Welcome back!
Today we’ll be covering our February 2018 Income Report!
If you’re already familiar with Flying Start Online, you know that for the past several months we’ve focused on our Shopify Dropshipping Store.
That said, this income report is reflective of just that – CommonPanda.
Enjoy the video as Rito covers profits and losses for February:
We intend to make our monthly income report a regular thing.
Rito has many digital assets ranging from Software to Membership Websites.
But these reports will focus solely on our CommonPanda Shopify Store.
The best part is, you watched us build this store from scratch.
If you’re new around here, This Is How We Did It.
Believe it or not, people are actually surprised by our honesty and transparency.
We’re keeping the trend going and with the hopes of inspiring.
Here’s our February 2018 Income Report…
February 2018 started off great for us.
However, with the Chinese New Year, multiple winning product suppliers took up to 3 weeks off to celebrate.
These sabbaticals very much affected our numbers for this month.
We’re expecting things to continue trending up for March.
Fulfillment Costs
For the sake of this video, we’ll assume the fulfillment costs were 33% or 1/3 of our generated revenue.
So fulfillment costs from February 1 to February 28 were…
$7,204.43
Our fulfillment costs range from 25%-35% of our asking prices.
Revenue
The total revenue generated, including refunds and chargebacks for February was…
$21,613.29!!
We didn’t have any chargebacks this month, and only issued a handful of refunds.
This number ($21,613.29) represents the Gross revenue generated.
From February 1 – February 28, we processed 448 orders.
You’ll notice a substantial drop in revenue on February 15.
We went from averaging $2k+ per day to about $30 dollars.
This is because we had to pause nearly all of our winning product ads until we could reconnect with our Chinese suppliers who left for an extended holiday.
Total Ad Spend
From February 1 to February 28 we spent a total of…
$3,912.59
You’ll notice the spend and website purchases nose dive about the same time as our revenue due to the Chinese New Year.
We also spent some money on our Adwords Display Retargeting…
$239.81
February 2018 Net Profit
$10,256.46
This is quite good considering our store (CommonPanda) is public, often copied, and faces immense competition with our winning products.
But that’s all fine and dandy so long as we are still able to inspire and help people, while still turning a profit ourselves.
While we also have some auxiliary monthly expenses such as a Virtual Assistant and Customer Service Representative, they don’t cost much or significantly impact our net profits.
If you’d like to build your own successful Shopify store, check out our 6-Step Shopify Webinar.
We’ve removed all the risk for you, so don’t procrastinate.
Get started today.
That’ll do it for Episode 26 – Great work!
Questions, comments or just want to say hi?
We love hearing from you in the comments below!
Success by choice, not by chance,
-David Aston
P.S.
If you’re not kept in the loop via our #Bizathon definitely sign up today.
P.P.S. Click here for Episode 27!
good
great
Kudos to your achievements and the well deserved rewards for the hard work. Just a quick question though, Being a master in attracting people like crazy to your content and achieving such a level of understanding of target audience’s psychology, How come FB page of flying start online has 3k followers where as the number of peole making purchases at your store at a daily basis is almost twice that. Why such a huge discrepancy? I am admirer of hard work and this is a genuine query I have for you.
Hoping to hear from you soon.
Answered this in the same comment in another post.
why r u focusing in one product line, not on another kind of products.
I stick with what’s working. There’s a lot of potential in just one hit product line
How to Activate the Shopify Store?? Well, I’m Trying to activate it with my debit card but its is not activating!
Please contact Shopify support team
Hey rito i need to talk to you man on the phone i have problem please
You can book a call here: https://app.acuityscheduling.com/schedule.php?owner=14025697
Hi Rito,
1.Your website commonpanda.com is not accessible.
2. I have been learning a lot from your Bizathon series about dropshipping. They are pretty good. I also wanted to know that do we need to have any agreement with the manufacturers on Ali pay express ?
I’ve blocked it in India. You don’t need any agreements with AE suppliers
Nice information sir
Glad you liked it
Thanks Suman
Rito, I want to ask that how to verify from 2checkout? I started a shopify store but 2checkout did not verify. In my country paypal do not work. I am from Pakistan. I saw your many videos. Tell me how do?
By showing you’re a legitimate business.
What are your views on etsy.com for dropshipping.
I know there we can sell handmade and vintage products, Still there are products on Ali express which are handmade(less but they exist). Is it a right decision or I am going to have any problems or if you can suggest me another idea! But I want to do that as a first mover + fast mover.
That’s a great idea. Try it out
I am from Rajasthan, need to ask one thing… that in dropshipping when we buy & sell products outside India only, then to remit the income from Paypal to our bank, how to show source of this income to bank / Indian authorities… I mean can we show it as ‘trading income’ or we’ll have to show it as a commission income. In either case, would we have to file nil GST…?
Hello Rito, thank you so much for your youtube bizathon videos on setting up a shopify store.
I have been able to set up my store. I currently have difficulty making sales despite targeted facebook ads. I would like if you could review my store with me and work me through to make my first sale and getting amazing results.
If am able to make my first sale and beyond, it would not only make my day, it would make my decade.
Thank you
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