Targets for 2016
Last updated: 18th October 2016.
I started 2016 by writing income reports and analysing my portfolio. In each income report I track the progress towards my financial targets, with the long-term goal being financial independence - $7,000 per month profit - by the end of 2017 (May 2016: revised target date to end of 2017 from end of 2018. Things are going well!). In each income report, I plan for the next month (and review the previous month's plan). I also have goals for 2016 for each of my sites. This page tracks all of my current and previous targets and goals, along with previous successes and failures.
Financial Targets Achieved
|$1,000/mo profit||May 2016||April 2016|
|$2,000/mo profit||End 2016||April 2016|
|$4,000/mo profit||End 2017||May 2016|
|$5,000/mo profit||August 2016||September 2016|
|$6,000/mo profit||End 2016||September 2016|
Financial Targets Outstanding
|$7,000/mo profit||Medium (2017)||89%|
|$8,000/mo profit||Medium (2017)||78%|
|$10,000/mo profit||Long (2018)||63%|
2016 Goals - Completed
Launch GetPostCookie: The site was launched in March 2016.
Redevelopment of Readability-Score.com: This was completed in April 2016.
2016 Goals - Outstanding
Similarly, the development of ApolloPad is near the top of my list for 2016. It's a great project, with a tremendous community, and it's been well received so far and looks to have the potential to earn well.
Complete ApolloPad Development: Complete round 2 of ApolloPad development and exit beta (and start charging for usage) by August 2016.
Cheatography Strategy: Create and implement monetisation strategy for Cheatography by December 2016.
New Magento Extensions: Release an average of one new Magento extension per month starting in May for eight in total by December 2016.
Create 2017 Plan: Confirm plan for 2017 by November 2016.
Delegate Content and Community Mangement: Hire content and community manager by November 2016.
1. Continue momentum with Readability-Score.com. I will be concentrating on the onboarding process for the site, marketing to non-premium members and expired subscribers, and continuing development and support.
2. Plan for the development of ApolloPad. ApolloPad is a tremendous project with great potential, but it needs a lot of work doing to it - this month I'm going to plan the rest of 2016 for the site.
3. Release two new Magento extensions on Added Bytes. Magento extensions provide a small amount of passive income, but there's certainly lots more opportunity there.
4. Delegate Running of Cheatography. I'm going to find someone to take on some community management and content creation for the site.
5. Get one great link into Cheatography and one into Readability-Score.com. I want to have a system for link-building, not just the odd lucky link.
1. Reduce Expenses: Success. Expenses were higher in absolute terms, but that was because of much higher processing fees for increased sales from Readability-Score.com. Expenses went from 36% down to 12%, and that's a great improvement.
2. Improve Readability-Score.com: Success! The new site was launched and had a huge effect on my passive income in its first few days live.
3. Delegate Management of Cheatography: Success-ish. I'm going to say this was accomplished, as I did find someone and hire them. Unfortunately, it didn't subsequently work out - I'll try again.
4. Get Two Great Links to Cheatography and Readability-Score.com: Failure. Unfortunately this one escaped me. I was too busy with the new Readability-Score.com. I made good progress talking to a couple of link-building experts, which is a start, but it's back on the list for May. No sense building sites if you don't get anybody to visit them!