November 2018 Income Report

Disclosure: this post may contain affiliate links. I may receive commissions for purchases made through links in this post.

November has been an interesting month to say the least. Here are some new events that came my way:

Got the word out about my new training program called Social Side Hustle

This month, I officially let the world know that my training Program was open for enrollment. After the great reception I had from my masterclass and webinars, I figured I’d hit the ground running with this new program. My tentative start date was December 1st but no one has yet to sign register so I’m going to move the date back so the bi-weekly coaching calls can start once the first student registers. Am I a little disappointed? Sure. You work hard on something and hope everyone “gets it” out the gate but more times than not that’s not the case. I’ll continue to push on and it’s encouraged me to start writing Seinfeld emails which I’m also converting to social media posts to stretch my content as far as possible. This is known as repurposing in the social media world.

Converted my masterclass and webinar into evergreen paid recordings I did convert my masterclass and webinar into evergreen products meaning they will always be available. I set up up a simple system that’s as follows:

1. Drive traffic to my masterclass and webinar pages on my website (Wix)

2. When someone buys the replay (PayPal), they are automatically added to either my masterclass or webinar email list (ConvertKit) depending one which one was purchased

3. A welcome email is automatically sent with a link to the recording which is hosted in closed portal (Zoom)

This process involves using four different tools so the process is completely automated. All I have to do is use social media to direct people to my site and the rest handles itself. Last month I sold three webinar replays and one masterclass replay at $25 each. Added email drip marketing as a service

Since I’m getting people onto my email list now and have drip campaigns (automatic emails sequences that go out at designated times) I decided to add [email drip marketing] as a service and booked a new client for it. The services includes setting up a primary list with a 30-day automatic email campaign that sends out on days 1, 3, 5, 7, 14, 21, and 30. This will allow my client to have seven touchpoints with their subscribers over the course of a month without ever having to draft a single email.

Traveled out of town for Thanksgiving which was an eye opener for my task management

I mentioned that Thanksgiving break was an eye opener for task management because I realized I wasn’t as far ahead in scheduling for some clients as I’d like to be forcing me to post here and there during this time off. I know better and should’ve done better so if you’re ever looking to step away for a bit, be sure your clients are taken care of ahead of time and save yourself some time too.

Booked a new Instagram client but then canceled as it wasn’t going to work out

Lastly, there was a potential client I’d been working on since FinCon and finally came to an understanding, or so I thought. Ultimately, there was some miscommunication between the client’s expectations and mine we agreed to part ways before work started. I would’ve loved to bring this client on as it would’ve pushed my income goals over $6,000 but I’ll continue to push forward. That’s all things new for the month of November. Now let’s get to the money. November 2018 Income

• Services: $6,275.00

• PayPal Cash Back: $11.77

• Product Sales: $100.00

• Affiliate income: $0

TOTAL INCOME BEFORE TAX: $6,386.77 November 2018 Expenses

• Independent Contractors: $450

• The Chrons: $540

• PeopleMap*: $20

• Iconosquare*: $0 (free trial)

• ConvertKit*: $313.55 (annual plan purchased +client service)

• Planoly*: $9 (client service)

• Flight: $96.41

• Zoom*: $16.23

• Airbnb*: $95.97

• Turo*: $93.86

• Canva: $12.95

• Teachable*: $68 (client service)

• Omnistar Interactive: $47 (client service)

• Placeit: $29 (client service)

• Accommodations: $376.53

• Typeform*: $35.35

• Acuity*: $15.00

• Zapier: $20

• Google Cloud Storage: $10.65

• Stripe: $62.10

• PayPal: $128.85

• Wix*: $0 (annual feed already paid)

• Onlypult*: $0 (annual plan already paid)

• SamCart*: $0 (free trial)

TOTAL EXPENSES: $2,440.45

Net profit: $3,946.32

Profit Margin: 62%

My Salary: $2,554.71

* = affiliate link My profit has gone down from last month with my margin equaling 62% of my sales. That means for every $100 I make, I keep $62 of it. I’ll be traveling to Los Angeles in a few weeks so I have some travel expenses including flight, lodging, and transportation. Also, remember the goal is always have at least a 30% profit margin but strive for 50% or more. My 62% profit margin is above that 50% minimum goal. I still kept my salary at 40% so I paid myself almost $2,554.71. I can’t believe I’m bringing this money home on a consistent basis. I’m truly in awe. Here are a few takeaways based on my income report that you can learn from:

• You can make yourself a good fit if you try but at the end of the day you aren’t for every client and every client isn’t for you

Want to learn how to start your own social media management agency?

JOIN SOCIAL SIDE HUSTLE

#incomereport #fincon #instagram #socialmedia

October 2018 Income Report

Disclosure: this post may contain affiliate links. I may receive commissions for purchases made through links in this post.

