Profit First for Amazon FBA Booksellers

Here's how I utilize the Profit First system to pay myself first in my Amazon FBA book business. It allows me to pay myself a comfortable salary of 3k per month (post tax), while also taking care of taxes, operating expenses, and cost of goods sold.
In a nutshell, you take the 2 week paycheck Amazon gives you and allocate that money into these separate accounts at your bank:
1. Income
2. Cost of Goods Sold
3. Profit
4. Owner's pay
5. Taxes
6. Operating Expenses (OPEX)
It's important to note that you'll need to be tracking your book purchases and expenses in order for this to work. Here's how I track my expenses:
• How I Track My Book Pu...
My first video on Profit First can be watched here: • Profit First: How I'm ...
Grab a copy of Profit First here:
amzn.to/3qNCw7E
Best Credit Card for Amazon flips: www.amazon.com...
Free Stuff:
Joji's Book Flippers Discord:
deft-thinker-3...
Newsletter:
deft-thinker-3...
How to find cheap books for under $10 to flip for $40+ on Amazon:
deft-thinker-3...
My Products:
The Ultimate Christmas Book Flipping List:
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VA Academy (Hire Your First Virtual Assistant): vaacademy.raik...
1 on 1 Coaching: deft-thinker-3...
Group Coaching with Steve Raiken (Raiken Profit):
www.resellingf...
Other Credit Cards I Use: docs.google.co...
Softwares I use (you'll get extended trials and/or discounted prices):
Go2Lister: www.go2lister....
SellerAmp: selleramp.idev...
Flipmine: www.flipmine.c...
Bqool: affiliate.bqool...
IG: @Joji_Davenport

[@marlenavinson]

This video has been eye opening and important. Thank you

[@jojidavenport]

You're welcome Marlena! Profit First changed the way I run my business. Definitely pick up a copy if you're interested! )

[@Yoyoo8]

Thank you, Joji. I been looking for a video like this.

[@jojidavenport]

You're welcome. Glad you found value in it!

[@boeroe45]

Great video Joji, thank you! As you say there may be ways to do it more efficiently than you do, but I love seeing what your system looks like and how you use it. It works for you and that is the most important. And I am pretty sure it could work for many others, or at least inspire to think how to allocate money coming in from Amazon or eBay sales.

[@jojidavenport]

My pleasure! Thanks for the kind words! I enjoyed making this video!

[@vader47]

Let's go!!!

[@jojidavenport]

Thanks for the support!

[@FranklinandFig]

Love this book! I’ve started doing this

[@jojidavenport]

Awesome! Love Profit First!

[@MatthewFerguson-c6l]

Once again another great video 🎉👍👍👍

[@jojidavenport]

Thanks! Glad it was helpful!

[@randycurtis01]

Good stuff man! Exactly what I've been looking for!

[@jojidavenport]

Awesome. Glad it helped!

[@Bobbigpizzaguy]

Great book! Great video.

[@jojidavenport]

Thanks so much!

[@Acflips17]

Great video! Love this book!

[@jojidavenport]

Thanks Alex! Hope you’re doing well man!

[@sunnyhunnyherbs]

This is very helpful, thanks so much! Do you not have advertising costs within Amazon? I'm finding this part a little tricky because the advertising spend is not always billed within the same billing cycle as the orders and fees.

[@jojidavenport]

Thanks! Glad it was helpful. I do book online arbitrage and do not need to do any advertising since I’m selling products that customers already want to buy. I’m not selling my own products, such as in private label, that would require you to drive traffic to your listing. There is already proven demand with the books I’m buying. People want these books independently of whether or not I’m selling them.

[@GoldAndSilver988]

Lol, I'm an old dog. Probably have to stick with my pencil & paper method.

[@jojidavenport]

Hey man, whatever works! That would get the job done! :)

[@lewstone8394]

Hi Joji. Would you mind sending me those 2 videos that I saw at the bottom of the join discord page. I tried to sign up for your discord and your newsletter again and I don’t see them on the bottom of the pages anymore. They were a 2 volume video/podcast set re: buying books keepa OA for $10 and selling for $30-40 range, the niche that I want to begin and focus on with keepa. I’d appreciate it. Thank you. Lew

[@marlonwoods4242]

How did you find a bank that allows you to make multiple accounts?

[@jojidavenport]

The credit union I used just coincidentally was fine with it. Id just call up some local credit unions in your area and explain how you operate your business with multiple accounts according to the profit first system. I’m sure most would be more than happy to accommodate you.

[@marlonwoods4242]

@@jojidavenport I'll give that a try, thanks for the quick reply