Another month in the books. Is it just me or is 2015 going by really fast?
When I started my business a year and a half ago, I had no idea what I was getting into. I didn’t really have expectations, I just wanted to pursue an industry I was passionate about (writing) and was open to where it would take me.
Man I’m glad that I started. That I didn’t let fear or lack of confidence hold me back. I’m not sure where I’d be right now if I hadn’t taken the leap, but I’m guessing that my job satisfaction would be nowhere near where it is right now.
If you’re sitting on the fence right now, just do it! Get started with the first (free) step. Then take the next step, and another and another. You can do this!
It won’t be perfect, but it will certainly be interesting! Why not you, why not now?
Now, onto the freelance income report…
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.
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 now take 25% of my net monthly profit and transfer it into a savings account for taxes. We established Fully Booked VA as an S-corp in May and will begin payroll practices this month.
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: $11,793
A 41% increase month-over-month.
Business Expenses: $3,375
A bit higher than ideal.
Net Income: $8,418
(After expenses, but before tithe/tax.) This is a 47% increase month-over-month!
I’m excited about the results I was able to achieve income-wise in September. I brought on multiple new writing clients (some of which I won’t see income from until this month or next) and had solid course sales.
I also received my final month of mentor payments for a course I helped coach students through. And there were five weeks that I got paid for VA work for one of my clients. That always helps!
- Writing: 15%
- Virtual Assistance Work: 38%
- Course Sales: 33%
- Coaching: 13%
- Other: (Affiliate, etc): 1%
- Consulting (former office): 0% (This officially ended in May of this year)
September’s expenses were a bit on the high side. Wade and I traveled to Virginia for the inaugural Double Your Freelancing Conference (which I’ll share more thoughts on soon!) and I hired my friend Carlos to help me spilt test my sales page and make other numerous improvements.
I always get a bit nervous about expenses, since it takes away from the income I work so hard for and that supports my family. BUT, the investments I’ve made thus far have paid off and let’s face it, I CAN’T do all of this alone. Plus, working with other people is kinda fun!
I also started working with my own virtual assistant for the first time. She helps me with the course’s Facebook group, editing and a whole bunch of other stuff that makes my life easier. #bestdecisionever!
- Tools (Subscriptions, Books, Training): 6%
- Advice (Coaching, Marketing): 30%
- Support (VA, Writing, Website): 25%
- Affiliate Payouts: 15%
- Fees (PayPal/Stripe): 9%
- Miscellaneous (travel, etc.): 15%
Goals from September
- September is going to be where I reap seeds that I’ve sown I hope. I should have increased income due to my new writing clients and have some plans to increase course sales as well. Check!
- I’d also really like to get a new “Hire Me” page done and draft a “Write for Us” page too. Both of these are pretty low priority, but they’re on my to do list, regardless. Fail/Check!
- I’m also excited about going to a pretty epic freelancing conference in a couple of weeks where I hope to meet up with a few of my clients in person. And I plan to make some new, valuable business connections too! Check!
You may have noticed that I’m tweaking 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 think it makes sense to get more specific about the goals that I put out too.
Goal for October
- Finish writing 30 Days or Less to Virtual Assistant Success (click the link to get on the waiting list and be one of the first to know when it’s available) and beta test.
- Redo resources and home pages.
- Have a firmer plan to scale my business. (Less tangible, sorry!)
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!
How did September go for you? Share in the comments!