The best part is that I am now making enough with my blog, Cash Flow Mantra, that I can afford to partner with a few fellow bloggers and pay for 4 articles per month with some of the money that I have been making. Right now, I have enough money in my PayPal account to pay for about 4 months worth of articles.
My plan all along has been to spend my time to develop an online income stream rather than any money. I have successfully done that and haven't spent one dime of my own money. Rather by starting with HubPages and eHow, I was able to earn on a platform with no upfront costs.
Then, once I got affected by the first Panda Update, I finally got the guts to start my own WordPress blog. Of course, I have to repeatedly ask myself why I didn't do so sooner. I would be much farther down the road had I done this 18 months ago. I might be making double or triple what I am making now.
If this new blog is anything like CFM, it should take about 6 months for me to be making enough to pay for the costs of paying for content and begin making a profit. Then, I could start another blog with the additional proceeds and pay for more content. The goal would be to keep my writing load the same while increasing my internet exposure and earning possibilities. It would be a lot like reinvesting dividends and compound interest.
Of course, having cross-marketing opportunities across the different blogs will help. I suspect that this new blog will grow much faster than CFM because I have some experience getting traffic but also some writing partners who will help in that realm and benefit themselves from the traffic.
It is going to be a busy December getting ready, but I am looking forward to it. Wish me luck. I will be sure to let everyone here know the name and topic in a week or two.
Posts
Sounds like such a wise plan. I guess December is a time of gearing up for the New Year. Like you, I registered two new domain names and am working on building them.
ReplyDeleteIsn’t it great how each blogging experience helps with the next blog? I recently looked at a few numbers and realize that my last blog earned in 8 months what it 5 years for my first online venture to make.
It saddens me when I see people giving up when their blogs don’t earn a lot of money right off the bat. They don’t understand they’re learning valuable online skills that will pay off down the line.
I’m sure your next blog will be even more successful than your last. Wishing you the best.
Good for you! So happy to hear that everything is working out for you and you are able to expand so quickly. I hope 2012 brings you much success!
ReplyDeleteThanks, Felicia. That is interesting that it only took 8 months instead of 5 years. Quite a difference. You obviously learned a lot.
ReplyDeleteDeanna,
Thanks for the well wishes. I wish you the best in 2012.
Heck yeah! I've been doing the same. I'm outsourcing like a maniac right now. I've ordered and recieved something like 25 articles this week to feed to my new sites. It keeps the income snowball rolling I think. Reinvesting revenue is a great idea to keep the momentum moving.
ReplyDeleteIt seems like reinvesting is a great way to build up a number of sites. I won't be reinvesting everything and will have a limit on the amount of monthly expense, but I am planning on the new site covering its costs in 6 months.
ReplyDeleteIt really does seem like it is compound interest. I am way too busy (and lazy) to do such a thing and so am living completely off my residual income but it sounds like a great plan and I can only wish you luck as I am sure you will make it.
ReplyDeleteIt would be interesting to see how quickly it would be possible to earn serious money using the likes of Hubpages to start off with and then reinvesting the income in other sites to generate greater returns. My bet is if done full time non-stop within about 6 months a very decent living could be made (by this I mean churning out 100-200 articles a month etc).
If you could be cranking out 200 articles a month, you could make $2000 selling 100 articles and put up the others for residual incomes.
ReplyDelete