Ahhh where did June and July go!
In short: TRAVEL.
Lots of it.
Some of it was business and some of it was personal.
My fave? Gotta be the retreat I held in Lisbon.
You can see highlights of the Lisbon trip below ⤵️
Keep in mind when you're watching my highlight reel or anyone else's... they're probably making sacrifices in other aspects of their life to ~live their best life~ as evidenced in their photos and videos.
...Does it sound like I'm talking about myself here?
Good! Cuz I am.
With all my travel and focus on my retreat in June, I stepped off the gas a little when it came to other aspects of my business.
Early to mid-June, I was in full prep mode:
creating the content for the business classes I was going to teach at the retreat
shopping for Europe-friendly travel clothes
on-boarding two new contractors in my business
By mid-June, I was off to Europe to host my first ever in-person retreat for a group of ladies wanting the digital nomad experience.
After 8 days of straight hustle, hosting and having a ton of fun, I was off to Italy attend a writing workshop taught by the hilarious and brilliant copywriter, Laura Belgray.
Then, it was back to Toronto for one night and then off to Aruba for a friend's wedding.
While I continued to work from Portugal, Italy and Aruba, I also let some thing take a backseat.
Here's what happened in my business in June of 2018.
June 2018 Income
Product sales (courses): $17,389.26
Affiliate income: $0
TOTAL INCOME BEFORE TAX: $22,798.06
June 2018 Expenses
Advertising and promotion: $6,670.25
Paypal, Stripe and bank fees: $236.99
Teachable*: $0 (annual fee paid already)
Deadline Funnel: $89.57
Google Apps: $10.00
Amazon web services: $20.48
(Geez it's expensive to maintain 47 domains 😬)
New iPhone: $1,573.95
Independent contractors: $3,476.94
Accounting services: $367.25
Meals and entertainment: $497.31
Phone and Internet: $168.95
Training, education and events: $1,527.13
Flights, accommodations and Uber: $1,477.18
TOTAL EXPENSES: $20,737.04
Net profit: $2,061.02
Salary to Elise: $3,000
* = affiliate link
As you can see, June turned out to be a lean month profit-wise.
I had some new and one-off expenses (like the new iPhone and the expenses that came along with executing the retreat), and with a new contractor coming on to run my ads, I felt a lull in my ads' performance as is typical when a transition is happening.
Even with a low profit margin, I was still able to pay myself my regular salary due to following the Profit First method and having a savings account just for that – to pay myself in the lean months.
Speaking of which, I had a chance to do some personal financial planning in June and going forward, I'll actually be giving myself a raise!
This decision was made after talking to my accountant extensively.
I'm excited for it but it also comes at an interesting time: I hired two contractors in my business which means higher expenses each month. And all THAT means is I need to ensure that I'm sustaining a higher revenue in order to pay everyone and myself.
With some new revenue plans in place, I'm confident I'll be able to do so. 🙂
Takeaway for you based on my income report:
Enjoy the ride (the ups AND the downs).
I just kept thinking all this month that entrepreneurship is such a rollercoaster ride; financially and emotionally.
The retreat was honestly such an emotional high that I wasn't as concerned with my finances as I normally would be. So that was a plus.
The retreat made me step back and enjoy the high for what it was: connecting with people in real life, not hitting some financial goal.
I know that I'm savvy enough to bring the balance back to my finances in the months to come, so this month was an excellent reminder to chill, enjoy and know that I'll pick up the slack later.