• Eric Patrick

November 2018 Income Report

Updated: Mar 25, 2019



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

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