October 2011 Review
October didn't go as planned. Work, family, and life intervened and prevented me from making solid progress on most of the goals I set last month. I'm not going to go through each goal because I ended up having far less time to accomplish the goals than I originally thought. Sometimes this happens. The lesson here is not to get discouraged. As long as you are making some progress, you are on the right path towards financial independence. Even just thinking about projects, brainstorming, and daydreaming should be considered "work" when it comes to making a venture successful.
What Worked in October
Despite not being able to fully accomplish most of the tasks, I did make some progress on almost every front. The only thing that really didn't work out was finding ghostwriters for my planned ebooks. As my ebook is a longer term goal, I think I will hold off on posting on Odesk or Elance until I really have the time to devote to it. In the meantime, I will try and do some of the work on my own, without spending a time.
I am extremely proud that my online retail business is beginning to bear fruit. For the month of October I earned $34.95 in profit with over $86.00 in total sales. That may not seem like alot, but this is my first full month in operation. In total my online retail business is averaging almost 32% ROI!
Another positive development is that I have been steadily gathering more wholesale suppliers. Just this month I set up an account with a video game wholesaler and was able to list 15 competitively priced and profitable video games for my media section.
My niche websites have seen a noticeable increase in traffic, but conversions were down this month. I spent most of my energy building quality backlinks in an attempt to boost page rank on Google. In time, hopefully these efforts will pay off.
For this next month, my priorities have shifted a bit since my online retail business has taken off. However, I still want to devote plenty of time to my niche websites as they can be an excellent source of passive income.
My Goals for November
1) Have at least 200 products listed on my etail storefront by end of month (again)
2) Continue backlinking to niche site #1 and #2 (at least two quality backlinks each)
3) Finish and post Ezine article for niche site #1
4) Finish two (2) Squidoo pages
5) Write a product review (on Wizzley or Here)
6) Post at least 2 updates on my value investing blog
7) Evaluate effectiveness of updgrading Amzon seller account to professional grade for $39.99 per month
8) Finish The Challenge
9) Finish Static Content for niche site #2
10) Post at least once on niche site #2
11) Finish all design for niche site #3
12) Create at least one (1) more static page for niche site #4
13) Begin designing niche site #5
14) Do initial set up for niche site #6
15) Buy domains for at least one (1) more niche site
16) Research at least three more profitable niche areas
17) Have fun and try something new!
While it may seem like a longer list, the tasks are much more straightforward and many contain the key modifer "at least" to give me some leeway. Posting on forums takes up alot of time, so it will not be a priority this month unless I am doing it for fun/a break from the main goals. The hardest task will probably be completing The Challenge and getting my product list to 200 items.
Monday, October 31, 2011
Tuesday, October 11, 2011
The Importance of Setting Goals
As many of you know, I am a fan of setting monthly goals for myself to meet for my online businesses. There are a number of obvious and subtle reasons why I set these monthly goals. The reasons range from the cliched to the novel. These goals have helped me stay focused as a niche site developer and internet retailer.
Staying Focused Without Burning Out
Goals are good. But too many goals in an inflexible time frame can cause severe burnout, leading to fewer sales, less revenue, and a generall discouragement with your entreprise. The perfect goal list strikes the perfect balance between what is doable and what will maximize your resources. Setting goals that are far too ambitious may sound good in theory - when you are thinking off them - but it is equally important to take into account for the unexpected. I don't know about you, but I am far from a well oiled machine. Family, friends, and personal free time are important as well.
Monthly vs. Weekly Goals
The difference between weekly and monthly goals is the elasticity of the time frame. The smaller your time horizon the more pressure you have to immediately accomplish tasks. I personally prefer an overall monthly plan with a few weekly goals sprinkled in. Because I have a longer time horizon, I can set larger goals that truly "move the needle" once they are accomplished. A beneficial side affect of the monthly goal setting strategy is that I can take a break from one project and work on another as long as I want to.
This way, the creative juices stay fresh and waking up every morning to turn on the computer is a joy, not a chore. One of the reasons I love doing what I do with online entreprises is precisely that I enjoy what I do. My day job is a chore, not because I don't like it, but because when I need to take a break and work on another task, I can't. Don't let your online business turn into another weight around your neck.
