It’s time for another income report! I’ve made some promises to myself this year – one of them being to track my income more regularly. You guys also responded really well to my last income report so I guess I should at least try to make them a staple.
So here we go!
Why income reports?
Income reports are important because they show you the profit and loss in my business. In other words, you see what I’m earning (gross) and what I get to keep after expenses (net).
In a world where business coaches and online marketers inflate their numbers all the time, I want to show you all the REAL DEAL when it comes to running a business online.
I also want to show you what’s possible. If you’ve been following me for a while you may remember that I made $5 my first month as an online entrepreneur. If I can do it then you can do it too.
I know I still follow income reports regularly as a way of showing myself what I can look forward to. I remember following Michelle Schroder-Gardner’s reports back when she was making around $6,000 a month and I thought that was a big deal. Now she earns over $100,000 a month!
While I don’t know if I’ll ever get to the $100,000 a month mark, knowing that she also started from nothing gives me hope. Either way I’m making more money now than ever so I’m good and I’m just going to keep getting better.
(P.S. Click here to check out her interview on my podcast. She drops some gems for making money online!)
And finally, I want to show you where I regularly INVEST money in my business. It costs money to keep this all going, and I want you to see where that money goes. I see way to many small business owners spending money on the wrong things. While I’m not perfect, I can tell you I’ve always made an annual profit because I know how to take calculated risks.
So without further ado…
January 2018 Income: $9,138.28
December 2017 Expenses: $3,316.84
Below you can see screen shots of my P&L report from QuickBooks:
January 2018 Recap
To be honest, while I normally tell you what worked and what didn’t in any given month, January is kind of a blur this year.
The first two weeks were ROUGH. I felt like I was treading water due to some business emergencies and some unexpected changes in my personal life. It was if shit hit the fan all at the same time.
I’m a pretty spiritual person, so I believe this is the Universe being like, “So you say you want this and that. Well, how bad do you actually want it?”
It’s like I tell my students and coaching clients, when you commit to big things you’re going to get tested. Your only job is to show up to the assignment and get the lesson. I think I successfully did that.
However, I was so overwhelmed physically, emotionally and mentally that I decided to take it easy the last two weeks of January. Rather than forcing things, I knew my top priority was to take care of myself. After all, the last thing I needed was to get sick. So, I mostly spent the last two weeks of the month hanging out with friends and family. I also started doing SoulCycle.
Fortunately, everything is now okay. I’m feeling much better and everything is back under control. Besides, I feel pretty good about the fact that I was still able to have gross revenue of $9,000+ even while slacking for two weeks. This makes me excited about what’s possible when I’m laser focused.
Also, the reason I wanted to start a business in the first place was so that I would have flexibility. Life isn’t perfect and there will be moments when we need to prioritize taking care of ourselves. Having an online business that is earning good money allows me to take a step back when I need to. That’s priceless.
Things That Got Me Excited in January:
- Participated in a bilingual campaign for Intuit!
- CapitalOne Cafes are officially in Miami! I attended the opening for the Coral Gables location. Brickell and Miami beach locations are coming soon! CapitalOne is pretty much doing away with bank branches and bringing their café concept to the city. You can cowork, get money coaching and attend workshops – FOR FREE!
- I went to my first SoulCycle class thanks to my coworking space. Then I went to class two, three and four. I think I’m officially in the cult. I needed to refresh my exercise routine anyway so I’m cool with being cultish. I can also always appreciate good branding. Besides, health is wealth.
- Students and clients are doing amazing things! One student figured out her entire sales funnel in six weeks and a private client made a sale of $13,000! And yet another coaching client has made MAJOR money mindset shifts in a matter of each weeks. She went from earning $0 to figuring out a clear branding message and landing a new deal for the first time in months!
What’s to come:
- One of the students in my Persuade to Profit program actually lit a fire under MY ass during one of our office hours calls. We got to talking about passive income through affiliate marketing and the need for consistent content. Since I’m taking a break from frequent travel, I’ve decided I’m going to start publishing more content on the blog. Make sure to sign up for email updates to be notified of new posts!
- A couple of website tweaks. Nothing major, just a refresh to represent cleaner branding.
- Shutting down the Make Money Your Honey Academy. This never took off like I wanted it to. I thought it would be my focus in 2017 but then I created Persuade to Profit which fit much better with my business. So, at least for now, I’m getting rid of the Academy. Maybe later in my business life I’ll try my hand at a membership site again.
- Nailing down these Facebook ads. I’ve been messing around with Facebook ads for about a year and have been getting okay results. I also took Monica Louie’s Facebook ads course but haven’t been able to dive in too deep…until now.
Resources Mentioned In This Podcast Episode:
- Podcast Episode 36 with Michelle Schroeder-Gardner of Making Sense of Cents. She makes over six-figures a month from affiliate marketing on her blog!
- Making Sense of Affiliate Marketing – Michelle’s course on affiliate marketing that I have taken! (affiliate link)
- Make Money Your Honey With Freelance Writing – My course on how to get started as a freelance writer.
- Persuade to Profit – My six-week group coaching program that teaches you how to do market research and how to use that research to create offerings that sell like hot cakes.
- How to Make $50K As An Influencer – My free webinar that teaches you a three-step strategy for growing your influence online so you can get paid.