July is over, and it’s time to recap on last month’s goals and this month’s successes.
Firstly I’ll get straight into the monthly break down as I know this is what most of you are keen to see. I have added a couple of additional bullet points this month, most notably the number of live shirts vs the number of individual designs sold and average royalty per shirt.
- T-Shirts Sold: 127
- Cancellations: 6
- Live shirts vs individual designs sold: 20%
- Average royalty per shirt: $4.01
- Revenue: $1966.76
- NET PROFIT: $485.76
This month, in summary, I have seen exponential growth regarding sales and net profit, which has exceeded my expectations.
- As of today, I have 100 T-Shirts live and have sold a total of 127 shirts vs 17 in June.
- Net profit this month has skyrocketed to $485.76 from $7.42.
- I tiered up as I expected from 25 slots to 100 slots as of the 15th of July and currently waiting to be tiered up again to 500 slots and ten uploads per day.
- All prices of shirts have been raised in accordance with the competition within each niche.
Things learnt and Key takeaways
- The vast majority of my sales during the first two weeks of July can be equated to 3 trending shirts which totalled 60 sales during that period. I put the success of these three shirts down to first of all luck, research and timing.
- Those 60 sales during the first two weeks fast-tracked me to be eligible for tier 500, which I should be tiered up to any day.
- Once again consistency is key to growth, I did not miss a day in June where I did not fill all available slots.
- The Merch Hunter tool from merchinformer has changed how I conduct my research and is almost the only tool I currently use.
- Once again a big shout out to the Merch Masterminds slack group which keeps me motivated every day.
- The best thing I have done this month and would highly recommend to anyone in the same position is continue to create shirts every day while waiting to be tiered up.
Focus for August
- Tier up to 500 slots and fill a minimum of 200 of them, bringing me to a total of 300 filled slots by the end of the month.
- If I have any available slots open on any given day, my goal will be to fill them.
- Increase net profit by 25% (how quickly I get tiered up will directly affect this)
- Dependant on time I would like to begin automating an Instagram page to gain followers, I will be creating a new write up on this over the coming weeks.
- Outsource designs if I ever find that I am consistently not filling my slots each day
Long-term Goals / Thoughts
- Last month one of my long-term goals was to hit $1000 in royalties by December 2017, from my success this month I am going to change the target month from December to the end of September.
- Currently, I still have the time to create ten shirts per day, and I am now not looking to outsource.
- Diversify my online income from a single source (MBA) to multiple, once again I’ll be created a blog post about this in the coming weeks.
- With Q4 coming up quickly I need to have some goals set in stone to position myself to take advantage of the holiday season.