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Online Income: $8,240 in August 2016

September 12, 2016


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Wow! I never knew you could earn so much money online. I can't wait to try out these awesome strategies!After a lower month of income last month, it’s great to see that August was my highest earning month ever!

My hard work in July finally paid off in August’s income.

If that sounds confusing to you, the reason why is because I’m basically paid in arrears for much of my work. I do get some pre-payment for services, but many of them are paid at the end of each month after work has been performed.

This means that if the income was received after July 31, even though it was for July work, the income was counted in August.

The reason I do my accounting this way is because you never know what can happen. A client may pay you very late or not at all, and you don’t want to have already accounted for that income if you don’t end up receiving it.

This is just another reason why solopreneurs have to hustle and why an emergency fund or buffer of some sort is 100% necessary when you run your own business.

Here’s a deeper look into how I made money, and spent money, with my business last month.

Income

VA/Blog Management Services – $5,665.66

Writing – $1,945.00

Advertising on both my sites – $630.00

Bonuses, Tips, etc. $0.00

Total– $8,240.66

You can find out more about the services I offer here.

Expenses

A few months ago, I started sharing my expenses with you. I think sharing the cost of running my online business each month help provide a more realistic picture.

The expenses listed below are only what I pay out of my business account this month.

You won’t see a line for internet in the expenses below because that is something I would pay for even if I didn’t have an online business. (But yes, I do get to deduct most of it now that I have an online business.) So keep that in mind. ?

VAs and Tech Services – $2,194.10

PayPal and Other Fees – $49.30

Business Tools – $109.88

Advertising – $10.00

Podcast Hosting and Domain – $30.17

Office Equipment and Supplies – $44.60

New Computer – $100.00

Total Expenses: $2,528.05

Income less Expenses: $5,712.61

Reflections

Expenses are slightly up from last month, but I’m still pleased with the overall progress I made month-over-month. My PayPal fees would be significantly higher if I didn’t use FreshBooks for invoicing my clients. I can’t recommend FreshBooks enough if you are a freelancer who is primarily paid by PayPal. It saves me a lot of money on invoicing fees.

I started a new Pinterest strategy in August. The business tools I paid for above are for a yearly subscription to Tailwind and my first month of Board Booster. Yes, I decided to use both of these tools because I believe they serve different purposes. I use Tailwind to pin the content of the bloggers I follow and I use Board Booster to automate pinning of my own content. I’ve seen pretty significant results already as Pinterest is now my #1 source of referral traffic. I’ll likely do a more in-depth post on this strategy soon.

It’s also important to remember that my online income has not yet been taxed. This means that about 30% of what I make is going to be taken by Uncle Sam. That “expense” is not included in the net figure listed above.

If income reports get you jazzed, you can see all of my online income reports on this page!

Just to see how far I’ve come, I averaged my monthly online income for the 26 months I’ve been freelancing. Even with the smaller months at the beginning, my average monthly online income (gross) is $3,461.80. My 12 month (gross) average is $5,892.38.

Did you make any online income in August? Is there anything else you’d like to know about how I run my business or make income online? Let me know, I’d love to help you out!

Wow! I never knew you could earn so much money online. I can't wait to try out these awesome strategies!

Like this post?

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26 responses to “Online Income: $8,240 in August 2016

  1. Go Kayla! That number looks amazing, and it’s high enough that I’ve just thought to ask – is it in the realms of possibility that you might reach a 5 figure month in the future? It sounds like a crazy figure, but it almost looks like it might be doable for you.

    1. I HOPE SO! My income goal for this year was to hit $8/month (at least once) and now that I’ve done that, it would be AMAZING to have a 5 figure month!!

  2. Great job! I can’t believe you’ve been freelancing for 26 months! I just hit my one year for freelancing and it’s crazy to look back and see how much progress I made, especially when I have moments of doubt. You’re 12 month average is awesome!

    1. Thanks Kristin! We’ve both come a long way! Even though I’ve been doing it for just over 2 years, I’ve only been at it full-time for 13 months, just barely longer than you. I can’t wait to see where we go from here!

  3. This is awesome Kayla! Congrats! I also only count income that’s been deposited into my accounts. I’ve had to wait over 8 weeks for paychecks before, so I don’t trust the money to be officially earned until it’s in the account 🙂

    1. Same! I hate when that happens, but that’s why I don’t like to depend on it until I’ve actually seen the money in my account. 🙂

  4. Kayla, You are killing it! Congrats on taking the leap away from your 9-5. Keep up the great work. it was nice talking to you for like 30 seconds yesterday.

    It sounds like I really need to buy a pinterest course one of these days.

    As someone who has never used pinterest for anything, it’s almost like learning a foreign language, but everyone seems to have the most success with it.

  5. I love these income reports. I’m such a nerd. I find them fun to read. I like it when people in income reports only count income they actually have received. I also believe freelancers should charge more because we gotta pay taxes and our own benefits (medical, dental, vision, etc.)

    Keep up the great work! ^_^

    1. I definitely agree with needing to charge more! Taxes alone means we need to make more money in the same amount of time as when we worked for an employer who paid part of our tax bill. I’m glad you like the reports. 🙂

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