December closed out the 2014 year and with it my first five full months selling on Amazon. The crazy thing is that this Amazon business is the fastest thing I’ve ever made money with online (besides software – but that relies on the tens of thousands of email subscribers I’ve built up over the years). I have several friends and family members that are in varying stages of building their Amazon businesses as well because it’s a business you can build without needing an existing platform because you’re able to leverage Amazon’s platform.
We also run a mastermind group where my friend and I teach others how to build Amazon businesses (Brian from Podcast 17). Waiting list here (Opens April 22nd).
To be completely transparent and for verification purposes I also like to film a quick video walk through of my numbers as well:
For this month I played with my pricing a bit and was slightly lower so it’s closer to 40 percent profit margins on that number (after inventory costs, FBA fees, Amazon ad spend etc). So $8k+ in profit roughly.
Why no exact number? Inventory purchases month to month can skew numbers e.g. 30% down payment one month and 70% the next month.
Our coaching group / mastermind are currently closed but we’ll open the group again on April 22nd 2015. This will be your last chance to join the group and learn from the same course I learned from. Waiting list to work with us is here.
December 2014: Schooled By A Mastermind Member
Martin, one of our mastermind group member posted his Amazon income results and while I knew he was selling on Amazon I had no idea how well he was doing. He absolutely crushed me in December with roughly 20x my sales. Yah not 2x. Twenty times my sales.
To my knowledge this was the first sales stat screenshot Martin posted in our private Facebook group. He started the exact same time as me (ASM3), learned from the exact same course as I did and (presumably) went after a higher competition market than I did. So happy he has found success at this magnitude so quickly.
Obviously his results are not typical, but it goes to show you what is possible.
Analysis Of December Results
I’m very pleased with the 70% increase in sales I saw over November numbers. Breaking the $20k mark is what I was looking to accomplish before year end and so far January is off to a great start as well. I dropped my price a bit so my profit margins were a bit lower but at roughly 40% still who cares. I’ll gladly push more volume, get more reviews and make more money overall than at a higher price point.
My objectives for December from last month were:
Objective 1: Decide on supplier for future product
I’m happy to say that I did place my 30% down payment with my new second supplier for a new product. Moving forward I won’t be revealing precisely how many products I’m selling other than a close range so when it happens I’ll just say that I’m selling more than one. My strategy long term has always been to launch more products and I’m happy to be moving in that direction. I’d like to get to the point where I’m launching at least one new product every single month for 2015. I may need to hire someone to help me accomplish this goal though.
Objective 2: Try something to market my product(s) besides relying on Amazon
Another month and I’ve still done nothing to market my product outside of the Amazon platform. I was very busy with other projects and didn’t have a chance to experiment.
My plan for January 2015:
Objective 1: Create listing for new product
It’s been a while since I’ve created a new listing, but I want to finish that up well before the product even ships out of China. My release date is most likely in February.
Objective 2: Try something to market my product(s) besides relying on Amazon (round 2)
I have some free time in January so I want to focus on this.
My Long Term 2015 Goal:
This business will exceed $100,000 per month before the end of 2015. So I’m confident that before the end of 2015 I’ll have at least one $100,000 month in sales. December I was already 20% of the way there and granted it was a holiday sales month that was still only one product. My plan to launch multiple products will help get me to this mark.
Need help finding a product or market to target on Amazon?
If only there were software tools that could help you with the most crucial part of this business:
Finding the right product to sell
We already have them. These tools will be available publicly again in late January or early February at a discount rate.