January 2017 Update + Income Report

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January is typically considered to be one the slowest month’s of the year for sales as people tighten up their wallets from all the Christmas spending they had done.

This month, I also faced the challenge of having the biggest number of customer service issues I’ve ever had to deal with since starting my eBay business just 2 years ago.

Despite having said all that I still managed to have my 2nd best month EVER while still only working about 4 hours a week.

Read on as I share this past month’s happenings!

January Update

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Happy 2017, everyone! A friendly reminder that it’s time to #THINKBIG this year!

I used January as a time to begin really hunkering down and preparing my focus on my business and projects because I plan to take a 3 to 4 week short tour to Southeast Asia in May!

It’s been over 10 years since I’ve had the opportunity to take some time off for myself and I am extremely overjoyed to take you guys along with me for the ride this year. I’ll be documenting and sharing my journey with a new VLOG that I’ll be starting soon, so be sure to give my YouTube channel a follow! Thanks in advance!

My Biggest Sale Ever

On Instagram (@shglbmx), I recently posted this screenshot documenting my biggest sale so far in my eBay business. I was freakin’ jacked out of my mind that morning!:

 

In total, I made $750+ for something that was done back in August!

Now I’ll admit, these kind of sales don’t come often (as you’ll notice in my income report below), but when they do, BOY, do they feel good! I went from having an okay month to reaching my second best profiting month ever because of it! Can’t ask for much more than that.

The Customer is Always Right

One challenge I seem to face every year around this month, though, is the higher expected number of returns from the holiday sales. A good lesson I learned from one of my Mastermind partners, Joanne Bhaloo, is that customer service is everything.

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From 375 feedback to 407 this month and up to 99.6% rating!

Always handling it with the customer in mind shows that you genuinely understand where they are coming from and can relate to their frustration (regardless if you actually feel that way or not).

 

One example I wanted to share was for an item I had sold to a customer that arrived with a little bit of damage.

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When my customer initially opened the package for inspection, they noticed that there was a paint chip on the rear of the unit. Poor mishandling!

I could’ve easily just blamed the carrier and did nothing about it, but at the risk of receiving a negative feedback (which you do NOT WANT in this business), I decided instead to comply, apologize for the inconvenience, and accept the return. A few days later, the buyer contacts me again and decides instead that he would be okay with a partial refund instead since the damage was so minimal. We agreed on a 15% refund and the case was closed.

The best part? The customer still left me positive feedback after the transaction.

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Customer service is key to building a successful eBay Dropshipping Business! LOVE getting feedback like this!

 

Always keep your customer in mind, first! The couple of dollars I lost on a 15% refund is nothing compared to the amount I can potentially earn (and have earned) in the long run.

Thrifty New Friends

This past month, one of my mentors, Gary Vaynerchuck, created a video called the #2017flipchallenge and I think that’s what sparked a lot of interest in me about people who resold bargained or discounted goods.

I was able to mentally connect with the hustle that some of these resellers were exhibiting. I find it simply amazing and reminds me every day to continue to push hard, hustle, and grind.

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Thrifters are awesome! So much hustle! | Photo Credit: SparkLife

As my good friend Harry Kong of Nitto Tire mentioned in a previous interview article, networking is everything! Quick shout out to some of the few new friends I made. Make sure to follow them on Instagram if you are interested in doing something similar. They’re all awesome, knowledgeable individuals and are killing it!

@feelgoodfindz, @reezyresells, @secondhand_swagger, @lawschoolthrifter, @ryanrootsinc, @igclosetofdesign

Now, let’s see how that customer service and increased feedback score has paid off! On to the income report.

Income Report

Income from eBay

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After having a slow start to the month, about halfway through, business picked up with a massive spike on January 28th. If I hadn’t made that huge sale compared to the others, this graph would look a lot less skewed (though I’m not complaining, that’s for sure!).

This month, my eBay store performed a little worse than average with only $9,973.81 in sales and lots of returns, however the profit margins I made this month have been 10-15% higher than your every day eBay dropshipper and the next few months should be interesting as I plan to open up at least 2 additional stores this year to take advantage of the techniques I’ve learned.

Total January Sales: $9,973.81

Total eBay Profit: $2,587.57

If you’d like to learn more about how you can start this same business for yourself, be sure to check out David Vu’s Udemy Course on eBay Drop Shipping with No Inventory. I have also started doing private coaching for this business which you can read more about here.

Income from Cashback

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So aside from TopCashBack still being one of my favorite cashback websites of all time because of their high percentages (5% at Lowes), my new winner is now GivingAssistant.org who offers a whopping 10% cashback at Bed Bath & Beyond!

TopCashBack $122.71
Ebates $0.44
Splender $21.07
GivingAssistant $35.06

Total Cashback Profit: $179.28

 

If you haven’t started using cashback yet, be sure to check out my article on how I made $2000 shopping online. Why not get paid for something you’re already doing anyway?

Misc. Affiliate Income

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I spent alot of my time refining my website and working on downloadable content this month so I could bring more value to my readers. Actively seeking out affiliate income opportunities went on the backburner but I still managed to follow up with some people regarding my business. A few of them even got started!

Total Misc. Affiliate Profit: $22.28

If you’re an Amazon shopper and would like to help me earn some commission (at no additional cost to you), bookmark this link and click it before placing your order. If you did this for me, be sure to let me know so I can personally thank you!

Oh, and if you haven’t already signed up for Amazon Prime, get it! Free unlimited 2-Day shipping is freakin’ awesome!

Try Amazon Prime 30-Day Free Trial
Shop Amazon – Give the Gift of Amazon Prime

Income Breakdown

january-2017-income-breakdown.png*increase of $530.10 from last month

 

Monthly Goals

In February, I want to reach 6500 listings and set another goal of at least $2500 in profit for myself. I’ll also be doing another dropshipping post over at edropshipempire.com in the next week or two, so stay tuned!

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Reading the book that changed my life! 4 Hour Work Week by Timothy Ferriss. Win a FREE copy by signing up for our exclusive Newsletter!

I’m excited and look forward to seeing how the future of my shapes out to be and hope to share more of this journey with you. 2017 is going to be an amazing year.

How do you plan to start it off with a bang? Be sure to leave a comment below, share this post, and share your thoughts!

Love you all!

Follow me on Instagram: @shglbmx

Folllow me on Twitter: @shglbmx

Like my Facebook Page: SHGLBMX.com

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4 thoughts on “January 2017 Update + Income Report

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