January 2017 Income Report

Happy 2017 everyone!

January turned out to be an incredibly interesting month for me. It started out very slow, the sales dropped significantly and I struggled a lot with fulfilling them as many were either out of stock or discontinued. I was still selling Christmas ornaments and of course, my sources have discontinued or removed them from their online store, so my team and I spend some long hours going over our listings and updating the stock accordingly.

By mid month, I barely hit $12,000 in sales. With 8500+ items in the store and 1 sale a day, that lump in my throat was getting really uncomfortable and of course, the self-doubt started rising again.

I started to get really nervous, because there is a threshold of a minimum amount of profit I have to make to survive, on a personal and business level. I was prepared to sacrifice to carry everyone to the next month, because as a business owner, I felt a sense of responsibility to ensure my employees are taken care of, no matter what.  As the process goes, if they take care of me, I have to deliver, in part, the same level of loyalty to them and I can only do that by deploying a lot of hard work every single day. The true definition of “eating shit” as Gary V talks about.

How does that apply to my drop shipping business? Well, I have only been doing this for 13 months and I really have a hard time saying I am an expert in eCommerce or the eBay platform. As a matter of fact, I actually feel I am just starting. I keep hearing to grind head down for at least 3 years and I am definitely starting to appreciate that. The business is at a point where some of the strategies need to be tweaked to take it from 5 grand to maybe 8 grand and reach 10 grand by summer.

All of the sudden, I sold another of my expensive items and the second half of the month brought January to be one of the best performing months of my business. I almost made 30k in sales, I was $700 off from reaching that goal, but considering what the market usually dictates for January, I am incredibly happy and grateful for the results.

These big sales make me very nervous, simply because there is this big emotional attachment to the profit that we hold on to, and we shouldn’t. This profit isn’t a profit until the item is delivered, customer is happy and has no intention of returning the item. These big items do offer me the opportunity to offer superior customer service to my customers, because for the profit that I make out of them, I am determined to earn it by overwhelming my client with the best customer service possible.

January goals:

1. Reach 9000 items / $3500 profit > crushed this goal again: 9460 listings on our way to reaching the big goal of 10000 items. After all expenses paid, profit was roughly $5000, however I reinvested a a good chunk back into the business. Not bad start of the year!
2. Transfer customer service questions to VA. My VA had the opportunity to walk through and place an order and slowly transitioning the CSR to her as well. We are talking our time, this isn an ongoing goal and I prefer we do it at her pace, rather than mine
3. Finalize my coaching services. I am available for coaching/mentoring, but I noticed I usually get asked very similar questions, so I made a quick video goes over these common questions.

I feel most people don’t need any coaching, I feel they need to stop bullshitting themselves and look for excuses why not to do something, rather than just DO. Most people start a drop shipping business just to see “if it works”, without having a clear picture as to WHY they are doing it. Drop shipping works if YOU work it. Check out the video below:

So what’s in store for February:

Well, Feb 9-11 is the most anticipated conference in Niagara on the Lake, hosted by Haste and Hustle. Some of the keynote speakers are: Gary Vaynerchuk, Casey Neistat, Manjit Minhas, Jon Dick and many others. This conference has a jammed-packed agenda with speeches, marketing crawl, wine tasting and more. These amazing speakers are seasoned industry experts who will train, explain, educate and surely going to be inspiring. I am pumped and humbled I will be there to experience it all. For more details, check out their site: HASTE AND HUSTLE

February Goals:
1. 10500 listings and $5000, while I have achieved this number several times, I am now looking for consistency and making sure the business is having a healthy growth
2. Run eBay marketing promotions to give additional exposure to the store (I covered this in the YouTube video posted above)
3. Retake David Vu’s How to Train your Virtual Assistant for eBay Drop Shipping course to revisit some key elements in organizing my business flow a little better

Thank you for following my journey along the way and I wish you success, let’s crush February 2017!

2017-02-01T12:43:01+00:00

4 Comments

  1. Viet Nguyen February 2, 2017 at 1:09 am

    What strategies are you tweaking?

    • Joanne Bhaloo February 2, 2017 at 8:21 am

      I am going to run some eBay marketing promotions, revisit the non-selling items and re-optimize/remove, just clean up the store pretty much.

  2. Frank February 4, 2017 at 3:38 pm

    I am sure this paragraph has touched all the internet visitors, its really really good article on building up new blog.

  3. preston February 10, 2017 at 6:30 am

    Great stuff. Keep up the good work. It helps so much to be able to learn from people in the game a few steps ahead of you.

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