Woo! What a month.
In February, I was mostly heads-down in work until the last week when I flew to San Diego for two business conferences.
(You can read more about how that week went down HERE.)
Before San Diego, my main focus was to keep spreading the word about my Lisbon retreat, and then to set up my Instagram Masterclass (have you taken it yet?) which, to be honest, was a lot more challenging than I initially thought it would be.
Tech stuff, design adjustments, connecting programs, writing copy for emails and ads… you name it.
BUT – it got done.
And once it launched on February 9th, I then ventured down a new path in my biz:
Putting some serious investment into Facebook ads.
I’ve dabbled in Facebook ads here and there for launches, but never had I set aside a good chunk of my budget to run ads in order to get in front of people looking for a solution to their Instagram woes.
But mid-February, I did just that.
I launched ads to promote my new Instagram class and things were off to the races!
But then… I got distracted.
Once this big project was off my plate, I decided to add another: a second masterclass on starting your freelance business!
I didn’t realize it then, but I was making a pretty big mistake.
Instead of focusing on what I had just launched (my Instagram Masterclass) and tweaking and optimizing it while I was spending so much on ads… I instead shifted focus to something that really wasn’t high priority.
My goal was to help my audience in all ways that I could: Instagram and freelance business.
But it was actually premature to shift focuses when I had just launched something that needed my full attention.
I realized this AFTER I ran three live classes to help people launch their freelance businesses.
But around this same time, it was time to pack up and head to San Diego!
…which meant that I DEFINITELY wouldn’t be focused on optimizing my Instagram Masterclass for at least the next week.
See how important strategic planning is? 😝
Yes, we’re always still learning as we go.
So the rest of February was spent in conference land… which meant that very little attention was being paid in my business. Instead, I was knee-deep in learnings that I couldn’t wait to implement all while meeting some really cool people.
Suffice to say, I learned a ton.
And so that brings me to my numbers for the month!
February 2018 Income
- Services (done-for-you and coaching): $4,959.65
- Product sales (courses and retreat): $13,525.49
- Affiliate income: $10.91
TOTAL INCOME BEFORE TAX: $18,496.05
February 2018 Expenses
- Advertising and promotion: $3,133.03
- Paypal, Stripe and bank fees: $336.76
- ClickFunnels*: $125.79
- ConvertKit*: $101.77
- Teachable*: $0 (annual fee already paid)
- Dropbox*: $12.92
- Canva: $16.65
- Acuity*: $32.42
- ManyChat: $25.59
- Google Apps: $10
- Grum: $8.25
- Amazon web services: $19.70
- Boardbooster*: $13.10
- Office expenses: $29.99
- Independent contractors: $1,996.28
- Accounting services: $325.00
- Meals and entertainment: $565.74
- Membership fees for business training: $88.74
- Phone and Internet: $264.18
- Training, education and events: $3,441.50
- Flights, accommodations and Uber: $1,920.62
- Retreat deposit: $2,000
TOTAL EXPENSES: $14,468.03
Net profit: $4,028.02
Salary to Elise: $3,000
* = affiliate link
Alright! So there’s more profit left over than last month.
While it’s not my ideal profit margin of 30%, it’s heading in the right direction.
And considering this month was really a 3-week timeframe of focused work (one week was spent schmoozing and learning at two conferences in San Diego), I’m fairly happy with the results.
With that said, there’s always room for improvement!
Takeaways for you based on my income report:
- Focus on ONE THING (test it, tweak it, optimize it) until you’ve taken it as far as it can possibly go before shifting focus to another thing
- Prioritize profit over revenue. Oftentimes, you’ll hear people talk about how much money they’ve made – whether in their business or in a recent launch. Big numbers can appear to be really flashy and impressive. But after my immersion in business conferences, there’s really only one number I now care about: profit. Is there any point in making a million dollars if you had to spend a million dollars to make it? Not in my books. I’d like to see the conversation shift more towards profit over revenue… and I’ll start with myself right here 🙂