Your SL business revenue and the real world.

[Imagin Illyar]

I'm not sure if I'm proud or sad to find I'm in the top 1.75% of SL earners.  I'm hoping to make a good deal more than I am now in the future.  Finding out only 1.75% of us are taking out $1000US or more, which isn't much really, makes it seem harder somehow.  Still, I've only been in SL for 3 years, and I was already in 4 months before starting my estate which I believe is now one of the best for professional landscaping in SL - it absolutely can be done.

I wouldn't want to work out what I make per hour for sure but then again, I was getting up at 5am to "play SL" before I ever started making money at it.  It was positively magical to me then.  3 years later I'm making my living in this wonderful mad world and I wouldn't trade it for anything

[Ai Velde]

 

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Couldbe Yue wrote:

here's some food for thought, although it does come with a warning that the figures may be out of date because LL no longer publish the stats (and haven't since oct 2010), so these figures are approximate based on the last 18 months worth of stats (and heavily rounded so they may be a couple of percentage points out, I can't be bothered doing a proper calculation)

So assuming nothing has changed since oct 2010 (har,har)...

There's around 70,000 accounts that have a positive monthly cashflow (ie they receive at least 1l during the month)

around 83% of these make less than 50usd pm

around 89% made 100usd or less per month

so, if you make 50+usd pm you are certainly well within the top 20% of income earners in sl

if you make more than 100usd you're in the top 10%

if you make more than 500usd pm you're in the top 3%

around 1.75% of people make more than 1000 usd per month (that's around 1200 people)  - that's minimum wage remember and also remember this is before tier etc - so a 4 sim estate owner with rents may make over 1k but after tier etc may be only making a couple of hundred a month.

and as an added aside, you've got more chance of joining the mega rich in the us than you do in sl as there's a greater proportion of mega rich there than there is in sl. (relatively speaking of course).

and as a completely spurious aside - my first cashout was many years ago but I still remember it as I bought myself a pair of thigh high laceup boots with 5" heels..  I thought it was an apt way to mark the occasion..  lol

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Whoa, seriously? I usually make between 20,000 to 30,000+ per month. So around 100 USD. I make about 25 per week, 35 on a good week, sometimes 15 on a slow one. I guess in terms of "Business in Second Life", I'm more successful than I thought I was. o_O

*hyperventilates* That's so cool. :smileyvery-happy:

I mean, I need to make a bit more to supplement my real life a little bit better, but I don't have any intention of making a living off SL and am ecstatic that 100 per month is considered pretty good as far as SL goes. I do make money in RL though, just with 4 cats, a dog, and a partner and a crap economy, I could stand to have a little extra pocket change now and then. lol If I made 50$ per week some day, that'd be a dream come true.

[Ai Velde]

Okay, now to hit my replies.

 

@Madeliefste: I glazed over the short version and went to the long one and that was a very interesting read. You have had a very eventful SL so far. I love stories like this about how successful businesses get started. And it's neat how you can remember the foot work that went into it; like going to other shops, looking for price ranges and trying to get a general idea on how to go about things. It's awesome how you've been able to be successful in your business, and it certainly looks like a lot went into getting to where you are now and obtaining the sort of income you have now. For me and my small business, I can 100% agree with this point too, "Besides the financial gain I enjoyed the contact with the customers. Not only because they keep telling how they lóóóóve your product, but also to help them solving possible problems."

I find working with my customers just as rewarding as the profit. I'm a people person and a social butterfly and I just love being able to just talk to people when it comes to my products and assist them. A lot of people loathe going through the ropes of customer support, both on the supporter side and the supportee side, but I love it. lol.

I agree that first and foremost, us merchants should focus on doing what we LOVE. I will never consider doing something I don't love, and while I do feel a desire to withdraw an ok amount of money from my profits in SL to have some extra pocket change IRL, I have always considered the income a bonus. I've always sold my stuff cheap compared to similar products pushing 1000$L, because I do it for fun, and that should be all merchants' priority I think. Because IRL, we are often forced to be in jobs that aren't our "dream jobs", usually out of necessity. However, in SL, you can design your own business that you can be successful at. You have the ability to choose what you want to do, and profit from it. Unfortunately, that's often not something we get IRL.

But here's to you and your continued success, Madeliefste. Your story is absolutely intriguing, and I hope you continue having fun doing what you enjoy in SL!