The Art of Setting the Perfect Goal
Many people write down goals as an aspirational exercise. More often than not, a goal becomes just that. Something intangible and theoretically. In other words, wishful thinking. The art of the perfect goal setting has to come with experience. The most valuable thing to aid in this process is to know thyself. Know your limitations. Know that after 2.5 hours of article writing, you will invariably need to stretch your legs, watch a funny youtube video, or change the pace by working on a different process.
For me it comes down to embracing your full potential by balancing "what needs to get done" with what is most gratifying in the more immediate term. I touched on this earlier, but one of the things I like to do is work on multiple websites in different phases of development. When niche blog #1 is in need of backlinking (the "backlinking phase") I take a break after working for a while on this and head over to niche blog #5 which is in pre-development phase in need of a Wordpress basic install. At other times I will switch over to niche blog #3 which is in the design phase. In this way I can utilized different creative intelligences without "burning out" on one large project.
Go Forth and Set Goals!
Hopefully this has helped you rethink how you set goals, or even think about setting some goals for the first time. Start off basic with some easier tasks. Get a handle on what you are capable off. Stop comparing yourself to the Joneses'. After all, this is supposed to be something creative, exciting and fun. Embrace it for what it is worth. A steady long term, big picture, pace is better than a frenetic one that burns out like a match flame.
Happy earning, my friends.
Staying Focused Without Burning Out
Goals are good. But too many goals in an inflexible time frame can cause severe burnout, leading to fewer sales, less revenue, and a generall discouragement with your entreprise. The perfect goal list strikes the perfect balance between what is doable and what will maximize your resources. Setting goals that are far too ambitious may sound good in theory - when you are thinking off them - but it is equally important to take into account for the unexpected. I don't know about you, but I am far from a well oiled machine. Family, friends, and personal free time are important as well.
Monthly vs. Weekly Goals
The difference between weekly and monthly goals is the elasticity of the time frame. The smaller your time horizon the more pressure you have to immediately accomplish tasks. I personally prefer an overall monthly plan with a few weekly goals sprinkled in. Because I have a longer time horizon, I can set larger goals that truly "move the needle" once they are accomplished. A beneficial side affect of the monthly goal setting strategy is that I can take a break from one project and work on another as long as I want to.
This way, the creative juices stay fresh and waking up every morning to turn on the computer is a joy, not a chore. One of the reasons I love doing what I do with online entreprises is precisely that I enjoy what I do. My day job is a chore, not because I don't like it, but because when I need to take a break and work on another task, I can't. Don't let your online business turn into another weight around your neck.
The Art of Setting the Perfect Goal
Many people write down goals as an aspirational exercise. More often than not, a goal becomes just that. Something intangible and theoretically. In other words, wishful thinking. The art of the perfect goal setting has to come with experience. The most valuable thing to aid in this process is to know thyself. Know your limitations. Know that after 2.5 hours of article writing, you will invariably need to stretch your legs, watch a funny youtube video, or change the pace by working on a different process.
For me it comes down to embracing your full potential by balancing "what needs to get done" with what is most gratifying in the more immediate term. I touched on this earlier, but one of the things I like to do is work on multiple websites in different phases of development. When niche blog #1 is in need of backlinking (the "backlinking phase") I take a break after working for a while on this and head over to niche blog #5 which is in pre-development phase in need of a Wordpress basic install. At other times I will switch over to niche blog #3 which is in the design phase. In this way I can utilized different creative intelligences without "burning out" on one large project.
Go Forth and Set Goals!
Hopefully this has helped you rethink how you set goals, or even think about setting some goals for the first time. Start off basic with some easier tasks. Get a handle on what you are capable off. Stop comparing yourself to the Joneses'. After all, this is supposed to be something creative, exciting and fun. Embrace it for what it is worth. A steady long term, big picture, pace is better than a frenetic one that burns out like a match flame.
Happy earning, my friends.
