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So, the aim of this journey is to chronicle the path to $40,000 per month, demonstrating not only its feasibility but also illustrating how you can transform your life within a year.
I kickstarted this venture with Etsy, currently hitting around $11,000 per month, with the ambition to elevate the store's performance to the range of $15,000 to $30,000.
In a nutshell, almost 12 months ago, I was financially destitute, grappling with a series of setbacks. Despite trying to make money online for 5-6 years, things finally turned around in the last few months.
The strategy I'm currently developing to reach $35,000 per month involves diversifying within e-commerce. The plan is to expand beyond Etsy and establish stores on various marketplaces, including Amazon FBA, Ebay, Depop, and Shopify. There might even be some platforms I'm not aware of yet.
I also hold accounts on a few freelancer/gig sites, which I believe have the potential to scale to a few thousand dollars per month. However, I've been somewhat lazy and neglected this opportunity. The initial step with these platforms is to accumulate reviews and initiate the process of ranking on the first page. Given that the niche I'm in is relatively unique with limited competition, this should facilitate the process to some extent.
I've contemplated whether it's more advantageous to focus on growing 3 or 4 avenues to $10k each versus juggling multiple streams at $2-5k. Given that my income relies on platforms, I believe it's prudent to stretch myself across various endeavors. This way, if one platform were to remove me, the impact wouldn't be as severe, making recovery more manageable. I'm aware of the risks associated with selling on platforms like Ebay and Etsy, and I recognize their long-term sustainability challenges. Therefore, the profits generated will be saved and eventually redirected towards establishing a long-term, sustainable business, perhaps in the form of an agency or SAAS, etc.
I plan to provide weekly updates on my progress to maintain accountability.
Objective: $40,000 per month Current Status: $13,500 per month ($11,000 from Etsy, the remainder from my 9-5 job)
Goals for the upcoming week:
I kickstarted this venture with Etsy, currently hitting around $11,000 per month, with the ambition to elevate the store's performance to the range of $15,000 to $30,000.
In a nutshell, almost 12 months ago, I was financially destitute, grappling with a series of setbacks. Despite trying to make money online for 5-6 years, things finally turned around in the last few months.
The strategy I'm currently developing to reach $35,000 per month involves diversifying within e-commerce. The plan is to expand beyond Etsy and establish stores on various marketplaces, including Amazon FBA, Ebay, Depop, and Shopify. There might even be some platforms I'm not aware of yet.
I also hold accounts on a few freelancer/gig sites, which I believe have the potential to scale to a few thousand dollars per month. However, I've been somewhat lazy and neglected this opportunity. The initial step with these platforms is to accumulate reviews and initiate the process of ranking on the first page. Given that the niche I'm in is relatively unique with limited competition, this should facilitate the process to some extent.
I've contemplated whether it's more advantageous to focus on growing 3 or 4 avenues to $10k each versus juggling multiple streams at $2-5k. Given that my income relies on platforms, I believe it's prudent to stretch myself across various endeavors. This way, if one platform were to remove me, the impact wouldn't be as severe, making recovery more manageable. I'm aware of the risks associated with selling on platforms like Ebay and Etsy, and I recognize their long-term sustainability challenges. Therefore, the profits generated will be saved and eventually redirected towards establishing a long-term, sustainable business, perhaps in the form of an agency or SAAS, etc.
I plan to provide weekly updates on my progress to maintain accountability.
Objective: $40,000 per month Current Status: $13,500 per month ($11,000 from Etsy, the remainder from my 9-5 job)
Goals for the upcoming week:
- List new items on Etsy and conduct niche research for a new store
- Send new stock into Amazon FBA
- Establish an Ebay account and explore potential niches
- Garner reviews on my freelancer profiles and enhance SEO to secure a ranking on search results
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