Quick update:
So, I had to travel today, but I was thinking about something which I had in mind the past month as well. This project with the 8 sites now and then eventually 10 or more definitely has potential, however the reinvestment part and the time it takes to develop them is simply not worth it for me.
I have two offline businesses (soon to be three) and both of them are growing and I am making much more with them compared with the 8 sites now (2 in development) plus I also have other sources of online income from clients.
If I had to do the same thing 3-4 years ago with these sites as I am doing now, then the earnings will easily be 3x even at this stage. So, 6k EUR/mo profit with 6 sites and 8k EUR/mo profit with 8 sites will definitely allow me to take at least half of the earnings and reinvest in more sites. 1/3rd up to max 1/2nd of that is my prognosis based on the results so far which is not bad, but fast growth is not possible. With 2-3k EUR/mo profit from the sites, you can't grow them further.
The earnings potential of each site given the current market and the competition is about 500 EUR/mo profit on avg. with this traffic source (and the worst part is that I see this declining even further in the next 1-2 years) and it's simply not worth it. The sites can be grown further but that will require some serious testing and of course time + money.
If a site with multiple traffic sources is developed at 2-3k/mo profit, it won't be easily replicated with another site, because as you see I can work on 2-4 sites/mo and when it comes to developing the next site and replicating the same setup, I will have to reinvest from some of the earnings of the other sites and still work on the new set of sites. I do this part myself and then automate the site with VA and scripts.
In order to grow further I will have to create a big team of workers which will take a lot of time. The goals won't be met though as I will have to test and micromanage a lot of things on my own. The only way I see this working is to hire some skillful people, split the profit and if we reach 40-50k/mo profit with about 40-50 sites, then I will take 10-12k/mo at most. That will require full day of working and at least 1 year, so it won't fit in my schedule.
So, for this reason I am shifting my priorities:
1) In October I will stop all sites from #1 to #8 which are not bringing profit or bringing low profit. (sites #7 and #8 will eventually be stopped after 15th October; sites #1 to #6 will eventually be stopped between 10th to 15th October). Of course, as I mentioned I won't stop the sites which are still bringing some decent profit, will just cut the losers.
2) I will take 60% of the profits; reinvest 20% for ads and the last 20% will be used for testing bigger and better ideas. The lifespan of these sites with the above ratio until they get to just 100-200 EUR/mo profit (in other words become almost dead) will be about 6 months from now, so I will keep them until March 2024 most likely.
3) I will work on getting more clients for ad management. I value my time at 100 EUR/hour, so if I am charging 400 EUR/mo per client it should take me no more than 4 hours to do my job. (it doesn't matter if it is 4 hours split or at once)
4) I am starting an ongoing testing phase now with a new project and will keep you updated how it goes. Will use farmed accounts on my own for testing purposes. I will work with two traffic sources. With the first one I have lots of experience, with the second one I am a beginner. I will heavily invest time and money only when the project has proven that it can bring in low 5 figures profit with few hours of work per day and has potential of at least mid 5 figures profit/mo.
The first task for tomorrow is to adjust my schedule again and finish sites #7 and #8. I will finish everything related with those sites this week, then the VA will work on them the next week. After that I am solely focusing on 3) and 4) points mentioned above.
So, I had to travel today, but I was thinking about something which I had in mind the past month as well. This project with the 8 sites now and then eventually 10 or more definitely has potential, however the reinvestment part and the time it takes to develop them is simply not worth it for me.
I have two offline businesses (soon to be three) and both of them are growing and I am making much more with them compared with the 8 sites now (2 in development) plus I also have other sources of online income from clients.
If I had to do the same thing 3-4 years ago with these sites as I am doing now, then the earnings will easily be 3x even at this stage. So, 6k EUR/mo profit with 6 sites and 8k EUR/mo profit with 8 sites will definitely allow me to take at least half of the earnings and reinvest in more sites. 1/3rd up to max 1/2nd of that is my prognosis based on the results so far which is not bad, but fast growth is not possible. With 2-3k EUR/mo profit from the sites, you can't grow them further.
The earnings potential of each site given the current market and the competition is about 500 EUR/mo profit on avg. with this traffic source (and the worst part is that I see this declining even further in the next 1-2 years) and it's simply not worth it. The sites can be grown further but that will require some serious testing and of course time + money.
If a site with multiple traffic sources is developed at 2-3k/mo profit, it won't be easily replicated with another site, because as you see I can work on 2-4 sites/mo and when it comes to developing the next site and replicating the same setup, I will have to reinvest from some of the earnings of the other sites and still work on the new set of sites. I do this part myself and then automate the site with VA and scripts.
In order to grow further I will have to create a big team of workers which will take a lot of time. The goals won't be met though as I will have to test and micromanage a lot of things on my own. The only way I see this working is to hire some skillful people, split the profit and if we reach 40-50k/mo profit with about 40-50 sites, then I will take 10-12k/mo at most. That will require full day of working and at least 1 year, so it won't fit in my schedule.
So, for this reason I am shifting my priorities:
1) In October I will stop all sites from #1 to #8 which are not bringing profit or bringing low profit. (sites #7 and #8 will eventually be stopped after 15th October; sites #1 to #6 will eventually be stopped between 10th to 15th October). Of course, as I mentioned I won't stop the sites which are still bringing some decent profit, will just cut the losers.
2) I will take 60% of the profits; reinvest 20% for ads and the last 20% will be used for testing bigger and better ideas. The lifespan of these sites with the above ratio until they get to just 100-200 EUR/mo profit (in other words become almost dead) will be about 6 months from now, so I will keep them until March 2024 most likely.
3) I will work on getting more clients for ad management. I value my time at 100 EUR/hour, so if I am charging 400 EUR/mo per client it should take me no more than 4 hours to do my job. (it doesn't matter if it is 4 hours split or at once)
4) I am starting an ongoing testing phase now with a new project and will keep you updated how it goes. Will use farmed accounts on my own for testing purposes. I will work with two traffic sources. With the first one I have lots of experience, with the second one I am a beginner. I will heavily invest time and money only when the project has proven that it can bring in low 5 figures profit with few hours of work per day and has potential of at least mid 5 figures profit/mo.
The first task for tomorrow is to adjust my schedule again and finish sites #7 and #8. I will finish everything related with those sites this week, then the VA will work on them the next week. After that I am solely focusing on 3) and 4) points mentioned above.
