Welcome to the first income report on my brand new website. Don’t you guys just love it? I know I do!
Liz Theresa did an absolutely amazing job! We are still working out a few small details, but overall the rebrand is basically finished. It was a lot more work and took a lot more time than I expected, but I think it will really pay off.
I still have a lot of work ahead of me to make the new site what I want it to be – a resource center to help you break free financially and live a life of freedom!
That’s why I share my income and expenses openly each month. I want all of you to know how I truly earn an income online. Plus, I’ve added all of the past downloads and giveaways to one convenient location in the Budding Boss Resource Center. You can check it out here, but you have to be one of my VIPs to have access.
Don’t worry, it’s easy to be a VIP around here! All you have to do is enter your email address in the form at the bottom of this post to get the password. I just know you’re going to love everything the Resource Center has to offer for your business and finances. I’ll be adding to it regularly to make it even better!
Now my “homework” for myself is going through and updating old content to add more value for readers. Some of my old posts will be deleted. Most will be recategorized so the site is easier to navigate. Plus, my assistant will be creating new images for social media sharing, updating my social media schedule, and lots of other small details.
But for now, I’m going to get back on track with this post. Here’s an in-depth look at my business income and expenses for March 2017.
VA/Blog Management Services – $7,681.23
Freelance and Ghost Writing – $2,255.00
Advertising here and on FinancialConversation.com – $1,032.18
Coaching – $30.00
Bonuses, Tips, etc.– $0.00
I love reading online income reports from other bloggers, but I wish more of them would share their expenses. I don’t feel that a business is truly being transparent if they don’t share how much they are spending on their business as well. The further I’ve gotten with my business, the more I’ve realized the saying is true that you can’t make money without spending money.
The only other option is to do everything yourself. This can be done, especially if you have tons of time, but very little money. This is the situation I was in when I started my business. I learned almost everything myself by watching others, asking questions, and Googling everything! I wish I had had the resources to hire someone to help me, but I didn’t. Instead, I used my time to learn everything myself.
The expenses listed below are only what I paid out of my business account this month.
You won’t see a line for internet 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.
Contract Services – $3,029.72
PayPal and Other Fees – $64.77
Headshots – $100.00
Facebook Ads – $12.00
Board Booster – $10.00
Depositphotos – $78.00
Dlvr.it – $99.50
New Computer – $100.00
Go Daddy Domain Renewal – $15.17
Travel – $221.90
Total Expenses: $3,731.06
Income less Expenses: $7,267.34
I’m sooo glad my expenses are going back down again. Mostly that’s due to the re-brand being basically finished. As I said before, I still have a lot of behind-the-scenes work to do on the site. I plan to do some of it myself, but I will likely have my team do some of the work as well. Hopefully it won’t result in too much extra in the way of contract expenses, but we’ll just have to see how it goes. Doing a full content audit is a time-consuming process.
PayPal fees are always my least favorite expense. I absolutely hate having to give away part of my money just to get paid! I know my PayPal fees would be WAY higher if I didn’t use FreshBooks. I can’t recommend FreshBooks enough if you are a freelancer who is primarily paid by PayPal. It can help you save a TON on PayPal fees.
I started using Board Booster last year to help increase my traffic from Pinterest. It has worked well, so I increased to a larger plan in January. I also use Tailwind, but I pay for that annually, so that’s why there’s no charge shown for it each month.
As always, it’s important to note that I don’t get to “take home” that entire $7,000. My online income has not been taxed, so I set aside a large portion of it each month for taxes and that is not taken out of the figure shown above. In fact, the amount I set aside for taxes each month is about how much I used to earn as my take home pay from my full-time job. Talk about eye-opening!
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 33 months I’ve been freelancing. Even with the smaller months at the beginning, my average monthly online income (gross) is $4,788.73. My 12 month (gross) average is $8,528.08.
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