Today’s post will be a little bit different, as it is a guest post from my friend Jonathan Gosz. He is selling online (mainly using Fulfillment by Amazon) while working a full time job that requires at least 40 hours per week of his time. Jonathan started selling online within the past year, and will be sharing his results from 1st quarter 2014 today. Here is his post:
Hey everybody! Jonathan Gosz back here with an update. If you missed my first post check it out HERE.
I will be going over a brief summary of what the past 3 months have been like for me continuing to sell online on a part-time basis.
So as Ryan says, let’s get right to the numbers.
This screen shot show my sales from January 1st through March 31st.
January – $3,603
February – $7,114
March – $7,520
April – on track to be a little over $8,000 in sales
Over these 3 months I have made about $6,500 in profit. I have also been a few hundred dollars positive in cash flow each month, with the majority of the profits being reinvested in more inventory.
As you can see my numbers have grown a lot from January to February and March. This is mainly due to me taking quite a bit of time of in late December and early January to focus on my day job and spend time with my family.
Over the last 75 days I have been averaging about 15-20 hours per week working on selling online. This is a little higher than in 2013 because I decided that I wanted to start growing my business by between 5-10% month over month and that is currently my main focus.
I wanted to share a couple of tips that I have learned over my last 3 months selling online.
#1 – Business supplies
I recently purchased a refurbished Zebra LP2844 ($100) thermal printer, a Dymo Label Writer 450 ($90) and a KDC300 ($200) barcode scanner. Total cost of about $390 in supplies, but well worth it if you ask me. The two printers are worth much more than their value plainly because they save time. Time is the MOST VALUABLE asset as a part-time seller in my opinion. Time is my main limitation and supplies that allow me to gain more time are extremely valuable. For more information on the barcode scanners feel free to read the post HERE from Ryan.
#2 – Credit Cards
Now a lot of people will argue with me on this one but I encourage everyone to have a credit card or four that have a decently large limit with rewards. The main reason for this is getting either 5% rotating category rewards or 1.5% cash back all the time add margin. In a world where margins are everything this adds more. Also it gives you the ability to scale at a rate you may not be able to with cash only. Now I don’t suggest you start maxing out credit cards, you still have to be careful and smart with them, I pay mine off in full every month. But they allowed me to scale in ways I wouldn’t have been able to with cash.
The main reason I wanted to do a follow-up post was to show everyone that if you are willing to put in the effort and the time the results will follow. Currently I am on pace to do $2500 a month in profit for the next month or two and the goal is to increase that by few hundred dollars per month until Q4 where I plan to get really crazy!
Well that’s it for me, thanks for taking the time to read, if you have any questions or comments feel free to leave them below and I will get back to you as soon as I can, until then, keep up the hustle!
Thank you to Jonathan for sharing how the past 3 months turned out for him, as well as for sharing the tips. If you have any questions please let him know in the comments. Make sure to subscribe using the button below so you don’t miss out on future posts!