I know. It’s been a while since my last monthly income report, and quite frankly I’ve been avoiding doing them simply because I’d rather focus on my businesses rather than create a written summary of how the month went. I’m actually keeping a very detailed record of all my income and expenses on a spreadsheet that I keep to myself, and it’s been very interesting to track my progress over the years as I travel along on my journey towards financial independence.
However, now that I’m starting to see some real progress in my online businesses, I think it’s important that I write and publish these monthly reports as a way to document my feelings about the things that went right and wrong, as well as identifying what I could be doing better to make the next month even better. Not only that, I feel that fully-transparent monthly income reports are beneficial for you (the readers) as well. I know that I enjoy reading monthly income reports from some of my favorite online entrepreneurs (I’m talking about you Pat Flynn), as it has been so inspirational to see what other online marketers are doing to grow their own businesses. So without further ado, let’s get right into this.
The month of June was pretty good for me – it was a slightly above average month in terms of income, and not only that, I felt like I made real progress in terms of organizing my websites and clarifying a business plan in my mind. I’ve been doing a lot of studying recently about what works and what doesn’t work in terms of online business, and since I’ve started applying that knowledge to my own websites I’m finally starting to see traction that I’ve never seen before. To me, that kind of progress is a lot more motivational to me than the dollars. You can’t make money without website traffic and a loyal following, and now that I’ve started to focus on that just as much as my actual content, things are starting to look up.
June 2017 online income
Total income: $784
June 2017 expenses
Total expenses: $374
Total profits minus expenses: $410
As you can see, I’ve got a decent amount of income coming in from a variety of sources, but there are expenses to running an online business and those tend to add up very quickly. That’s okay though. You have to spend money to make money, and my list of expenses are the things that I feel like I cannot live without to run my businesses.
I’ve been thinking really hard about how I’m going to grow my passive income streams, and what I’ve decided to do is focus a lot more on creating products. More specifically, digital products. I have had very good luck with digital product sales in the past (making $100k in stock image sales for example), and I feel like it’s one of the things I know well. As a matter-of-fact, that $555 of income from Shopify this month is all from one digital product. It’s actually the only digital product I have right now, if you don’t count the few random stock images I have online that are left over from my days as a stock image producer. Digital products are what I know, and that is my plan going into the month of July and beyond.
I don’t expect to be able to create a new digital product in full and have it online and ready to market by the end of July, but I will be working on it (along with maintaining all my other blogs) and I hope to have it complete sometime within the next six weeks.
Okay then. Let’s get back to work!