After yesterday’s post where I reviewed my personal financial goals for 2012, I’m now looking at my business goals. At the beginning of 2012, our company was on a roll, we were on a tear and the whole personal finance blogosphere was rocking! We started the year as lions and bought a few more web properties. We were all pumped to go through the year of our life and our goals were set accordingly.
Then, we went through 2 Google updates: The PR Slap and the Penguins. This has dramatically changed how we see our business and operate our business model. We even had to create a survival plan. It’s needless to say that my business goal review will be a little bit tougher than usual this year. I had 4 goals at the beginning of the year, let’s see where I am now…
Not so long ago, I wrote a piece about what do to next after you write your eBook. The point of this article is that you are far from being done after you think you are! I am currently in this situation. The book has been completed and edited for April. Since then, it has being sent for formatting, additional editing and “production”. We have decided to create a whole site around the eBook instead of simply pushing a 3D image cover on our blog sidebar. There is a whole strategy that was elaborated (including a Kindle version for Amazon) as we really want to reach our goal of selling 300 copies. The 300 copies would cover my time and my money spent on this project. After that, it will become pure passive profit.
I can’t be super happy right now since my book is not ready to be sold yet. On the other hand, I know that we have taken the right path to make it a success. If we fail this time, it’s because we literally don’t know how to launch a product and make sales. This will be a great lesson either way! In the meantime, we are growing our investing sites and investing newsletter to make sure we have the biggest readership possible. This will become our main client base and also helps us on the math behind the eBook. With 7,414 subscribers across our different channels, we only need to convert 4% of our readership to sell our 300 copies. This is still a “high” number since most products don’t convert over 3%. Still, we have a very narrow topic with 100% subscribers interested in this topic. These calculations only consider our reader base while we will also go with guest posts, affiliate programs and Amazon to generate additional sales.
So the plan is set, the product is almost done and only have to cross our fingers for the rest!
At the time of writing our goals back in January, we were strong from 6 months in a row showing over $10,000 per month of gross income from our online company. Going to 15K didn’t seem to be a major challenge since we had a pretty strong plan in place. Unfortunately, the Google updates changed the way we run our business and affected our gross income temporarily. While we quickly made changes and left out a good part of our private advertising model, we moved towards more affiliate products, our earnings expectations have to be revised. It is not really possible to aim for $15,000/month by the end of the year. We have suffered a 30% loss of our income at the beginning of the year and we just recently got it back via several strategies. However, jumping by another 50% by the end of the year seems a bit unrealistic.
We will continue to focus on our niche websites, newsletters and developing our existing sites. I’m expecting to generate a stable $12,000/month by the year. This would represent a similar jump from the “after Google updates” earnings we saw in March and April.
Instead of launching a new site earlier this year, we bought 2 major sites. I guess it comes down to the same thing J. It doesn’t mean that we won’t launch any sites soon, but we are not ready yet. We have worked on optimizing our new acquisitions and controlling the “G events” before focusing on the launch of new sites. We already know which site will be launch and when (this fall) but this year, we want to make sure that we take enough time to do the right thing the right way. I’m glad to see that this goal will be achieved on time. Now, we are up to determining what is a “successful” website. If I can get over 5,000 visitors per month by the end of the year, I’ll be happy and consider this a success. But in order to become a “major site”, I would need 25,000 visitors per month. Hopefully this will happen at the beginning of 2013. I believe that if the site is done well, we should succeed as it definitely meets people’s need.
I’m more than happy to announce that this goal is not only achieved already but surpassed! Over the past 2 months, we have concentrated our energy to cut down our expenses without touching the company growth. So far, it is a true success. We are now saving an extra $400/month and still experience the same growth.
We did the final cut during our annual meeting. We met on a Saturday and went through our company from A to Z. We spent some time on our expenses to make sure they were justified. Some of them were not and therefore cut them right away. It wasn’t fun to tell people that they would be no longer needed or that we will cut down on one’s salary but we had to do it. The industry is changing, we have to change accordingly!
Fortunately, there is little action to be done on our part to achieve our goal right now. Our plan is well established and there are many events that will come in the next four months. From the eBook to the launch of a new site, we will hopefully increase significantly our income and go to another level.
To be honest, I just can’t wait to see how the eBook will do!
|How I Suck at Not Paying Debts||Hitting 6 Figures Income at 28|
|How I Get a Huge Income Raise Each Year||Making $125K Online in 12 months|
|How I Buy Blogs||Most Debated Articles: The Primerica Saga|
|How I Have Survived My MBA||What is So Wrong With Making Money?|
|How I run multiples blogs and makes money without burning out|