Monthly Financial and Activity Report for February 2014

Welcome to the first of many reports I will be writing on the progress of the Online Millionaire Project. At the start of this project I made a commitment that I would document it’s progress for all to see. My successes and my failures, what I’ve learned and how much i’ve earned.

Overview

So here we are the end of the first month of the online millionaire project and what a month it’s beenSetting up the site and getting the technical side of things sorted out took up a lot more time than anticipated, but overall I’m pleased with the way the site is looking now and most of the teething problems have been resolved.

This extra time did have a knock on effect on traffic generation and I left it until the last few days of February before doing any real work on it, so March’s report will provide a better baseline from which to compare going forward.

As far as content, I’d set myself a goal of 15 articles this month and although I only managed to write 12, everything considered I’m happy with that result.

So let start by looking at the finances…

Financial Report

Gross Income - £731.26 ($1216.30) click for detail

Gross Income - £731.26 ($1216.30) click for detail

  • Ebay: £705.14  ($1172.86)
  • Adsense: £24.87  ($41.37)
  • Affiliates: £1.25  ($2.08)
  • E-shop: £ N/A

Gross Expenditure - £356.36 ($592.73)

Gross Expenditure - £356.36 ($592.73)

Ebay £297.45  ($494.75)

  • Ebay & Paypal fees: £86.45 ($143.79)
  • Ebay Stock: £211.00 ($350.96)

Website £58.91 ($97.98)

  • Hosting Fees: £12.02 ($19.99)
  • Website Template & Plugins etc: £46.89 ($87.00)

Gross Monthly Profit £374.90 ($623.57)

Gross Monthly Profit £374.90 ($623.57)

Financial Summary

So not a groundbreaking start, but a realistic one I think, given a considerable amount of time was spent on the backend of the website rather than the content and traffic generation.

Ebay, was a little disappointing, with income down almost 30% on projected target, but again a lot of my time was given over to the website so again March will provide a better baseline.

Social Media Activities

New Twitter Followers: 594

New Facebook Likes: 817

Final Thoughts

Lest we forget I still work my day job so everything has revolved around my work schedule and obviously spending quality time with my family. Nevertheless on average I spent approx 28-30 hours per week on the project.

Overall I’m please with the way things have gone for my first month. Getting everything into place was far more important than how much income was generated. I now have a good solid foundation from which to build.

photo credit: Dave Dugdale via photopin cc

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