.98
Amazon Associates: $76.63
(Products owned by Jim Cockrum) includes:
Lisa Suttora Courses: $24.63
Six Step Six Figure System: $192.27
Total affiliate income (and other “costless” income): $502.32
GRAND TOTAL ESTIMATED PROFIT FOR THE MONTH:$17,216.30
LAST MONTH’S ESTIMATED PROFIT: $23,909.17
LAST YEAR’S ESTIMATE PROFIT: $16,390
FROM LAST MONTH: DOWN $6,692.87
FROM LAST YEAR: UP $826.30
I have to be honest and say I was pretty fascinated while looking at these numbers. If you look at my reports, particularly on Amazon, you’ll see that I’m down in both accounts from last year but I’ve actually had more sales than last year (and by a fairly significant margin in my second account!) I noticed this trend last month and started looking at my products and product lines. As you can probably guess, I had several key products last year that were high dollar value, high profit products that I’m no longer selling! As I mentioned above, I’ve been connecting with suppliers for a couple of new products. One of these will be a high value, high profit product. My intention will be to focus on sourcing at least a few products like this, not only to bring up my monthly income, but more importantly, to bring up my profit per sale!
Another thing worth pointing out is this: I’m down in my numbers from last year in almost every account, but overall, I’m slightly up. I had to look at my February 2014 report to understand this. The simple reason is, I have more sources of income this year including an Amazon.ca account, website income, a kindle book and a sold brand! This shows me that it really helps to diversify! My goal by the end of the year is to have $5000 a month in non-FBA income. We’ll see how it goes!
DISCLAIMERS (they’re back!)
A couple of disclaimers on the income reports (I know I said I was done with those, but these are a one time thing, I promise!)
First, the payment for the brand I sold was paid for in 3 installments. I forgot to include the second check in my income report when it arrived. For those keeping track, it was $1,800. I decided to make this into a disclaimer rather than going back and adjusting a report (which would then throw off other reports that would then need to be adjusted etc)
Second (and this will apply to all reports going forward) you’ll notice I have things like the sale of the brand and my undisclosed income in “physical product income” and my kindle book in “affiliate income”. This is because they are the only categories I have currently. In the future, I may make separate categories, but for now, just understand that these categories are basically “income with cost associated with it” and “income with no cost associated with it”.
As always, I truly appreciate you reading my income reports, stories, rants and rabbit trails. If you’re just starting your business, let me help you get it off the ground right with my free ebook. You can download it below! Thanks again for all of your support!