Week 11

Week 11 money making

Week 11 provides opportunity for learning as well as money-making

Amongst the many interesting challenges this project poses, perhaps one of the most stretching is the need to balance the many ongoing initiatives I have, come up with new innovations and increase the reach of the various ideas all whilst trying to maintain profitability. I’m certainly not aware of many jobs that involve posting flyers in the morning, designing and writing websites in the afternoon, a spot of mystery shopping over lunch, selling goods in the evening and taking care of the admin in between. I don’t want to give the impression I’m complaining, it is one of the reasons I decided to do this – it will expose me to a lot more experiences and opportunities than most regular day jobs. It is one of the reasons this project offers so much room for learning, but also one of the reasons it is not easy either. It is a challenge that I must say has been in the most part enjoyable, but I have been somewhat surprised by the sheer extent of the balancing act that is necessary.

This in part contributes to the makeup of this week. In trying to push new ideas whilst maintaining the necessary ongoing earners. I feel I didn’t quite strike the right balance, and as such ended up getting close to achieving both my main goals for the week, but actually reaching neither. These goals were: firstly, and most obviously, to make money – the target was set at £230. The second was to get some business drummed up for the computer services so it can start to provide a somewhat steady ongoing income over the duration of the project. In the end I approached both, but reached neither. It is not something I view as a failure, but something I have learnt relatively early on and can now take into my planning of future weeks. Prioritising activities will become more and more important as time goes on. My system so far has largely consisted of addressing points as they arise – clearly a different approach is necessary.

The income sources for this week contain no real surprises, apart from winning £20 in a competition I didn’t know I had entered with Ipsos surveys. Apparently by completing certain surveys you are automatically entered into a prize draw and I won £20 in Amazon vouchers. I am counting them as cash for simplicities sake, as I will at some point either use them in the course of this project if I need something from Amazon, or essentially purchase them myself for personal use.

Happily my tracker fund investment has performed well so far, a return of 2.9% over the course of the 2 weeks I have held it. If that was replicated over the course of a year, it would equate to an annual return of just over 75%. That being said, such a figure needs to be taken with a large pinch of salt – that is clearly something that is extraordinarily unlikely to happen as there are bound to also be weeks where it loses value or increases more slowly. It is promising though, and suggests it may have been a decent time to invest in this way.

Another new source is that of Google Adsense. Many of you probably already know how this works, but essentially the ads you see on this page are supplied by Google through their Adsense service. Businesses pay to take out that space, and I receive a percentage of that payment every time it is seen or clicked on. You probably have no interest in knowing much more than that, and I certainly have no interest in writing a comprehensive guide to how Adsense works, so if you want more details see google’s own guide.

This amount is not what has been earned in a week – it is the entirety of the earnings from ads since they have been on this website. It is not huge, but it is welcome considering it takes no work on my part once they are set up – although clearly the only way they make money is by driving traffic to the site. In that sense it involves work, but work I would be doing regardless of the presence of adverts – they are merely a way to maximise the earning potential of the site. It seems that I get £0.01 for every 100 page views, and around £0.50 each time someone clicks on an ad. So, do feel free to click on any ads on this site that catch your eye and help grow the stash!

In Summary:

It’s been a slight underperformance in terms of the amount of money made, although not a shambles by any means. The week has taught me a few things going forward about how I approach my planning and organisation, and so in the failure comes a means of improving next week. As the featured quote for the week at the bottom of this page says “Failure is only the opportunity to begin again, only this time more wisely”. The promising news for this week is that there are two new sources of passive income featured in Adsense and the tracker fund. The more ways I can generate money without direct ongoing effort, the more likely I become to reach my target.

Revenues in Week 11:

Less expenses of £21.10:

Week 11 Total: £169.02

Running Total: £1721.21

For a full breakdown, see the balance sheet.

Because I know how much you all enjoy a good chart, I thought I’d plot the total at the end of each week to give an indication of the rate of growth to this point. As you can see below, barring a few minor fluctuations and the dark days of week 7, the total has risen at a very steady rate. This is good in that I am on, the whole, consistently increasing the amount each week, but I really need to begin to see more of an exponential growth curve as time goes on. This should be possible as ideas begin to gather momentum and because the more money I have, the theory is the more it should be able to make for me.

Money making is steady each week
The Week Ahead: 

I would very much like to break the £2,000 mark by the end of the week, as such I need to make £279 in week 12. It’s a high target, but one I think I can achieve. I will even let you in on a little sneak preview. At the time of writing I already have the same net profit this week as I did for the whole of last week in total. Wondering how I’ve managed that? We’ll you’ll just have to watch this space for next weeks update. Be sure to subscribe to my future posts so you don’t miss out.


 

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Comments

  1. Chris says:

    You’ve made more profit in one day already than the whole of last week?! I’ve got to know how…

    • All will be revealed in next week’s roundup. I will give you an indication though – it was more luck than judgement, but it’s all about having fingers in the right pies!

  2. Catherine says:

    very encouraging results so far and good luck with yor computer help business. could you design me a website for my new business venture and quote me a price?

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