My stated goal in starting a business in 2021 is that I want to earn $1,000 a month. Currently, I spend about $1,000 a month to live so it would be nice to be able to earn enough money to pay all my bills from a little side business.
I’ve been fortunate enough to be able to retire at the age of 39 through my aggressive frugality. That’s primarily because my expenses are low, so low people don’t even believe me, though it’s true.
Because my expenses are low it lets me work on the things I find enjoyable. One of my lifelong goals was to start a sustainable business, and now that I don’t have the pressures of paying my bills, this site allows me to do that.
How Could This Blog Earn Money?
That’s of course a question I’ve been asking myself, and there are a few ways really. The first of which is through Google Ad Sense.
Assuming the site starts to get some decent traffic I could put ad words on the site, since it’s in the financial niche I could count on an AdSense rate of maybe $10 a click.
If I was averaging 3 clicks per 1000 visits then 3,000 visitors a day would pay all my bills. 3,000 visitors a day is not a trivial number of course, but it is possible. 3,000 visitors a day isn’t that much, but it will take a while I’m sure. We’ll see, I plan to do daily visitor breakdowns and show my analytics.
Selling a product
I have a bunch of possible products I could knock out, namely:
- A book on how I reduced my expenses from 50k a year to 10k a year within 6 months
- A book about general frugality tactics
- A book on how to earn a living in software development. I am a self-taught software developer and it might be useful to have a guide on how to go into that field. Obviously, there are many out there but hey, why not a few more.
- There are other products of course but nothing comes to mind. Possibly an online course itself. Maybe a practical, walk you through how to think about reducing your expenses, paying down debt, etc.
- I could create some sort of sponsored page, like Frugal Deals or something.
- There is a possibility that the youtube channel itself could end up taking off.
So obviously there are plenty of avenues to make money with the site, I’d love for it to be turn-key, but that is probably unlikely, at least initially. Ultimately I’m here to learn about what this process is like.
Selling a service
Another potential thing I could offer would be coaching services. That sounds so tacky it’s hard to even utter it, but it is a valid option, maybe $100 for a $ 45-minute consultation.
If you are really struggling to save money then having someone who could help you think through your expenses and bills could be a good investment.
So those are the options I can think of, at least so far. There is potential here, and if I can get to $1,000 a month I’m sure it’s possible to go quite a bit higher than that. Even then I won’t spend that extra money, I have everything I want now, but the journey there is the fun part.
Okay, I’m over 500 words! On to the next one!