Last month I had discussions with my [Inner Circle] members if they would like to participate in a challenge to earn Rs. 10,000 per month from a brand new online business.
I will start a new business myself and build from the scratch. It’s a challenge to myself. I don’t have any intentions to compete with anyone else.
In fact, I will be able to help many new entrepreneurs/bloggers through this publicly announced self-challenge.
I will share the monthly updates with everyone through CashOverflow blog.
Background of CashOverflow & Me
I started CashOverflow as a personal finance blog because I love to save money on credit cards, shopping, travel – as well as earn money from stock market, freelancing & digital marketing.
I started writing on my blog to help people in managing their personal finance – so that they can also save more and earn more passive income.
Traffic on my website has been increased to 1,50,000 per month from a few hundred clicks in two years. A total of 1.5 million pages has been read by my audience in 2 years.
I left my job in September 2016 when the traffic of my website was in the range of 20K-30K.
I started treating my blog as my full time business and invested my money & time to transform a blog into a profitable business. In the last financial year, I was able to earn more than 14,00,000 rupees from CashOverflow activities – here is my annual income report with all the details.
Honestly, I don’t know whether I will be able to replicate the same success with a new online business. I have done a lot of mistakes with CashOverflow that I will definitely avoid in my new business.
At the same time, I am confident that if I follow the proven steps to build a new business, I will be able to generate 10,000 per month passive income with 6 months of part time efforts.
CashOverflow will be my primary business and I will responsibility of delivering weekly emails to VIP Newsletter members. Apart from that, I help some startups in their content marketing strategies.
New Business Strategy
Let me introduce my new business – PluginHackers.com
Every online business owner must have the clarity of three things – Audience, Traffic, Monetisation.
Here are the insights about my new business plans.
It’s very clear that my audience is WordPress users (millions of users worldwide).
Specifically, WordPress users who have some experience of running a blog. I will not write for the audience who is just starting up the blog or running a blog like a hobby.
My target audience will have a good traffic on their blog as well as some earnings.
I will solve their issues of finding the right wordpress plugins when they want to grow their business.
For example – WordPress plugins related to affiliate marketing, online courses, and membership.
I will focus only on the SEO traffic.
As per my keyword research, there are more than 100,000/Month researches related to plugins, however very competitive market.
(keyword research done with SemRush tool)
But I will take up the challenge to do better work than the competitors in the next 6 months.
I will not try to monetize unless I have 5K monthly traffic.
I will never use Adsense on my website because that’s the worst way of making money from an online business (except you are in entertainment/media industry)
After hitting my goal of 5K monthly income, I will try promoting paid plugins to make my first revenue.
In the long run, I will make my own plugins to sell on my website.
This much of clarity is sufficient to invest my 6 months into a new business.
How can you participate in the challenge
You can take up the challenge and make yourself accountable for doing all the work. You can follow my challenge updates every month where I will share what I did, what went well and what went wrong.
I will share as much as details possible in the updates but it won’t be possible to go into the nitty gritty of building traffic & monetisation.
It’s an experiment for next 6 months
I don’t know if it will become successful or failure.
If successful – You will get 10,000 rupees as passive income every month with the possibility of growing that further to 50,000 monthly income.
If failure – Then also you will gain the experience of building an online business from the scratch.
It’s some of the rare opportunities where you will gain on the both sides of the results.
Take your decision and become financial freedom fighter like us.
- 10K Monthly Income Challenge : Update#1 (First Income Rs. 1901)
- 10K Monthly Income Challenge : Update#2 (Pivoting Niche & Blog)
Any question or suggestion?
Write in the comments.