June 2006 Review

For the remainder of this year my goal is to increase the income of my existing small businesses, create a few new ones and by years end have them making a combined total of at least $7,500/month on a consistent basis.

The foundation of that income will be House Of Rave, the business has been a constant money maker since high school, so it’s much less volatile than newer ventures.

For June, HoR brought in over $2,500 in profit (about $7,900 in gross sales). If this continues, I am halfway to my HoR goal of $5,000/month.

Interesting Fact: Last year in June, House Of Rave brought in $718 in profit. So from last year there has been over a 300% increase in profits.

Next Steps: Of course doubling income for HoR will be a difficult task, but I’ve already started to prepare for it. I’ve upgraded my shopping cart software which by Monday will support the BRAND NEW Google Checkout feature, and I’m working on allowing visitors to comment on the highly popular video section. I’ll also be visiting the supplier I’ve worked with for so long in California.

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Judging from this post, my June 2005 account balances totaled $26,374.

My current account balances are:

General Account – $ 1,700
Spending Account – $ 200
Spending Account 2 – $ 811
Investment Account – $ 3,523
Bill Account – $ 1,202
Permanent Savings – $ 2,828
Charity Account – $ 338
Stock Portfolio Value – $ 11,073
Roth IRA – $ 6,674
Emigrant Direct – $ 5,015
Total Liquid Assets – $ 33,364

Credit Card Balance – $ 0
Business Holding – $ 3,692
Total On Hand – $ 37,056

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    Blog posted on: July 1, 2006

    13 comments on “June 2006 Review

    1. Anonymous

      Congrats on your $2,500 in income from HoR! Pretty impressive for a very part time businesses. What’s even more inmpressive is the rate you’ve continued to grow it.

      I hope to see in a short few months that mythical $5,000 goal met!

      Reply
    2. Alexander

      Please be smarter. Google Checkout is worthless. First, PayPal is just too far entrenched and respected for many people to switch en mass.

      Just like the “Trusted Merchant” shopping engine feedback programs, the ads or listings with that logo get a higher CTR. Your competitors ads start moving up in the rankings and his CPC goes down.

      If you are going to keep pace, you need to implement GBuy so that your ads have a little smiley face next to them and you are just back on par with your competitor, right where you were before. At first, maybe there are not transaction fees for GBuy to get merchants to signup.

      Now that you both have GBuy setup you both get to provide Google with your conversion data, let Google know how much a click on every variation of a search term is worth to you.

      By June 28th of next year, Google knows exactly how much all of your traffic is worth to you, knows what they can charge you for it. Your sales will suffer if you take down GBuy and stop giving them this information, even though it might be desirable because the transaction fees on GBuy may have gone up substantially.

      For the individual searcher, Google knows who you are (personally identifiable), they know what you search for, they know what you buy, then know when you search and when you buy.

      Reply
    3. personal finance

      Ambitious goals, but certainly attainable if you work hard at it. You’ll be at $90,000 a year if you meet them which will put you in an excellent financial position for your age. Good luck.

      Reply
    4. Anonymous

      Isn’t business holding a liability?
      Why do you count it as part of your net worth if it’s money you owe?

      Reply
    5. Anonymous

      Hi Neville,

      I was wondering how’d you come up with the HOR idea? are you a raver?

      Thanks,
      David

      (qwikdash@yahoo.com)

      Reply
    6. Anonymous

      I do not mean to be petty but $2500 from HoR is not $3000. YOU CAN’T CROSS IT OFF AS DONE, YET. Your math has been generous as usual when it comes to counting income and less than honest on expense accounting. Plus all that hidden stuff…you are on your way to be another “Enron-like” crook.
      That $7500/month goal has been pushed out at least 12 months now. And I see it is on for fall now, pushing it out even more. Not a mention of that, IS THERE?
      You have many juvenile admirers based on your previous post’s “TRY OUTS”, who clearly do not see any issues in your activities.
      Plus have you sunk to the same juvenile level by suggesting “retaliation”? I have always thought you a bit immature for a college graduate, that statement just confirmed it. Retaliation? Grief!!!!

      Reply
    7. Anonymous

      Agree with the previous post. $2,500 is way off $3,000 goal. In addition, one should see several months of $3,000 profits before proclaiming victory. This could be an exeption rather than a norm (and it is still way off your goal). At least that is the way real business would acount for its activities.

      Reply
    8. Anonymous

      7 accounts? Surely the banks are slogging you for fees on these accounts, particularly the ones with small amounts. Thought of merging a few of them? Save you probably a couple of hundred $$

      Reply
    9. Cadey

      Lucky you! How do you maintain so high margins? I’ve created an online shop 2 years ago, I’m now around $10000 a month but only $2500 income…

      Reply
    10. nsberico

      I am lovin your page man. I am in college and I am trying to get my side hustle on also. I know you have a company called Enwon (great name) and you many entities under this name. How did you organize you business with the government if you did at all? I want to LLC but it requires more cost and paper work.

      Reply
    11. Zack Upole

      Hi, for Search engine optimization genuine contents are in fact needed, if you simply make a copy and paste then you can not rated in search engines.

      Reply

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