February Income Report

Another month is in the books, can you believe it? I’m not sure where this month went but I know I didn’t get half the items accomplished that I wanted to! When I reflect on January’s update and it’s goals, I am reminded that …wow… if you don’t write down your goals, you aren’t getting anything done!

In February, my focus went from FB ads to PPC, to my second account, to picking a drastically wrong product! So, let me slow down just a bit. Last month, my goal was to run some Facebook ads and gain an audience right? Well guess what? I ran some Facebook ads. For a month. Because I suck.  Lol. I ran a Facebook ad that I had only planned on running a week, and ended up paying for the month and relying on my so-called abilities. I got the bill two days ago and my mouth dropped. There went $240 in charges. Whoops. My cost per fan was about $1.17 if I recall correctly. So, it wasn’t a total loss. Well, it wasn’t necessarily a loss…just more than I had expected. My bad.

In other goals, I didn’t hire a blogger. I completely forgot. I also pushed aside my “5 digital products” goal and was focused on expanding my Merch account by making 4 new designs. No sales there. Sad face! 

Finally, my other goal with expanding products is growing by leaps and bounds. I started a case study called Sushi. I found a product that looked like a home run, only to wake up to the realization that the product I selected was very much a seasonal product..for Valentine’s day. Man! What a let down! I’ll update you more in the coming weeks with how that’s going but it wasn’t the $10k product I was hoping for. While I was hunting? for Sushi, I found a couple more products to test out. Those products are all starting to gain momentum, but not without some tries at PPC.

Bonus Goal from January

In my second account or my “bonus goal” for last month, I said I wanted to hit $2000 in gross sales for the account. With the help of new products, I came in pretty close. FBA Goals

What’s that you say? You profited a whopping 4% in that account?! No kidding. I too was bummed. Sorta. In all reality, a month where I’m not losing I’m happy. February for account 2 was a big trial and error.

Funny story is that my Amazon report says I made $2010 in sales. What’s the right answer!?

Screen Shot 2017-03-01 at 10.45.20 AM

I spent $253 on PPC (not show in the second screen shot) mostly on one product that yielded little to no sales. My other PPC products turned out fine. With that, I also had $236 in storage fees (Amazon says $247). February and August are the months that Amazon assesses their long term storage fees, and I made an executive decision to leave my product in the warehouse to see if I couldn’t salvage a product that is trending downward. The other option was to pay $0.50 per unit to have it returned to me, or $0.15 per unit to have it destroyed. If by August I can’t finish selling out of this product, I’ll get rid of it. Right now, I’m just hoping I didn’t make the wrong decision.  The big kicker…my 4% margin could have been more like 30% margin had I not had these two fees.

The Takeaway on Account #2

For account #2 I’m trying new product and with that comes growing pains. You have to spend money to make money, and in my PPC case, you spend money to not make money. PPC is a helpful way to make sales, grow interest and gain organic traffic, if you’re targeting the proper keywords. How do you find proper keywords? Trial and error.  There’s no magic sauce or everyone would have it! You have to accept that you’ll lose money, or maybe just break even sometimes. I’ve learned to watch my budget a little more closely and routinely check in on a product’s PPC. For the long term storage fees, eh, I chalk that up to wanting to get more profit in the next six months. Cross your fingers.

Account #1 February Goals

For account #1 February goals, I had the goal of making $30,000 gross. Here’s the screenshot for my sales in account 1.

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You’re probably saying to yourself, “Valerie, you did it!” Yes, I know. A 10% increase over last  month is a great increase. What worked out in February?

  1. A product I used to sell 15+ a day of, sold…15+ a day, towards the end of the month. Then I ran out.  I had debated the last three months if I should restock this product and when I was only selling 1-3 for no reason, I opted to not restock. Then January I started pick up to 5 a day. My hesitation said, don’t restock. Then I am doing 10, 15 a day. Crap bags. I need to restock. It was pulling teeth trying to get my supplier to find my digital files and my last PI. Two weeks later, I’m still out of stock and haven’t reordered. I’ll rectify that later this week.
  2. Valentine’s day. Ahh, I love holidays. Every holiday is a boost in revenue. So you can see my first two weeks of the month I did really well. Then you see the sales dropped right about February 13.

March Struggles

Those were my two big wins in February. March will not have the same impact. I completely forgot about St Patrick’s Day, and even though it’s still two weeks away, I’m not going to source a product in two days to have it shipped into the warehouse and selling by then. Rather than beating a dead horse, I’ll be focusing my efforts on whatever I can get sourced for Easter along with the bigger win – Mother’s Day. I’ve got one new product coming up for Mother’s Day and I am hoping for FOUR more. Everyone has a mom, right? Whether you see your Mom, Grandmother, Aunt, Sister or whomever as a motherly figure – everyone has someone they consider at Mother’s Day.  You are my customer. 

For March, I’ll be setting my sights lower at $20,000 gross. This is my “SMART” goal. You know, my Specific, Measurable, Agreed Upon, Realistic, Time-Based goal? The other goal? $30,000. I need to hit $1,000 a day in sales to be happy. I’ll keep that goal written down. Shoot for the stars, right?

More Goals

I’ll be taking a vacation in a few days and my goals will all be impacted because of this. Here’s what I came up with for March.

  1. Four new products for Mother’s Day
  2. Easter gift product
  3. 8 new Merch products (another post on this later)
  4. Focus back on FB audience

That’s a lot of goals in March. I’ll be busy March 4-12 which will naturally impact my productivity. I’m hoping that with my less days, I’ll get more done. And, I wrote down my goals in my notebook so I don’t forget.

Fingers crossed!

 

 

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