The purpose of these monthly income reports is to keep myself accountable, to track my earnings and to inspire others. It is possible to make a good living online. In May I made what I used to make in 7-8 months, in a month!
This income is made through advertising on my blogs and at this stage I have no intention of sharing any of my other blogs on this site. It is to protect them and to keep them private. If and when this blog starts to make any income I will list that separately so you can see how it’s doing.
Total for the month of May:
$21262.19 New Zealand Dollar or $18043.09 US Dollar
That’s $7676.57NZD more than last month.
I’m very happy with that! I wrote in my April Income Report 2014 that I wanted to earn over $20,000 and I did it. I am actually quite surprised I surpassed goals, as the last week of the month was pretty quiet.
I did make some money from this blog and the total earnings from Wealth Way Online was: $1382.84 NZD
What I did Differently in May
Got on Top of my Emails
I sat down one day in April and wrote down what I thought were my limitations of my business model. I have a little Moleskin notebook that I’d bought in order to figure out what I could do to improve my business, post ideas, whatever. I realised that my emails were my weakest link, without question. Often I would read an email, forget to respond to it and then my inbox would fill up again and the deal would almost be lost. In May I was very diligent about being more responsive with my emails, clearing out the emails and of course I had my email assistant helping me manage my emails.
I Actively Looked for New Contacts
Linkedin is a great tool for networking and if you work in advertising you can use it to find the details of people who work at various companies and cold call them, by email. Often the email format is email@example.com which makes it very easy to pitch. Even if you get the email sent out to the wrong department, they’ll often forward it on to someone. My success rate isn’t very good from doing this, but it has certainly made a noticeable impact on my income.
I Started Monetizing This Blog
Although in the long term I would like to move towards affiliate marketing, I have made a small amount of money from this blog which came in at a total of $1382.84 NZD. I’m pretty happy with this figure. When we move to overseas, travel indefinitely and stop paying tax this amount of income would probably be able to pay for my entire expenses. So everything else I earned could be saved – amazing!
I Created a Client Matrix
I got my virtual assistant to create a matrix which had every client down one side and then whether I’d worked with them on a certain site on another site. I started to see all the gaps in my business, where people who I know are paying customers just hadn’t worked on a certain site. I think this was the biggest step I made towards increasing my income this month and it’s something I will continue with.
My Goals for May Were
Be More Aggressive: PASS
I was very good at following up on emails, being more persistent.
Get More Contacts: PASS
I found a few new contacts that resulted in a few thousand dollars in sales. Was definitely worth doing.
Record My Expenses: FAIL
I made it through the first half of the month recording expenses, but just wasn’t committed. I need to follow through as this will give me a better idea of what my business is actually costing. Bare in mind as well, my income recorded is my net total. Paypal fees at 4% are around $800 alone, so I would say approximately $2,000 of my income I don’t see, then tax money and so forth, it does dwindle down quite a lot.
My Goals in June
After such a busy month, it’s going to be hard to top this month, but I know it’s possible. It’s just about believing it’s possible and then working hard to make it happen, filling in the pieces. This month I have a few clear goals that I hope to achieve, as well as continuing with those I set last month.
The email assistant I’ve hired to do my emails has done a really great job so far. She emails the clients, works with my other virtual assistant and it’s been pretty smooth sailing. I’d like to get her to work directly with my content writers to commission content as well, almost making me jobless. As we have just under 2 months to go until we leave indefinitely, I’d really like to get my work as automated as possible so I can focus on new projects and enjoy my travels as much as possible.
Finish Off Unfinished Projects
I have some projects I’ve had sitting on the backburner for months, including another travel blog focused around backpacking tips that I need to get off the ground! It’s a very solid domain name with a lot of potential and I just need to set aside some time for it.
May was the best month I’ve EVER HAD and it has completely blown me away that a few small changes have had such a marked impact on my income. I am really looking forward to June, although it might quieten down a little as it is coming into summer in the UK, but I still think it will be an exceptional month.