$1000/month Passive Income Goal – The Details
**I am happy to announce that I hit my targeting (read my final announcement post here) and am currently gearing up for a brand new ‘niche site challenge’ with a whole new goal and a couple of interesting new challenges – stay tuned for more info.
- November Niche Income Report
- December Niche Income Report
- January Niche Income Report
- May Niche Income Report
As we draw close to the end of month one of my $1000/month passive income goal I thought it would be a good idea to explain exactly what I am doing.
For those who are visiting my blog for the first time and seeing the section in the sidebar that has a lot of numbers and percentages (and have no idea what that is all about about) – then here is what is going on in my world.
What Is The $1,000/Month Passive Income Goal?
If you have been reading my blog recently, I have had a massive shift in focus as I look to increase my online income over the next 8 months.
My main change, is that I will be focusing on passive income producing blogs (ones that will continue to make money even when I stop posting) and the goal is to create a $1,000/month income stream from these blogs by July 2011.
This income is new income, and will not include any of my current earnings. This is all NEW passive income.
What Is The Plan?
One of my favourite quotes is:
If you fail to plan, then you are planning to fail.
So that being said, I have set myself a few criteria that will help me to focus, save money and make more passive income.
Start With Revamping Forgotten Blogs
If you are anything like me, you have a backlog of forgotten projects that got started with gusto and then dropped when the next great idea came around.
So the first thing I am doing, is not buying any more domains until I have used up my stockpile. This is to stop more wastage. Plus it means I start with a bit of an advantage, because the domains are already indexed – they just are not making any money!
As you can see in the sidebar, I currently have 3 niche blogs started.
Diversify My Income Sources
If there is one thing that I have learnt over the last couple of months is that you should not focus on one income source. Now I know that is investing 101 – diversification, but it has hit me a bit over the last couple of months and I do not want any one source to make up the majority of my passive income.
That being said, I will be using quite a lot of different affiliate and PPC programs on each of my niche sites.
And I will probably be adding more to this list before the 8 months is up.
Focus On Search Engine Traffic
Obviously since I this goal is to build passive income, I will want to be generating traffic that once it is set up – I don’t have to keep working for it. That is why I will be focusing on search engine optimisation and keyword research (using Market Samurai of course)
10 Websites At $100/Month
To keep things simple, I have broken my big goal ($1000) into smaller more manageable chunks. My goal is to have 10 websites making $100 a month.
Now I know that each of my websites will not make exactly $100 each month – some will eventually make more, and others will probably make much less. This just gives me something to work towards.
I am sure a lot of you are wondering why I chose the figure $1000. Well there are two reasons that I did – one simple and the other logical :)
- Because it is a nice round number that is big enough to be a little bit scary!
- Because that works out to about $250 a week, which would pay for our rent, and I thought what better to aim for than to have our rent paid for every month – without the need to work for it!
Will I Be Sharing The Domains?
A lot of people responded to my initial post, asking for transparency and real case studies – so I will be sharing domains, traffic stats, income sources and much more for my niche blogs as they relate to my posts.
That being said, I will not be linking to, or talking about the actual domains names (they will just be included in screenshots – as I do not want to skew any results). So I will refer to the niche blogs by their niche and as I said, will include the domain name in screenshots for those who are interested.
That’s about It For Now…
Well I think that is everything. This is going to be a jam packed 8 months, and you are not going to want to miss what is going on. So make sure we are connected: