June, 2015 Freelance Income Report

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Welcome to my 10th freelance income report – for the month of June, 2015.

This month marks the first month that I grossed more than $9,000 in revenue! I had a goal of just maintaining, but some things came together to make it pretty spectacular.

A Little 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.

Here’s what it’s looked like since I started:

  • 2014: Income $16,512 income – $3,782 expenses = $12,730 total profit for 2014*
  • January: Income $5,080 – $753 expenses = $4,327 profit ($4, 327 YTD profit for 2015)
  • February: Income $5,272 – $978 expenses = $4,294 profit ($8,621 YTD rolling profit for 2015)
  • March: Income $6,595 – $1,084 expenses = $5,511 profit ($14,132 YTD rolling profit for 2015)
  • April: Income $7,503 – $2,471 expenses = $5,032 profit ($19,164 YTD rolling profit for 2015)
  • May: Income $7,368 – $865 expenses = $6,503 profit ($25,667 YTD rolling profit for 2015)

*I started looking into freelancing in April, 2014. I launched this site in May and secured my first client in June, 2014. So really the 2014 total is for June-December (or seven months). During this time, I also worked full-time at my day job. I’ve since quit my job and have been freelancing full-time since the first of the year.

Additional Deductions

After a meeting with my accountant (and an amended 2014 return in our favor), I now take 25% of my net monthly profit and transfer it into a savings account for taxes. I set up an LLC turned S-corp in May and will begin payroll practices later this year.

I also believe in tithing. Since I sold my business, I’ve decided to tithe to our church on that income and continue to support the missionary family in Costa Rica on my freelance income for 2015.

It makes a direct impact into an amazing mission (they’re setting up 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!). It’s also a fun reason to try to make more money!

June’s Results

Income: $9,431, a 28% increase month-over-month!

Expenses: $3,248, VERY high, but I took some risks and made some investments in my business this month that I hope pay off!

Net Income: $6,183 (after expenses, but before tithe/tax). This is a 5% decrease month-over-month.

Income Breakdown

Writing: 11%

Virtual Assistance Work: 42%

Course Sales: 38%

Coaching: 9%

Other: (Affiliate, etc): 0%

Consulting (former office): 0% (This has officially ended)

Expenses

My base expenses are about $300 per month. Here’s what it includes:

  • Job Board Membership $20
  • FreshBooks $20
  • Coaching $200
  • Website Support $35
  • MailChimp Subscription $20

You’ll notice that my expenses are much, much higher than $300. Here are the business investment decisions I made in June, 2015:

  • Affiliate Payouts $225 (I’ll pay these all day long, as it’s a win/win for us both)
  • Plane Tickets $625 (for a conference in VA in September)
  • Marketing/Website $650 (this was for both May/June and will help me with some new initiatives)
  • LeadPages Pro $477 (an annual account)
  • Conference Ticket $350 (It’s in Mpls in October, how can I pass it up?)

All in all, these expenses should be worth it. They might not pay off until down the road, but I feel confident in investing in a business that I’m passionate about. I’m also using the funds from my business to reinvest in it.

Of course, there are still those pesky fees when getting paid, but I’m continuing to try to limit them as much as possible. Last month they amounted to ~$220, which is 7% of my total expenses. I certainly could find another way to spend that money, couldn’t you?

Thoughts on the Month

June was a pretty epic month. My goal for 2015 is to end the year grossing $10,000 per month. I came pretty close this month already and the year is just half over!

I had a few one-off copywriting projects which I really enjoyed. I didn’t take on any new regular writing clients, but do have some people I’m waiting to hear back from.

FBcoursetestforAR

My 30 Day or Less to Freelance Writing Success course sales are what put me over the edge. I hit my singular-focused goal from last month and sold 77 courses total in June (my goal was 50). I also received some really great (unsolicited) testimonials about the course as well. Sometimes that means more than money!

Twittercoursetest4AR

Goal for July

Since I had so much luck this past month, I think I’m going to stick with the singular-focused goal this month.