Saturday, October 1, 2011
Goals for October
After applying some lessons learned from last month, my goals for this month have been set. Some key new goals include the exciting adventure of drafting an ebook to self-publish as well as doing this years Challenge (formally known as the 30 Day Challenge). I am going to continue my article marketing strategy, as well as expanding my blogging network.
Goals for October
1) Write two (2) articles on Ezine for niche site #1 and #2 respectively
2) Write two (2) articles for residual income on any one of the freelance sites
3) Create static pages for niche site #3
4) Install Socrates theme on niche site #4 (initial set-up)
5) Start blogging (at least twice this month) on new Blogger blog: Diversified Income Source
6) Re-vamp Blogger niche blog #1
7) Post at least 5x a week on blogs (at least 3 of which are investing related)
8) Post at least 2x a week on Digital Point Forums
9) Post 2x a week on Value Digger Investor blog
10) Have at least 200 saleable products listed on Amazon seller account.
11) Fax/fill out reseller paperwork for two (2) additional suppliers
12) Post at least once every two weeks on Goldrush blog
13) Discover two (2) more marketable niche's for new projects
14) Complete 30 Day Challenge!
15) Post advertisement for writers on Odesk or Elance for writers/editors to add to ebook
16) Publish previously spun articles (4) on article directories
17) Write another section for ebook
18) Watch flippa.com for sites to buy
19) Look for new money-making opportunities!
20) New this month: take time to relax and have fun.
There you have it, my goals for October. I am earnestly looking forward to moving ahead on so many different fronts. It looks a little intimidating, but if I chip away a little every day, it is certainly doable.
Goals for October
1) Write two (2) articles on Ezine for niche site #1 and #2 respectively
2) Write two (2) articles for residual income on any one of the freelance sites
3) Create static pages for niche site #3
4) Install Socrates theme on niche site #4 (initial set-up)
5) Start blogging (at least twice this month) on new Blogger blog: Diversified Income Source
6) Re-vamp Blogger niche blog #1
7) Post at least 5x a week on blogs (at least 3 of which are investing related)
8) Post at least 2x a week on Digital Point Forums
9) Post 2x a week on Value Digger Investor blog
10) Have at least 200 saleable products listed on Amazon seller account.
11) Fax/fill out reseller paperwork for two (2) additional suppliers
12) Post at least once every two weeks on Goldrush blog
13) Discover two (2) more marketable niche's for new projects
14) Complete 30 Day Challenge!
15) Post advertisement for writers on Odesk or Elance for writers/editors to add to ebook
16) Publish previously spun articles (4) on article directories
17) Write another section for ebook
18) Watch flippa.com for sites to buy
19) Look for new money-making opportunities!
20) New this month: take time to relax and have fun.
There you have it, my goals for October. I am earnestly looking forward to moving ahead on so many different fronts. It looks a little intimidating, but if I chip away a little every day, it is certainly doable.
September Goals Result
Before listing my goals for the next month (October) let's take a look back at how I did this month in terms of meeting the goals I set.
Last month, I said I wanted to do the following tasks:
- Comment on 2-3 blogs per day (at least 1 being investing related).
Commenting was one of the hardest things for me to do this past month. On average, I probably did 4-5 posts per week. I failed to meet this goal.
- Join another marketing online forum for backlinks.
I did manage to join another forum, although I have not been able to start actively posting yet due to time constrains.
- Post at least 3 times a week on Digital Point forums.
I'd say my average here was once a week, not three. I failed here, but commenting and posting are generally the last things on my list in terms of importance.
- Write 3 articles for content revenue sharing sites.
This WAS accomplished! I posted a review of Ghostbloggers.net on Wizzley that has been doing pretty well in terms of daily views, as well as publishing a Squidoo lens, and a Hubpage.
- Write a test blog article for the new Ghost Writer site.
This was accomplished, and I started another article as well.
- Write a product review for my niche site #2.
This was completed and I started seeing some traffic trickle in as a result.
- Finish designing my niche site #3.
This was done and I am ready to start creating and posting content to drive traffic.
- Do another round of article marketing for niche site #2.
I completed this towards the end of the month. I know have four articles to submit to various directories and referral sites.
