Following as I often do, the example of Pieter Levels, I have decided to create an open and public page to show progress towards my revenue goals with several of my projects. This allows me to hold myself accountable and to show hard numbers related to the writing I’m doing.
Dashboards are a valuable tool which helps us to define clear and measurable metrics for concisely tracking and communicating progress towards goals. This is an excellent tool for business as well as for our personal lives.
I have seen several different approaches to accomplishing this type of dashboard. Many of them have included attempts to develop the dashboard itself from scratch in order to prove the ability to do so. Instead, I have decided to go for a serverless approach. I will simply use a Google sheets document and then publish a connected graph onto the page. I will simply add data to the spreadsheet and then Google will update the graph pictures automagically. No reason to overcomplicate this.
I want to follow two main metrics; total monthly revenue by project, and revenue mix.
You can view the dashboard here: cjtrowbridge.com/open.
We have only a few months left in 2018, but I have one simple goal to track on this new platform I have put together.
- At least three projects have monthly nonzero revenue numbers.
A major abstract goal for me this year is diversification of my revenue sources. They say that the average millionaire has seven sources of income. Too many wantrepreneurs today are spending a huge amount of time and effort on a single project. Any failure or challenges in that project have an outsized impact on the livelihood and security of the entrepreneur. If the goal is to build a lifestyle business, it doesn’t make sense to spend so much time on any one thing. Thus entrepreneurial diversification is a no brainer.
I want to have at least three significant sources of income by the end of the year. Each one should produce at least 20% of my total revenue. This means problems in one project can not have an outsized impact on my livelihood.
- Each of three projects produces at least 20% of total revenue.
- Total monthly revenue exceeds $4,000.
Here is where I track the total amounts generated by each project. The difference here is that I am showing the top lines, not the mix. Most entrepreneurial thought leaders advise starting with a number for how much profit you need to live. This number is often called MRR or monthly recurring revenue. I am currently a student who does not need to have any income. Thus, I am less focused on the total than on coming up with a steady nonzero amount for each project’s revenue. I have set an arbitrary goal by the end of next year of $4,000 MRR which is how much I was making at the dead-end job I had about a year ago.