Welcome to my first online income report where I share with you the inner details of how I generated passive income for the month. First thing off the bat, I am not a “sales person” in the slightest. Coming from a tech background and growing up with Apple products from a very early age, there is no sales history in my family.
BITCOIN MINING FTW
I had no idea on where to start or if it would be possible at all. My first endevour from around 4 years ago was Bitcoin Mining. This was before the time when a bitcoin cost hundreds of dollars. I was mining away with my 4 graphics cards which I had to loan the money from a friend for.
After a relatively small amount of time, I had managed to pay back the loan and make a little bit more on top. This project only lasted for around 3 to 6 months until I realised the competition was too hot. This was the first time I understood that I could make money passively without too much input.
RED BUBBLE DESIGNER
The next 4 years were a slow ride of learning and experimenting in different ways of making money online. Red Bubble was a creative outlet where I could put my designs out there for people to buy. Since creating my initial Red Bubble account in 2012, I’ve made $100 from that profile. When you break that down, it only equals out to $25 per year.
Not great, but all the designs were created way back in 2012 and have just been sitting there ever since. I haven’t added any new designs, yet it still makes money. This is a great test case for passive income as it shows that you can leave something alone without maintenance and it will still earn money. Admittedly, if I was to add more designs, the chances of making more money will increase.
THE PROCRASTINATING ENTREPRENEUR
I’m a procrastinator. I like to do things when I feel the need. This is the absolute wrong attitude to have when trying to make an online income. You need to keep yourself positive and moving forward. The number one tool that I have found to squash the inner procrastinator is the almighty list.
The list is a valuable asset that can put your inner thoughts into a physical manifestation. From here you can organise the list into something manageable and conquer the inner procrastinator. In truth this is easier said than done. So, my strategy is to write down only a list of 5 things.
With those 5 things, think about what is the easiest thing to accomplish. Do that task and then cross it off the list. Crossing this simple task off the list will release chemicals in the brain to make you feel accomplished. Great Job! Now you will have the motivation to do the second task and so on.
MINIMISE EXPENSES, MAXIMISE PROFITS
I need to have that. That’s where we all fall into the same boat and start accumulating expenses too early to allow for profits to build. Unless the expense can realistically give you back more time that can be used to maximise your profits, then the expense is a pure waste of money.
So at the moment I’m looking into subscribing to a SAAS called Hootsuite. Many of you would have heard of it, but for those who haven’t here goes. Hootsuite is a productivity tool for Social Media which allows you to connect most social media account to the one dashboard.
Now this tool will improve my productivity and afford me more time to expand on my profits. And considering it only costs $10.99 a month after the free trial, I can already see that it will save me more than what my time would be worth. If you would like to save time and get a free 30-day trial, got to HootSuite now and be signed up in minutes.
ONLINE MONTHLY INCOME FOR JANUARY 2016
- Red Bubble – AU$24
- Adsense – AU$166
- Amazon Affiliates – AU$69
Total AU$259 (US$186)
ONLINE MONTHLY EXPENSES FOR JANUARY 2016
- Cloud Storage $10
- Hosting $25
- Internet $125
- Adobe CC $50
Total AU$210 (US$150)
PROFIT / LOSS
UPCOMING IDEAS AND GOALS
My goals and ideas are flowing all the time, but I need to focus on just next month and what I really want to accomplish. So, to keep me accountable, here’s what I want to have achieved by the February 2016 Online Income Report. Starting with my own advice and only listing the top 5 things.
1. Write more online
I want to make this post the start of something new. I have multiple websites which could all use some valuable content which I can provide. To achieve this goal, I will write out a rough topics list for was site using OneNote. From there, I will let my fingers do the talking.
2. Be more social
Facebook, Twitter and Instagram are the three platforms of choice for me. I do need to add LinkedIn to my social gathering as well. Achieving this will mean I am more engaged with you and everyone else out there who wants to listen. Hootsuite will be the tool to provide me with more productivity time.
3. Get more descriptive
YouTube videos are a great way to be descriptive and my videos are lacking some uniformity. This will be rectified by creating a template of sorts that can be used across all my videos. Concentrating on my TechWiz YouTube Channel to start with, the months after will have my other channels unified.
4. Start to plan
Having a plan in place is the best way to achieve success. So, I will be writing out a weekly plan of things to achieve in a matter of only a few minutes a day. As this becomes routine, I will add more tasks that can improve the quality and the value of my work.
5. More videos
I have procrastinated far too long and have not released a video in over a month. This has to stop right here. I’m not asking much of myself, but one video before the end of the month to get back into the swing of things. This should be enough to kick start my motivation levels into a higher gear.