- Find 3 more quality wholesale goods suppliers.
While slow at first, towards the end of the month I made some major breakthroughs entering into relationships with wholesalers. This will be instrumental in growing my business.
- Go to one used book sale.
Didn't get around to doing this, unfortunately. I really should be making time for these things.
- Buy a quality site on Flippa.com.
Failed here, but not for lack of trying. I was a competitive bidder on a number of sites, but ultimately didn't win out the auctions. I am not disappointed here because making this kind of investment shouldn't be pressured.
- Write 2 blog posts a week for Value Digger Investor.
I've been averaging about 1.5 posts per week. Not exactly what I wanted, but close enough.
- Invest in one more stock for my Value Digger Investor portfolio.
I did make some investments this month!
- Research and discover new money making opportunities!
I uncovered some great new ideas, one of which was self-publishing ebooks. I hope to start putting this idea into action next month.
Overall, I am pleased with my progress this past month. I didn't accomplish exactly everything I set out to do, but a main reason for this was that I got sidetracked with different projects. While having goals is important, being flexible also vital. The key is to keep on track with your goals AND leave some room for flex.
I will post my goals for the next month shortly, but I expect to take some lessons learned to heart. 1) Commenting in forums and on blogs looks far easier than it is. 2) Having different projects going on at the same time can be distracting at times, but also prevents "burn-out". 3) ALWAYS, ALWAYS, ALWAYS keep looking for new opportunities. Do not get overly attached to one entrepreneurial endeavor.
Last month, I said I wanted to do the following tasks:
- Comment on 2-3 blogs per day (at least 1 being investing related).
Commenting was one of the hardest things for me to do this past month. On average, I probably did 4-5 posts per week. I failed to meet this goal.
- Join another marketing online forum for backlinks.
I did manage to join another forum, although I have not been able to start actively posting yet due to time constrains.
- Post at least 3 times a week on Digital Point forums.
I'd say my average here was once a week, not three. I failed here, but commenting and posting are generally the last things on my list in terms of importance.
- Write 3 articles for content revenue sharing sites.
This WAS accomplished! I posted a review of Ghostbloggers.net on Wizzley that has been doing pretty well in terms of daily views, as well as publishing a Squidoo lens, and a Hubpage.
- Write a test blog article for the new Ghost Writer site.
This was accomplished, and I started another article as well.
- Write a product review for my niche site #2.
This was completed and I started seeing some traffic trickle in as a result.
- Finish designing my niche site #3.
This was done and I am ready to start creating and posting content to drive traffic.
- Do another round of article marketing for niche site #2.
I completed this towards the end of the month. I know have four articles to submit to various directories and referral sites.
- Find 3 more quality wholesale goods suppliers.
While slow at first, towards the end of the month I made some major breakthroughs entering into relationships with wholesalers. This will be instrumental in growing my business.
- Go to one used book sale.
Didn't get around to doing this, unfortunately. I really should be making time for these things.
- Buy a quality site on Flippa.com.
Failed here, but not for lack of trying. I was a competitive bidder on a number of sites, but ultimately didn't win out the auctions. I am not disappointed here because making this kind of investment shouldn't be pressured.
- Write 2 blog posts a week for Value Digger Investor.
I've been averaging about 1.5 posts per week. Not exactly what I wanted, but close enough.
- Invest in one more stock for my Value Digger Investor portfolio.
I did make some investments this month!
- Research and discover new money making opportunities!
I uncovered some great new ideas, one of which was self-publishing ebooks. I hope to start putting this idea into action next month.
Overall, I am pleased with my progress this past month. I didn't accomplish exactly everything I set out to do, but a main reason for this was that I got sidetracked with different projects. While having goals is important, being flexible also vital. The key is to keep on track with your goals AND leave some room for flex.
I will post my goals for the next month shortly, but I expect to take some lessons learned to heart. 1) Commenting in forums and on blogs looks far easier than it is. 2) Having different projects going on at the same time can be distracting at times, but also prevents "burn-out". 3) ALWAYS, ALWAYS, ALWAYS keep looking for new opportunities. Do not get overly attached to one entrepreneurial endeavor.
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