Hi fellow folks of /r/Entrepreneur! This is a pretty cool day, as I get to say that I'm officially celebrating on year in business. I've made a few posts here celebrating different milestones, and wanted to update everyone on where I'm at now. It's been a helluva ride.
Part of business is finances, as I figured I'd share my sales for year to date from June 1 to June 1. I know we like to look at particulars on here, so here I am laid out. TONS of room for growth, and I'll explain some more after the chart:
| Amount | Sales Channel |
|---|---|
| $32,952.97 | Online Sales |
| $20,834.70 | Amazon sales |
| $7,256.44 | Website Invoices |
| $4,850.23 | PayPal invoices |
| $1,486.85 | POS |
| ------ | ------ |
| $67,381.19 | TOTAL Sales |
So I wont lie. I started this with the hope of maybe, 1-2 sales a month, and getting maybe $5,000 in sales for the whole year. I know that is a LOW expectation, but I was just trying to be realistic with what I might expect, as I'm working a full-time and part-time job still. I was NOT expecting mid five figures in sales for the year. Now I have no clue what to expect for year 2 forecast wise lol.
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The basic run-down, is that my online sales with my Shopify site were decent, and since about January of this year, I've been doing about $800k-$1,000k a week there. A good chunk of that is PPC Google Shopping Ads, and I want to spend some more time there, but I'm no expert. But, I did find a few keywords that were high traffic and low competition, and I'm using those for some specific products and it's paying off for sure. I got introduced to Google Shopping ads when a rep reached out to me and said hey, "you should try this using your $100 Adwords credit". I did, made my money back and more, and have kept it rolling. Some organic sales are in there, too, and I'm starting to see some of my products reach the front page of search results for various searches.
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Amazon is the next point, and that sales figure is from only about 4 weeks of actively selling on there. I've got a lot of things planned for that, but capital is a HUGE issue when you're using Amazon, as they take 2-3 weeks to pass you your money. I'm definitely wanting to spend some more time pipelining what I've got going there, and growing that, but it's a beast in an of itself. If any larger Amazon sellers are in here, I'd love to connect.
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The website invoices is just where someone messaged me or emailed me and I created a custom invoice for them with parts that aren't listed on the website, or if we had worked out a special discount for items, etc. Basically just manually entered orders.
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PayPal invoices are the same as above, but just going through PayPal instead of Shopify. I know we deal with a lot of PayPal hate, and I do think it's mostly justified, but I do like using it from time to time as it offers some pretty professional features that you don't really have to pay up front for.
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The POS stuff was from an event I did last October and sold my physical goods at a vendor booth and used the Shopify Point of Sale slider they have for the iPad. It's great for the usage I needed it for.
I know we all love our profit margins and I'd love to share that with you, but if I'm being honest, there isn't any "profit" if you will. I've used some business funds for some meals here and there, couple coffee shop dates with clients or meetings, and for an air filter and quart of oil for my car. The rest? All of it has just gone right back in to the business, because I started this without any real money on the table at all. I just built my own website, forged my relationships, and went to town with what I could. I've paid for inventory management with Amazon, I've paid for failed Instagram ads, some website work/adding parts to the website, my LLC, some R&D, memberships for certain industry related things, some small trade shows and events, marketing costs, and other stuff I'm probably missing out on. Oh, and operating costs for sure.
It's been a LOT of fun, and I've learned SO SO SO SO SO much. Lots to be proud of in my opinion, and lots of room to improve and hopefully add a digit to those sales numbers sooner rather than later. This community has been really awesome to learn from, whether by directly engaging or by just lurking. It's made some good connections, too! For instance, I'm working with a guy and his team that I met on here and we're growing my Instagram account with some of the growth hacking techniques that have been posted in here, and I'm loving the results I'm seeing there.
If you have any questions or thoughts or want to rip on what I'm doing, I'd love to hear it. Because I really don't think you grow unless you put yourself out there to be examined.
You can check my website out here if you'd like: http://ift.tt/296wIuV. Cheers!
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