Each and every month I write a detailed income report where I share what I got upto over the past month as well as sharing the exact income and expenses from all of my internet businesses.
I share these monthly income reports with you all for three main reasons:
- To hold myself accountable to keep progressing and improving my businesses. Public commitment can boost motivation to follow-through.
- To share any important things I’ve learned in the past month in regards to business/internet marketing to help you along your own entrepreneurial journey.
- To either motivate you in some way to continue working on your business, or to give you hope that this whole making money online thing is indeed possible and inspire you to start your first business
July Happenings and Thoughts
This month’s report will be short and sweet. It’s long overdue as I had planned to publish this early August, but things got in the way. Better late than never though!
I’m writing this from probably the least productivity-friendly place on earth – wonderful Las Vegas. Been exploring LA and Vegas in recent weeks but have still managed to get quite a bit done.
In Vegas I attended a cool networking event and listened to some awesome speakers in a range of different fields including business, self-development and health & fitness. It’s my first time ever in Vegas (and the US in general) and I can see myself coming back many more times in the future, or perhaps even living here one day. If I were to move here (from Australia where I’m from) I think I would be picking between LA or New York (although I hear Miami is pretty cool too).
In terms of work, my time in July was scattered over pretty much all of my online projects, from my niche websites, to this blog, and my Amazon FBA project (which I’m still working on finding suppliers for my product).
As you can probably tell by now I really believe in diversification online. I don’t want all my eggs in the one basket, but in saying that I also try not to stretch myself too thin.
You don’t want to scatter your time and effort across too many projects otherwise you won’t make good progress with any of them.
It’s a constant challenge for me personally though because my brain runs a mile a minute with new business ideas left right and center. I just want to run with them all…but there’s only so much time in the day so I’m learning to calm down and just focus on the best handful.
As I say that, I’m reminded that I never used to be able to easily think up new business ideas (in my notes I literally have 15-20 ideas for new niche sites and other online ventures that I’m 99% sure would do well if they were executed on well).
A few years ago it was hard work coming up with just the one that I was happy with pursuing, but I think that once you gain experience the world (well, online world for that matter, although this applies to any type of business) starts opening up as you have a great perspective on things. You start to see opportunity where perhaps before you would have seen nothing.
It’s a pretty cool side effect of sticking with internet marketing for so long and always trying to stay on the forefront of what’s happening. Things are always changing, but if you keep adapting then you’ll continue to see opportunity absolutely everywhere you look.
To Share Income Reports or Not?
I’ve also been thinking quite a bit about whether or not I should actually write these reports in the first place and be so open about my earnings and my various online businesses. Publishing income reports is not a new thing at all as countless of other bloggers have done it before me, but it’s clear that there are both pros and cons to doing it.
Whilst really thinking about whether it’s the right decision for me and the direction I want to take Project Digital Rise in, I looked to gather as many outside opinions as I could, and this particular article I stumbled upon really hit the nail on the head with the pros and cons:
Overall I think that the pros outweigh the cons though, and the cons are to be expected anyway as it comes with the territory of putting yourself out there so openly. Money can be a touchy subject for some people, and these reports may be taken the wrong way.
For example, some will see it as bragging, but I’m okay with that because it’s inevitable that some people will see it that way. All I can do is accept the fact that these reports may be misinterpreted, and simply focus on writing these reports in a way that can help and give hope to as many people out there as possible.
I hope that you guys can find some sort of value in these reports just as I have found so much inspiration and insight from other bloggers’ income reports in the past. I’ll continue publishing them for (likely) at least a few months and reassess after that as to whether you guys are getting something out of them.
Ok, let’s get into the “results” of this past month.
July 2015 Income
Note all figures are in my local currency AUD (Australian Dollars) – the numbers work out a little less when converted to USD.
Niche Site A
- Amazon Affiliate Sales: $9,216.45
- Google Adsense: $98.22
Niche Site B
- Google Adsense: $14.24
Niche Site C
- Amazon Affiliate Sales: $111.69
- Product Sales: $0 (product not live yet, still searching for suppliers)
Project Digital Rise
- Affiliate Sales: $0 (any income from this blog is a bonus to me)
Total Income: $9,440.60
(-1,291.64 from last month)
July 2015 Expenses
- Hosting Fees: $76.06
- Advertising: $375.63 (testing Facebook ads for some of my sites)
Total Expenses: $451.69
July 2015 Profit
(-$1618.30 from last month)
As you can see overall income and profit are slightly down from last month, but slight fluctuations like this are normal and to be expected. I’m used to it by now – every month is slightly different.
If things go according to plan I’m expecting my income to start rising over coming months due to all of the things I’ve been implementing in the past few months starting to kick in.
When it comes to making money online, reward for effort is typically delayed. For example you could work your absolute tail off night and day for a few weeks on a certain project, but you may only see some results for that work in a few months time. Patience isn’t just a virtue here, it’s absolutely required.
I truly believe it’s why so many people quit with online business – they aren’t willing to work for free for a long period of time. When I first started out, in my first year I literally made next to nothing. But I was laying down important foundations.
But in saying that, there’s no guarantee that what I’ve done will pay off and there’s always the chance that income will stay around the same or even go downhill. You can never really predict online results..you just got to embrace the uncertainty and just keep at it with faith. Being an entrepreneur isn’t the most stable life. I love it, though 🙂
Ok, that’s all for this month. Wow, I think this is the shortest post I’ve ever written here. Feels good to switch it up for once and not compile a monster essay that takes days and days to complete.
As always, free free to voice any of your thoughts, suggestions, or questions. Have a great rest of August and speak to you soon!
PS: I’ll end each report from now on with a favourite motivational quote of mine:
Chase the vision, not the money, the money will end up following you.
– Tony Hsieh, Zappos CEO