Let’s jump right in with this July 2018 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!
July 2018 Income Report: An Overview
July was a weird month. Coming off of June, I thought that it was going to be at least a decent month in terms of revenue and profit, but it was not.
Anticipating that my busy season is going to start to pick back up in August, I thought that July might get caught up in some of that, but it just didn’t happen.
I’m still confident that my busy season will start to happen, but June gave me a bit of false hope as to how soon I will see that.
A FEW HIGHLIGHTS:
- Switched to an LLC filing as an S-Corp —We’ve been an LLC for about a year now, but we made the decision to switch so that we can file as an S-Corp. This means that Brent is now a part-owner in the business and we will be put on payroll and receive a salary from the business. Most of this is just a bunch of paperwork, but the exciting part is that it should save us a lot of money come tax time next year!
- Got a puppy — If you’ve been following me on any of my social media channels, you probably have heard that we got a golden retriever puppy! Her name is Hana and we got her on July 23rd. Hana has been quite a handful, and it’s definitely affected my productivity, but I’m obsessed with her and I love our new addition to our family!
Business Goal Setting
My Goals For July 2018: Success or Failure?
- Get 2 weeks ahead on my blog posts and newsletters — FAILURE. I’m really close to this happening, but getting Hana kind of ruined the momentum I had going, so I will have to keep working on this.
- Get my new Instagram content schedule up and running — SUCCESS! After literally 7 months of procrastinating and slowly working on it, my Instagram account is finally back up and running in terms of posting on my feed. I’ve been using the Stories feature a lot, but now I have regular posts going up, too!
- Finish restructuring the Biz Bestie Squad — SUCCESS! The Biz Bestie Squad and The Client Vault are no more! I have now restructured everything into one signature program that I offer called the Systematic Marketing School, which has two tiers. Check it out here!
- Make $2,000 in my passive income sales/coaching category — FAILURE. Not even close. Again, I’m going to keep working on this!
- Make $6,000 from social media packages — FAILURE. I’m going to keep working towards this one!
My Goals for August 2018 — Let’s Do This!
- Get 2 weeks ahead on my blog posts and newsletters.
- Launch my new website.
- Make $2,000 in my passive income sales/coaching category.
- Make $6,000 from social media packages.
July 2018 Expenses
- Ads & Marketing = $0.00
- Team Member Payments = $6,800.87
- Books & Courses = $0.00
- Transaction Fees = $370.08
- Referral Payouts = $0.00
- Teachable* = $39.00
- Active Campaign* = $70.00
- PennyPipe = $9.95
- RecurPost = $10.70
- Adobe Creative Cloud = $21.39
- ClickFunnels* = $297.00
- Buffer = $10.00
- Quickbooks = $10.00
- Zapier = $20.00
- ManyChat = $10.00
- Planoly* = $99.00
- Deposit Photos* = $29.00
- Turquoise & Palm Stock Photos = $19.00
- NameCheap* = $19.74
Total Expenses = $7,945.73
July 2018 Income Report
- Interest Earned = $7.78
- Affiliate Income = $401.39
- Passive Income Products + Coaching = $454.00
- Done-for-You Social Media Packages = $5,167.00
- Hourly Client Work = $5,254.00
Total Income = $10,319.00
Total Net Profit = $2,373.27
July 2018 Income Report: All the Stats & Analytics!
- Number of blog posts = 5
- Monthly blog page views = 7,624
- Email list subscribers = 7,040
- Facebook page followers = 1,082
- Grow Like Woah group members = 2,150
- Instagram followers = 7,516
- Twitter followers = 6,739
- Pinterest followers = 7,398
- YouTube subscribers = 98
Final Notes on My July 2018 Income Report:
Even though our profit was not very much this month, one thing I was really happy to see was that we were able to continue to see over $5k from our social media packages! We finally hit that $5k goal in June and I’m so excited that we were able to do it again in July. It’s really nice to know that, like this past month, even if we only bill around $5,000 in hourly client work that we are still able to get $5,000 from our social media packages, too.
These packages are designed to be affordable monthly retainers for our clients that are also super systemized, so they require less personal attention from me. This allows me for me to devote more time and attention to our higher-paying clients as well as my own business.
Originally when I was creating these packages, I knew that this was what I would love to see happen — 50% of our income coming from hourly work and 50% coming from systematic marketing packages. But it seemed such a far-fetched dream at that point! I remember talking to my accountant about it like it was yesterday. She recommended that I continue to focus on my money-maker hourly packages instead. But I knew that I wanted more freedom and “passive” income in my business…so I went with my gut and kept pushing these packages! And now, a little over 18 months after we launched our first package of this type, it’s easy to see that that was a really good decision on my part.
So even though this month wasn’t as great as I would’ve liked it to be, seeing that 50/50 split for the first time is a big milestone for me that I’ve been looking forward to hitting for a long time. It also goes to show you that a lot of business is all about the long game! I worked really hard on these packages, but I also knew that I wanted to keep them at affordable rates. Even if that meant it would take me forever to sell enough of them to make a difference in my business.
Seriously — I have some of the most affordable social media marketing packages in my niche! Even most of my students charge more than me for these types of services. I do plan to slowly raise the prices for these packages over time. But it’s really important to me to offer at least some services that are (a) truly a no-brainer, and (b) allow any of my audience members to be able to purchase them.