May 2015 Income Report
Posted by Chris Thomas on July 29, 2015. 0 Comments
Chris Guthrie from a new podcast called Salesbacker interviewed me last week. I was in Australia on holiday with the kids for 3 weeks which meant I hadn't had much time to work on the blog. It's the middle of a very cold Melbourne winter and I was shivering all the way through!
Chris was very curious about the income reports for the business and I realised I'd better start updating them!
Sales have continued to fall away on both the website and on Amazon compared to March and April and even as I write this, the trend is still declining which is a bit scary. Hopefully it's a seasonal thing and things will pick up again in the coming months.
We also experienced a situation where we ran out of certain colors on Amazon and for 3 weeks or so completely ran out of stock for the main website in early June (June's figures are worse!).
The company still has decent cash flow, but still no-where near enough to support me personally. Every cent is going into paying back some debt racked up on the last production run as well as to introduce a new product to the line, our second (with more on the way planned this year and next).
You see, back in April a friend of mine came out from Australia, Matt. He's been selling on Amazon for about 18 months and has worked really hard to build an amazing business which supports him and his family very nicely already.
He's advice for me was to add more Private Label products and expand the range to focus on complimentary items in a niche or vertical. Travel seemed the best fit.
A couple of weeks ago I launched very quietly on this site a new travel neck pillow. There are about 600 on their way to Amazon as well and I'll be reaching out to previous customers (who live in the USA) to offer them a significant discount for an unbiased review to try and get sales going of product 2. I'll keep you posted on the success or otherwise of that strategy.
Enough of the preamble...
May Amazon Sales: $12,677.55
May Website Sales: $13,918.35
May Total: $26,959.90
If you've seen March's income report of $36,500 you can see that May is down almost $10,000 which is a big hit to the bottom line!