Tuesday, April 23, 2013

Week 2 Recap: 4/15/13-4/23/13. Things are looking up!

EDIT: Do to an error on my part I had an extra day calculated into my weekly numbers resulting in an extra 10k in sales on this weeks numbers. I removed it and put it towards the next weeks numbers and updated the image below and my numbers in the post. Crazy how the days just run together. I will be tracking my weeks as Monday-Sunday so as to keep the weekends grouped. Thanks. -Erogroth

The second week of my blog has come to a close. I have been at the gold making game since the tail end of Cata but I really just started keeping track of my sales closely with the start of the blog. This week I started a nice spread sheet which tracks my daily gross income, net income, gold spent, and starting and ending gold. I really like doing this as I can get a nice break down and hopefully over time I will see some trends on what days are my best and worst. I could even use TSM to look at those days and see what I am selling so I can focus on certain markets on certain days. Take a look at the sales for this week.

One ongoing issue I have been having which continued this week was my drop in my  77-80 and 83-84 green sales. For those of you who don't know what this market is, it is the buying and reselling of Cataclysm level 77-80 uncommon armor and weapons and MOP 83-84 uncommon armor and weapons. These sell well do to the fact that they can be used while leveling through the item's previous expansion pack (wrath for the 77-80, and cata for the 83-84) and provide a much higher item level then can be obtained from the gear that a player would see while leveling though that content.

This was one of the first markets I got into when I started gold making and I made my first 200,000 gold this way. Recently I have seen a major decline in sales. I have tried lowering my prices but that has not helped much and I have been at a loss as to what the problem is. I finally think I may have figured it out however.

As many of you know, Jim Younkin of Powerwordgold.net has asked me to co-host the Powerword: Gold Podcast. Now besides the fact that I get to co-host my favorite podcast one of the biggest advantages to this is some of the conversations I have with Jim. After we finished recording Episode 60 this week we had a little chat about my problem. As I have expanded into other markets I have lost focus on the leveling greens market. As such I have done less buying. Since I am not buying the cheap items to flip my potential customers are. Therefore my items sit. Also since I have seen a decrease in sales I also have not been as motivated to buy. This has snowballed on me and hurt my sales. Jim suggested that I start buying on a regular basis again. Even if that means vendoring items that I have too many of just to get them out of the market. I will take a small loss when I buy and vendor but the sales I get will more then make up for it.

Now you may be saying "Well, why not just DE them?" I had the same question. As it turns out I can vendor these items for around 12g or so. If I was to DE them I would get 2-3 spirit dust on average. The dust I can buy for around 2-3 gold each (sometimes less). So vendoring these items and buying the enchanting mats is actually the better way to go! If you want to hear this conversation we included it as a "bonus track" at the end of the podcast. It was very helpful for me and I hope to see some results this week.

Aside from that, I have been getting more into Jewelcrafting this week and have seen some nice results. As you can see from the spreadsheet above, I had two of my best days back to back. Now 4k is not a huge day but I am still not selling a lot of gems. I am more focused on learning my cuts right now. One change I am making, it that I am using The Undermine Journal (TUJ) to see what gems are the cheapest (usually River's Heart) and using those to learn my cuts. Once you learn all the cuts of the color you will start learning a random cut from another color. Since River's hear cuts don't sell well anyway this seems the best method to go. I am also using TUJ to see what cuts are selling the best and those are the ones I just to cut and sell. To see this page go to TUJ, choose your faction and server, then go to "Crafted" and then "Jewelcrafting". The page that comes up is full of useful information to maximize your profits in jewelcrafting.

My Blacksmithing continues to go well and is my biggest money maker. My competition seems to have given up or more likely taken a break. I have noticed that he will be around for a few weeks then disappear for a few weeks. So I am just I will be seeing him again soon but for now I will enjoy owning my market.

I also started livestreaming this week on twitch (twitch.tv/erogroth). With my work and family schedule its hard to find time to stream but I will try to do so once or twice a week at least. So stop by the channel and follow so you get notified when I go live.

All in all it was a good week. I had nearly 90,000 gold in gross sales, nearly 80,000 gold in net profit, and broke the 800,000 mark (and the 850,000 mark). I am on track for gold cap in the next 2 - 3 weeks. So stay tuned and lets see what happens.

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