I’m so happy you are joining me once again for a review of my July numbers. I’ll remind you what a privilege and rare opportunity it is to get a glimpse into the account of a 7-figure seller. You just don’t get that kind of insight with most groups, but when you become a part of our Amazon Seller Tribe, that’s exactly what you’ll get. Lots of special opportunities, excellent coaching, and inspirational mentoring.
I use Inventory Lab, which is a great 3rd party software program that synchronizes with your Amazon Seller account. It helps you keep close track of your numbers so you can determine profit and losses. You can see here that in July we did $122,759 in sales. While decent, we normally have higher sales numbers. Over the course of this summer, some of our main buyers had time off for various issues, and if you don’t have the inventory, then you don’t have the sales. But we are definitely back on track and recovering from these minor setbacks.
I’d like to touch on category selection. A lot of people ask me what category is best to sell in. My answer is that there are amazing deals and incredible ROIs in any category. We normally sell in the clothing and shoes category, and this month we averaged a 39% ROI. I also believe shoes and clothing is a good choice this year because consumers will purchase what they need over what they want due to the current downturn in the economy. But with that said, you can enjoy great ROIs in any category. This month some of our flips in the Patio, Lawn, and Garden category brought a 79% ROI. There was another purchase I myself made in the Lighting category which brought me an incredible 225% ROI. The deals are there if you look for them!
This month, our total expenses were $98,406 and our net profit was $9,203. And as I have said before, this is almost exclusively passive income. I outsource most of the moving parts and hire employees to do the buying, prepping, packing, shipping, and the hands-on activities that keep a business running. I also work with AMZPro for the backend management of my seller account. They are a professional service that actively monitors my account for reimbursements I’m owed, and this takes even more off my plate as far as workload. It’s important to remember that if you were doing some of this work yourself instead of outsourcing, then your profits would be even higher. At this point in my career, I outsource so I can do what I love. I am a coach and mentor in the Amazon Seller Tribe, and that adds great value to my life.
I’ll also point out that we have a cash flow business. We pay the credit cards in full prior to the due date and always remain in the black. Further, we take returns and determine if they can be resold on another platform. We successfully sell a lot of our Amazon returns on Ebay if the item is in good condition.
In Q3, we are building our inventory and getting ready for Q4. This is normally 6 great weeks of incredible sales. Once it’s over, we head to the beach in January for some much needed R&R! Hope we see you there, friends!