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January Income Report – Q1 Update

Alright guys, here’s the status update since it’s already February 3. Um, hello- where did the first month go!?

In the month of January, I’d say my goals were pretty all over the place. Here’s what I’ve been up to:

  1. Getting my books in order! This is always a big pain point for me. I’ve managed to get a pretty big tax bill estimate, and I’m focused on organizing my books to make sure I didn’t miss any glaring points. If not, I’ll be accepting the awesome profit, and tax bill and moving right along.
  2. I set up my LLC to be treated as an S Corp. I’m not a professional and I wont say much more here. I just know that I’m now officially on my own payroll, and this too has been quite the learning experience for me. I’m still waiting on paperwork from my home state but I issued my first “paycheck” with withholding/medicare gobbly-goo on it, so I’m pretty stoked to have made it that far.
  3. Number 1 has really taken up most of my time. I ordered 3 new products (all seasonal) to try and cash in quickly on the V-day rush. It really was a rush to produce, so I ordered very minimally in hopes of generating an extra $3000 in February.
  4. My first goal of hitting $30k in January was hit! Success! It was a tight squeeze, but I’m happy with my results. I seriously was stressed on January 31, but was pleasantly surprised. (Look at that jump from last year!) February will be just as high, so there’s no time to rest on our laurels.

January Income Report

  1. Etsy business #1 is slowly gaining traction with 2-3 sales a week. I’ve only got maybe 8 products on there, so this is a good sign. I’m going to spend more time in February building up my digital products before I hire a designer to help me. I’m breaking even here between advertising and sales – but since there’s been no hands-on needs here, I’m ok with testing the water and breaking even. In other news, the craft blogger I wrote turned out to be a bust. Her quality was not up to par, so I’ll be rehiring in February. The idea and her execution otherwise was good – so had she even said she’d try again, I would have given her another chance. The idea is a good one, I know this is the right move – I’ll keep on it.
  2. Product research has consumed me. When I haven’t been focused on taxes, or going to an auction all freaking day, for no good reason (haha), I’ve been researching products. I know if I want to triple my money, I need to triple my products. (Ok, just double would do.) Therefore I’m looking to diversify and grow.
  3. Getting brand registered. As mentioned, my PL brand was a big focus for me. I got custom packaging, renamed my brand, built my Shopify site (with VA help) and now I’m brand registered. Woot! Now I just need to start my trademark application.

February Goals

  1. Let’s hit another $30,000, shall we? I’ve got those new products coming for the holiday. I also hope to see some growth in my normal product carry since they are giftable items. Here’s hoping that week 1-2 are good ones as the gift-givers start to panic. 🙂
  2. Learn about FB ads. I’m 100% focused on building my brand and its time to build that audience off Amazon. Being a giftable product, with a larger catalog, I know I can get buyers to come back for more if they keep me in mind. That means building an audience, capturing leads, generating buzz and staying on the forefront of their minds. My first goal in February is to build up my FB page, start FB ads for likes, then email list for leads. When it’s all set up, I’ll launch on my email list and see what happens. It’s kinda lofty to have all of that as my goal in February, but it is just time up front to start everything and then let FB do its magic. I’m optimistic!
  3. New test products. Chinese New Year is almost over and it’s time to start getting quotes. I’m going to nail down 3 new products I’m interested in and order samples by end of the month.
  4. Hire a new blogger. Yep, hire a new blogger for Etsy #1 so I can get Pinterest going.
  5. Five new digital products for Etsy. Need I say more?

 

Bonus Goal!

One thing I never mention is my second Seller Central account which I’ve had approved since back in 2015. It’s a separate entity that doesn’t yield me much profit so I often forget about it. In 2016, I grossed about $10,000 but after COGS, fees, ads, pro account, I netted a whopping $1500 for the year! Yikes. This year, I decided to refocus on this and see what I can make of it. Screen Shot 2017-02-11 at 3.21.11 PMMy screenshot for January is to the left. February, I’m already matching January sales so we’ll shoot for $2,000 in February. Screen Shot 2017-02-11 at 3.25.02 PMIt will be conservative to say “let’s shoot for $50,000 gross this year!” And I’ll amend those goals after Q1 finishes up.

 

That’s a good enough list for now, I’d say. Let’s get this party started. (And I’ll go back to bed because I’m running on 4 hours of sleep and am a bit delirious. 😉 )

 

x V

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