Income reports are back. I’ve tried to maintain income reports since the beginning of Learning FBA. I took a few months off, and realized that since Income Reports still create a lot of traffic for the blog- maybe, just maybe, people still want to read them. True? The way I like to format these reports are pretty simple. Lessons learned + Numbers = Improvements. I’ll tell you all the things I learned in the month of the report, report the final numbers, and then talk to you about the takeaways and how I’ll try to improve in the following months.
Let’s get started…
One of these days someone is going to yell at me for running out of inventory. Luckily, February wasn’t too bad of a month on the inventory side of my first private label product. You can get down to the nitty gritty details inside of the Private Label Inventory report. No retail products went into the warehouse in February. I’m living off of old sourced products on that front. I’ve focused so much time on PL, I haven’t picked up a retail product to scan once. Between PL and working FT and the regular job, can you blame me for putting all of my eggs in this basket? Though, I’ll let you in on a secret- I think I might dabble in retail arbitrage just to generate more money to do private label faster. I can’t help myself, I’m addicted.
I pull my numbers directly from Amazon’s summary report at the end of the month. I’m not doing fancy anything, so you’ll see exactly what I see and we wont get lost in all sorts of craziness. You have access to the same reports as a pro merchant.
Total Income $9026.32
Amazon Expenses (2948.35)
Sales Tax (54.61)
All other expenses (76.20)
This includes subscription fees for Appeagle, TaxJar, and Inventory Lab and a few supplies.
Net Income 4146.25
Margins 46% (Jan was 38.6)
Guys, can you believe these numbers? I didn’t send in any retail outside of what was already there. I focused only on private label. If you read my PL report already, my PL product counted for $6100 of my sales. That’s almost $3000 of just residual retail product. That hard work all those years just keeps trickling in. And the best thing is, I’m going to probably pick up retail arbitrage just to feed my private label addiction. It’s nuts. Little to no effort, and I’m happy with my profits.
As the year goes on, I’ll be focusing hard on recycling all of my profits into my business. If you follow the podcast, Forty Hour Rebel, you know I’m trying to quit my 9 to 5 job this year and this is what is going to get me there. It’s end of March and I’m excited to share what has happened in March in less than a week.
My biggest takeaway has been this: if you fail, at least you tried. No one ever remembers the failures.