Wager Mage
Wager Mage
Photo: RODNAE Productions
At the heart of it all, making 100K a year means that you need to make approximately $8333 a month. Assuming 30 days in a month, that means you only have to make roughly $278 dollars a day in order to hit the magical six figures mark.
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Read More »Several of my friends and acquaintances that follow MyWifeQuitHerJob.com find it hard to believe that our online wedding linens business can possibly make 100 thousand dollars a year in profits for selling to such a tiny niche. And they are correct. We don’t make 100K a year. We make much more than that now that our business has expanded and we are more established. While a six figure profit number might seem like a lot of money at first, getting to 100K a year is actually not an insurmountable task when you look at the number in smaller, more manageable pieces. In fact, my wife and I initially chose 100K to be our profit goal for the first year because we felt that it was a number we could actually hit. That, and 100K per year was roughly the salary that my wife left behind when she quit her day job. The key when trying to achieve any large goal is to sit down and break the problem down into smaller chunks and assign a monetary strategy to each piece. Breaking a large problem down helps for two reasons. One, seeing a smaller problem will provide you with the confidence to succeed. Two, dealing with smaller pieces will allow you to make consistent progress. For my wife and I, we broke the 100K number down to a series of daily monetary goals and managed to meet our initial profit target in a little over a year.
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Read More »After getting banned several times from these wedding forums, I finally got the hang of it and discovered that I needed to be more clever when marketing on the forums because the system administrators did not tolerate any sort of self promotion. I found that by being genuine and helpful to these would be brides, I could occasionally slip a few subtle recommendations and not make it seem like an outright sales pitch for our online business. Early on, we used this tactic extensively to drum up a few orders a day and establish some word of mouth. If you are starting a website from complete scratch, it can take a good amount of time to get indexed into the search engines. And what happens more often than not is that your website will sit in the Google sandbox for an extended period before it is released to the general index. Fortunately if you have the budget, you can buy extremely targeted clicks directly from Google using AdWords. Using a fairly intuitive interface, you can create a simple online advertisement in under 10 minutes and have it show up immediately in the search engines. Looking back, most of our early business came from Adwords. I also remember that in the beginning, we actually spent more on Adwords than we were making in revenues. Adwords works! It really does. In fact, I think that during our first year when our adwords budget was pretty low, we still managed to make about 4 sales day which cost us roughly 5 bucks per conversion.
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