I’m back with my second income report and excited to say that things have been going well and this month performed better than the last month. Here’s why:

Gained one new client fro Facebook and Instagram services

First, remember when I told you I got some leads in from my talk at FinCon? One client signed up! Now I love referrals but to bring on a new client from a direct sale just has a different feel to it. It usually takes a little more work and persuasion but the reward is sweet.

Sold my first product (not service) + booked my first one-on-one coaching client

Second, I’ve had my Instagram Hashtag Cheat Library for a while but ever really pushed them. I spoke to someone who was interested in Instagram work (who ultimately became the one-on-one client I booked) and she asked about the cheat codes. Ultimately, she bought the Large Pack which is 1,000 hashtags that span 50 different niches on Instagram. This is only a $20 product but it was my first sale of it so I’m ecstatic. As I grow I hope to sell more as this is considered passive income.

Held my first Instagram masterclass

Third, I held my [Insta]nt Mastery masterclass I mentioned in last month’s report and had nine sign-ups at $47 each. I only promoted this on my personal social media so my goal was 10 registrants. Even though I missed my goal by one I’m happy to help the nine that I did. I believe if the price point was lower I would’ve gotten more but for the value, I think $47 was fair. This cost me nothing but an hour of my time.

Gained an old client back at a higher rate

Fourth, I had client that works in real estate come back at a 50% markup from our previous agreement. You may wonder why I’m charging more for the same work but it’s simple, I’m better than before and my business has grown since time is money, I had to charge appropriately. If you ever wonder if you should go up on your rates, simply ask. The worst someone can say is no and then you can negotiate. Sales is definitely going to be a part of my training program because you have to be able to sell yourself and be confident when doing it.

Was a featured guest on a paid webinar

Fifth, I was a featured guest on a paid webinar for a friend of mine’s side hustle community and we have over 50 registrants at $25 a piece. This all started from me asking her community if they’d be interested in learning how to be a social media manager as a side hustle. Over 300 people responded yes so I spoke to her about doing a collaborative paid webinar and she agreed! Once again, this cost me nothing but an hour of my time.

Held my first webinar!

Lastly, after doing the partnered webinar, I decided to do one on my own. Once again, I just shared on my personal pages and only got four registrants but I think it’s because it was a fairly short notice announcement for a Thursday night live webinar.

That’s all things new for the month of October. Let’s dig into the numbers.

October 2018 Income

• Services: $4,250

• PayPal Cash Back: $11.43

• Product Sales: $1,205.50

• Affiliate income: $0

TOTAL INCOME BEFORE TAX: $5,466.93

October 2018 Expenses

• Independent Contractors: $150

• FinCon 2019 Registration: $189.43

• The Chrons: $420

• PeopleMap*: $20

• ConvertKit*: $49 (client service)

• Wix*: $48.96 (email service)

• Zoom*: $16.23

• Calendly: $15

• Canva: $12.95

• Teachable*: $68

• Placeit: $29 (client service)

• Omnistar Interactive: $47 (client service)

• Typeform*: $35.35

• Flights: $179

• Zapier: $20

• Google Cloud Storage: $10.65

• Sprout Social: $137.08

• Chase: $12

• Stripe: $7.28

• PayPal: $139.86

• Onlypult*: $0 (annual feed already paid)

TOTAL EXPENSES: $1,427.77

Net profit: $4,039.16

Profit Margin: 74%

My Salary: $2,186.77

* = affiliate link

As you can see, my profit is about three-fourths of my sales which is beyond awesome. Where else can you have a 74% profit margin from a side hustle that you can do from anywhere? That means for every $100 I make, I keep $74 of it. There wasn’t any traveling this month so no major expenses to account for. Also, remember the goal is always have at least a 30% profit margin but strive for 50% or more. My 74% profit margin blows that 50% minimum goal out of water.

I still kept my salary at 40% so I paid myself almost $2,200. Can you imagine that much money as take home pay? That can cover rent, a car payment, a credit card bill, AND still have money left over.

Here are a few takeaways based on my income report that you can learn from:

• Your monthly pay will not always be the same so expect up and down months and be sure to manage your money accordingly

• Don’t be afraid to put yourself out there and try something new so you can create multiple income streams is always the goal so leverage your skills to bring in money in more ways than one so in case one areas slows or dries up, you already have others in place

Want to learn how to start your own social media management agency?

JOIN SOCIAL SIDE HUSTLE

#incomereport #fincon #instagram #socialmedia

September 2018 Income Report

Disclosure: this post may contain affiliate links. I may receive commissions for purchases made through links in this post.

Moment of honesty, I’ve NEVER done an income report before. I don’t even really know how these things are supposed to go but I’m pulling inspiration from other reports I’ve seen and felt that starting these would be necessary as I do believe transparency is extremely important not only for building trust but to hold myself accountable.

