October 2014 marks only the third full month that I’ve been selling private label physical products on Amazon.com and because of the massive interest I’ve seen through comments, questions and emails I’ve decided to start doing regular monthly income reports for this specific business.
Spoiler alert: This business is off to a very fast start. Check it out.
In October we also opened and closed our private Amazon mastermind group for the second time – AzonMasters.
We stack our coaching, group and tools on top of the Amazing Selling Machine course (same place I learned and Brian learned) so that when people buy they get coaching and tools to help them get going. We had 119 people join us and it’s been a ton of fun working with everyone while they’re picking products, talking to suppliers and starting their Amazon businesses. In just 3 short weeks we have a lot of people posting in our private FB group that are very far along in the process of getting samples and talking to suppliers.
Wouldn’t it be nice to ask a question from someone that’s already built the business you’re trying to build?
Objective 1: Prepare for the holiday sales increase
When I first started selling with 500 units I ran out of stock in early September while I was at Disneyland for a few days before my 1,000 unit order arrived from China. In late October I replenished my inventory again with a 2,000 unit order so for the first time I felt like I could try some outside of the box marketing strategies. Up until this point I was selling too quickly (great problem to have).
Because of my experience with Amazon’s affiliate program I know that November and December are absolutely huge so I went ahead with a 5,000 unit order which will be ready to ship in from China before Thanksgiving. Needless to say I didn’t want to run into a situation where I ever ran out of stock again especially during a time period where I could very well hit much higher sales volumes.
Objective 2: Launch more products
This week I’ve been speaking with suppliers to get samples of product 2. This product I’m looking at launching should be as big as the first product I launched and when successful I should be able to effectively double my revenue.
It’s likely too late to receive this product before Black Friday but I can certainly still hit the remainder of the holiday shopping season. I’ll probably start with at least 1,000 or 2,000 units.
Beyond that I’m looking at ramping up my product launches to be a monthly occurrence. If I can execute on this strategy I should be able to quickly scale this business up. I have a very specific number in mind that I plan to hit by July 28th, 2015. Stay tuned.
Why Do I Only Share Income Stats From One Business?
You’re right. This business is not my only income source.
I make more money collectively from the other businesses that I run e.g. running websites, buying and selling websites, creating and selling software, Kindle books etc when compared to this Amazon business.
But the primary reason why I don’t share those income stats is because there are several income sources I can’t or don’t want to share. With our software business for example I have a business partner that isn’t as comfortable sharing numbers and quite frankly I’m not either. I don’t want competitors to know precisely what we’re doing really well at.
If all my money came from this blog then there is no risk in sharing everything, but that’s not the case for me so I gotta keep most numbers to myself. I am going to continue posting these Amazon income reports though.