For the very first time in my life, I am happy to pay taxes. I mean REALLY happy! Because when you pay taxes, it means something; it means that you are making money. So the more you have to pay, the more you made (and at one point, you tire of paying taxes and optimize your taxation structure to keep more money and pay less taxes ).
I just got my financial statements for the year 2010 (our company’s fiscal year ends on June 30th). When I got the envelope from my accountant, I was all excited. I pulled out the report and jumped to the revenue line. And this year, we made the big total of $124,514 in income. This is a huge step since during our previous year (our first full year of activity) we made a *small* $18,403. This shows how profitable the web can be.
The tricky part
We have tons of projects. But the trick is that we now have the manpower and the money to start several of them. I’d say that it is a tricky part since it would be tempting to spend our money blindly thinking that we will simply make more. In fact, after the sale of Gather Little By Little last February, we waited a while before making any significant moves. We wanted to make sure that we were on the right track… this led us to buy The Dividend Guy Blog back in July 2010.
The strength of our financial network brings more than 100,000 unique visitors per month and generates a steady $7,000 monthly income stream. (I know, 7K/month doesn’t add up to $124K in income but we had several spikes during the past 12 months and I prefer working with what I consider to be a “recurring” income stream.) Our range of possibilities has been opened wide. We now discuss weekly which project we want to start next as our money is sleeping in a bank account. However, this situation won’t stay as is for a long time..
The next step
We have had several unsuccessful experiences in hiring virtual assistants that live very far away from us. I guess that it was due in part caused by our ignorance of how to manage them properly and the fact that we are evolving in a niche market that requires a high level of knowledge.
We recently moved toward North America manpower and found 2 great VAs. We already have MD posting once a week on The Financial Blogger (and doing a humongous amount of work behind the scenes) and we are hiring our first full time employee this week. Since we have several projects on ice right now and we are not ready to quit our jobs (yet), we thought of having someone full time that I can train to become my brain extension ;-). I’ll talk more about my first employee in the upcoming weeks as this topic deserves a series of post by itself.
Among our projects we want to put in place this year, we have:
#1 Buy another website
We have enough money (and funding) to buy another significant website. So we are currently asking a few people around what are their thoughts about selling their blog. Since blogs could quickly become a pain for someone who loses their passion for it, we think we may find some people interested in selling.
#2 Create 1 or 2 ebooks
The next step in making money online is obviously creating your own product. But I don’t want to create a product just for the sake of it. I want to do something that will be helpful. Right now, I am thinking of my fellow blogger Mike Holman who wrote the RESP Book. He is surely making money with it, and it is because he helps people by providing very helpful information on RESPs. This is what I want to do. I want to offer you stuff that you want, that you need and that you will be able to use.
#3 Grow DoNotWait! into a well known blog
We are still working on the calculators and other resources for this website. The launch was a success and we already have a good reader base. We just want to promote the site so it becomes as big as our other finance blogs.
#4 Create a niche website
This idea is taking more and more space in my mind lately. This has something to do with the reading of Affiliate Marketing for Beginners by Corbett Barr (part of the 23 online business guide for $97 promo) and I have been listening to a Pod Cast from Smart Passive Income author Pat Flynn and I seriously think that I am up for the challenge. This won’t affect my blogging business and it would create a diversification in my income stream. Most importantly, after investing the right amount of work, it will create truely passive income. Since I drive 2 hours a day back and forth for work, I have a lot of time to listen to the Pod Cast and think about this project ;-).
This is not an overnight success story
For those who read this and think it’s easy; making money online is very hard. The thing is that you need to keep the faith and be able to push the wheel until it starts spinning. Now you see how much I make and it seems very cool. But I have to tell you that we made less than $5,000 in 2008, only $18,000 in 2009 and this was while working even more hours than we are now.
As I say at my day job: “THERE ARE NO FREE LUNCHES IN LIFE”, if you want something, you will have to work pretty hard for it. Good luck in all your projects!
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