It’s been almost two months since my last blog post. I wish I could be more active on the blog right now, but the reality is that I kicked off 2018 with a really hard push in all my businesses. Right now, I simply don’t have enough hours and energy in a day to give much time to the blog.
The Amazon Sharks program started with a boom and sold out within few hours of opening. I’m still adding and tweaking final material for the course, so that is obviously occupying a lot of my time, not to mention answering questions that my new program members send me every day.
As a side note: if you missed the launch and did not get into the first group, Amazon Sharks will reopen on 22nd March and there are currently 30+ places available! To avoid any disappointment, you can now book your place in advance by signing up and paying a £99 deposit. This GUARANTEES you a place in the program when doors reopen in March.
Due to many requests, I will also be introducing a new payment option on March 22nd that allows joining members the option to pay in full and gain access to ALL program videos from day one, meaning you don’t have to wait for each new module on a weekly basis. The weekly payment plan will still be available, so you have the choice of the payment and pace that suits you.
My plan is to publish a monthly update on how this business is doing. This will help keep me accountable to my goal of reaching £30k+ per month with this business by the end of 2018. I also think it would be interesting and valuable for others to be able to follow my progress and see how I am doing.
Seeing the January sales numbers, I may need to re-evaluate my plan!
I might actually need to increase that target to keep this race competitive enough:
In January 2018, I did £24,119.08 in sales—which is AMAZING!
I was actually very surprised that this business did so well in January! The beginning of the year (January/February) is usually the slowest time for eCommerce businesses, and my other businesses are proof of that—sales there are quite slow in January. (more…)
We’re just days away from Christmas and I’m sure many of you are already in a festive mood and don’t want to think much about business right now. But it’s also the end of the year very soon and from my experience, I know that lots of people will have set themselves a goal of starting an online business in 2018 so I think it’s the perfect time to give you more information on my up-coming Amazon Sharks course which will be released in January, so you know exactly what to expect from it.
But I want to start off with an update on my latest Amazon venture which I started earlier this year, in September to be precise. I already covered the first month’s results in a separate video where I also shared some very valuable information on how to start a profitable Amazon private label business.
If you haven’t seen that video yet, please go to my blog – AndrewMinalto.com and sign-up for free & you’ll be given instant access. This will also subscribe you to my blog’s newsletter so you don’t miss out on any future posts and videos.
OK, going back to my new business – in short – it’s been an impressive start! I’m very happy with the results I have achieved so far and very excited to see what 2018 will bring as I’ve really only scratched the surface with this so far.
Let’s log in to my Amazon account and check some sales numbers – as you can see – I started selling on 8th September, there are no sales prior to that as this is a brand new account and business.
There’s a steady growth in sales month over month but last month has been exceptionally impressive! Mainly due to Christmas shopping of course, as I do sell a product which is in high demand during the holiday season. There will be a drop in sales for sure once Christmas shopping ends OR when I run out of stock – whichever comes first! 🙂 (more…)
The story is about a seasonal product I launched for this year’s Halloween. Usually I’m very sceptical about seasonal products as they are risky to deal with – especially if the product only sells for a few weeks or one month max every year – like with Halloween, Christmas, Easter and similar occasions. The reason why such products are so risky is simple – you can never really accurately predict how much inventory you need as you don’t know how many units you’ll sell in that short period of time.
If you under-stock, you’ll run out of stock way too early and miss out on profit and when you over-stock and can’t sell everything, you freeze your money in dead stock for a whole year, until you can sell the item again next season.
Knowing all this, I still wanted to give it a try, mainly because I saw that there’s basically no competition for that product on Amazon – so I thought – easy money, right!?
No one sells that product on Amazon and in my opinion, the product is great and should be quite popular.
But it’s that demand analysis that let me down. As I did not have any Jungle Scout data for the previous year, I had to guess the potential demand. I did check sales on eBay via Terapeak for last season but the specific product type doesn’t really sell on eBay that much and sales data was very low and not reliable (I compared it to similar products).
Obviously I did check Google Trends and as you can see from the graphic below – it seemed like a no brainer! Massive demand in November every year. Well, at least search numbers were good but as it turned out, that doesn’t always correlate directly with sales.
Taking all this into consideration, I decided to “bet” a £1000 – getting 500 units into Amazon FBA, costing me just under £2 each. My net profit after VAT and Amazon fees was planned at around £5, selling the product for £11.99.
So not bad at all! If I sold all 500 units, I would make £2500 NET profit – so I decided it was a risk well worth taking. Plan B was if I “only” sold 300 units, that would still cover the cost of all units (£1000) and leave me with a profit of £500 PLUS 200 more units I could sell next year. (more…)