I’m a bit past due for my income report. May was a busy month and unfortunately, I only got one post up of my series on private labeling. Though they are slow coming, don’t worry, I have a lot more thoughts on this topic and plan on posting a lot more soon!
SOURCES ON INCOME
Below are the sources of income that I will be reporting:
-2 Amazon.com seller accounts
-1 Amazon.ca seller account
-2 Ebay seller accounts
-1 profitable website
-Kindle income (from my relatively new kindle book. I’ve also created more books in other niches which I hope to have published and selling in the next few months- be on the lookout.)
affiliate accounts (including Amazon associates, clickbank and more- see the full report for details)
-undisclosed source of income (I will report numbers only and if this takes off as I hope it will, I will disclose this in the future)
In May I was focused on a couple of tasks:
1. Getting more kindle content created
2. looking for and interviewing possible candidates to manage my email and my chat support on the website for me
These two things alone have filled a tremendous amount of time. In addition, I’ve been working with a number of suppliers to source a couple new private label products. Back in January, my goal was to develop one new private label product per month. Although I’ve fallen ridiculously short of this (it’s the beginning of June and I’ve only successfully released a single product to Amazon), I do have a supplier for 6 products. Four of the products are being finalized and two of them are still getting details worked out. It’s a long process, but we’ll talk more about this in the ongoing private label series. For now though, lets get into what you came for!
Amazon Account 1: $25,661.22
Amazon Account 2: $15,579.62
Amazon.ca Account: $2252.98 (approximate after U.S. conversion)
Ebay Account 1:$535.94
Ebay Account 2: $198.12
Website Income: $531.68
Total Physical product sales: $44,759.56
35% (approximate profit margin) = $15,665.84 PROFIT
Amazon Associates: $41.26
Nanacast(Products owned by Jim Cockrum) includes:
Lisa Suttora’s Wholesale Course: $539.43
(note this income was made in April, but due to a problem with the affiliate section of the site, this was not paid until May, so I will count it on May’s income)
Kindle (Six Step Six Figure System) $261.06
Undisclosed income: $130.97
Total affiliate income (and other “costless” income): $1360.38
GRAND TOTAL ESTIMATED PROFIT FOR THE MONTH: 17,026.22
LAST MONTH’S TOTAL ESTIMATED PROFIT: $16,628.42
LAST YEAR’S TOTAL ESTIMATE PROFIT: $18,768.90
FROM LAST MONTH: UP $397.80
FROM LAST YEAR: DOWN $1,742.68
It has become apparent that Amazon has a great deal of control over my income. While I enjoy the traffic, I find myself uneasy when I realize my income could almost disappear overnight if anything happened with Amazon or my account (then again, when I had a regular job, I could have lost it at any time and sometimes did! You’d think I’d be used to this fear by now!)
The reason I bring this up is because I had an issue last month with some FBA inventory. This was shipped directly from my supplier and 4 units were missing (between 2 ASINs). Rather than just double check to see if those 4 units arrived, Amazon decided to temporarily suspend my listings while they investigated! I was told this would take up to 3 days. It took 9! The problem was, these were my highest profit, best selling items. I lost an estimated $5000 in sales as a result! (you can see my first Amazon account is way down from last month- this is why.) This was irritating to say the least- particularly because no Amazon rep will actually reason with you (“there is no reason to suspend this inventory- nothing is WRONG with it- the existing inventory is all in good shape, we’re just missing a few units” etc etc etc). It is also eye opening to see what a giant effect a single amazon rep can have on my income!
I continue to work hard at creating other income streams, but starting from scratch is hard work and a tedious process. Amazon is still working and I will continue to use this source of income, but this was a wake up call to me to make sure I’m working as hard as possible on alternate streams!
All in all, I’m quite pleased with how the income turned out. I’m still down from last year which is discouraging, but I’ve got several products in the works (as I mentioned above) and I’m confident that I’m going to see a fantastic 4th quarter- and hopefully a steady increase on the way there… very soon!
Thanks so much for your support! If you’re just starting a business or are interested in making extra income or a full income online, please enter your name and email address below for a free copy of my book “system start up.” Thanks so much for your support!