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.
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…
Our fulfillment costs range from 25%-35% of our asking prices.
The total revenue generated, including refunds and chargebacks for February was…
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…
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…
February 2018 Net Profit
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,
If you’re not kept in the loop via our #Bizathon definitely sign up today.
P.P.S. Click here for Episode 27!