April 2017 Review

Quick Summary:

  • Flower Business Sales Target $10,000 US Sales – Not Met
  • Flower Business Minimum $5000 US Sales – Surpassed
  • New Partnership Made – Pressed Flowers
  • New Products Added – Flower Designs
  • Finally Started to Use My New MacBook

I thought it would be a good idea for me to review how well my month goes, so that I can come back and see how I do each month and try to to even better in the future.

  • Flower Business Sales Target $10,000 – Not Met

So as mentioned in other blog posts, February and March were great months because we did a lot better than expected. So I thought April was going to follow the trend. And for every month, I have a target goal of revenue I have to generate. I set my targets for March, April, and May in February. And I got a higher than expected amount of sales in February and March, but in April, I actually missed the mark.

So let me give you some numbers. So the minimum amount of sales I need to get a month to pay all the bills and have a little extra saving money is $5000 US in sales. If I can make at least $5000 US in sales a month, my wife and I can pay the bills and get by, but not totally live comfortably, and definitely not enough to create much wealth. Obviously my goal for each month is much higher than this amount.

*As mentioned before, I can’t share all of my numbers out of respect for my wife, but I always try to give you an idea.

So I automatically thought that I would have similar numbers, but not as high, because April didn’t have special days where people usually buy people flowers, so I thought we could make $10,000 in sales. However, things looked pretty bad the first few days of the month. We didn’t get that many sales and at the rate we were going, it looked as if reaching our minimum was going to be a challenge. Honestly, the first few days were pretty difficult to get through. We didn’t have that many pre-orders and we were hoping for same day orders to come in. That’s the thing with a business where you rely on sales. You never know how many sales you will get in a day. I guess after some time, you can kind of get a good idea of how many sales you will get, but we’ve been in this business just over a year, and it’s only has been about 4 months since opening up our brick and mortar shop.

It was really easy to know how much money we would be receiving when I was operating my English gyosoposo in Seoul after a year, but at the same time, it’s only been about a year in my flower business, so I got to take it easy on myself. And even though I know that it can take more than a year for a business to settle, it is never easy going through the process. So if you consider the fact that I can potentially make 0 sales in a day or even in a month, running a Hagwon can be “safer”, or any business that allows you to collect reoccurring fees. But at the same time, I have been able to make more money in one day in my Flower Business than I have in a whole month in my English Hagwon business. And I was making anywhere from the 7 million won – 9 million won a month from my Gyosoopso business alone and keeping 5 million – 7 million of that money monthly. So this gives you an idea of how much money you could make in a day when you sell things. And one more important thing I want to stress is that, it is important to keep track of how much money you keep. Because if you make 10 million won a month, but have 9 million won in expenses, you’re only really making 1 million won a month.

  • Flower Business Minimum $5000 – Surpassed

However, the good thing was that things started to pick up by the second week and we were able to sell more than $5000 US in April. So it turned out to be alright, but nothing spectacular of course. I honestly knew by the end of the first week that we were going to make more than our minimum amount. I can estimate how much we will make in the month almost after a week or so because I can see the trends. And most importantly, I check my analytics daily, so I can see the patterns and kind of estimate how much we will be making for the month. I also check my analytics to see where most of the traffic we get comes from. And most of the traffic we get is from organic google searches, meaning, people just find us on normal google searches and not from paid ads.

  • New Partnership Made – Pressed Flowers

Another important event that occurred was my new partnership with a Pressed Flower company. The man who owns the company has been in this pressed flower industry for close to 20 years. He just randomly walked into my store a few months back and handed me a business card. He then contacted me in the month of April and I visited his place. I honestly went out of courtesy, but it turned out to be a good decision. He was so intrigued by the fact that more than 90% of my sales are from outside of Korea, with the majority of them being from the US. He told me that he hasn’t had any of his products shipped outside of South East Asia, so after our discussion, I ended up partnering up with him. I am going to come up with some new products with him and he is going to pretty much act as my manufacturer. And the best news is that I have already sold some of the product that we have collaborated on, which is a gift set of handmade Real Flower Soju Glasses.

  • New Products Added – Flower Designs

I am continually adding new products to our online store. The best thing with the new flower designs is that I don’t really invest any money when coming up with new products. The products that I upload are usually special requests made by customers. When I first launched FlowerGiftKorea.com, it probably had less than 30 products. Now, there are 150+, with almost all of the flower designs being created and paid for by my clients! So though it is a little more work making custom bouquets and flower baskets, it is a win-win for my business and for the customer.

  • Finally Started to Use My New MacBook

So I got my wife encouraged me to buy a new MacBook because I was complaining so much about how little space I had on it. I have a MacBook Air, which I bought in like 2002 probably. And I was constantly deleting things to make space for photos that I had to upload to my online store. So it was time consuming and not very efficient. So after having an amazing sales month in February, my wife told me to get a new computer. And she has been telling me to do this for awhile, but I didn’t feel like it was a good investment of our money at the time. But in February, I was like, okay! And I got a new nice MacBook. But I didn’t start using it till April because I was so used to using my old MacBook Air. So yeah, it may not seem important, but now I am able to be more efficient with my time and I no longer have to carry a MacBook everywhere I go, since I have one at my workplace and one at home now. And I’m truly thankful for that.

So that was April in a nutshell. There were probably other things I missed and I’m sure my next month’s review will be better than this one.

 

author

Tony Teacher

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