I have decided to start sharing my results as I create online income. While I know that I’m starting small, I believe I can grow this and I want to share my journey with all of you. I will show all of my income and expenses related to all of my attempts (successful or not) at earning a passive income online. For recurring expenses (domain names, hosting, etc) I will just show those as expenses in the month I have to pay the bill. If you have any questions, please let me know!
The last couple of months have been pretty quiet around here for a couple of reasons. The first is that I started a new job with a new company at the beginning of the year, which has diverted a lot of my attention away from here. The other reason is just a general lack of motivation to kick things into gear.
When life is humming along at a great pace, it can be hard to find the energy to devote to creating passive income (online or offline). But I realize that if I want to realize my dreams of not showing up to a 9-5 “job” for the rest of my life, I need to invest a lot of effort on the front end. Also, I’ve been reading The Four Hour Workweek (Amazon Affiliate link) by Timothy Ferriss. While I’m only 19% through the book (I love my Kindle with its progress bar!), it is definitely giving me a mental kick in the teeth. Of course, I can continue to sit back and relax while things are going well, but then I’ll never achieve any of my goals and I’ll forever be just a cog in the corporate machine…not my idea of success!
Alright, enough of that, here’s what I’ve been up to:
Since my issue with taxes/no profits, I have decided to shut this down. The only problem? I forgot to remove my inventory from Amazon…and I made another sale. While I considered just canceling the sale and refunding the money, I decided that it wasn’t the buyer’s fault that I had/have been too lazy to pull down my inventory. Luckily, this one was out of state so no tax issues there, but by the end of March I will be completely shutting this down, along with the DBA I created to handle this business.
Income: $74.48 ($69.99 for the item & 4.49 for shipping)
Expenses: $69.44 ($57.50 for the item, $11.94 for Amazon fees)
While I did make a much bigger profit this time ($5.04 vs $.52), I still had to invest at least 15 minutes emailing the seller, entering his order information with my supplier, etc. So at $20/hr, I think it’s definitely best if I shut this online income venture down…before it sucks anymore of my time!
It’s very sad to say that other than the $5 from the item I accidentally sold… I’ve done pretty much nothing, other than procrastinate and make excuses for why I’m not doing anything. I’m leaving this area here to remind me of how little I’ve accomplished in two months.
March Focus Areas:
Content, Content, Content… need I say more? I need to focus on writing and publishing some good quality content. Other than that, I’m planning on registering a new DBA to handle all of my online income ventures…I just have to decide on the name! As I mentioned earlier, I also need to close out the eCommerce business and ensure that I have no future accidental sales.
Thanks for reading, that’s all for now!
Jan & Feb Profit: $5.02
Image courtesy of roseannapiter.com
Like this post? Share it with your friends!