DivaJen's 2006 Challenge

[DivaJen]

I'm tentatively in - whether I aim big or small, I honestly haven't decided yet. I won't carry over my 2005 challenge earnings, but I will continue some of the thigns from that challenge. I will count AdSense earnings from my tutoring and homeschooling web sites, and I will count sales from half.com.

I'm starting a new business this winter/spring, selling my own handmade items and possibly buying a few things wholesale to resell as well. The DivaTribe boutique is currently closed, and when it reopens it will feature these things. Jeffrey suggested that I track my progress here so that others can see what I'm doing, offer advice and constructive criticism and learn from my experience.

I have certain advantages. I already have my web sites, so I don't need to pay for domain names or hosting. For what I'm making, I already have some in stock and have yarn purchased that needs to be used. I also have money in DivaTribe's coffers to spend on advertising and purchasing wholesale.

So my dilemma here is two-fold: what to do specifically (if anything, right now) with the $20, and how transparent am I comfortable being with putting my business' income and expenses out there for all to see.

I won't be counting other sources of DivaTribe income (AdSense, advertising, affiliates, etc.). For this challenge, I'll focus specifically on the boutique as best I can.

On a separate note, I think I'll count money I save on dining out and groceries. I have amounts budgeted for each of those categories; any money I save will go to my challenge total. Likely won't be much, if any, but I'll count it nonetheless. I'll also count interest earned and have started an ING account with $20, especially for this challenge.

So there you go. Starting off with $20.

[jeffrey]

Re: DivaJen's 2006 Challenge

The arm twisting (with no pressure) worked!!!!

[flash]

Re: DivaJen's 2006 Challenge

You are prudent to keep details private, for SO many reasons.

Instead of providing itemization, would you be comfortable with a roll-up, a highlevel summary of maybe the things you did during a week, total out and total in, with discussion of what worked and what didn't without specific details?

I've been asked a few times to start up a gift basket/craft business, but haven't. I'd be interested in seeing the general challenges, be it pricing items, or getting word out, accounting, seeing that you were able to reinvest XX or a % of the profits back into the site and invest the remaining into something.

Maybe this could be a blog on starting up a business? That could be separate from the other parts of your challenge?

[DivaJen]

Re: DivaJen's 2006 Challenge

Part of the murkiness here for me is that DivaTribe, the community, and DivaTribe, the boutique, are so intertwined. Advertising for one benefits the other, although the boutique's target market is going to be much more specific than the target market of DivaTribe in general.

It'll be a while before the boutique is open again, so the only things happening with my challenge until then will be the other things I mentioned in my original post.

I like the idea of speaking in somewhat more general terms - money in and money out over a week or month or whatever. I'll keep that idea in mind.

[DivaJen]

Re: DivaJen's 2006 Challenge

An idea inspired by the change jar thread - I am going to go through my CC purchases and round them up to the nearest dollar, moving the difference to my ING challenge account. I don't spend a lot of cash, so my change jar doesn't fill up nearly as much as it used to. Tthis way I can still reap those benefits.

How often to go through purchases...I think I'll do it the 15th and the last day of the month.

[Ima saver]

Re: DivaJen's 2006 Challenge

I like the charge jar thread too. Now I can't find it. Anybody that can tell me where it is?

[DivaJen]

Re: DivaJen's 2006 Challenge

An idea inspired by the change jar thread - I am going to go through my CC purchases and round them up to the nearest dollar, moving the difference to my ING challenge account. I don't spend a lot of cash, so my change jar doesn't fill up nearly as much as it used to. Tthis way I can still reap those benefits.

How often to go through purchases...I think I'll do it the 15th and the last day of the month.

I'm going to go through purchases each week instead, for now. More instant gratification, I guess.

1/1-1/7: $3.96

Current total: $23.96

[Ima saver]

Re: DivaJen's 2006 Challenge

I know, I feel like I want to add some money to my challange every day and I feel badly when I can't!

[DivaJen]

Re: DivaJen's 2006 Challenge

I sold a book today for $8 and sent in for Rite Aid rebates in the amount of $14.50. I'll update my total once the money is in my possession.

[DivaJen]

Re: DivaJen's 2006 Challenge

"Change" from credit card last 7 days: $3.71 (if we use it today I'll update, but I don't think we will.)

1/8-1/14: $3.71

Current total: $27.67

[DivaJen]

Re: DivaJen's 2006 Challenge

Payment coming from half.com: $9.20
Maileed book: -$2.07
Current total: $34.80

[DivaJen]

Re: DivaJen's 2006 Challenge

I listed two more books last nght and sold one of them already for four dollars. I'll add the money in once I get it from half.com, and I'll subtract out the postage once I've sent the book on its way.

[DivaJen]

Re: DivaJen's 2006 Challenge

Spent $.90 this morning listing three of my items on a site for handmade things. I'm not ready to open my boutique yet, but if I get even one or two sales from this site it'll be helpful. Technically, I have listed 9 items - three in each color.

Also, adding $5.35 from virtual change jar for 1/15 - 1/22 and subtracting $1.59 for book postage.

Current total: $38.66

[gakline]

Re: DivaJen's 2006 Challenge

An idea inspired by the change jar thread - I am going to go through my CC purchases and round them up to the nearest dollar, moving the difference to my ING challenge account. I don't spend a lot of cash, so my change jar doesn't fill up nearly as much as it used to. Tthis way I can still reap those benefits.

How often to go through purchases...I think I'll do it the 15th and the last day of the month.

Very interesting. It's kind of like that credit card, but on the honor system. It'll be interesting to see your final total and how much it really can make a difference.

[DivaJen]

Re: DivaJen's 2006 Challenge

Very interesting. It's kind of like that credit card, but on the honor system. It'll be interesting to see your final total and how much it really can make a difference.

I agree - I'm curious too. I've set aside $13.02 so far this month. At this rate, I'll hit about $18 this month. That would be about $216 for the year (roughly speaking, of course). As time goes by, I won't update so often, but for now it's gratifying in some strange way to add up those small amounts and see what I've got.