November’s freelance income report is hot off the press!
Remember last month when I started off by saying that I veer on the side of working too much?
On one hand, it’s paying off. On the other, I worry I’m burning the candle at both ends.
There’s just always so much to do! #SuccessfulFreelancerProblems?
One silver lining is that we just booked a month’s stay down south for part of this winter (at a SUPER reasonable price I might add). I’m hoping that I’ll get my work addiction in check by then and learn how to relax. Anyone want to take bets?
Now, onto the freelance income report…
Table of Contents
A Little Freelance Income Report Backstory
I keep a profit-and-loss statement for each month, as well as a rolling total for the year. I enter in income as it is received (rather than as it is billed) and do the same for expenses.
I started looking into freelancing in April, 2014. I launched this site in May and secured my first client in June, 2014.
My total income was $16,512 – $3,782 expenses = $12,730 total profit for 2014. During this time, I also worked full-time at my day job.
Taxes: 25% of net income
I continue to transfer 25% of my net monthly profit into a separate savings account for taxes. Horkey HandBook was established as an S-corp in May and we recently began payroll practices. (Guess we’re legit, huh?)
Tithing: 10% of net income
I split my tithe to our church and this missionary family in Costa Rica. Both are extremely important to me.
The latter makes a direct impact into the community, as they have established a daycare to take care of children, so their parents don’t have to bring them with to pick coffee beans, which surprisingly can be very dangerous!
Gross Income: $18,516
A 36% increase month-over-month.
Business Expenses: $5,207
You have to spend money to make money, right? (Actually no, you can totally bootstrap, which I’ve practiced my entire freelance career. I.e. I’ve reinvested profits from my business back into it to help it grow.)
Net Income: $13,309
(After expenses, but before tithe/tax.) This is a 99% increase month-over-month. Crazy, right?
Obviously, this was another pretty good income month for me. I’m happy that my focused efforts continue to pay off.
Nothing changed much on the services side of my business in November. In December, I’ll have one less writing client and will start doing some writing for my other VA client (so I’ll be writing for both of my VA clients). In a way it’s a wash, but it’s actually going to be less work for more money (really a win/win then, huh?).
The matchmaking service is my new baby! Continuing to add value to my two courses and growing the service are going to be my main focuses of 2016. I’m excited to double down and see what can be accomplished.
I also hosted a Black Friday – Cyber Monday special. And my affiliates absolutely killed it this month with the VA course launch and Black Friday special (thanks guys!).
And my own affiliate earnings continue to grow. I have some plans to make this a bigger piece of the pie going forward, but most importantly, help people in the process. After all, I only promote things I use and believe in (and don’t foresee that changing anytime soon!).
Here’s what my income breakdown looked like for November, 2015:
- Writing: 15%
- Virtual Assistance Work: 22%
- Course Sales: 53%
- Coaching: 7%
- Other: (Affiliate, MM Svc, etc.): 3%
- Consulting (former office): 0% (This officially ended in May of this year.)
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November was another relatively expensive month.
I kind of feel like this is going to keep holding true if my income continues to grow. And that’s the goal, so…
What’d I spend it all on?
- Tools (Subscriptions, Books, Training): 5%
- Advice (Coaching, Marketing): 42%
- Support (VA, Writing, Website): 22%
- Affiliate Payouts: 20%
- Fees (PayPal/Stripe): 9%
- Miscellaneous (travel, etc.): 2%
Goals from November
- Sell 100 courses. Done. I sold 164!
- Get a “Start a Blog” page up. Fail. It’s in the process though!
- Take on Rebel Marketerz’ first client. Fail. But we did send off our first official proposal yesterday!
- Launch my VA/small business owner matchmaking service. Pass. And I’ve enrolled the first two clients!
You may have noticed that I’ve tweaked my income reports a little. I want them to be more streamlined and actionable going forward (i.e. cut the fluff!).
Since this whole income accountability thing has panned out, I thought it made sense to get more specific about the goals that I put out too.
Goals for December/Year-end
- $120k+ in total gross revenue ($16,360 to go in December). I have no real basis for this goal, rather than wanting to hit a nice round number and end the year strong.
- 2,500 newsletter subscribers (~150 to go in December). Again, kind of like the above rationale.
- $10,000 in personal savings ($2,500 to go in December). We had depleted our savings to finish paying off our second mortgage a couple of months ago, so this is the bare minimum needed for cash reserves.
If you’re currently hustling to build a freelance business, we’re in this together. I’d love to support you, if you’re willing to do the same.
Leave a comment letting me know we’re in the trenches together or a place that I can go to support you. Fan my FB page, connect with me on Twitter, LinkedIn, Pinterest or Google+ to stay in touch! We’ve got this!
Question for you: Do my income reports still encourage you? Or am I less relatable the more my income grows? Chime in in the comments!