Digital Nomad, Income Reports

September 2016 Income Report: Creating a business – eBay Drop Shipping & Masterminds

September 2016 Income Report: Creating a business – eBay Drop Shipping & Masterminds

I have decided to write monthly income reports to document my progress creating an online income.

I also hope that it gives people an idea of what I am actually doing to earn money while I travel.

Although I am not making much at the moment, I hope this shows the reality of the struggle that a lot of Digital Nomads & Entrepreneurs go through in order to start their own business.

My aim is to show the reality of going from an idea to hopefully a successful Digital Nomad. The stress and struggle that comes with it and the amount of work that is required.

 

Creating a mastermind 👦 👧 👨 👩 👱 👴 👵 👲 👳

 

The best thing I did this month was create a mastermind group. I posted up on the forums of the course I took looking for other people who were at a similar level to me and were looking to help each other grow their businesses.

The response rate was great and I ended up setting up a Facebook group with 8 people where the sole intention is to help each other grow our businesses by talking and helping each other of Skype.

Another great thing that a mastermind gives is accountability. I set myself weekly and monthly goals with other members of the group and because other people know my goals I work to make sure that I achieve them.

Through this mastermind I also met Harold from California, a Digital Nomad who is also in Chiang Mai. He is in a similar place to me in that he was just starting out and was looking to build an eBay store in order to create enough money for him live and travel as well.

Having someone to meet in person gives even more accountability and also helps provide motivation. There have been days when I have felt down or disheartened and it is great to have someone to chat business with but also about general life.

 

eBay drop shipping 💸

 

This is the first month that I have been properly working on my eBay business. Last month I was still adjusting and settling in to living in Thailand. I was also still learning how to run an eBay store and working out kinks and problems with it.

But this month I have given it my 100% attention in order to grow this business so that creates a profitable semi-passive income each month.

 

eBay sales photo

My eBay sales this month. I started to see consistent sales. The best day I sold around £270 worth of items.

 

September 2016 sales

Gross Sales = £1671.05

Gross Profit = £255.51

Listing & price checking software fees = £74.72

Basic Shop fee = £52.17

Extra listing fees = £11.83

Total net profit from eBay drop shipping = £116.79

 

Alright, I know what you are thinking.

Yes, that’s not a lot of money.

This is not the kind of money that you would go ahead and quit your job and move over to Thailand for.

But here’s the thing, I am really happy with what I have earned this month.

Even though I worked every day this month a lot of times to the early hours of the morning.

What this shows me is that this business method works.

That I could take an idea and method and create a profitable business with it.

That I can earn money from it from wherever I am in the world.

And if I continue growing this business it will soon be making enough money to sustain my lifestyle.

 

Total Expenses/Costs of Living 🙈

Rent included water & electric = £155.74

Scooter = £55.62

Mobile Data = £12.24

Food = £300

Misc = £50

Total Expenses = 573.60

Income – Expenses = -£456.81

 

Final thoughts 🤔

 

I’m not going to lie seeing my expenses outweighing my income is pretty scary and stressful.

There were times this month that I really struggled with “What am I doing with my life” moments.

In those times I am so grateful to have friends and family to call when times got tough.

But this is to be expected and this is why I saved up a bit of savings so that I have time to grow my business and not have to worry too much about haemorrhaging money at the start.

The way I look at it for now is that I invested £456.81 in myself this month.

I paid that amount of money in order to spend a month working on creating an online business.

It also helped that while I was building this business I lived in an amazing sunny country and eating delicious healthy food everyday.

This is definitely not easy.

But I feel so fortunate that everyday I am progressing with my business as well as my health and mental wellbeing which is ultimately why I set out on this journey.

It’s easy to work hard everyday and feel like you are not progressing.

This has happened to me quite a lot since starting this journey. I measure where I was a day ago or a week ago.

But it is easy to forget about the bigger picture.

It is not until you look back at the last month, 6 months, year etc that you really get a broader understanding of what you have achieved.

2 months ago I didn’t have much more than an idea of how to make money online.

Now 2 months later I now have a profitable business.

Every story needs to have a beginning and I feel like this is the start of mine.

🙌

“The best time to plant a tree was 20 years ago. The second best time is now.”

Chinese Proverb