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.
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.