Why do I do income reports?
I started doing income reports as a way to be more transparent about my business and hopefully shed some light on ways that you can grow your own online business, too. I want to show you both what worked for me and what didn’t so that you can apply those lessons to your own dreams. My overall hope is that my income reports inspire or inform you to create and grow your own online biz.
Let’s do this!
- E-Course Sales: $45,349
- Affiliate Commissions: $22,529
- Ad Revenue: $235
Total Income: $68,113
- Virtual Assistants: $1,444
- PayPal + Stripe Fees: $1,578
- Web + Graphic Design: $2,518
- Teachable*: $598
- Gusto Payroll: $28
- Deadline Funnel: $37
- Zapier: $20
- MotionMail: $10
- Infusionsoft*: $428
- Affiliates: $8,515
- Stocksy: $30
- Facebook Ads: $750
- Business Travel: $293
- GoDaddy: $98
- Office rent, utilities, + insurance: $1,107
- Charitable Donation: $105
- Bookkeeping: $529
- Miscellaneous Supplies: $89
- Google Apps*: $17
Total Expenses: $18,194
(Anything with an * next to it is an affiliate link)
Net Profit: $49,919
Payroll to Melyssa: $5,381
So what worked? And how was May? Let’s chat.
New team members
I started working with a bookkeeper a couple months ago, who doubles as a financial advisor of sorts. One of the things he seemed surprised by was how little I spent on team members and independent contractors. You mean you WANT me to spend more money? I can do that, yo!
So, per his advice that I have room to add more members to my team, combined with knowing that I could USE more help, I decided to bring on some new peeps. One is a graphic designer who is going to be taking over most of the design work for my site, courses, Facebook groups, etc. Even though I LOVE design (and used to be a web designer), I realize that I could be spending my design time on strategy and ways to grow my business, which is why I’m passing off the reigns to someone who rocks at design and totally gets my aesthetic. Huzzah!
I also added an almost-full-time virtual assistant, who doubles as one of my closest friends (he was my friend before…that wasn’t part of the job description!). 😉 You may have seen Kenny in my Facebook groups — he has a contagiously positive energy and handles a lot of the customer service and operations aspects of the business.
I added more peeps to the team in June — you’ll hear about them in next month’s income report, too. 🙂
I’ve been trying to get OUT of my business more and find new forms of inspiration (and relaxation), so I actually took TWO vacations in May. Say whaaaat? The first was at the beginning of the month when Paul and I made our way to NYC. It was one of our best trips yet!
At the end of the month, we went to a music/art/nutrition/spirituality/how-do-I-even-describe-it festival called Lightning in a Bottle. We went with a group of at least 30 friends, and it reminded me how powerful and necessary that feeling of community is, and that I need to find more time to pull myself away from my house (#homebody) to connect with friends.
The festival itself was amazing. During the day, there were tons of workshops about nutrition, spirituality, yoga, etc. And at night there were a lot of musicians performing. Pure bliss.
Meeting Teachable + MG Followers
Speaking of vacation, we went to New York to meet the crew at Teachable. Teachable is the software company I use to host and sell my e-courses, and I’m lucky to have gotten close to their team over the past year. They’re an awesome group of people and I love how they promote community amongst their employees and are constantly thinking of ways to innovate their brand (they also have a super dope blog!).
We went to NYC because Teachable was turning 2 and having an anniversary party. They let me invite everyone on my email list (so cool!), and I spent the night meeting people who follow my brand, read my blog, or have taken my courses. It was honestly one of the highlights of running this business so far. It’s crazy to see people — in the flesh — that have benefitted from things I’ve created. Just a really neat moment.
Everyone was so, so kind, and it left me feeling rejuvenated and hyper-focused on why I do what I do. Paul also said he finally “gets it.” haha. I think I finally “get it,” too. It also got me thinking that I’d like to teach workshops around the country (and world?!). It’s something that’s been on my mind for awhile, and I think I’d love it (and would get to help people in a new way!). I crave that IRL interaction.
Also, side note, but I hate the idea of calling people my “followers,” as if I’m leading some sort of self-centered cult. ???? “Fans” sounds cheesy to me, and “readers” isn’t totally accurate since many people interact with my brand outside of my blog. So, anyways, if I ever use the word “followers” to quickly describe people who follow my brand, then please know that I think it sounds just as dumb as you do. 😉 And if anyone savvy writer wants to come up with a better word, I’m all ears. ‘Radtasticpeople,’ anyone?
Prepping BBH Launch
May was a quieter month for me in terms of launches and actively promoting my brand, but I was fast at work behind the scenes prepping for the Blog to Biz Hive launch, which started on June 1st. I did a few things differently for that recent launch, like adding a 3-part video series, and it went swimmingly. In fact, it nearly tripled my second biggest launch in terms of revenue. More on that later.
But can we be real for a second?
I grew up with a single mom and not that much money (you don’t need to feel bad for me — it taught me a lot!). But I think I have this inherent mindset that if I’m not promoting my brand and trying to make money every month, then it will all disappear.
Since I spent much of May on the sidelines, getting ready for my BBH launch, I had to keep fighting the irrational thoughts that I wasn’t doing enough or that my revenue would tank. Obviously, neither of those was the case, and I don’t actually have a reason to be afraid, but those negative thought loops can be tough to work through, na mean?
Here’s how you can take action:
May was very much a “working ON my business” month, where I spent a lot of time refining my business itself. I encourage you to do this for your own business or blog, too. If you don’t already do this, try setting aside one ENTIRE day every couple weeks where you get to create better processes, brainstorm ways to improve your business, evaluate where you need help, and more.
Spending time working on your biz, rather than just IN it, can transform the way you grow in the future.
And hey, if you’re anything like me (scared that not trying to make money will leave you broke), then remember that creating a stronger business from the inside out will help you grow your revenue in future months. Don’t freak out, k? 🙂
Got any questions? Comments? Insights? I’m all ears! Let’s chat down below.
p.s. I also have a private Facebook group where I’d love to chat with you and answer your Qs! Click here to join.