My target

The main purpose of this website is to hold myself accountable and push me to work towards the target income that I’ve set out. The target is set to far higher than I need it to be, so that even if I don’t get there, I can still (hopefully) get to a relatively comfortable position. Even half of would be fantastic.
 
Profits generated from these endeavours are to be used to buy a house and invest in my children’s’ future. Seeing as I have three kids, the future isn’t looking likely to be cheap. Time to start preparing.
 
I’m going to aim for a net profit of £5,000 per month (after business taxes).
 
In the United Kingdom, the Corporation Tax rate is 19%. Assuming that I run at a 90% profit margin, with the only real cost being advertising of services and a Virtual Assistant, the required monthly figures are broken down below.

Assuming that I run at a 90% profit margin, with the only real cost being advertising of services and a Virtual Assistant, the required monthly figures are broken down below.

Turnover: £6,859
Costs: £685.90 (assuming 10% of turnover)
Corporation Tax: £1,172.89 (at 19%)

Profit after tax: £5,000

That’s a decent of money to try and bring in each month.

Breaking this down further…

Per month: £6,859
Per week: £1,578.59
Per day: £225.51
Per hour: £9.40

So, in theory, if I were to build income streams – passive or not – that turnover £9.40 per hour, and I were to spend less than £0.94 per hour, I can hit my goal (or at least get somewhere near it). The target turnover is less than my hourly rate, so I need to find a way of replicating myself to work around the clock.

I’ve set out a quarterly timeline below, as well as including my monthly reports towards the goals.

Setting my targets

By the end of June 2020 I aim to have this website live. It’s not much of an ask, but considering the task of homeschooling while working full time due to Covid-19, it’s a challenge.

I’ll also launch a mini-website – Whatsizepizza.co.uk – to drive traffic back to this website. It’ll be a bit of a gimmick website, but the type to go viral for almost no reason. Will it go viral? Probably not, but I left it live during building to see what kind of traffic it got, and it was averaging 50 visitors per day. Not too bad for an unfinished site.

As well as this, I’m hoping to overhaul the Jenksdev.com website to simplify my offerings and maximise my return on time investment.

By the end of September, I’m hoping that the gimmick website would have gone viral. In the meantime, I would’ve pressed on with the JenksDev agency to obtain greater cashflow to purchase domains for future ideas. The second and third new projects will also be launched. The cashflow from JenksDev will be used to partially fund a Virtual Assistant to help manage them.

If all has gone to plan, by the end of the year I will be just under 25% of the way to my goal. I’ll use this quarter to build my WordPress course. It’ll be free for everyone, showing them how to find a web host, get going with WordPress, use Elementor and finally connect ConvertKit. These are three tools that I use daily, and would be proud to show others how they function and work together well enough to use as a foundation for an online business.

As well as the WordPress course, I will have launched the fourth project. I foresee the project that I have in mind at this stage to be partnered with somebody else, so this will contribute 50% of the profits to my cause.

By March 2021 I would expect to be over halfway towards the goal – but only just.  

At this stage, I will have this website, the JenksDev agency, and five projects that will have built up over time to be bringing in modest income each. I’d be disappointed if the lowest wasn’t bringing in low three figures each month.

Nothing new to be launched here. Five small projects and managing a small agency is enough. Let’s not forget the day job too.

The end of June 2021 will mark a full year since I wrote these goals. I have no intention of changing these goals – only adding to them. My goal reports will measure the progress against them.

I don’t expect to have achieved the full target here, but I would hope for 60-80% of it if I focus and put the hours in. That being said, work smarter, not harder. Hiring a Virtual Assistant when possible will help me to grow the existing portfolio.

Current progress towards target

9.3%

Monthly progress reports

I’ll be sending occasional emails to share what has worked, what hasn’t, and some ramblings along the way.

VirtualTrs

A database of virtual tours from around the world, including the International Space Station.

Trends.co is a newsletter, provider of trend analysis reports and a community of entrepreneurs looking to help one another, and share ideas about how to grow their businesses. There aren’t many places where founders of nine-figure companies offer their thoughts on your business plans or random business ideas. I’ve made many fantastic connections during my time there, and cannot recommend it enough.

Convert Kit is mailing list software, and is free for up to 1,000 subscribers. It’s also the best softwar I’ve come across in terms of delivering emails straight to people’s inboxes, rather than junk folders.

Evernote is a note taking app that has huge benefits. It’s available as both Apple and Android apps, and is available through a browser. Your notes sync instantly across all devices. What differentiates Evernote is the fact that you’re able to write notes, attach photos, voice clips and more. The ability to have multiple notebooks under ‘stacks’ is also very helpful. 

Evernote has become something that I cant live without.