This is only the second or third time in my almost 2 years of freelancing that my income hasn’t increased month over month. But even though I made slightly less in April than I did in March, I’m still very pleased with how my business is doing.
The only other downside is that April was a VERY expensive month. Even without adding in the expense of paying my 2015 taxes, and 2016 Q1 taxes, it felt like my expenses were higher than what they have been in previous months. Therefore, I’m going to watching my expenses very carefully going forward so I can try to cut down on the amount I’m shelling out.
I know that my business is at a point where it can’t grow anymore, or even sustain its current level, without me spending some money on outsourcing tasks to my team, but I am going to watching where that money is spent so I can make sure the things I’m outsourcing make the most sense and that my outsourcing money is being used wisely.
I also know that part of the reason my income was down was that I took some extra time off in April to celebrate my birthday and to go on a “Girl’s Weekend” trip with two of my friends. It was a blast and I definitely don’t regret taking that time off even though I spent more money and made less money while I was gone.
In April 2016 I earned $6,926.17 with my online business.
VA/Blog Management Services – $4,207.42
Writing – $2,318.75
Advertising on both my sites – $400.00
Bonuses, Tips, etc.- $0.00
A few months ago, I started sharing my expenses with you too so you can get a better idea of how much I spend to keep my business going every month.
The expenses listed below are only what I pay out of my business account each month. You won’t see a charge 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. ?
Staff Writer, VAs, Tech Services – $1,560.55
PayPal and Other Fees – $41.53
Gifts for Clients and Contractors – $91.33
Office and Equipment – $211.97
New Computer – $171.20
Travel and Meal Expenses – $218.96
Total Expenses: $2,295.54
Income less Expenses: $4,630.63
I am glad to see that my net income is up over last month even though my gross income was slightly down.
I paid for my flight to FinCon in April, plus I re-did the closet in my home office with new custom shelves for all of my office supplies and equipment. This stuff was previously stored in a bookcase, but now that it’s all housed in my closet I have more room in my home office.
This empty space won’t last long as I’m going to be adding a second workstation to my office since my brother has joined my team and has been working with me in my home office from a temporary workstation for the past few months. It will be nice for him to have a more permanent workstation and it’s someplace I’ll be able to spread things out when I’m working on some projects too.
As I told you last month, I am paying off my new MacBook via a 0% promotion, so that’s what a portion of the “new computer” expenses are. Plus I bought an extra charger for my computer so I can keep it in my travel bag since I work remotely at different places about once/week and it’s a pain to get my charger unhooked because it’s behind my desk.
I blew my income goal of $4,700 out of the water with my gross income, but my net income was just a little bit short of that figure.
As always, you need to know that I don’t count my online income until the month it gets deposited into my account, so this is from some work at the end of March through about mid-April. I have made some more since then, but it will be included in my next report since it didn’t hit my account until May 1st (or later).
This isn’t usually much of a problem, but I worked on a pretty big project with a new client in April and I haven’t received payment for it yet. I had some expenses associated with the project which I’ve already paid for, but I haven’t received my payment for my work yet. That should help my next income report as it’ll (hopefully) show that payment ut none of the expense of that project.
Remember, that my online income has not yet been taxed, which 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 of $4,630.63 listed above. Additionally, I’m saving some of my income to be used for FINCON16 and other business expansion projects in the future.
This month I also paid the remaining balance of my 2015 income taxes and my Q1 2016 taxes. I won’t get into specifics, but together that was in the middling four-figure range. OUCH!
I’m going to set my May income goal at $4,800. This will be my highest income goal yet.
You can see even more income reports on the new page I created.
For kicks and giggles I decided to average my monthly online income for the 22 months I’ve been freelancing. Even with the smaller months at the very beginning, my average monthly online income (gross) is $2,846.44. My 12 month (gross) average is $4,348.89.
I’ve been getting more and more questions about how I use VAs to outsource some of my work. I will definitely be doing a post on that in the future, but it may not be until after I go through a re-brand and create a new site.
Yes, if you’ve read this far, you will be the first to know. I am working on creating a new site to make my business a little more legit. I don’t have all the kinks worked out yet, so I don’t want to reveal too much at this point, but now you know it’s coming. 🙂
Did you make any online income in April? 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!