June Income Report
I've taken a little bit of inspiration from the smart passive income blog and have decided to do a monthly "earnings" report. The report will show all the income I generate from my internet businesses with an aim to report on what's working and what's not. These reports are designed to show that it's possible to make money on the internet and also to (hopefully) see progression.
I've been making my living on the internet now for the past 5 years since I graduated from University and I've had many ups and downs. I want to document my progress and motivate myself to push harder to increase these report earnings, hopefully you can find some motivation from them too if you're just starting out!
In the beginning there was ...
Since this is the first ever earnings report, I'll just give a little bit of background of my current situation.
I have very low living costs and expenses. I don't have a family to support, I don't have anyone depending on me for money and I'm able to split the costs of living with the people I'm living with. This is one of the most important factors in me being able to work on the internet for a living and it allows me to try out new projects all the time to see what works.
My main aim is to increase my income from the products I create through "Patchesoft". Right now, my main income comes from freelancing and I've been very lucky to find clients who need my skills on a regular basis, so whenever I need to make more money, I can just offer more of my time.
I also want to explore other avenues of passive income, including blogging and creating a new SaSS project. I've never tried to take either of these things serious, so I'm hoping that by blogging about it it'll give me a bit more motivation to produce the results.
My June 2016 Earnings
|Source||Earnings||Last Month||Estimate Time Spent|
Month of June Progress Report
I recently took the opportunity to cut my freelance hours to focus on creating products on CodeCanyon. I don't really need the extra income from freelancing, and it bores me with a passion, so I decided to really try and increase my earnings from products. It's going to take me a huge amount of time to get to back where I was (earning almost $2000.00 a month from freelancing alone) but I want to take the risk just because I love the feeling of earning money whilst I sleep. You can't earn money whilst you sleep with freelancing (but I wish you could!).
This month has been a bit disruptive for me. Although I managed to finish and complete a new product, I've had a lot of disruption in terms of real life visitors. It's been hard to find regular working hours this month because so many different people I've had to meet and talk to (mostly family related).
As mentioned, I managed to launch a new product I've been working on: Documentation Builder. This product was made to help myself organise and produce better documentation for my products. I figured this would be a useful one to make as it could help other developers who make lots of products too. I also found writing the documentation one of the most boring parts of designing products, so I wanted to speed up the process but also still provide quality documentation for my users. Hence, this product was born.
I don't expect the Documentation Builder to be a huge seller- it's quite a specific product for users who need it. With every product I create, my goal is always for it to sell and make at least $50 in profit per month. My ultimate goal is to have 50 products, each making at least $50 a month. Right now I'm on 9 products. So far the Documentation Builder has sold 3 copies- which I am happy about- but it definitely needs to do better in order to reach the goal. I make around $13.50 per sale, so I'll need to sell around 4 copies per month. It's way too early to judge the product before I can deem it a success, I usually need a 6 month period to see how much it sells each month.
I've also done three updates to my products: prologin, propolls and feedback tracker. These are some of the user suggestions that users have given me as well as cleaning up some of the content pages. Now that these updates are out of the way, I'm working on one big product and one smaller one. My big product won't be ready for a lot longer, but my smaller one I hope to have done within a month.
I've spent a lot of time blogging this month in my spare time, working on some Linux articles because I'm starting to setup my own VPS. Learning all this information gives me great content to make into tutorial blog posts that can help other users. I'm also working on learning SEO and have read a lot of information on it. I've tried to start ranking some of my tutorial blog posts a bit better so I'll see if I get anywhere with that. Hopefully by the end of the year, I can be getting 100 unique visitors per day to the blog and slowly start making some kind of passive income from it.
Let me know how your month has gone in the comments!