@Relm: Cashing out is such a good and rewarding feeling when it comes to being a small merchant. It's something I highly reccommend you dabble in. :smileyhappy: The first time I cashed out, it was 10USD, and bought a new mousepad, and was so GIDDY about it, I might as well have been a kid in an amusement park. At this point in time while I'm working on my own store, the only decent advice to make more money I can offer is make more PRODUCTS. Especially for the marketplace. The more good items you make, the more chances you have for a sale, and the more you'll show up in search. Have a shop in world and on the marketplace if you don't already, and just keep upping your product count and expanding. And.. *whispers*

If you want to cash out, hit up Virwox.com for the best and fastest way to do it, straight to your paypal or whatever. It's what I use. ;D

 

@Ziggy21: I figured it had been asked before, but it's probably a valid question most of the time, because people's success is always changing, sometimes for the good, sometimes for the bad. There are always fresh merchants who are just starting out who need to see the potential of success. I think we can probably get away with asking this question several times a year and will always receive a wide variety of responses as the SL world keeps changing.

I agree with all the tips you outlined full-heartedly, and I am still in that phase of inviting bloggers with good deals, giving out lots of holiday gift specials, running discount events, and doing all that fun stuff to get my name out there. And yeah, it's an uphill battle. You need to work work and then work some more, but it's SO rewarding to go from making a sale every now and then to it being bizarre if you go 12 hours without a sale. Yesterday I didn't make a SINGLE sale, and had to laugh at myself because that was so far out of the norm for my business that the thought was so humbling and funny. I was like "wow, that's weird, what happened?" And the fact that it was odd I went without a sale for a day was such a good feeling, actually, because it reminded me that I do pretty good for myself in terms of SL business.
I suck at numbers though. I'll never be able to convert anything in my head. Hell, I still count on my fingers for basic math. Don't judge me. I'm a creator, not a mathmetician! :smileyvery-happy:

 

@Sea: This is why I consider the word "success" to be so subjective from person to person. It all depends on what you actually expect to get out of your business in SL, and where you want to see it go. For me, I feel a measure of success now that I've been able to cover a serious RL expense, such as a bill, and am able to purchase little things my family or myself needs or wants. Like a toy for my cats or something. lol. If your goal in your SL business is for it to be a hobby that will afford you something nice now and then, then you are successful in your goal!

 

[Medhue Simoni]

I'm fulltime, and I guess I do OK. Oh, I actually make a little less than I did at my old RL job, but now I don't have half the expenses. Some weeks, I don't even move my car, and the local store is a 5 minute walk away.

My storie's not all that great. By the end of my first week, over 4 years ago, I was renting a skymall spot with my lindens from money trees, and sold enough that first week to move out. Then this nice girl gave me rent for free, if I just made her some animation. I was such a newb. She taught me alot tho. 2 months after I started, I had met the business partner that I'm still with now, and 3 months before my 1 year anniversary, I got myself fired from my RL job. Oh, I did it on purpose cause my boss was a jerk, and I knew that if he fired me first, I could tell him exactly what I thought, and still get unemployment, if I needed it, lol.

Now, over 3 years later, and the company I used to work for, no longer is in business, but me, I"m just really getting started. Aint nothing better than telling your boss what a **bleep** he is.

[Ai Velde]

Aw, that's really awesome, Medhue! I was saying earlier here that the best thing about having and thriving in your own personal business in SL, is that you can do what you love and what you enjoy and profit from it. And a lot of times, we don't get to chose the job we get into IRL, due to necessity or other factors. Very few people actually get to do their 'dream' job. So it's really awesome that you're able to support yourself with your home-grown business in SL. Especially without having to deal with any jackasses. It's tough being self-employed, no matter if it's through SL, eBay business, or IRL. That is one definite uphill battle, but it's so much more fun and rewarding I think.

[Amiryu Hosoi]

While it is good to hear a lot of us make some good money in SL it still very much depends on where you live and work. I live and work in the Netherlands and havew around USD 1500 netto. If on the other hand I was located in Indonesia or Thailand the same USD 1500,- would be a fortune. 

That brings me to the next question. Have anyone of you ever considdered moving to a country where living is better and cheaper? All you really need is a stable internet connection.

Ami

[Medhue Simoni]

The crazy part is, I probably work twice as much as I did. Oh sure, much of it is kinda like play too, but If I spent all day doing things for my business.....well... cool then. It will pay off, and if I'm sick for a week, or my son wants to play 18 holes on a tuesday at noon, aint nobody stopping us.

