Yesterday, I published my monthly income report showing a 3rd consecutive month over 10K from my online business. So far, my monthly average online income has been reported as $9,372 per month compared to $6,237 in 2010 for the same period (after I take off some non-recurring income). If I take my analysis even further, you will notice that my income has been growing pretty fast according to the following chart:
Over the years, we have been diversifying our business and decided to spend in order to grow. Some people put more time and energy into their business, yet this is something we can’t afford to do right now. This is why we are spending so much! On the other hand, our cost structure is now pretty stable while our current business structure can now support growth. I figure I can increase my monthly income up to $15K-$20K per month before I have to spend more money than I do right now.
Looking ahead to 2012, I know that my income progression should not be as phenomenal as the previous years (I have multiplied my monthly income by 10 since I started this business). However, I need a solid plan to crack the $10,000 bar each month. Here’s are my thoughts so far:
Diversification = $500
I started to look for diversification the very same day I founded this company with my friend. While several bloggers concentrate their energy on one site, I’ve decided to take a different approach and buy multiple blogs.
This year, I also started my journey into niche site building. This is nothing very original but it is a true way to diversify my income. With my most recent site; Canadian Dividend Stock, I went one step further by creating a mailing list 100% dedicated to the Canadian stock market. After a month, we have 60 subscribers and an opening rate (% of readers opening your newsletter) over 100% (e.g. people open it more than once). I’ll be using the newsletter to update my readers on new developments (since the site is continuously adding content at the moment) and eventually monetize it through a product (which will be discussed later on in this post).
I expect my niche site business to bring a steady $500 per month by the end of 2012. This year: I show a monthly income average of $220 from my niche sites. I expect to more than double this number due to a better understanding of the niche site business.
Expansion = $1000
We are currently exploring the idea of buying another site. We have nothing on the radar yet but we are getting ready. We need to establish our priorities and decide exactly what we are looking for as a web property. The most important factor in our decision will be the number of visitors from search engines. I’ll be looking for a minimum of 10,000 visits per month for my next purchase. Below this range, I assume that I can create a similar site by my own means (e.g. paying for content, design and promotion).
I’m expecting to increase our monthly income by $1,000 with a new acquisition. We usually have the ability to generate over $1,000 per site we buy so it should not be any different for a new acquisition.
Creation = $1000
Besides blogs and niche websites, we are currently working on 3 other sites that will be totally different from our current business. While they will still be related to finance, we are developing 3 new approaches for different needs. I can’t tell you more about it right now but what I can say is that each project has the potential of generating in excess of $1,000 per month each.
I’ll be honest and tell you that I don’t expect to reach this level in 2012 (it is also very important to set realistic goals). However, with our current network, I’m pretty convinced that the 3 projects together will generate a monthly income of $1,000 by the end of 2012.
Products = $500
After I failed to successfully launch my first book, I’ve gone back to my laptop to work on something that has brought me so much success: Dividend Investing! To date, this book has a total of 14,792 downloads and over $2,000 in income (while the book was free). I can now say that I’m actually making money from this book after factoring the time spent writing it. It has also become a tremendous tool to gain newsletter subscribers on The Dividend Guy Blog.
I am now halfway through my second book about dividend investing. This one will be huge (I already have over 70 pages of unedited word document). I expect this book to generate roughly $6,000 in 2012 (so $500/month). I have a whole marketing strategy with upselling later on the same year (linked to my other projects) so the book will only be a door to more profit in my evil plan… mwhahaha!
Broker deals = $1000
My Ad management service has shown some serious success over the very first few months. I hope this will continue next year so I can count on an additional $1,000 per month. The great thing with such business is that the more deals you do, the more visibility you have and the more you have the chance to close even more deals!
Adsense = + $500
It has been a love/hate relationship with Adsense this year. After starting the year with record months (over $3,000), we have dropped down to $1,500. November’s payout will be roughly $2,300. I expect 2012 to be more stable as we went through 2 Panda updates this year ;-).
This is how I’ll be adding $4,500/month to ensure I’ll be making 10K on a steady basis
I assume that my core business should generate roughly $8K to $10K per month. By making all these modifications, I should not only be able to maintain my income over $10K but I may be able to aim for another 50% increase and reach $15,000/month by the end of the year.
What do you think? Is there anything missing in my plan?
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