It is the end of the financial year, here in Australia (1 July 2017 – 30 June 2018) … so perfect time to do a financial year review, as well at a mid-calendar-year review.
I wanted to share my financial year income and expenses and how the numbers are crunching, so far. My goal for 17/18 was $100k and I made $83k. I am disappointed to not make ”6 figures” but at the same time, I increased from $60k last financial year. So disappointment is not based on evidence, but more about ego, I think.
At the end of 2017, I was shaking my head in shock of the growth in this business. I went from $15,000 in 2015/16 financial year to $60,000 in 2016/17, effectively quadrupling my gross income.
And this 12 months has been massive (in other ways). We hit 12 months since retiring my boyfriend from his job, in April. We had custody legal stuff for years, which ended in a trial in February. That took a massive financial and physical and mental toll. The stress, goodness the stress was extreme and took a massive toll on my health. Back in December, I was bedridden for a month. It took an additional 2 months to get back something of ‘normalcy’ being ABLE to work. We now have 50% custody I’ve been having 3 months (mostly) off, to recover.
And all during this? My business kept making money. While allowing us to be self-employed. I get to support me + my family + a mortgage + have truckloads of time off.
My business kept growing, slowly and organically. I have no employees, with 1 x VA (who worked 1-2 hours per week) but just finished working for me this month. So, no contractors (except odd job website stuff.) With no advertising. That is all a very conscious choice. I have been around 8 years in this business and have seen many quitting, stopping, shutting down, let alone relationship breakups. I have seen the massive growth that collapses back on itself. I never wanted any of that. I never wanted employees or be a ”millionaire” or have an empire. I never wanted to have massive advertising expenses, that as soon as I stop paying people + advertising that the business stops making $ money.
I set the goal of a business that fully supports me + my family + a mortgage with ease. That more + more money comes to me daily, in greater and greater amounts, from a place of alignment + ease + flow. That I can have up to 3 months off, at a moments notice, and my business keeps running + growing, with or without me there. And I have done that. I am doing that.
Here are my last 12 months figures:
Gross Profit total: $83,146.37
Expenses total: $28,202.08
- Website Hosting: $2815.99 (Bluehost Suck. Why I Migrated to Siteground)
- Email Service Provider: $3115.40 (ConvertKit Demo & Review)
- Video Hosting: $299 (Vimeo Pro)
- Podcast hosting: $228 (Libsyn)
- Shopping Cart: $295.32 (SamCart)
- Affiliates: $5144.70
- Membership Plugins: $663.12 (MemberMouse)
- Fees (bank charges + PayPal + Stripe fees): $3284.69
- Virtual Assistant: $3109.15
- Accountant: $660.00
- Company: $3938.60
- Education + Training: $4343.49
- Gifts: $263.89
- Advertising: $40.73
I did have the goal of $100,000 for the 12 month period, and I am going to say I was disappointed. But honestly, that is just ego talking. It’s a shame I can’t say, ”I made $100k in 12 months”… BUT it doesn’t really matter.
And all while doing a lot of self-representing child custody legal work (about $40,000+ worth).
After expenses, I also pay myself our wages, plus taxes, plus superannuation (Australia), plus insurances. I have been able to pay ourselves easily and stress-free and I put the tax and superannuation away every wage period, as per the Profit First system and I never worry or stress about tax or bills, as the money is always there.
Where did the money go?
- Affiliates: The biggest single expense was affiliate payouts and partnerships at $5144 out of $83146 income (6% of income)
- Online software: With hosting (video, website and podcast), shopping cart, membership site software (for 2 sites), email service provider for email marketing (2 lists with over 21,000 subscribers), this is the biggest category of expenses, totaling $7416.83 out of $83146 income (9% of income)
- Fees: To sell online means more bank charges and online banking fees (PayPal + stripe) and is about 4% of the income.
Where did the money come from?
Income for the last 12 months was from: 51% subscriptions/memberships, 22% digital products (books, courses, workshops), 10% affiliate, 13% ad revenue, 3% from coaching and 1% from sponsorships.
In my business right now, I have many things on the go.
- Running 700+ members in 2 membership sites,
- Adding new content monthly, with opt-ins and funnels and sequences being maintained, upgraded, added. (Blog Business School and Cake Business School)
- Launching a mastermind
- Running a live cake business course 4 x times per year (including mentoring for 2 months)
- We run 2 x podcasts, mostly publishing weekly (Angel Foods Show + Blog Business School)
- Managing several Facebook groups (Cake Business School 22,000 members and enrolled BBS members)
- Working on 2 blogs, adding new content regularly, doing my SEO strategy and my Pinterest strategy, with opt-ins and funnels and sequences being maintained, upgraded, added. (Angel Foods and Rebekah Allan)
While that can seem like a lot, at the same time it isn’t. Since being on my ”3 months (mostly) off” holidays and doing the bare (bare) minimum of what is required, it doesn’t actually take that much time. I can work less than 10 hours per week or I can work 40 hours per week. It is all perspective and productivity.
My 4 main goals ARE and continue to be:
1.) Be healthy + happy + prosperous.
2.) Work from my highest self. Creating high-quality content.
3.) Be inspired. By reading books, talking to people, listening to podcasts.
4.) Be inspirational. By doing all the above.
THE NUMBERS GOALS:
For 2018 my goal is $100k (stretch goal of $120k, super stretch goal $150k)
My 18/19 goal is $120k (stretch goal of $150k, super stretch goal $180k)
Related article: See Income Reports
Website traffic to Angel Foods increases from 80k to 100k p/m, consistently by 31 December 2018.
Email subscribers for Angel Foods increase from 19k to 25k by 31 December 2018.
Memberships are 60% of my income and increase 10% month on month.
This last 12 months has been the hardest year of my life. The most stressful and health issue related stuff (from child custody stuff) that I *think* I have ever experienced. And I survived.
I am in a healthy and happy relationship with Hottie Boyfriend. And his daughter. I am safe + warm + loved. I go for a walk on the beach and I sit drinking cups of tea in the sun. I read a good book or watch Vikings on Netflix. I like to keep stuff simple. It isn’t ‘exciting’. It is my life and my dream – of less stress, of good health and prosperity, of love, of ease, of kindness, of joy. That is my dream and what I’m working for.
What is your sweet business dreams?
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