Monday, April 15, 2013
Week 1 Recap
So the end of my first week as a Gold Blogger has come to an end. I thought I would take a minute and go over some of this week's highlights in gold making and what I have learned.
First, I am happy to say that Jim Younkin of Powerwordgold.net has invited me to be his co-host on the Powerword: Gold Podcast. I was very excited and honored and have accepted the role. Jim's podcast was the first podcast I ever listened to and it got me more into not only gold making but the podcast community. I now enjoy many great World of Warcraft podcasts every week and enjoy talking to those that put on these wonderful shows. So thank you Jim for having me and thank you to the community for being so great!
Now, on to the meat! One thing I started doing this week was tracking my daily gold totals and posting it on my blog. I got this idea from Wowprofitz of wowprofitz.com blog. This is a fun way to see how I am doing on a daily and weekly basis. Its also allowing me to see how much I am grossing on a day and how much I net. Moving forward I am going to start a spread sheet that each day I will enter my gross sales, net profit, and large purchases in. I will make the spreed sheet viewable on my site as well so you can see all my income over the long haul and what I am spending my money on.
Moving onto markets I have learned a few things as well. First, my 77-80.83-84 green sales have been down lately. I lowered my prices a bit this weekend and I saw at least a small increase in sales. I will see how this plays out over the course of the week. It is possible that I am not controlling the market like i used to either. I have not been purchasing as much in the way of greens so maybe the cheap stuff is being bought up and my stuff is rotting on the shelf. I plan to break down my green sales in more depth and see if I can find some patterns in what is and is not selling and make some adjustments. This market is one of my favorites and I refuse to believe it is dead.
Blacksmithing remains my staple of gold making. As I learn more of the Crafted Dreadful patterns I am getting more sales. These items will easily sell at my fallback price of 950g. The only problem I am running into is people underpricing them as low as 125g. With ghost iron bars at 8g-10g each these days there is little to no profit to be made when this happens. Lucky for me I pay much less for my mats and can maintain a decent profit margin but I believe these people are falling victim to the mentality of "since I farmed the mats myself it didn't cost me anything". Sadly this is not true as "time is money friend!"
Jewelcrafting is my newest market. I am still testing the waters and pricing based on market value rather then a set gold amount. The competition is not nearly as bad as I though it would be but of course there is at least one person who seems to "own" the market that I have to compete with. Still I am managing sales and getting a feel. I am still more focused on learning new cuts rather then posting gems but I am getting there. I do like it a lot though. I will have more to say on JC as time goes on and I find my footing in this market.
Last, I am now posting auctions on four characters. This is all well and good but can be bothersome. Also I don't like camping the AH when I could be playing. I do have a second account that is sitting there not doing much so I may combined all my auctions to one alt who I can park at the AH on one account while I enjoy the game on my other. If sales come in and I need to restock I can make the items and mail them out on the fly. Plus collecting at the end of the day will be easier.
So there you have it. My first week as a blogger and podcaster. Feel free to send me comments and feedback as I am always glad to hear from the community. Thanks all and keep the gold flowing!