Income Report : August 2020

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This month my gross pretty much doubled. But there has been a decline in the number of sales towards the end of the month.

The conversion rate has also dipped a little, so this is something I’ll need to keep my eye on.

For both July and August I spent $30 on platform ads. I’m going to start a second store this month and not use any ads at all to see if this makes a difference.

After the cost of production, here are my numbers for August 2020 :

Gross Earnings : $1,854.41

Etsy Fees : $231.94

Printful : $43.64

Printify : $1,237.32

NET EARNINGS : $341.51

I’m earning $5 – $10 per sale at this rate. I think its great that this is turning a profit.

With margins this small, its not really worth it for me to run any paid traffic to these listings. I have the shirts priced at approx. $25 as well as the mugs. The face masks are priced from $15 to $20. As far as pricing goes, I won’t be able to increase my net profits by raising my prices any higher. I can’t compete with faster shipping as I’m relying on production from the fulfillment centers.

Partner 2 offers a premium plan where they charge you $29/mo. for discounts on their catalog. This discounts works out to be around 20% production (not including shipping). I’m going to wait until mid September to decide, but I might sign up for this program which would result in a 2-3% increase in my margins.

You know what the worst part is? I’m having so much fun designing these products. Too much fun if I’m being honest. I got a little carried away with the number of designs I made this month. I should be testing and scaling the products that are performing well, but I’m creating designs like a crazy person – 120 to be exact. To be fair, some of the new listings were masks and mugs that were performing well as shirts so I didn’t get TOO carried away.

Next month I”m going to continue to add a few listings – only the listings that are making a profit. I’ll also research new partners for better pricing and consider the premium plan.

Right now I’m selling shirts, masks and mugs. The mugs seem to have the best margins so next month, I’ll also add more mug listings. In addition, I might explore the shower curtains and canvas prints which sell at higher price points.

See you next month!

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