- Revenue Goal: $5,000
- Total Revenue: $5,965 (55% increase from last month)
- Total Expenses: $1703.18 (46% increase from last month)
- Net Profit: $4,261.82 (57% increase)
- Owner Draw: $3,500
This was almost a record-breaking month in terms of revenue. At the same time, it was also (somewhat unexpectedly) a record-breaking month for expenses. I ended up investing in two major education and business development opportunities, both of which I’ll be working on in March but paid for in February. I also got my first two invoices from my new team member (worth every PENNY which I’ll get into below in the Time Breakdown), paid for a Timeular Pro subscription for my time-tracking app, and paid my annual ConvertKit subscription. I’m very happy with all of the investments I made in my business, and also realized I needed to raise my rates to be able to continue this growth trajectory. I took a larger owner draw than my previous $1,500 and put it into our retirement savings. I’ll probably look at permanently adjusting my owner draw upwards after this month.
- Hours Worked: 70.2
- Weekly Average Work Hours: 17.55
- Billable Hours: 38 hours
- Course Creation: 24.2 hours
- Web Design: 8 hours
- Marketing: 5.25 hours
- Web Maintenance: 0.6 hours
Non-Billable: 33.2 hours
Billable Percentage: 54% (24% increase from last month LOL)
Volunteer and Personal Work
- Writing Class (live classes and readings): 6 hours
- Actual Writing: 5 hours (ish…probably more, I didn’t track my writing time very carefully)
- Mochi: 8.3 hours
I’m actually a bit surprised at how high my hourly tallies were this month because we lost 8 days of childcare to illness and snowpocalypse 2021. (Here in the Midwest, our houses and infrastructure are built to tolerate the weather trying to kill us 8 months out of the year, but 10 inches of snow in 24 hours is still…a muchness.) I ended up working in the early morning and after bedtime more often than usual, which might be why I feel a bit ragged.
Overall Hourly Rates
- Billable Hourly Rate Before Expenses: $156.36/hour
- Overall Hourly Rate Before Expenses: $84.97/hour (43% increase from last month)
- Overall Hourly Rate After Expenses: $60.70/hour (58% increase from last month)
- Target Overall Hourly Rate: $60/hour
Compared to last month, my overall hourly rate is quite a bit higher not just because my revenue is higher but because my total time worked stayed more or less the same. I was able to do that because my team member did work for me that I otherwise would have had to do myself, which would have cut into my billable time. (Bonus: contract labor is expensable while your time spent fucking with admin or marketing is not!)
Hourly Rates By Project Type
- Hourly Rate Web Design: $1325/8 = $165.63 (some of these projects will spill over just a scootch into March so the final rate for these projects will be a bit lower)
- Hourly Rate Course Creation: $3750/24.2 = $154.96
- Hourly Rate Marketing: $890/5.25 = $169.52/hour
- Pitching and submitting my fiction and creative nonfiction
- Delegating to my team member!!!!!!!!!!!!!!!!!!!!!!!
- A personal writing project that involves interviewing my parents about their lives
- Revitalizing my author website
- Recording the videos for my pricing course on Terrain
- Building a landing page for my course authoring services
Reviewing the priorities I set for February:
Finish (aka start lol) production on my video course for Terrain.io
- Improve my sales funnel for Why You’re Undercharging – I’m consulting an expert on this in March
Speak on at least 1 podcast and 1 IG live with a collaboratorI recorded an episode on Deliberate Freelancer with Melanie Padgett Powers and did an IG live with Patricia Figueroa of Career Glowup Follow through on my blog and social marketing strategiesI’m very proud of how well I got systems in place to delegate a lot of this to my team member!
- Write 5,000 words in my WIP novel – No, but I think I got maybe…2800? I need to learn how to use the word targets feature in Scrivener better because I am nothing if not a sucker for extrinsic motivation.
Pitch *something* for publicationI actually sent *two* pitches, both to AAPI-interest publications.
How I succeeded:
- I wrote and managed production of my client’s ebook course in exactly three weeks, which WHOOF hello whiplash, but also YASSSS I HAVE ABSOLUTE POWERRRR. We even started a full week earlier than originally planned and BOY am I glad we did
- I am now officially part of the Embrace Change team and look forward to going after big honking projects together with my fri-ent Cynthia Pong
- I successfully networked my way into a space where I can generate demand for my course creation services and I’ll be presenting there in March
- I used my own pricing workbook (lol) to figure out what I need to charge in order to be able to maintain our current standard of living on my business income alone, and realized I’m not that far off, if I can commit to my own pricing. (Physician, heal thyself!)
- I generally feel really competent at managing my time, project pipeline, and income
How I could have done better:
- I do feel as if I am a bit more fixated on earning money than I would maybe like to be. I’m operating under the premise that if I hit my yearly income goal by the end of October, I will take November and December off completely to work on my novel……..but I’m not convinced I will follow through on that level of delayed gratification. (Witness the spectacular collapse of Nope-vember and Dont-cember last year where I booked three projects in three weeks. -_-) So, I might look at building in some more intentional time off throughout the year.
Priorities for March:
March is a week short because of spring break, and there is still the risk of weather- or COVID-related child care implosion, so I’m trying to build some extra margin into my workload. (Something I mostly failed to consider the first 6 weeks of the year until there was an inch of snow falling per hour and I realized I had maybe overcommitted slightly.)
- Improve my sales funnel for Why You’re Undercharging
- Create a lead-generating presentation for my course creation services
- Commit to nudging my overall hourly rate after expenses toward $70/hour, which is only $10 more per hour but requires a lot of attention to billing and expenses
- Continue working on my personal writing projects; maybe 3000 words in my WIP in addition to whatever other short stories and essays I come out with
- Take the week of spring break TOTALLY OFF from my business and spend any work time on my personal writing
How about you, how was your February?