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
