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Million Dollar Niche Site Project: January 2020 Update

August 14, 2020

New Years has always been one of my favorite days of the year.

I’m not big on New Years resolutions per se – let’s just say I’ve always preferred to frame a new year as a perfect time for a mental reset.  It’s a great time to take a step back and wipe the slate clean.

The end of the year is typically pretty stressful for me – not that I don’t love spending time with my family and friends… it’s just a lot harder to feel like I’m really getting things done and putting the time I need to be putting into my projects.

Needless to say, January had a few extra layers of motivation and discipline to them for me, and especially so in regards to this niche site project.  I got a lot of great work and I’m optimistic that I’ll be seeing some very positive results soon.

What Got Done This Month

  • I wrote and posted 21 articles to the site, totaling 51,668 words
  • A friend expressed interest in writing for the site (I paid him) – and he contributed 1 article totaling about 2,000 words

Another fairly boring monthly summary but one that I’m definitely proud of.  To get over 50,000 words posted on the site in a one month span feels huge, and I’m super confident that the blog posts on my site are going to start picking up traction in Google soon.

I also was casually sharing this project with a friend who expressed interest in the niche my site is in, and he asked me if he could write an article or two.  Of course I said yes!  Turns out, he’s a pretty talented writer and his content fit right in with what I’m trying to do.

He has a full time gig so I’m not planning on him taking over a serious load of writing, but it’s nice to have a little bit of extra muscle on the project for sure.

Traffic

Would you look at that!  The traffic chart was starting to show signs of life at the end of January.  Still a very long way to go, but it’s nice to see a little bit of organic traffic come through to the site.

Profit and Loss

Here’s a look at the PnL for January.  I went ahead and made a row in the spreadsheet that tracks how many hours per month I spent working and writing on the site.

I think it’s super important to keep this in mind as we go along – because even though I’m saving money by writing for the site myself, my time is worth something and there’s an opportunity cost to me choosing to spend my time working on this niche site and not some other project.

Three months in, I’m less than $1,000 in the red and feeling pretty good about it.  I’m still a believer that this site will grow into a strong cash flowing asset so that’s a pretty small out of pocket cost to get things started.

If I had been paying a writer a going rate of $.05 per word to instead of writing myself, here’s what the project’s financials would look like:

We’re starting to get to that point where it would make a pretty big difference whether I had chosen to outsource content vs write it myself.  I still think this site would be worth it financially if I was paying somebody to write all of the content but a ~$5,500 out of pocket difference is significant!

Final Thoughts

Overall, I’m incredibly happy with the work I was able to put into the site this month!  The long term goal isn’t for me to spend over 30 hours per month writing, but for the time being I think it’s what’s necessary to get this site on a million dollar path.

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Million Dollar Niche Site Project: December 2020 Update and 2020 Year in Review

Million Dollar Niche Site Project: November 2020 Update (And 1 Year Anniversary!)

Granger

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