February PL Report

Well, here we are everyone, doesn’t time fly by when you are having fun? Really. It’s this awesome feeling when you know where you’re headed, and happy with the path you’ve already taken thus far. If you’re new to the blog, you can catch up by reading the first post where I announced I would be changing my FBA strategy. I have since completed many orders, testing product, having it customized with logos, and you can read up on that here. Now that I’ve completed my second month of selling I am so stoked to share this adventure.

Before  I jump to the numbers, my lessons I have learned thus far are still plentiful.

Keeping Stock

After all this time, I still haven’t figured out stock levels. I sold out again. What is wrong with me? And what was even better? The factories and their closing times for the new year! I got in luckily with enough time to squeeze in an order from a supplier to hold me over. Barely. Close call!

The factories have reopened as I write this post, and I’ve already ordered my full stock that I sold in February. In another week, I’ll be  ordering another order. I’m not losing this momentum. I refuse.

Packaging

I haven’t made much growth on the packaging end. I’m trying to find a China factory to create the boxes for me. I really hate the options I have and feel I need to stand apart from the crowd. In a couple of weeks its going to be pointless to assemble boxes myself, I’m still in search of a solution to complete this whole thing for me.

Rebranding Already

After seeing the awesome take off of the product this month, releasing more add on products, I decided I need to put more into the branding of it all. The initial logo I made myself was flat, and didn’t convey the message I wanted to the audience. I paid a designer to create a logo for me and while it was a $300 investment- to me it was worth it.

What is Focus?

If you are a member of the Facebook group, you may know that my branching to private label is causing other interests. This month I started a podcast called Forty Hour Rebel, and while its not making much traction, its actually keeping me quite accountable. I’ve decided to actually branch off and make another blog where it follows my foot steps in making a brand new private label brand. The focus here is repeating the process and proving my own theory. Cracking the code, if you will. With that, if you click the link for Forty Hour Rebel you’ll be able to follow along as I outline my every move week by week.

The Numbers

Now that you’ve made it all the way here, let’s talk numbers! Even though I had a couple of days out of stock,  here’s my total sales & units.

Gross Sales: $6033.60

Units Sold: 240

Avg Sale: 25.60

At this point, I have maintained a price from $23.99-$27.99. $23 on my rare slow days, and $27 when I need to slow down my numbers but not lose too much momentum.

Add-On Items

The add on items are not included in the total above. 

This brand clearly has a mind of its own and I am branching out quicker than what a normally sane person would do.

Add on 1 that I mentioned last month sold 9 more test units before selling out on 2/8. I kept the price at $31.99 and that will stay the bottom price going forward. I reordered a couple of weeks ago for 16 units because that’s all the factory had. The product will be in stock hopefully in a week. I have another 50 units coming in which will be here around March 10, and I’ll order another 50 likely in a week or two just to keep up the pace.

Add on 2 is something I hadn’t mentioned that arrived in the warehouse on 2/21. I have since sold 32 units at $24.99 for a total of $814.68. I have reordered this product at only 200 units but will be reordering again in another 10 days or so. I think this one has the same potential considering that I hit a good stride almost immediately.

In the works, Add on 3, is something I having a hard time finding a manufacturer on. I have to buy 500 units at once from one company, and was in mid-conversation when the factory closed for the holiday. I’m hoping to get a jump on this in the next week.

Take Aways

I couldn’t be a bigger fan of private label at this point in time. My biggest goal is to continue to replicate the concept to prove the theory. That’s my big take away- go slow, prove the concept and then  you can hit the ground running. This brand alone will show a great return as soon as everything is in motion. I’m excited to flip these profits into more inventory, and also use it to branch out into new PL experiments.

I leave you with this: You have to try. If you fail, no one will care. No one ever remembers the failures. 

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