- Revenue Goal: $4,000
- Total Revenue: $4,012 (57% increase from last month)
- Total Expenses: $542 (60% decrease from last month )
- Net Profit: $3,332.01 (172% increase from last month, woohoo math!)
- Owner Compensation*: $2,232.08 (61.7% of overall income but this includes an owner draw made on May revenue)
- Hours Worked: 69.52 (9% decrease from April, May doesn’t count, heh)
- Weekly Average Work Hours: 17.38
- Billable Hours: 38.52 hours
- Course Creation: 5 hours
- Marketing/Content Writing: 5.5 hours
- Copywriting: 8.67 hours
- Teaching Group Programs: 8.25 hours
- Web Design: 5.5 hours
- Consulting: 5.4 hours
- Web Maintenance: 0.2 hours
- Non-Billable: 31 hours
- Billable Percentage: 55% (this might be a record?!)
Hourly Rates By Project Type
- Consulting: $1,022/5.5 hours = $185.82/hour
- Copywriting: $1,375/8.67 hours = $158.59/hour
- Marketing: $890/5.5 hours = $161.82/hour
Overall Hourly Rates
- Billable Hourly Rate Before Expenses: $104.16/hour
- Overall Hourly Rate Before Expenses: $57.71/hour
- Overall Hourly Rate After Expenses: $47.93/hour
- Target Overall Hourly Rate: $60/hour
My hourly rates are once again pretty skewed because I worked on a project that was paid for back in April, finished a project that will have a payment coming in July, and my group program revenue landed in May but I taught the actual program in June. (I always do these reports based on actual money received, not invoices sent.)
I typically like to keep my client invoicing more tightly aligned with work schedules than they have been lately, and will try to get that back on the rails. But I will probably just need to get used to bigger swings in revenue as I shift to offering more group programs. (Profit First recommends setting up a special account for pre-payments, which I’ll probably end up doing at some point.)
I also earned $500 in completely passive product sales! I put an abridged version of my pricing course on Arlan’s Academy and got a portion of the all-access pass sales and any individual sales of my course alone. This is a really nice stream of truly passive income that will help me pay off the time spent creating those resources all the faster.
- I ran the first cohort of Hope You Get Rich with the coolest group of people ever.
- I worked less! Having an office that is not in my house has made me more productive but also less able to keep picking at work after my work day has supposedly ended.
- I started using a goofy little task management app called Amazing Marvin and just downloading shit out of my brain has been…amazing. There are tons of other productivity-enhancing features that have been really helpful, like time blocking, setting time estimates, and rewards.
Reviewing the priorities I set for May:
- Plow through a deferred project phase. Not completely done but in the home stretch. Should be able to wrap this in July.
- Hit $4,000 in income again. My strategy for this will likely focus on booking as many standalone business and course creation consultations as I can, rather than signing any more 1:1 client projects. Funny how this worked out. I did book quite a few consultations, which helped my hourly rates a bunch, but I also ended up booking two small to medium projects for past clients. I originally wanted to phase out 1:1 work by August so I could focus on running a big group program, but I’ve decided to push that goal out to start of 2022.
- Maybe create another lead magnet for Course Catalyst? Nope lol.
- Start on the podcast guesting course I purchased……in March? I did indeed start digging into this! I look forward to finishing it in July.
How I succeeded/How I could have done better:
I’m honestly very pleased with how I put the train back on the tracks this month. I potentially could have hit my original income goal if I’d maybe paid a little more attention to my invoicing and done more to promote my consultations sooner than…three days before the end of the month, but I’m not too bothered by it.
Priorities for July:
- Our child care schedule is blown to pieces this month so I’m taking it pretty easy. My revenue goal is $2,000.
- Run a new workshop on building a service menu.
- Work on a visibility strategy for my Course Catalyst Lab program launch.
- Take a lot of time off!