October Income Report – My Diversified Freelance Business

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Welcome to my second income report – for the month of October, 2014.

I published my first income report last month and am happy to say that (for now) my results keep getting better and better.

As a recap:

The First Few Months

I’m keeping a profit-and-loss statement for each month, as well as a rolling total. I enter in income as it is received (rather than as it is billed) and do the same for expenses. Here’s what it looked like for the first few months:

  • April-June: $0 income – $205 expenses = -$205 profit (-$205 rolling profit)
  • July: $805 income – $191 expenses = $614 profit ($409 rolling profit)
  • August: $1,540 income – $264 expenses = $1,276 profit ($1,685 rolling profit)
  • September: Income $2,280 – $555 expenses = $1,725 profit ($3,410 rolling profit)

Other Deductions

I take 20% of my net monthly profit and transfer that into a savings account for taxes. Next year when I do this full-time, I’ll set up and pay quarterlies. For now, I just set it aside so I have it when the time comes.

I also believe in tithing. I tithe to our church on my normal (day job) income and have chosen to support a missionary family in Costa Rica with my freelance income. This can’t/won’t always be the case, but it’s a fun reason to try to make more money!

October’s Results

Income: $3,480, a 53% increase month-over-month!

Expenses: $595, which is higher than I anticipated, but worth it.

Net Income: $2,885 (after expenses, but before tithe/tax). This is a 67% increase month over month!

Income Breakdown

Writing: 41%

Editing: 3%

Virtual Assisting Work: 56%

Expenses

I had a large amount of expenses again this month. The majority were for coaching, website help and creative design services. I also took a new course this month; education is always a good investment!

I’m still paying for my job board membership, my accounting program (referral link) and unfortunately there are fees associated with getting paid still!

I anticipate them being lower for November (I said that last month too), but will still have many of the above, plus I’m getting some work done on my logo and hopefully will be ordering business cards soon.

To me these are necessary investments in my business at this time. I’m fortunate to have the income to pay for them. If I didn’t, I wouldn’t be spending the money!

Thoughts on the Month

October was a good month overall. Of course, it had its ups and its downs, but if my first six months in this business are indicative, that’s just how the journey is going to go!

My virtual assisting work is going well and I’m hopeful for our future relationship. There should be some good opportunities for us to partner on going forward.

I’ve been getting some new leads, bidding/interviewing for jobs and even had a meeting last week about writing someone’s memoir. I really hope I get it, but am happy to be considered in any case! Freelancing feels right and I continue to be optimistic about my future.

Goals for the Rest of 2014

My goals for the rest of the year are to continue to increase my income and get it as close to replacing my current salary as I can. I’m getting closer all the time!

My last day at my current job is December 23, 2014. I’m excited to be able to focus on my new business full-time and am busy planning my official launch. Details to come!

Concerns

Last month I shared my two top concerns of being too busy and losing one of my two big clients. I don’t know if I jinxed myself or what, but one of the two came to fruition! I lost one of my big clients and have since processed it and moved on. I will be okay!

I continue to be concerned about trying to do it all and client turnover. What I’ve realized though, is that only so much is in my control. I’m going to worry about what is and forget the rest. Que serra, serra!

Keep Your Head Down

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, follow me on Twitter or Google+ to stay in touch! We’ve got this!

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Photo Credit: Unhindered by Talent

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12 thoughts on “October Income Report – My Diversified Freelance Business”

  1. I’m so envious! I’ve always wanted to go full time. But, I just started. Hopefully hopefully hopefully, next year I can leave my desk job and be working at the comforts of my home. 🙂

    This is inspiring.

    Hooray for more abundance in your chosen path!

  2. Hi Gina

    I want to congratulate you on your success so far! I believe the only way it can go for you is up 😉

    I wanted to ask you: Does your location have any effect on the prices you get paid for your work? If you’re working from (living in), say, London, or Czech Republic? I’m from Czech Rep. myself and the prices people talk about, rates being too low for example, are really much higher than we get paid for work here. It then seems like a good career choice in that regard.

    • Hi Pakas! Thanks for your comment and your question. I think it depends more on where your clients live than where you do! Most of my clients are from the US (where I reside), but I’ve also worked with clients in Europe. Even here in the US, different states (or regions) may pay differently due to their average cost of living, if that makes sense?

      Another caveat I guess, is that some people look for native English speakers specifically, so in that way than yes, your location my influence the rates you can charge. Does this help?

      I do think that with the invention of the internet and now internet marketing, that the opportunities are limitless! Good news for us both;-)

  3. You are so encouraging Gina thank you! I’m just starting and even though my time is limited because of my day j.o.b. I keep plugging away and keeping faith. I want to be retired from my work in 6 months to a year and you have given me hope! I know I can do this! Between you and Tom Ewer, I got this s#@t!! ♥

    • Iva, thanks so much for reading and taking the time to comment:-) We both have this! I’m taking the plunge and am excited for you to as well! We can have each other’s back!

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