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In this thread I will log my process in taking my e-commerce business and brand to 500k in sales.
I turned in my two week notice earlier this week.
Before I log, this is how far I am now:
I found my product in November of last year, pulled the trigger. First inventory landed 12/31/2015. I sent it into amazon FBA and made my first sale 1/9/2016.
The niche is also a hobby of mine so I plan to build a brand from this using amazon as the launchpad.
My first batch of around 300 sold out pretty quick... My daily sales were about 10-15 a day after about two weeks. (This was super exciting to me because I expected to struggle to hit 10/day)
I ordered another 500. It seems I can't keep up with the demand.
I had an average of 20-30 sales a day with this new batch. Peaked at around 45/day @ $35.
Since this item comes in variants, the sales are slowing down as I am already selling out of my more popular variants. I set my PPC @ $45/day and never touched it since my last batch.
I went to a expo in late January and was able to get a short feature in a youtuber's vlog. He has about 40k subscribers. I spoke to him on snapchat and he was responsive, so I told him if I see him I will give him some free stuff.
Margins are good I get 45%-55% (depending on my promotional pricing)
Since I am 22 years old my credit is not that good to have a good line of credit for purchasing, but my older cousin gave me a loan of $5k to buy inventory. Combined this with the money I earned so far from my initial 2 shipments, I have 2000 more units coming. Which should get me 80k in sales. Since amazon takes $10 per sale from me, I would be getting 60k in cashflow to buy even more inventory.
This is I am doing so far. It seems I can continue to keep growing my sales. Last thursday I hit a record of $800/day followed by 1.5k/day the next day. Not quite sure what happened after that my average was 800-1.1k a day until I ran out of inventory yesterday.
With my main competitor doing about 100k in sales per month with just this one item, I believe I can rival that while expanding my product line. 500k this year is possible, if I can get consistent 1k a day in sales with item item (80/20 rule) while adding more skus.
Confident I can bringing the average sales per day of this one listing higher so I can get consistent 1k in sales per day, because once this new shipment of inventory lands, I will be offering more variants than my competitors.
On my listing I see that my item is frequently bought with another item that my competitor sells in the niche. I placed an order and will have my branding on this item.
My plans is to become an established brand on Amazon under this niche and build my own platform so all my eggs won't be in one basket.
I turned in my two week notice earlier this week.
Before I log, this is how far I am now:
I found my product in November of last year, pulled the trigger. First inventory landed 12/31/2015. I sent it into amazon FBA and made my first sale 1/9/2016.
The niche is also a hobby of mine so I plan to build a brand from this using amazon as the launchpad.
My first batch of around 300 sold out pretty quick... My daily sales were about 10-15 a day after about two weeks. (This was super exciting to me because I expected to struggle to hit 10/day)
I ordered another 500. It seems I can't keep up with the demand.
I had an average of 20-30 sales a day with this new batch. Peaked at around 45/day @ $35.
Since this item comes in variants, the sales are slowing down as I am already selling out of my more popular variants. I set my PPC @ $45/day and never touched it since my last batch.
I went to a expo in late January and was able to get a short feature in a youtuber's vlog. He has about 40k subscribers. I spoke to him on snapchat and he was responsive, so I told him if I see him I will give him some free stuff.
Margins are good I get 45%-55% (depending on my promotional pricing)
Since I am 22 years old my credit is not that good to have a good line of credit for purchasing, but my older cousin gave me a loan of $5k to buy inventory. Combined this with the money I earned so far from my initial 2 shipments, I have 2000 more units coming. Which should get me 80k in sales. Since amazon takes $10 per sale from me, I would be getting 60k in cashflow to buy even more inventory.
This is I am doing so far. It seems I can continue to keep growing my sales. Last thursday I hit a record of $800/day followed by 1.5k/day the next day. Not quite sure what happened after that my average was 800-1.1k a day until I ran out of inventory yesterday.
With my main competitor doing about 100k in sales per month with just this one item, I believe I can rival that while expanding my product line. 500k this year is possible, if I can get consistent 1k a day in sales with item item (80/20 rule) while adding more skus.
Confident I can bringing the average sales per day of this one listing higher so I can get consistent 1k in sales per day, because once this new shipment of inventory lands, I will be offering more variants than my competitors.
On my listing I see that my item is frequently bought with another item that my competitor sells in the niche. I placed an order and will have my branding on this item.
My plans is to become an established brand on Amazon under this niche and build my own platform so all my eggs won't be in one basket.
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