It’s time for another income report!
Like many other Internet entrepreneurs, I use these monthly statements to show what actually works with an online business.
These reports are designed to be motivational to anyone interested in making money online and/or people who want to take their existing business to the next level.
Plus, they provide me with a bit of accountability because I know every month I have to report back how much I’ve earned
Moving forward, these reports will be broken down into two sections:
- The income report with specific detail on what I’ve earned
- Lessons I learned in the last month which will impact my future income
Let’s get to it…
Here’s the monthly breakdown for July 2012:
I. Authority Affiliate Site:The bulk of my income comes from a few websites in a single affiliate marketing niche. I don’t reveal the specifics of these sites to avoid competition and having people “reverse-engineer” what I do online.
Bascially I follow the six-figure affiliate marketing strategy I’ve listed here. Specifically I’ve built a large email list in an ultra-specific market where I promote a variety of affiliate offers to subscribers.
I find most of the products on Clickbank. But I also promote a couple of “self-hosted” affiliate offers.
Here’s how much I earned last month:
- Clickbank (Email Marketing): $3,142.18
- Self-Hosted (Email Marketing): $1,549.20
- Thank You Page: $2,100
- Total: $6791.38
- Last Month: $7467.53
- Difference: -$676.15
II. Information Product: I also have an information product in this niche.
The bulk of my information product income comes from an extensive autoresponder sequence. I have over 50 emails that provide a mix of great content and direct affiliate offers. So in a way… My information product income also comes from affiliate marketing.
- Total: $1057.60
- Last Month: $1244.57
- Difference: -$186.97
III: Niche Sites: While I no longer build niche sites they still generate a little bit of income. Here’s what happened in July:
- Google Adsense: $13.23
- Amazon Physical Products: $77.75
- Clickbank: $189.82
- Self-Hosted Affiliate Programs: $100
- Total: $380.80
- Last Month: $232.33
- Difference: +$148.47
July brought a significant amount of sales on the “55 Ways” title. Now I see there is a lot of opportunity with Amazon publishing. That’s why I plan on releasing one Kindle book each month moving forward. (Click here to check out what I’m releasing next.)
- Total: $403.16
- Last Month: $25.11
- Difference: +$378.05
V: Steve Scott Site: I also promote affiliate offers and my own information product on this blog. Honestly, I’ve been lazy about doing this on a regular basis. In the future, I plan on finding offers that get real results and working hard to tell people about them.
For now, I’ve made a little bit of money with this site:
- Aweber: $5.70
- Niche Profits Course: $43.84
- Write Like Freddy: $62.86
- Autoresponder Madness: $44.36
- Affiliate Marketing without the B.S.: $266.06
- Total: $422.82
- Last Month: $268.85
- Difference: +$153.87
VI: Mobile Apps: My first two apps have just hit the market. So again, there is not much to report on the income front:
- Total: $0
- Last Month: $0
- Difference: $0
Combine all six income streams and you get a…
Grand Total of $9055.76
- Last Month: $9,237.99
- Difference: -$182.23
Yes, my income went down a little. But I’m happy that it’s starting to become more diversified. This is absolutely important because I’m 100% dedicated to taking my income to the next level!
So on that note, let’s talk about the lessons I recently learned:
Lesson #1: The “Mobile Lifestyle” Isn’t Easy
Right now I’m with my girlfriend on a seven-week cross-country trip through the United States. So far we’ve camped in amazing national parks like Yellowstone, Yosemite, Redwoods, and Kings Canyon.
All these beautiful places have horrendous Internet and cell phone connectivity. This makes it really hard to do any work.
That stereotype of the mobile entrepreneur is complete B.S. Yes, you can do work while vacationing and having fun. But the quality won’t be there.
All of this emphasizes the importance of having a “home base.” The Internet lifestyle provides a great opportunity to live life on your own terms. But it’s not easy to combine vacation and work.
My advice is to spend some time working really hard and the rest should be spent having fun adventures!
So for now, I’ve decided to focus on the important things (like blogging) and postpone everything else till early September.
Lesson #2: Diversify Your Income
I’m so grateful to have a reliable source of income with my affiliate marketing site. This money has been there for over five years and has funded the future projects I’m currently developing.
Unfortunately I depend way too much on this revenue stream. Add that to the fact that I no longer market my site because of a lack of personal fulfillment. This is a bad combination for creating long-term wealth with an Internet business.
Writing the first income report made me realize the danger of my current situation. No longer can I rest on my laurels and reap the benefit of the hard work from years ago.
Bottom line is I need to diversify my income. And I need to do it NOW!
Which leads us to…
Lesson #3: The Opportunity of the Kindle Market
I’m really excited about the $403 from my two Amazon Kindle books. Yes, it’s not a huge amount of money. But it shows there is a huge opportunity in the Amazon marketplace.
My thought process is this. I’ve made decent money as a newbie Kindle publisher. So what will happen if I create a catalog of Amazon books full of quality information? I’m fully confident that Kindle publishing can become a full-time source of income.
Right now I’m testing and tweaking my existing titles on Amazon. Plus I’m on track to release three more in September and October.
The good news?
I plan on creating a series of blog posts on the lessons I’m currently learning. So stay tuned!
Lesson #4: App Development is a Lengthy Process
The mobile app market is another way I’m diversifying my income. By no means is this an easy way to make money. You need a lot of things to make this work:
- Specific mindset and a step-by-step strategy
- Ability to spot trends and discover what apps people want
- Capital to build your first apps – At least $1000
- Management skills when working with both graphic artists and programmers
- Dedication to keep tweaking and testing your results
I started my app business on May 1st. It’s now the second week of August and I just released my first apps in the marketplace.
Developing mobile apps is a lengthy process and it’s definitely not easy. I do think there is a great income potential to this strategy. But I also think it’s something you can’t do half-assed.
Mobile app marketing is another topic I’ll explore in the future. I am learning a lot lately. So I’ll have more posts n this topic once I find something that’s “blog post worthy.”
My second income report reminds me of that famous quote:
“ “The more things change, the more they stay the same.”
Lately, I’ve worked on two brand new business models – Yet my income is basically the same. I think ultimately it’s important to go through these plateau periods because around the corner will come that next major breakthrough.
Hopefully my income reports in September and October will talk about one (or two) of these breakthroughs.
Till then, I’m going to enjoy the rest of my vacation and prepare myself for the massive action that will happen come September.
Respond below…Take Action. Get Results.
P.S. Struggling with your Kindle books? Don't know how to get started on Amazon? Looking to generate an additional stream of income?
If so, click here to grab my free report "44 Answers to YOUR Kindle Publishing Questions"