Summer is almost here and instead of enjoying long, lazy days, I plan on kicking my Amazon FBA business into high gear. I have a renewed enthusiasm to bring my business up a few notches since I’m quitting my day job next month. In other words, I have to increase my profits so I don’t have to go back to work.
Here’s what I’ll be working on this summer:
Removing Old Inventory to Avoid Long-Term Storage Fees
On August 15, Amazon will be accessing their short and long-term storage fees. Items that have been at the Amazon FBA Fullmillment Centers between 6 and 12 months will be charged $11.25 per cubic foot and items that have been stored for 12 months or more will be charged $22.50 per cubic foot. For more information on the long term storage fees, please visit Amazon’s Long-Term Storage page.
Since this will be my first time dealing with 12 month storage fees, I really don’t know what to expect and I don’t want a huge storage bill. I have already reduced prices on my older items and if they don’t sell by mid-July, I’ll either have them returned to me or disposed of.
To view your older items, just run an inventory report and sort your active listings by date:
Then for the older items, decide if you want to lower prices, have the unit(s) returned back to you or disposed of.
Learning a New Category – Toys
Toys R Us and the toy section in any store have always overwhelmed me because I know nothing about toys. I don’t have any young kids at home and I rarely watch tv or movies to know which characters are popular. So, I bought the Making BIG Profits with Toys Outside of Q4 course by Beth Maus and joined the coaching group that she runs with her son Seth. I figure this will give me a good head start going into Q4 as the coaching group will run through August 31.
Watching Movies – The Fun Activity!
It’s not going to be all work though. I plan on taking time to watch movies. I’m very excited to watch the new Minions Movie in July and to catch up on all of the newer Star Wars shows that I missed. Anyway, here’s an article that you can read about Amazon’s new Minions Movie boxes!
Learning Another New Category – Automotive
On June 2, I was approved for Automotive! I did this all on my own and this opens up a whole new category for me to explore. I’m very excited to hit the automotive sections of all of the stores to see what I can find. I’ve worked in the automotive field for 16 years so searching for automotive parts and supplies is a lot less overwhelming for me than searching for toys.
For the approval, I had to supply pictures that represent the products that I intend to sell. Below is one of my auto approval images:
I took the picture at Walmart and then came home and changed the background to white using Photoshop Elements. In this post, I show you how to get that white background.
Making Bundles of School Supplies
School will be starting up again before we know it and kids will need school supplies! I bought the Back to School Season course a year ago but really didn’t do too much with it back then. I found that the price points for many school supplies were low and it would not have been profitable to send in individual items. For example, sending in a box of pencils or a spiral notebook wouldn’t be profitable after fees.
Making school supplies bundles makes more financial sense but last June, I didn’t know how to do bundles. I do now and I just sent in a my 2nd bundle. This summer I’ll make up a few Back to School bundles and I’m really excited to do that.
Here are a few bundling guides and if you have any questions about them, please ask me as I read all three of them.
Amazon Bundles – Basic and Advanced Strategies – by Debra Conrad
Though bookkeeping won’t be my main focus this summer, I brought it up because I spent a good amount of time setting up my bookkeeping system last summer. If you haven’t set yours up, I recommend getting it done this summer.
This is a great time to start because you’ll have just half a years worth of past transactions to enter and you won’t have the stress of an April 15 deadline closing in on you.
Getting started is easy – you can take a bookkeeping class, talk to your Accountant or even ask me! I use QuickBooks Online Simple Start and am happy to answer any questions about it.
If you want to go with GoDaddy, then take a look at Jessica Larrew’s new GoDaddy Bookkeeping Tutorial. I have watched it and will post a review in late August, 2015!
Tell Me About Your Summer
Now that you know what my summer plans are, tell me yours! As always, leave me a comment below or on my Facebook page.