Hey everyone! Today is the last Friday of the month, which means it’s time for another Update Day!
I thought I’d do things a bit differently, which means…
To sum up for those of you who haven’t the time to watch the vid:
This month, I decided to stop moping around and approach my writing career as if it’s already my full-time job. My thinking is that I’m a business person anyway, so I might as well turn this writing thing into a business.
Making this work meant I had to rethink the way I’m going about this.
I’m hitting reset on my goal.
My five-year goal is still $7500 a month, but now it can be from any writing related activity, whether it’s me actually writing, or me using my writing expertise in some way.
I’m starting over.
This is actually year three, but the change is so major and the mind-shift so big that I decided to start again. So September 2016 is month one of Year One. I basically did this, because I want to track my growth. And since my income basically flatlined for the past three months, I thought it would be a good thing to start since this major change got brought in.
I’ve been keeping track since 6th (which was when I decided to kick things up a notch), so that’s enough for me to actually get some stats in.
Speaking of stats…
I’m also going to change the way I report on my progress.
I might get back to the to-do list eventually, but I can’t help feeling that people really don’t care about those all that much.
A lot of people have been asking me how I’m actually doing with my five year goal, so I will be reporting on my money coming in and going out, since this full-time-writer-with-almost-no-money-to-start-with thing is probably something that might interest a lot of people.
Which means that I’ll be posting monthly stats for the year. Two, in fact, but I’ll explain more in a minute.
So how did I do?
Basically, this full-time thing has two components: Me selling stories and services I already have, and me creating more stories. For ease of reference, I will call these Marketing and Writing.
Since my marketing results can only be measured in terms of income, I’m keeping track of that instead of the hours I’m putting in.
My income basically gets divided into three groups: Income from previous months (since there’s up to a 3 month delay on royalties etc), income earned within the month and income generated for the future (so I’m keeping track of books I sold today so I know how much I’ll get in three months.)
I set my goal for Total Income Generated. Which means that if I say $100 is my goal, I’ll see that goal as achieved even if $100 came in only from previous months sales etc.
Since I’m also concerned about my income’s growth, I’ll be keeping track of how much income I generate within a month and for future months, separately. So there will be a separate graph, where the goal line is calculated by subtracting my Income Generated Goal from the amount that came in from previous months.
So first, let me look at income generated in past months vs income generated within this month.
Basically, the income accrued in previous months is money from Patreon (which is currently around $10).
As you can see, most of my money generated this month was for current or future earnings. Let’s see how those look.
So since starting this whole exercise, I’ve critiqued one short-story on Fiverr, and actually sold some books on Amazon (which is definitely an uptick, because my book sales have basically been dead lately.) The Patreon income is basically the $10 from patrons who’d signed up before and $1 from a new sign-up. It will show up again next month as income accrued from previous months, since every month’s subscriptions only actually hit my account in the following month.
Goal for October:
It’s such a nice, round number, so for now, I’m keeping to $100 as my goal. Fingers crossed that I actually hit the line next time.
This month I basically set writing goals as I went along, which is why my goal line keeps jumping up as I hit my targets.
I basically only started writing on 11 September, and then only sporadically. Then, on 24 September, I started timing my writing and trying to write every day. The effect on my daily word counts are quite staggering….
Let me put that into words real quick. I wrote over 16k words this month. 10k of those were written last week.