Here I am again, the only person sitting with a laptop in a beach bar. I’m actually in Otres Beach near Sihanoukville, Cambodia.
My last quarterly business report was written in Koh Samui, Thailand (in another beach bar probably). Since that time I’ve been to Chiang Mai, Bangkok, back to Koh Samui, over to her sister island Koh Phangan, and then into Cambodia to see Angkor Wat via Bangkok again. All this time, I’ve been working on my business and creating content.
Travelling around while working on a digital business, while perfectly possible, is not without its challenges. It was easier to focus whilst settled in Chiang Mai but, hey, I’m not complaining. I wouldn’t swap this experience for anything in the world.
For those of you who missed it, I published my passive income report from the first quarter of 2015. The total passive income revenue, mainly from product sales, from the last three months was $23,118.12 compared with $21,624.45 in the previous quarter.
Threats and Weaknesses
While the passive income for the moment seems consistent, there are inherent weaknesses in this business model. Udemy alone accounts for 60% of the revenue. If something happens to Udemy. it’ll seriously affect my business’s income.
So, I’m too reliant on platforms such as Udemy for my income and I’m not making enough from my own site.
My personal goals were too general in the last report. “Exercise more”, “eat more healthily” and “help people” are all great in principle, but goals should be specific and time-based.
I know I’m giving you excuses but it’s really hard to keep to my exercise and meditation routine whilst “on the road”. Exercise more so than meditation. I’m actually only exercising once a week if I’m lucky.
As for my annual goal of speaking good conversational Thai by the end of the year, well, I’m in Cambodia now …
Specific business targets
Here are specific targets that I set three months ago and more targets for three months’ time.
|Target||Q1 2015 Target||Q1 2015 Actual||Q2 2015 target|
|Monthly unique visitors||25,000||23,997||25,000|
Both the passive income and traffic targets were missed! 🙁 The passive income appears to be plateauing at the moment so I’m going to be working on ways to increase it over the coming months. The traffic as well seems to be on a plateau. Although it is at least better when compared to the same quarter 2014:
General business targets
Last quarter I had three targets. Here’s how I got on:
- Release a major new course on Udemy on making passive income with info-products âœ“ Target Hit! I released this major new course on Udemy, Skillfeed and Skillshare as well as on my site. The course has already earned me over $4000 on Udemy alone.
- Do a major Jeff Walker style seed launch for the same course to my list âœ“ Target Hit! I did this series of 3 x 15 minute pre-launch video training but the results were not great. The course has netted me only just over $3000.
- Publish a personal development book on Kindle âœ— Target Missed! I have found it very difficult to write a Kindle in the personal development niche. I am currently re-writing it and the book will be about freedom – freedom of thought, freedom of finance and freedom of location.
So, here are my business targets from now until the end of the second quarter 2015:
- Publish a new Kindle book (see the last target missed above!). I’m currently on 4,000 to 5,000 words but I’ve made heavy weather of it so far. Remember, when you’re writing books, planning is everything.
- Publish a new video course. I did 4 courses last year but have slowed down on course and content creation which is a bad thing, no doubt. The reason for the slow-down was doing the launch and travelling so much. It’ll be a squeeze as I plan to be travelling even more this quarter but, ridiculously enough, I find video courses easier to do than books so I should make this one.
- Double the engagement on my Facebook Page. I’m currently taking a course by my friend Steven Aitchison called Your Facebook Challenge. Steven’s Facebook Page has over 800,000 Likes which brings in huge traffic and revenue. My Facebook Page, with only just over 1100 Likes, has a long way to go. But I’m going to concentrate on engagement. My engagement rate is currently 6.33% and Steven suggests I should try to double it. So my engagement rate target by the end of June is 14%.
I like to keep an eye on these indicators.
|Indicator||1st July 2014||30th Sep 2014||31st Dec 2014||31st March 2015|
|My Twitter followers||2742||2842||2959||3071|
|My YouTube Channel, subscribers||1477||1843||2309||2802|
|My YouTube Channel, video views||428,668||486,948||566,054||639,658|
|Facebook page Likes/Fans||720||822||1010||1129|
|Subscribers to RobCubbon.com||6276||6692||7511||7910|
Not much movement here. But let’s keep an eye on them.
What does this all mean? And what am I doing?
So, why am I in Cambodia? Where’s my business going? What am I trying to achieve?
Why am I in Cambodia?
I spent $5000 last year booking myself into Chris Ducker‘s Tropical Think Tank – which is a 5 day long mastermind/bootcamp for entrepreneurs where I’ll get a chance to mastermind and hear from successful entrepreneurs such as Lewis Howes, James Schramko, Darren Rowse, etc.
I was in Chiang Mai, Thailand, in March and I need to be in Cebu, the Philippines, in May. So I decided to spend two or three months travelling around South East Asia. Wifi is everywhere!
What have I been doing?
My Jeff Walker style launch on my membership site was OK but not great. Also, I experienced some shortcomings with the membership plug-in MemberMouse during the launch and the support I received was less than perfect. (I’m thinking of migrating to a different membership plugin – DAP.)
These issues affected my ability to create content during the first two months of the year. Then I left Chiang Mai to travel which has caused a further drop in content creation.
Meanwhile, to give you some positive news, I have had a full-time VA for most of the year and that seems to be working well. This is the first step of a major new stage for my business – team creation.
Where’s my business going?
Obviously, money is coming from my digital information products generally and the video courses on Udemy specifically. So, my time should be spent creating more of those. However, I would get bored if I spent the whole of the year doing that.
Although I will, at least, write one Kindle and do more video in the coming weeks, I feel more inclined towards the marketing than content side now.
What am I trying to achieve?
So, I’m thinking of increasing the revenue generation from existing products rather than just churning out products.
Every time I put out a product, on whatever platform, it sells. So I know that there’s a market for my products. I now find it more interesting to optimize the profit from products rather than going crazy creating them. This would be more interesting to my audience (that’s you!) as well. I would be able to help people by explaining how to increase profits, rather than about how to increase product creation.
And, this is inline with my main business and personal goal: to help and inspire people to greater financial freedom and happiness.
What do you think?
What do you think about these goals? Can you suggest any others for me, or yourself? Please leave them in the comments.