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The July 2021 Book Flipping Profit & Loss Report
Preparation for busy season is in full swing...
This is my seventh P&L for Book Flipping, read the previous one here.
In July I had the following:
Total Sales: $7,585.44
Books Sold: 74
Total Profit: $2,468
Hours Worked: ~12-15
Average Profit Per Book: ~$33
2021 Total Sales: $67,709.66
2021 Books Sold: 858
2021 Total Profit: $24,620
2021 Profit Margin: 36.3%
It’s wild how similar July was to June, nearly the same amount of revenue, books sold, and overall profit.
The main thing that changed was the amount of time I spent working on my book business.
I spent double the amount of time because I spent a lot of the month looking for books that spike in late August or early September.
When busy season comes, you broaden your horizons a bit.
Like I’ve mentioned several times in the group and on YouTube, you can buy books in July that won’t make any profit right away, but have historically spiked in price by 200-400% every year.
I do not know how many books I had in Amazon’s inventory in June, but my guess is that I easily doubled that total.
My total inventory quantity is now sitting at 253.
I am happy with this but every year I tell myself I’m gonna go really big and I never do.
Next year I’m going all in. I should have a lot of things that were on my plate this year taken care of.
That will allow me to hit 500+ books in inventory with ease.
One year of buying books in July and then toys prior to the holidays can change someone’s life.
You can take $5000, buy books prior to that busy season spike, and head into late September with $15,000 – $20,000.
That money can then be invested in toys that are likely to go out of stock in the fourth quarter of the year and you can head into the new year with $50,000+.
Think of how that might look after doing it a few years in a row and you’ll understand why I talk about it so much.
Next month’s P&L will look much different.
I have already eclipsed $4,000 in revenue for books in August.
If you would like to learn how to flip books like this, I encourage you to grab a copy of my book flipping guide here if you haven't already.
I also share a bunch of information about side hustles like this on my YouTube channel.