May, 2015 Freelance Income Report

This post may contain affiliate links.

Welcome to my ninth freelance income report – for the month of May, 2015.

I almost eked out another win (i.e. increasing my income month-over-month), but fell a little short. I DID have my highest net income month, however and that’s what really counts!

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)

*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’ve been busy setting up an LLC turned S-corp this past month 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!

May’s Results

Income: $7,368, a 2% decrease month-over-month.

Expenses: $865, much more inline with where they should be!

Net Income: $6,503 (after expenses, but before tithe/tax). This is a 29% increase month-over-month!

Income Breakdown

Writing: 13%

Virtual Assistance Work: 54%

Course Sales: 19%

Coaching: 10%

Consulting (former office): 3%

Other: (Affiliate, etc): 1%

Expenses

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

  • Job Board Membership $20
  • FreshBooks $20
  • Coaching $200
  • Website Support $35
  • MailChimp Subscription $15

You’ll notice that my expenses are higher than $300. They actually came in almost triple that or $865. Here are a few additional things I spent money on in my business in May:

  • Affiliate Payouts $147
  • LLC Filing $155
  • Hosting Renewal $108
  • Facebook Ads $21

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 ~$137, which is 16% of my total expenses. I certainly could find another way to spend that money, couldn’t you?

Thoughts on the Month

May was overall another pretty solid month. I tried to take my first vacation as a freelancer (post to come later this week) and was able to work ahead for the most part.

I didn’t take on any new regular writing clients, but did have a few interviews that I hope pan out into something in June. I also had my last consulting day at my former office, so all income going forward should be a direct result of my online business activities.

Goal for June

I’ve read that it’s good to have a singular focus in business. I’m going to try and do that more often.

So for June, it’s my goal to sell 50 courses (30 Days or Less). If you’ve been on the fence and haven’t taken it yet, here’s a special treat for you: a link to purchase it for 20% off (this brings it down to its lowest price, $37.60). It normally retails for $47.

I have almost 30 people enrolled in my affiliate program. I love incentivizing people. The commission should be enough, but in case it’s not, I’m also running a contest for June. The person with the most sales (minimum of five) wins a Keurig (or cash equivalent), in addition to getting paid their normal commissions.

If you’ve been following my work for sometime and would like to offer my course as an affiliate, you totally should! It’s super simple to sign up (just click here).

I recently redid my newsletter subscription autoresponder too. Instead of one email after sign up (and free ebook delivery), the subscriber now receives three over the course of a week or so. I’m hoping my strategy pays off and they gain additional value, insight and trust for the content I work hard to put out.

Concerns

Summer is here! In Minnesota, we’ve been waiting for warmer weather, oh you know, FOREVER! So when summer hits, so does travel season.

And while travel season is fun, it can also get in the way of doing business. I’m still waiting on my sweet Karma (go anywhere) hotspot, which should make it a little easier.

When I travel to my folks’ cabin, for example, I have to travel eight+ miles one way just to get internet access. It makes for a great and easy way to unplug, but not a convenient workation.

We’re not taking our Epic RV Adventure this June, after all. It came down to paying off our last (non-mortgage) debt or the trip and the prudent ex-financial advisor in me couldn’t pick the trip! Don’t worry, we’re committed to making it happen in 2016 though!

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!

What did you accomplish in May? Share in the comments!

Photo credit: Dominik Schröder via Unsplash

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17 thoughts on “May, 2015 Freelance Income Report”

  1. Hi Gina!

    I am sorry to hear about your RV trip, I know that you were super excited about it. I am impressed with how well you have been doing and really look up to you for tips and motivation. I am building my own little set of clients too and while it is hard now, after I get the hang of it I hope to quit my job just like you did. Thanks for always sharing your journey. It is very helpful 🙂

    • Thanks Lindsay! I’ve learned so much from others, that I want to pay it forward whenever I can. We’ll all get so much further together than alone. Yes, it is hard at times, but stick with it – it’s SO WORTH IT! Keep taking that next right step and look back every once in awhile to see how far you’ve traveled:-).

  2. What a great impressive month Gina! I’ve been freelancing for about 4 months now while working full time and it’s definitely a challenge, but the fact that I’m doing something I’m passionate about makes it all worth it. I’ve been meaning to try out your course and after I settle in from moving next week, I’ll finally be ready 🙂 Can’t wait!

  3. Hey Gina! Love this post. And I’d love to know more about why you’re transitioning from an LLC to an S-Corp. I’ve been looking into that myself.

    • Hey Jessica! So I didn’t have any business entity set up and my CPA recommended that I set up an S-Corp. Apparently the easiest (or best?) way to do that these days is to form an LLC first and then file for an S-Corp…that’s all I got;-).

  4. I love how detailed you get in your reports!! What’s even more inspiring is how fast your biz has grown!! I just stared freelancing on March 8 (I remember it like yesterday — that first Facebook post at 315am letting everyone know I was doing Done-For-You Facebook Ads. And within moments my inbox being flooded with prospective clients) and my business has grown very quickly, especially compared to what I was doing prior to. So it’s just really great to read of someone’s freelance experience who is well on their way to 6 figures. I can’t wait to see where you’re headed. 😉

    • Hey Jessica! Thanks for your comment. It sounds like you’re killing it too! How exciting that you figured out what to offer, put yourself out there and bam! saw results. Looking forward to learning from you too:-)

  5. Hi Gina,

    I’ve been looking over your last few income reports as I’m in the process of collecting a load of income report data from many blogs.

    I would love to feature you in my upcoming roundup report if I may

    In the mean time keep up the great work with your blog.

    Raj

  6. Hi! Is the 20% price reduction still valid? I have tried to sign up using three different Internet browsers, and I can’t get it to work for any of them! I’ll pay full price if it’s over, but my inner frugal self saw 20% off and squealed a little! 😉 Thanks!

  7. Hi Gina,
    I found your sponsored ad on Facebook this morning while I was having my 1st cup of coffee. I am so glad that I did. I am sure it wasn’t by mistake. I have been a writer at heart for all my life, but never have had the guts to do anything real about it.
    I have signed up for almost everything at your website and can’t wait to take each step into eventually launching both a writer and virtual assistant business of my own some day!
    Thank you for all your info it is very much appreciated!

    • Thanks Vera – nice to know the Facebook marketing is working and something you identified with – we just started it! I hope you enjoy the free courses and complete the action steps to set yourself on the course of starting a successful career.

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