After taking a small dip in February (and with 3 less days compared to January) we finished even stronger in March with total sales of $36,561.93 – yah that’s a gain of over $15,000 compared to February:
To be completely transparent and for verification purposes I also like to film a quick video walk through of my numbers as well:
I had around 40 percent profit margins on that number (after inventory costs, FBA fees, Amazon ad spend etc) which comes out to roughly $15,000 profit.
Ongoing Monthly Amazon Charts:
36.5% of the way to my goal
My goal has been to hit $100,000+ per month in revenue and with March results I’m 36.5% of the way there. I have another 9 months in the year to make up the other 63.5% of that number.
What’s stopping me from hitting $100,000+ per month and beyond faster?
Selling $36.5k+ worth of physical products with 40% margins gives me close to $15,000 in profit for the month (on a side business!).
You think I’d be pretty pleased right? Of course I am.
But this business could be even bigger if I had more time to devote to it.
In total I spent maybe 5 – 10 hours a week on the business for the month of March.
It will sound like the worst “first world entrepreneur problem” but even though this business made close to $15,000 in profit for the month of March our other businesses did even better (by a lot). So the only solution to keep my family happy so I’m not working too many hours and to continue growing this business will be to cut back on some other things or hire another apprentice.
Perhaps the person I’m looking to hire will be you?
I’ll be recording a more in depth podcast to provide an update on what I need to do about this business very soon and share some updates with you as well. For now feel free to listen to my original podcast here.
I run a mastermind group with a friend where we teach others how to build Amazon businesses (Brian from Podcast 17).
Our coaching group is currently closed but we’ll open the group again for the first time in 6 months on April 22nd, 2015 (Hey that’s this month!). This will be your last chance to join before the group closes down again for an unforeseen period of time.
Here’s A Few Screenshots From Our Coaching Group
Earlier this week I tossed up a quick post asking for people to share their screenshots and here’s what a few people posted. Not everyone is active every single day or even every week so we’re missing a ton of people. But here are just some of who you’d get to rub shoulders with when you join our group on April 22nd:
Full names blacked out for privacy.I only share full names when people have given permission (e.g. this podcast for example)
Here are a couple other earlier shared screenshots:
Brunno quit his job earlier this year – boo yah
Hah Stephen burning me – zing!
Our group opens on April 22nd if you’d like help from myself, Brian and all of these fine folks who I’m happy to call friends and helpful colleagues.
Note: We are most likely going to cap the number of people we let in this time around as our group keeps growing every time. We had ~50 people in our first group, ~120 in our second group and I expect we’ll have even more this time because what do you think happens each time we open the group?
We get better at teaching people. We get better exclusive software tools etc. etc.
March was again a lazy month for me in this business as I was focused on the public release of AmaSuite v4 and other projects. Since I have only recently come to the conclusion that in order to really grow this business I’m going to need to hire someone else onto our team or make some drastic changes personally I didn’t really get a lot done for the month of March.
My objectives for March from last month were:
Objective 1: Find two new suppliers
Didn’t do this yet as I’m trying to decide on a new product line and potential extra pillar of products for the company.
Objective 2: Try something to market my product(s) besides relying on Amazon (round 4)
I could say the same thing I did in my last report, but I’ve literally meant to do something else besides relying on Amazon based marketing for over 150 days now. I’m still just getting traffic from Amazon to drive my sales. I’m just going to remove this from my list of objectives for the month because it’s embarrassing. I’ll share when I have some results.
Obviously not every product release works like this, but I’ve got a long list of unique marketing strategies that I can employ beyond Amazon.
My One Thing For April 2015 – (My New Approach)
Objective 1: Find one new supplier
I’m going to make this goal easier on myself and just go for one supplier because we’re going to be very busy with our new group starting up on April 22nd. I can easily contact some suppliers, get some samples and settle on a new supplier before the end of the month so that’s what I’ll set out to do.
My Long Term 2015 Goal:
I’m still confident that before the end of 2015 I’ll have at least one $100,000 month in sales, but because of the other businesses I’m involved with and the lack of time I have available it’s become clear in the first quarter of 2015 that I’m going to need some help if I want to more quickly grow the business. Looking forward to hiring someone most likely in May.
If you have any questions, comments or feedback I’d love to hear them.