After some long conversations with Nate, we have set a goal of earning $5,000 a month from the site network by the beginning of 2007. This is pretty ambitious considering where we are right now, but we came to the conclusion that we really needed another full year of working our tails off on the sites in order to get in a position where we could both work on them full time. Once we reach that stage, we both feel that there are basically no limitation as where we can go.
We spent a day looking at the site and listing the areas that we need to improve and update and the new ideas we want to implement. Again, we chose a pretty aggressive schedule, but what we feel needs to be accomplished to get to the money goal. Some of the measurable goals we think we need to meet in order to achieve the goal:
Increase unique visitors to the main site to 5,000 a day
Double membership to 11,500
Increase sat sites to 50
We also know that in order for this to happen, something beyond our current status will have to occur. That is, one of our new ideas or some other aspect of the site will “catch fire” bringing in more people than we should expect. Finding something like this is extremely difficult to do, but when it happens it can produce a lot of visits.
For example, we had a thread in the forums posted early on about ING vs Emigrant Direct. Most threads in the forums get a few hundred hits and could get a couple thousand hits if they are extremely popular. The ING Emigrant thread, however, was one of those that unexpectedly caught fire – and currently has just under 65,000 hits. We’ll need a few of those type of unexpected results in order to hit our goals.
For this little journal, I would like to get it into the top 15,000 of all blogs as ranked by technorati (I just recently broke into the top 50,000 in their rankings) and have at least 200 feed readers.
The goals seem a bit strange to me in that they are completely different than financial goals I’ve set in the past. I’m shooting for bare minimums I need to survive rather than trying to greatly increase net worth. As I’ve said before, however, this is a long term project where I see an excellent upside if I can make it work.
No time like the present to start making those goals become reality…