I’m happy to share my progress with you but note that this isn’t about gloating or bragging on my success. It’s about showing you the endless possibilities that can come from being a social media manager and the income it can bring into your household.

I’m going to keep it all the way 💯 which means the showing the good with the bad.

Now, before I start I figure I should share some background to set the tone.

My very first clients

I’ve been a social media manager for 2.5 years now. My first client came in April or May of 2016 (can’t even remember which one honestly) but I do know it was the tail end of spring or front end of summer when I got my first two clients.

One client was a mortgage lender receiving Instagram Management and Growth for $75/mo and the other was a fintech company receiving Instagram Management, Community Engagement, and Growth for $300/mo. “How did you come up with those prices Eric?” That’s probably what’s going through head as you read that. Honestly, they were completely arbitrary. The first one I just came up with it on the spot not knowing what to charge and the second was client suggested so I rolled with it.

For more background, I really wanted to start a web design only business as many people complimented me on my financial literacy website. But I discovered something neat in the Rule of 3 which I created after started two businesses. It simply means if three different people ask me the same question, I can probably make money from it.

Low and behold, here I am managing social media accounts for entrepreneurs 2.5 years later turning a side hustle into a full-fledged business.

Now, even though I’ve been doing this for sometime I’m not going to back track back to the beginning but I am starting with the month of September as it was pivotal for me in regards to the direction that my agency should go and here’s why...

The tipping point for my business

Every year I attend FinCon, the largest financial bloggers conference in the world. This was my third year going and my first year as a speaker. My topic was on Instagram and how to thrive with all the algorithm changes. I had one of the first talks and even though the room started out light it was packed out halfway through.

After it was over, I spoke to numerous people about Instagram and social media in general leading to a list of potential clients and three that I’ve actually booked services for with one more on the way. The takeaway here is that if you can ever display your expertise in front of a crowd, do it. It can be a solo speaking event, a panel, or virtual live session but getting in front of people will always help build your authority and client list. That’s why I created my [Insta]nt Mastery masterclass for those who didn’t attend the conference.

Another thing I gathered from the conference was training other people how to be social media managers. Going back to the Rule of 3, I had three different people tell me that I would be a good teacher and should consider adding it to my list of services. That led to me creating Social Side Hustle. I also decided to start doing some one-on-one coaching too.

So that sums up my events for September, now onto to why you’re here. I typically make about $3,000 a month and September was just above that. Let’s dive in!

September 2018 Income

• Services: $3,400

• PayPal Cash Back: $8.91

• Product Sales: $0

• Affiliate income: $0

TOTAL INCOME BEFORE TAX: $3,408.91

September 2018 Expenses

• Independent Contractors: $150

• The Chrons: $330

• PeopleMap*: $20

• ConvertKit*: $49 (client service)

• Transportation / Uber: $180.57

• Meals / Entertainment: $567.99

• Canva: $12.95

• Teachable*: $29

• Omnistar Interactive: $47 (client service)

• Flights: $179

• Zapier: $20

• Sprout Social: $137.08

• Chase: $12

• Stripe: $6.40

• PayPal: $61

• Google Cloud Storage: $0 (free until 30 GB)

• Wix*: $0 (annual fee already paid)

• Onlypult*: $0 (annual feed already paid)

TOTAL EXPENSES: $1,786.65

Net profit: $1,622.26

Profit Margin: 48%

My Salary: $1,363.56

* = affiliate link

That’s it! My first income report is in the books.

As you can see, my profit is almost half of my sales which is great. That means for every $100 I make, I keep almost 50% of it. Also, I traveled this month and covered many expenses that aren’t regular expenses so my profit margin is typically higher than what you see shown above. The goal is always have at least a 30% profit margin but strive for 50% or more.

In regards my salary, you might be wondering how I decide what to pay myself. I read a book recommended by many of my business friends called Profit First. It’s a great book and I highly suggest it to all business owners but if you’re just starting out it can be even more helpful so you can start your business finances off on the right foot. The goal according to Profit First is to have your salary equal 50% of your income but you have to start somewhere so I chose 40% to start so if you divide my salary into my total income it’ll equal 40%. Every three months I reassess all of my business finances and decide if I’m able to give myself a raise or not to get me closer to the 50% salary goal.

One thing I implement is that I have automated deposits from my business checking account that go into my personal checking account every week to make sure I get paid a salary. I still pay myself even if one month is slower than another but I build up my account pool of funds to early on to make sure this is covered.

Here are a few takeaways based on my income report that you can learn from:

• Leverage your business money to pay for things like conferences and travel when you can and turn it into a mini vacation for you and your family (my wife and kids came to Orlando with me and all we had to pay for was their flight expenses)

• Create some structure in your business so that you can still pay yourself even in the slower months

Want to learn how to start your own social media management agency?

WATCH THIS WEBINAR

#incomereport #fincon #profitfirst