August is now officially over and if you live in the Southern Hemisphere bring on the warm weather!
As usual, lets get straight into the monthly break down as I know this is what most of you are keen to see.
- T-Shirts Sold: 154
- Cancellations: 5
- Live shirts (300) vs individual designs sold (53): 17%
- Average royalty per shirt: $4.97
- Revenue: $2559.36
- NET PROFIT: $715.05
This month in summary has been an absolute roller-coaster the month started relatively steady with an average of about 5 sales per day for the first 2 weeks. During Week 3 I experienced my best 7 day rolling to date with 66 shirts sold and over $300 in royalties.
The success of week 3 came crashing down harder than ever in week 4, where I ended the month with a measly 17 shirts sold over the past 7 days, and motivation at an all-time low.
- As of today I have 300 T-Shirts live and have sold a total of 154 shirts vs 127 in June.
- Net profit this month has increased to $715.05 from $485.76.
- I tiered up to Tier 500 extremely early in the month which was a surprise on the 2nd of August.
Things learnt and Key takeaways
- After what seemed like a major cull of merch by amazon accounts mid-way through August, I decided I should really look into my listings and remove anything that could potentially cause my account to be suspended or terminated.
- I removed a total of 8 “parody shirts” and 2 other shirts related to a TV shows, which were both selling extremely well.
- I achieved the majority of my goals which I set for August which were as follows:
- Tier up to 500 and fill a total of 300 slots
- Increase net profit by 25% (I actually increased net profit by 46%)
- Fill all available slots each day, didn’t exactly happen. I ended up uploading on average 6.5 slots per day, which I put down to, being extremely sick with the flu for two weeks and having multiple family members come to stay.
- The last goal I set myself was to start an Instagram page and begin to automate it to gain followers. So far the page has been set-up and has a handful of pictures posted with a total of 13 followers. I still wish to continue with this but it is currently not a priority.
- Once again a big shout out to the Merch Masterminds slack group and the people in it which keep me motivated every day, you guys are killing it!
Focus for September
- Tier up to 1000 slots and fill a minimum off 200 of them, bringing me to a total of 500 filled slots by the end of the month. I currently have a total of 420 sales, so by the time I fill 500 slots I will be eligible to be tiered up.
- This is the month I want to hit four figures of net profit, which means I need a 40% increase in net profit from last month.
- Finally if I have any available slots open on any given day my goal will be to fill them.
Long-term Goals / Thoughts
- I still currently have the time to create 10 shirts per day with the exception of the weekends.
- I still wish to diversify my online income from a single source (MBA) into multiple, once again I’ll be created a blog post about this in the coming weeks.
- With Q4 beginning next month I feel have a good idea of where I would like to be before Amazon stops members from tiering up and limiting daily uploads.
- I still have the intention of paying of the remainder of my student loan via royalties made by MBA. As of today I sit at a total of $38,427 New Zealand dollars left to be paid off, which is the equivalent to $27,579 USD. Dependent on how well December sales are I aim to have this debt paid off by this time next year (September 2018).
Total Royalties (NZD): $2367
Original Outstanding Debt: $40,894
Total Debt Remaining: $38,427