Do you get discouraged reading the “A” listers income reports?
So do I!
They share ridiculous numbers.
$30,000 a month…$70,000 a month…$150,000 a month in income.
What?!? Shut, the front door!
When I read these reports, they appear unrealistic. I’m as far from earning $30,000/month as I am from going one day in my house without anyone crying.
Most of us are happy to earn an extra $100 or $500 a month.
Today, I am going to share my side-income reports. I promise you won’t be blown away.
I’m not sure if this will be a regular thing, but I think it’s important to share with you what I’m doing.
In this report, you’ll see the income I have earned from the first six months of 2016 from my various side-hustles.
Let’s get into it…
Two and a half years ago, none of this money existed. I wasn’t earning any side income on a regular basis. I’ve worked hard and am proud.
I also think you can accomplish this too.
My biggest and most consistent side-income is from selling on Amazon. If you aren’t familiar with my Amazon journey, check out my article about How I turned $75 into over $20k (and growing).
So far 2016 has not been too impressive. The main reason is I have been trying to take a hands-off approach to the business and reduce the number of hours I work to expand additional side hustles.
Here is what the numbers look like for the first half of 2016:
Sales – $93,227.03
Expenses – $74,287.43
Revenue – $18,939.60
Profit Margin: 20.3%
ROI – 44%
Typically I like to have about a 25-27% profit margin. There are a few reasons this number is so low:
1) I started using a repricer
A repricer automatically adjusts the items I am selling on Amazon. It compares what other people are selling items for and lowers or increases my prices.
Since I have started using this, my profit margins have decreased. However, I am turning inventory over quicker. This allows me to buy and sell more items.
2) More online purchases
In 2016, I have purchased more items online. Typically the margins are less and I have definitely seen this.
Though my margins are less, I have started re-ordering items that tend to sell quickly. This makes my life a little easier.
3) Less time buying in stores
This year I have spent less time finding items in stores to sell online. Retail arbitrage is the best way to find items, but my schedule hasn’t given me as much opportunity to source in stores.
I’m not complaining about earning over $18,000 in the first half of 2016, I just think it can be better.
Another area I earn a little money (very little) is Udemy.
This is a platform for existing customers where you can sell courses you create. If you have a skill (literally any skill) you can create a course and sell it on Udemy.
My course is how to sell on Amazon (surprise). If you are interested in it, then check it out here with a 1/2 off coupon.
Every month I spend exactly zero hours! I do virtually no marketing. And haven’t touched the course in over two years!
I’m not sharing this with you to brag, it’s really just because I’m lazy with this course. I think I could earn a lot more, but it just isn’t a priority right now.
Udemy Revenue first half of 2016: $558.41
My goal in the second half of 2016 is to add two additional courses to my Udemy school. The topics will be on personal finance. To get these courses free when they launch, sign up for my email list.
Ok…this really isn’t a side hustle.
Ebates gives me cash back when I purchase items online from certain stores. Most of my money comes from buying items to sell on Amazon.
Ebates only pays on a quarterly basis.
So far this year, I have received two checks from them. One for $100.29 and one for $327.30.
Total Revenue: $427.59
Not too bad for purchasing things I was already going to buy to sell on Amazon.
This year my email list has really grown and hopefully I am bringing more value to this group.
Since I saw such growth, I decided to launch a more advanced Amazon training course via Teachable.
Teachable is similar to Udemy, but you have all the control. It is a great platform and delivers the content much better.
You also don’t have to compete with other instructors.
In the first half of 2016, I launched one course. I learned a lot from the launch and it was exhausting, but I LOVED it!
I plan to continue launching advanced courses on Teachable.
Teachable Revenue: $1,970
Total Revenue first half of 2016: $21,895.60
If you are financially astute, then you are saying, “Wait, you are just mentioning revenues.”
You are right my little financial rockstar.
Unfortunately, to run any type of business there must be expenses too.
Let’s take a look at what and who I’m paying:
Reprice It – $95.70
This is the tool I use to automatically reprice my Amazon inventory. It saves me at least 2 hours a week looking through inventory and repricing it manually.
Leads on Location – $714
This is a group that provides leads for potential products to sell on Amazon. I have been using this group for over a year and it has really helped me streamline my business. It probably saves me at least 10 hours a week.
Inventory Lab – $240
Inventory Lab does a million things for me. It helps me upload products to Amazon quicker, keeps track of P&L statements, and all expenses. It saves me from throwing up at least 3 times a year by helping keep track of all the minusae.
Mail Chimp – $90.00
This is the email subscription service I use. Once I upgraded mail chimp to use their automation service, I saw my email list start to grow. Again, saves me an incredible amount of time and headaches.
Lead Pages – $240
I love lead pages in combination with Mail Chimp. This service helps me create landing pages, deliver automatic thank yous, and much more.
Teachable – $350
I paid to upgrade my Teachable account to have more control.
Web Hosting – $180
Total Expenses: $1,909.70
Total Profit: $19,985.90
Obviously, this isn’t nearly as impressive as the “A” listers, but I am proud of my little business.
This number should grow dramatically in the second half of 2016 due to the following reason:
1) Amazon Q4
Selling on Amazon during Q4 is a goldmine. You can earn $20k just in the 4th quarter.
2) More Courses
I spent 10 years in the financial services industry and have a gained a lot of knowledge. I am creating some pretty awesome courses that will help people better understand and manage their finances.
I’m not sure what the second half of 2016 will bring, but I’m excited. My goal would be to double the amount I earned from the first half. It will take some work and it will be worth it!
Wish me luck.