One of my large expenses from April was an email list building course (I dropped the MOST I’ve ever spent on a course – $1,000). I’ve been working on growing my platform and the “internet marketing” side of things.

When I started the course in April, my list size was ~470. Right now it’s 978. I’m going to dig back into the course this month, launch an EPIC giveaway (seriously, you’ll want in on this) and focus on taking my list from ~1k to 1,500 by the end of September. That would be a HUGE jump in two month’s time, but I’m a believer in thinking big and going for it.

What’s the worst that can happen? I don’t meet my goal, but come close to it and have a larger list than I would have if I didn’t focus on it? I can handle that!

Concerns

It’s no secret I’ve been working a lot. One of the reasons that I wanted to make this move and build my own freelance business was the freedom of time and flexibility of schedule. But I’ll be the first to admit that I don’t always take advantage of that.

So I’m concerned that I work too much. I enjoy it, so I’ve got that going for me, but my family is UBER important to me and I need to continue working on “living in the moment” and being the best mother and wife I can be. Maybe implement a half day during the week and take them on a date or something?

Don’t get me wrong, I give them LOTS of attention. I love that I come in for lunch most days to eat as a family, before laying both of our toddlers down for their daily naps. I just find my mind preoccupied with work when Bob the Builder is on or we’re playing cars or something. Or maybe I just don’t like those things… 😉

Keep Taking the Next Right Step

If you’re currently hustling to build a 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!

How did June go for you? Share in the comments!

Photo credit: Julia Caesar via Unsplash

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21 thoughts on “June, 2015 Freelance Income Report”

  1. Congratulations on a great month! Setting some boundaries on / blocks of time for business/family/you could help you be more present when you’re home and more focused during your work time. Knowing that I’ve scheduled time for work and accepting that the more efficient I am during that time, the more effective my business is going to be helps me concentrate more during that time and enjoy my family time because I know I have the business time blocked off.

    You’re doing great!

    • Thanks Franz! It’s Bryan Harris’ 10,000 Subscribers course. I’m about halfway through and although not all strategies are new, it’s helped me to focus on this goal.

  2. Nice work Gina, very impressive–10K is just a small % increase away.

    One of the downsides of working at home is the never-ending balancing act, but there are many positives as well. I also think it takes a greater effort in the beginning. Once your momentum increases you’ll find it easier to separate work from home. At least that’s what I’m hoping for. Time will tell.

    • Thanks Daryn – great advice. It’s not all bad, I just over-analyze everything (including my parenting skills;-). Damn perfectionism is rearing its ugly head again, LOL!

  3. Awesome! That’s great Gina! You’ve obviously been working hard. It’s nice that you set a goal for your income. I need to that myself. I probably need to create another Day Zero list. Last time I created a list of 101 things to do in 1,001 days…. well, I accomplished over half my goals. I forget the importance of setting goals sometimes. You’re doing AWESOME Gina!

  4. Congratulations! I really appreciate seeing your income statements. Seeing real numbers keeps me going when I’m second-guessing my decision to go freelance.

    I’m also enjoying working through 30 Days or Less. Highly recommend it to anyone that’s considering taking this leap (oh – and keep reading the income statements for positive reinforcement!)

  5. “I started looking into freelancing in April, 2014. I launched this site in May and secured my first client in June, 2014.”

    Woah, that is incredibly fast! Was your first freelance job in writing? or as a VA? Where and how did you find your first client?

    I just found this site, glad I did 🙂

    • Hey Jay! Thanks for stopping by:-). My first (many) freelance clients were writing gigs and then I landed my first VA client in September, 2014. I found them via a paid job board.

  6. Hi Gina,

    Congratulations 😉

    My month of June was quite shaky! I fired my ‘boss’ and became full time online. I also took more time off to add some cools features to my writing job site BlogExpose. I also spent less time on my blog and less time commenting on other blogs.

    While I’m working hard on making BlogExpose a real job board for writers and bloggers, I’m gradually getting back into more active blog-hopping.

    Thanks for sharing details of your income with us. It’s a dose of encouragement 😉

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