I made some tough calls back in July... and I'm happy to see the decisions I made resulted in a healthy month of business revenue, profit – and a raise to myself!
This month was healthy for a few reasons:
As mentioned in my July report, the results of a promotion I ran in July are now reflected in my August numbers
I made a concerted effort to cut back on some expenses in order to improve my profit margins, which included cutting back on the number of contractors I have on my team
I gained a better return on my Facebook ad spend
That's the overarching view of what went well in my business this past month, but are you ready for the nitty-gritty details of everything that went down to generate over $30,000 in revenue?
Of course you are. Let's dive in.
Here's a secret.
After a crazy May, June and July filled with lots of country-hopping, I was looking forward to August all summer long.
I had no travel plans and knowing that it's typically a quieter month in the online business world, I was itching to spend the month chilling in Toronto from my home office, running just a casual free training series (no big launches, thank you!) and spending the bulk of it? PLANNING.
Oh, how my brain has been planning.
See, I'm not a natural "big picture" type of gal. I'm a worker bee. Heads down, "I'll-get-that-done-by-5pm" task DOER.
When it comes to planning, it can be messy. It can also be exhilarating. But oftentimes, it's confusing, overwhelming and full of unknowns.
It's a fine balance between educated guessing and trying my darnedest to look into my inner crystal ball of what Elise-in-the-future is going to want then... as a result of the decisions I make today. 🔮
So this, in sum, is how my August went.
And in the background? My brain was ticking away, answering questions on what I wanted to do/create in the next 120 days... and what impact those creations would have on my business in 2... maybe 3 years down the road.
Heavy stuff. (At least for me.)
So while this is the type of stuff you don't see in my Instagram Stories, here's something you might have seen there:
Tool Time. 🔨
A week of free training for you that covered the top sales tools I use in my business to help me generate these kinds of revenue numbers.
A total experiment, but having just finished it – I'd say it went well.
My goal with offering this free training was three-fold:
to take the pressure off from a typical, big launch (who wants to do that anyway in summertime?)
to share my affiliate links for tools I use in my business every single day as a way to kickstart my affiliate revenue stream
to see if I even LIKED teaching tech-y stuff, like online business tools (spoiler alert: I DID!)
So the prep for this training, plus actually running the live trainings was what I focused on in the last two weeks of August.
But keep in mind: this wasn’t a launch and I wasn’t selling anything so I knew that these efforts were not necessarily going to impact my bottom line immediately.
With that said, here’s how August went for me – revenue, expense and profit-wise.
August 2018 Revenue
Product sales (courses): $25,471.22
TOTAL REVENUE BEFORE TAX: $32,100.79
August 2018 Expenses
Advertising and promotion: $12,189.57
Paypal, Stripe and bank fees: $246.55
Teachable*: $0 (annual fee paid already)
Deadline Funnel: $89.73
Google Apps: $10.00
Amazon web services: $20.58
Independent contractors: $3,249.85
Accounting services: $325.00
Meals and entertainment: $540.46
Phone and Internet: $180.97
Training, education and events: $1,827.84
Flights, accommodations and Uber: $2,004.64
TOTAL EXPENSES: $21,612.72
Net profit: $10,488.07
Salary to Elise: $4,500
* = affiliate link
Mamma Mia. (A great movie and also the two words I’d use to describe how August went.)
I think this month has taught me a lot about following my gut when it comes to expenses.
A big lesson here is to review your expenses on a regular basis – either by making a list or by reviewing them in your accounting software where you track your expenses.
Objectively evaluate whether these expenses still currently make sense for the future of your business.
If yes - keep it.
If no - scrap it.
Another lesson has definitely been practicing the art of planning.
Sure, the idea of planning is all fun and games (woohoo bullet journals and 3-year plans!), but to be 100% straight with you – it’s actually daunting.
Once complete, you hold yourself to these goals that you set for yourself even though it’s hard to imagine what things will be like so far into the future (at least for me).
I’m more of a ‘live week-to-week’ kind of person.
Finally, this month also showed me, once again, how rewarding teaching LIVE is.
The free Tool’s Training was exhausting for my voice, but also so, so fun.
Teaching live is completely different to having an online course that’s open for enrolment year-round. The level of engagement and interaction you get with your students LIVE is… next level.
It means having people send you awesome notes and comments like these ones:
Anyway, if you’re interested in grabbing the free Tools Training where I go step-by-step into a few of my favourite and essential tools for my business, you can check it out at the button below: