• Eric Patrick

October 2018 Income Report

Updated: Apr 21, 2019



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

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