 

@Ami - I have. Many, many times. Why should I pay for this countries crimes, or it's debt. If my family would drop their dead end jobs, I'd be out of this place for good. Roberto, my business partner, lives in Costa Rica. That sounds like a nice place to live, lol.

[Tavo Vella]

I've been in sl for a couple of years just over breaking even, but over the last few months have started to make a bit of money . It now all seems a bit serious as i suppose I have to put this down for tax and start taking it seriously. Actually, earning money seems to have taken some of the fun out of it. 

Spending the first bit of it in 2 days and going off to Egypt for a week!

 

tavo

[Pamela Galli]

Nah, I can never go anywhere. I have a big extended family that gets together regularly with all spouses, dogs, and children, and that is worth more than a fortune to me.

[Amiryu Hosoi]

For me it would not be the fortune I am after but more like living the life I would like with less stress, better environment, better food, more friendly people. In other words, quality of life. The older I get the more I find myself searching for just that.

I have said this before and say it again. I think the people working in SL and other virtual environments are the real pioners. I also think that there is a good future for them. I don't believe the development of virtual worlds is just  a new gimmick. I believe virtual environments are here to stay. So there will be plenty of work for people that hang in here. And if so, why not take your laptop to a better place to live a better high quality life?

Ami

[Madeliefste Oh]

 

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Ai Velde wrote:

 

I agree that first and foremost, us merchants should focus on doing what we LOVE. I will never consider doing something I don't love, and while I do feel a desire to withdraw an ok amount of money from my profits in SL to have some extra pocket change IRL, I have always considered the income a

bonus

. I've always sold my stuff cheap compared to similar products pushing 1000$L, because I do it for fun, and that should be all merchants' priority I think. Because IRL, we are often forced to be in jobs that aren't our "dream jobs", usually out of necessity. However, in SL, you can design your own business that you can be successful at. You have the ability to choose what you want to do, and profit from it. Unfortunately, that's often not something we get IRL.

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SL gives you a blanc field of possibilities and what you do will it depends on many things, your character, your personal history, your financial position and so on. I'm very glad I have the luxury to do what I love and that I don't have to make comprises between my creative drive and making money. But I can imagen that people are in a different position and feel the need to make different choices, and I don't blame them for that.

I think most merchants like the creative part of the work better then the marketing part. But when you know that the difference between doing and not doing the marketing is some hunderds dollars less for you to spend a month, there is a tension between doing what you love and making money. I can understand well when people choose for the money, and consider this less attractive part just as 'work to make money'.

When you for exampe choose to depend on SL for your income in the booming years and you could make 3 times as much as working for a boss. And now a few years later you work even harder for your money, while you have more products on the market and much more knowledge how to run your business, but you can hardly make the salary you had at the job you left, how much of 'doing what you love' can you still afford? You will have to be smart enough to survive; that's a whole different position. 

But when you are free enough to do what you really love in SL, it's not only best for you, it's also best for your business. There is one other thing that I consider very important for your business, no matter how good you are at something: keep improving your skills. That are the tools to express your passion, the more you master your tools, the more of your love will shine from your products.

From what I have experienced and seen from others is that people relate very different to virtual goods then to rl goods. People don't buy products because they need them, they buy them because they lóóóóve them. And this love for the product by the costumer is best felt when you have put the love into the product ánd you have sharpen your tools so much that you can express your love in your own creative language. 

 

[Poenald Palen]

I doubt living in another country would make my life better or worse....but who knows. It might be worth a try one day. There is one thing to mention, it can be costly to move as the governments all want thier pound of flesh! You owe them because you where born thier....those roads are expensive! I mean, roads with missile launchers in them are sort of costly I guess!

[Ziggy21 Slade]

 

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Amiryu Hosoi wrote:

That brings me to the next question. Have anyone of you ever considdered moving to a country where living is better and cheaper? All you really need is a stable internet connection.

Ami

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I have Ami, in fact I think about it all the time, I wonder what places you have considered, Central and South America seem to still offer some bargains. Belize is a place that seems like a good bet, it's politically and economically stable, you can avoid income tax if you aren't trading with the natives, plus Caribbean sunshine and unspoiled beaches, sigh!

Actually I think this would make another interesting thread so I will go and start it rather than hijacking this one.

 

[Alaska Metropolitan]

I used to make a pleasing amount of money off Second Life! In 2006-2007 I could cash out $500 - $1000 per month in USD. At the time I was in school, so it helped to cover my living expenses while I got my diploma. I also used it to buy a new RL wardrobe.

Then the economy in SL tanked.

Now I make frak all.