Let’s jump right in with this June 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!
June 2020 Income Report: An Overview
Can I just do a quick happy dance for a second? 💃🏻
This is the best month we’ve had in 2020 so far! 🎉 If you haven’t been following along since January, you might want to go back and read some of my older income reports, as it’s been a BIT of a journey.
Back in January, I lost my biggest client and then, really soon after that, we were significantly affected by COVID-19 and things just went downhill from here.
Last month was the first month this year that I finally started to feel like things were going to be okay. And then this month was AMAZING! 🙌 At first, I was pretty hesitant to dive deep with you guys on what I was going through over the past 6 months, but I’m glad that I did. For those of you who have also been experiencing hard times recently, or for those of you who are just getting started with your online business, I’m hoping that being vulnerable and transparent about the state of my business during these times has been helpful.
It’s normal for businesses to experience times of amazing success and also some not-so-good times. The first half of this year was a not-so-good time for Miranda Nahmias & Co. But we’re having a second wind!
My ultimate goal is to be able to increase our revenue so that it’s back up to where it was before we lost our biggest client, where we were consistently having $15-20k months every single month. Over the past few months, we dipped down significantly lower than that.
But this month shows me that we’re on the road to recovery and we will be back on that track really soon! One goal that I have for 2021 is for us not to have a single month that’s lower than $15,000 revenue.
I’m also really proud that we were able to stay similar to last month with our profit margin (I talked about profit margin in-depth last month) — actually, we made even MORE profit and increased our profit margin, too! 🤯
I’ll save you from doing the math — our profit margin this month was 52.9%!
A Few Highlights:
- Celebrated our 4-year wedding anniversary! — On June 4th, Brent and I celebrated 4 years of marriage! We’ve actually been together for a total of almost 10 years, but we’ve now been officially married for 4 💕 We didn’t do much to celebrate because of COVID, but just had a quiet date night with some takeout!
- Hana’s birthday — Hana turned 2 years old this month! I can’t believe we’ve already had her for this long! It was a life-long dream of mine to have a dog, and I love her so much 😍 If you want more golden retriever content in your life, make sure to follow me on IG @mirandanahmias!
Business Goal Setting
My Goals For June 2020: Success or Failure?
- Get ahead on content creation for The Systems Society. — SUCCESS! I’m not as ahead as I would ideally want to be, but I’ve been consistently at least 1 month ahead.
- Redo my Work With Us page. — FAILURE. Whoops! I made progress on this, but I didn’t have time to finish.
My Goals for July 2020 — Let’s Do This!
- Be consistent with daily IG Stories.
- Make at least $15,000 in revenue.
- Come up with an evergreen marketing plan for The Systems Society.
June 2020 Expenses
- Ads & Marketing = $0.00
- Team Member Payments = $5,545.05
- Education (Courses + Memberships) = $10.00
- Transaction Fees = $436.41
- Referral Payouts = $5.60
- GSuite = $12.84
- Active Campaign* = $70.00
- PennyPipe = $9.95
- Adobe Creative Cloud = $44.92
- ClickFunnels* = $297.00
- Quickbooks* = $72.76
- Zapier = $50.00
- Later* = $74.00
- Deposit Photos* = $29.00
- Rev = $8.00
- Utilities = $129.48
Total Expenses = $6,766.01
June 2020 Income Report
- Interest Earned = $1.76
- CapitalOne Cash Back Rewards = $63.04
- Affiliate Income = $221.00
- Passive Income Products + Coaching = $684.60
- Done-for-You Social Media Packages = $7,272.00
- Hourly Client Work = $6,175.00
Total Income = $14,368.20
Total Net Profit = $7,602.19
June 2020 Income Report: All the Stats & Analytics!
- Number of blog posts = 3
- Monthly blog page views = 8,747
- Email list subscribers = 7,638
- Facebook page followers = 1,495
- The Systems Strategy group members = 2,580
- Instagram followers = 10.5k
- Twitter followers = 6,226
- Pinterest followers = 27,765
- YouTube subscribers = 198
Final Notes on My June 2020 Income Report:
Our expenses were slightly higher than last month, entirely due to our team members doing more work. This is a good thing! The more client work we have (which makes us more revenue), the more team member help I need.
Initially, right after COVID hit, I cut our expenses pretty dramatically. How I did that was mostly canceling a bunch of software subscriptions, and I also updated a lot of our systems to allow us to work more efficiently.
In addition to that, Brent and I ended up taking on a lot more client work personally, instead of delegating as much as we possibly could (which is what we were doing previously). Because we had a few clients who had to pause services because of the pandemic, we did have some extra free time and therefore were able to take on more work. But as things are starting to get back to normal, we’re slowly starting to get back into the regular rhythm of delegating more work to our team as our client load is increasing, which will (obviously) result in higher expenses.
I was actually a little nervous to start doing that again, because I was in love with our profit margin from last month. But I knew that it was the right choice, because there are only so many hours in the day! So after starting to do this, I’m really happy to see that we were able to stay consistent (actually, even better!) with our profit margin while still delegating a bit more work.
As our revenue situation gets better and better, I’m expecting our team member expenses to continue to increase in stride. This is a good thing, though, because it frees up more time on my plate to work on things like The Systems Society AND it allows us to give our team members more work!
I also know that, while our profit margin might not remain this good forever (we’re operating VERY lean right now and that’s not necessarily feasible every single month or long-term), it’s good to know that (a) we can do it if we need to, and (b) we now have a great healthy financial foundation to build on as we continue to scale throughout the rest of this year and in 2021.