February progress report

February Progress Report

Here’s my February progress report to show how I’m doing in my photography side hustle. Numbers are as of February 1, 2016.

Goal Review

I have five goals for my photography side hustle in 2016:

  1. Gross income of $1,200
  2. Stock photography income of $50/month by end of year
  3. Net income of $700
  4. 2 paid work for hire gigs
  5. Write and publish one eBook

Here we go.

Gross Income

February progress report
February progress report

The gross income I’ve received is $40.15. If you look at that as 1/12 of what I need to reach my $1,200 goal, I’m falling short.

There’s money in the pipeline, of course, and some of it is imminent and some is “whenever”. Part of the problem with passive income like stock photography, videos, and so forth is that there is a minimum amount that you have to earn before you can request a payout. All of my (minimal) stock photography income so far is below that threshold, and there are funds stuck in Gumroad because they are below their threshold. I understand the reason for the thresholds – there is overhead to the company in issuing a payout – but it’s a bit frustrating. Since I count income only when I receive it, those funds are not counted in my gross income and it makes my gross income look worse than it really is.

All that being said, I’m still falling short of my goal.

I haven’t had any success in selling prints recently. I need to look at my portfolio and spruce it up.

Score: FAILING

 

Stock Photography Income

Stock photo - Large field of bright yellow sunflowers
Stock photo – Large field of bright yellow sunflowers

I accumulated USD $7.43 (CAD $10.37 at present) in stock income in January 2016. I’m very satisfied with that progress.

December’s stock income was a mere USD $1.45.

This is only February 3 and it is already a strong month, so I am pretty optimistic.

I am falling behind on submitting stock photos, so I need to work on that. I’ve shot and submitted a number of Valentines’ Day images, so I am hoping for some sales from those. My first batch of “shot for stock” images is starting to sell, which gives me hope that I’m doing the right thing.

Score: ON TRACK

 

Net Income

If I’m not hitting the gross income targets, I’m not hitting net income targets either! Currently my net income is negative because I invested in my web site hosting costs by pre-paying pair.com for 24 months for a 24% discount.

Score: FAILING

 

Work For Hire Gigs

I hope to shoot the Manitoba Marathon again this year, so that could be one of the two I want. I’m tempted to reach out to the Running Room and other groups to see if any opportunities are available. I’ve been scanning Kijiji and I found a few possibilities but nothing has borne fruit yet. We’ll call this…

Score: ON TRACK

 

Write and Publish eBook

I’ve done nothing on this, other than some thought on what I’d like to write about. I believe the next step is to assemble a list of possible topics and poll my mailing list / Traingeek Images followers to see what they would A) like to read and B) like to pay for.

Score: FAILING

 

Summary

So far, not great – failing at 3 and on track for 2 of my goals. I’m not too concerned yet but I need to work a bit harder.

 

Steps For February

  • Update portfolio
  • Submit more stock photos – Easter is coming up!
  • Assemble list of potential eBook topics
  • Poll followers for eBook topics
  • Look for paid gigs more aggressively