I mentioned in April’s review that WASP Bag sales had started to slow down. A trend that certainly continued into May – it was a slooooow month. Revenue wise it was the worst month since October 2010 which was disappointing. You can see that even though the unit volumes were similar to November 2010 and February 2011, overall revenue was less. Continued redemption of Scoopon vouchers bought the average revenue per unit down, resulting in a low overall revenue for the month. There should be future benefit from cross selling, referrals etc, however in the short term it hurts:
The Awesome Stuff
Looking back on April, there was some good stuff that happened. I think I’ve finally managed to pull myself out of the little rut I was in and am feeling like there’s some momentum coming back.
Most importantly, I used the quiet period to work out where I need to take WASP Bags. I now have a plan! It’s a daunting, scary, ambitious plan – but aren’t they the best kinds of plans!?!? I’m still finessing it, starting to get other people’s input, and working out how to do it – I’m not letting that hold me back though and have started implementing things. I also spent time thinking about the whole 7 years to financial freedom goal and how I can do that. A lot has changed in the economy etc since I first planned out how to do that so I’m thinking of other ways to achieve that goal. I’ll share more details on both plans in subsequent posts.
Speaking of this blog, I managed to get a few more posts out in May! The trick of writing a few in one go and publishing them over time was a great way to keep the content coming without having to think about it all through the month. Will definitely keep up this approach.
To summarise, May was a month spent more focussed on me, my goals, plans and general wellbeing/balance, all that feel good stuff!
The Tough Stuff
Obviously, the slow WASP Bags month was tough. I tend to get anxious when there are slow patches without many/any sales. The weather turning absolutely arctic in most of the country obviously doesn’t help – and neither does the gap in marketing initiatives. A couple of opportunities also fell through too which sucks.
Working out where I want to take WASP Bags and how to achieve the 7 years to financial freedom goal has been difficult, but energising as well.
Probably haven’t been as disciplined as I would like either – but I think this has been an important part of re-energising as well. When you’re in a rut and lacking motivation, getting moving is tough. Fortunately I’m moving again – bring it on.
Oh, the other challenge was having this blog temporarily suspended by WordPress – oops! Turns out I had a link in a post that breached their terms and conditions. Don’t know exactly which link, but it’s up and running again (obviously) so I’ll just have to be more careful going forward.
The Month Ahead
Well, this one is exciting now as I have a clear plan and list of tasks to get done! Ah, direction, welcome back:
- Setting up some basic systems to track opportunities for WASP Bags. In particular, events and organisations I can get involved with, as well as a media/industry contact list.
- Get more traction in SEO. Working with the SEO folks to work out what else needs to happen to get to number one (setting a high goal). Will also write two articles for seeding on the website and interweb to help with search rankings.
- Place an order for more stock – yes, the first order of WASP Bags stock is nearly gone! Actually quite cool. Am going to work out a few product enhancements, and also bring in a new product! Exciting. No idea where I’m going to get the cash from as yet, but I’m sure it will work out – anyone know of any angel investors???
What about you?
What projects are you working on this month? Share in the comments section below – I’d love to hear from you! Projects are fun.