Let’s jump right in with this January 2020 income report! I’m super excited to share with you guys what’s been going on with me lately.
What’s Up With These Income Reports, Anyway?
Ever since my very first month in business (I made a whopping $87), I’ve been sharing my income and expenses for each month, in order to give other online entrepreneurs a good baseline of what a real business looks like during its start-up phase.
My goal with these posts is to give you guys a super realistic look into what type of income and expenses you can expect from being a “girl next door” type of online entrepreneur who isn’t making 6-7 figures each month (yet!).
Let’s do this!
January 2020 Income Report: An Overview
The first month of 2020 is already over!! 😳
To be honest, this month wasn’t quite as amazing as I wish it would’ve been (isn’t it nice when you can really knock the first month of the year out of the park?). But my revenue and profit have been really consistent lately, and that is important.
Consistency isn’t as exciting, but I still think it’s something to celebrate! 🙌
And these income reports are all about showing the honest truth about what it’s like to run a business — not just sharing vanity numbers when I happen to have an amazing month.
Lately, my reports have just been really reflective of the day-to-day life of what it’s like to run a successful business.
I definitely have plans for growth in the future (I’m really excited for the next 2 years of my biz!) but right now I’m super happy with consistency, especially considering we’re still working on adjusting our business model.
You can read more about the shift in our business model in this post.
A Few Highlights:
- We celebrated Brent’s birthday! — My husband Brent isn’t a huge birthday person, but we have a fun time celebrating just the two of us! We went out and did some axe throwing (so fun!) and then had a romantic dinner at our favorite restaurant.
- Purchased a ticket to the Marketer’s Heart conference — I’m so excited about this! In March, I’ll be headed to NYC for the Marketer’s Heart conference with Julie Stoian and Cathy Olson.
Business Goal Setting
My Goals For January 2020: Success or Failure?
- Launch my new secret project. — SUCCESS! I’m still not 100% sure what I’m doing with this, but it’s launched and has made some sales! Right now I’m experimenting and trying to figure out exactly who my target audience is — this product is helping with that.
- Make more revenue from packages than from hourly clients. — SUCCESS! This was a huge success! Check out the official numbers below, but package clients blew hourly clients out of the water in January!
My Goals for February 2020 — Let’s Do This!
- Reduce team member expenses a bit.
- Keep total expenses under $10k.
- Do more Instagram stories on a consistent basis.
January 2020 Expenses
- Ads & Marketing = $39.35
- Team Member Payments = $7,210.32
- Books & Courses = $1,233.00
- Transaction Fees = $471.98
- Referral Payouts = $298.25
- Office Supplies = $95.20
- Postage = $4.54
- GSuite = $12.84
- Rev.com = $152.10
- Active Campaign* = $70.00
- Photoshop = $22.46
- PennyPipe = $9.95
- Adobe Creative Cloud = $22.46
- Vimeo = $591.66
- ClickFunnels* = $297.00
- LucidChart.com = $59.40
- Wondershare Software = $44.99
- DeadlineFunnel* = $67.00
- Quickbooks* = $72.76
- Later.com = $99.00
- Zoom = $160.39
- Zapier = $50.00
- Deposit Photos* = $29.00
- Stock Gallery = $29.00
- Travel = $140.00
- Utilities = $156.61
- Website Expenses = $16.82
Total Expenses = $11,456.08
January 2020 Income Report
- Interest Earned = $0.91
- Cash Back Rewards = $184.40
- Affiliate Income = $370.62
- Passive Income Products + Coaching = $515.80
- Done-for-You Social Media Packages = $8,794.50
- Hourly Client Work = $6,675.00
Total Income = $15,728.73
Total Net Profit = $4,272.65
January 2020 Income Report: All the Stats & Analytics!
- Number of blog posts = 4
- Monthly blog page views = 9,630
- Email list subscribers = 7,574
- Facebook page followers = 1,477
- Grow Like Woah group members = 2,592
- Instagram followers = 9,672
- Twitter followers = 6,345
- Pinterest followers = 25,878
- YouTube subscribers = 178
Final Notes on My January 2020 Income Report:
Overall I’m really happy with how January went! Right now, I’m gearing up for some big plans that I have for the year, and consistent revenue is going to be an important factor in allowing me to do some of those things!
Having a steady revenue coming from my clients will allow me to focus more effort on creating content for my students, which is something that I’m really excited about doing this year!
For the split between package clients and hourly clients, in January the package clients accounted for 57% of our services revenue, with 43% coming from hourly clients. For reference, by the end of the year, I’d love to see the split be around 80% package clients and 20% hourly clients. So that’s something that I’m going to be working on throughout this year!