Since I decided to keep better track of my business income and expenses, I decided to start creating a brief income report. The reasons I wanted to start documenting my income is because:
- I need to know where my money is going. Unfortunately I’ve been spending more on my businesses than I bring in.
- Determine which businesses are bringing in the most cash and try to maximize my time by focusing on those.
Over the last few months, I’ve been spending so much time trying to create a passive income, that I was missing potential opportunities to make money now with an active income. Since I’ve made money selling on eBay a few years ago, I decided to start back up with that.
I’m still interested in creating a passive income so I’ve been publishing Amazon kindle books, creating courses for Udemy and now Skillfeed, as well as revamping some niche sites I’ve had for a while.
Below is the basis breakdown for the month of June. I’m not deducting part of my home for business use or mileage when I’m sourcing inventory. I’ll save that for my taxes. Also for expanses, I’m going to be including any supplies I had to purchase or work I may have outsourced.
Amazon Kindle Portfolio
Up through the month of June I had four eBooks published in various niches and pen names. Since Amazon pays two months in arrears, I’m going to include my sales based on the actual month, not the amount they paid me for the month. That means I’m not actually going to see this income until around September. I haven’t done any promotions for these books in quite some time. I’m also not including the previous amount I’ve paid for covers or outsourcing these books since it was before June.
This may be one of the best months I’ve had with Amazon in a while. Although $66 isn’t a lot of money, I haven’t done anything to promote these books. I only did a free promo for one of them and that was it.
I published my first course on Udemy back in May. They pay a month behind so I’m just getting May’s payment now, in June. The only promotion I did for the course was list free coupons on various sites. The only coupons that yielded any students were Facebook and Twitter. This resulted in 687 new students to date.
Since my course was free for over a month, I’m surprised I had any sales. Going forward it will be interesting to see how much I make without giving the course away for free.
I published the same course on Skillfeed in the middle of the month so I haven’t received a payment yet. Also they base their earnings on the amount of time your course is viewed. When I last checked my earnings, the website said it was still calculating.
|1 course||0||May $21.76; June $10.88||$32.64|
I’m grouping eBay and Amazon together because I buy inventory for both and then decide where I’m going to sell it once I get home. Most of my Amazon inventory is FBA however I do have a few items that are still merchant fulfilled. My eBay income is rather low for the month of June. This is taking into account the inventory that I purchase and eBay and PayPal fees. Considering I still have a bunch of inventory I still need to list, I’m happy I’m not in the red.
For next month, I’d like to meet my goal of having at least 100 items listed.
|Fba||$35.97||($25.20)||$23.04 (Amazon pays every 2 weeks and the report I pulled was for the month of June. The totals dont seem to make sense but must include income/expenses from May|
A few months ago I created a PLR site based off a product I purchased by Tiffany Dow. I put up a few packs and then got distracted. I haven’t added anything to the website in months. I sell the packs on Jvzoo and Distribly. Well this month, 2 packs sold.
|2 PLR packs sold||$8.50|
My ongoing expense for the month is hosting fees with Hostgator at $9.95 a month. Eventually I’ll get a yearly plan so I can reduce my cost, but I haven’t taken the time to research another hosting company.
Total income: $138.64
Total expenses: $9.95
Total profit: $128.69
Overall I’m ok with what I’ve earned. Some of my income has been passive, which is great since I have a new baby and don’t have much time to focus on my side businesses. In the month of July, I’m hoping to at least net over $100 with ebay and Amazon. I’m also working on a new niche site. It’s in the dating niche and it’s mostly focusing on long tail keywords.
That’s it for now. How was your income in the month of June? Did you meet your goals?