My Income Report For April 2020! (Transcript)
In this episode, I’m going to be sharing with you April’s income report. This is going to be a report on how much money my business earned and how much we spent in April 2020. As well as how much I work and specifically what I did to earn this revenue.
This is a transcript of Work Less, Earn More, Episode 18. Listen to the episode here.
Welcome back to the show, everyone. Today I’m going to be sharing with you April’s income report. This is going to be a report on how much money my business earned and how much we spent in April 2020. As well as how much I work and specifically what I did to earn this revenue. April was a really interesting month because we launched a new program and we also just saw an uptick in a lot of our revenue sources, which was really interesting. It also was a really busy month because I’m still prepping for maternity leave in a few months. I’m going to take a few months off and so I’m currently working about 50% more than I normally work. I’ll talk more about that later, but first of all, let’s just go ahead and dive into these numbers.
I’ve pulled up my profit and loss statement for the last 30 days, and I’m really pleased with what I’m seeing. First of all, almost all of our income numbers were up. The first one I want to touch on is our affiliate revenue. This is revenue that I earn from tools that I use and love and recommend to my audience. I’m normally earning around $1000 a month from this affiliate revenue. But in the month of April, we’ve earned almost $3,000 in affiliate revenue. This was in part because of an affiliate launch that Teachable did.
Teachable is the program that I recommend for course creators to use to host their online programs and to offer it to their students. I love them, and I love recommending them, this month they did this big launch, so we earned $3,000 from that. In addition to that, because I send Teachable the highest number of leads of any of their affiliate partners for this affiliate launch they were doing, I won their affiliate contest and they sent me a $3,000 prize. Thank you so much Teachable for that.
In addition to that affiliate revenue, we also saw our YouTube ad revenue up a little bit as well. It was a little over $7,000 for the month of April, which is because we have been getting a lot more views on the channel than we have in the past. We’ve had quite a few videos that have been doing well and continuing to spread virally. Some of them getting as many as 5,000 views a day. And I’m talking about from old videos that I published years ago, they’re getting 5,000 views a day, which is just really crazy. We had two videos this month, surpass the 2 million views mark.
All of that added up to $13,000 in other income. What that means is income aside from the income from products that we actually sell. As far as the products that we sell, we saw an uptick in our channel launch sales. This was mostly due to us changing the offer, previously Channel Launch was available for purchase with a one pay option. You could pay for the whole program upfront or we had a three pay option available, but we’ve added a 12 pay option so people could make 12 monthly payments that were a lot smaller, and it seemed like people were really interested in that offer because we definitely sold a lot more units of the program and also the revenue from the program increased as well.
Now according to my profit and loss statement I’m looking at right now, Startup Society memberships were down a little bit. It is showing $13,000 in revenue from that as opposed to $16,000 from last month. But something that I’ve noticed with these profit and loss statements each month is just because of how the accounting is happening, it looks like it’s consistently under reporting at the end of the month and it isn’t really tracking all of the sales that are made, all of the memberships that are charged by the end of the month. Because when I looked at Startup Society memberships last month, it also was showing a little bit low. I’m expecting that there’s actually a little bit of revenue here that’s not being accounted for. But on my profit and loss, it shows $13,000 from Startup Society memberships.
Now, the final big source of income here is that we launched a brand new program called Video Creator Academy and we did a launch of the beta class of this. It was the initial offering of the program, but we were actually charging a premium price for it because we wanted to have a small number of people in the program who really were serious about working on their video production skills and who I could work with one on one to get them the biggest and best results possible. That launch generated a little over $10,000.
All in all, our gross revenue for the month of April was $49,385, so just shy of $50,000. Which is one of my biggest revenue months ever. I’m really, really happy about that. Now yes, I was working more this month than normal, but most of the differences in these revenue numbers actually had nothing to do with the fact that I was working more. The only one that was directly correlated was the launch of Video Creator Academy, which definitely took a lot of my time. But the other numbers that were up, such as, the increase in the Teachable affiliate revenue, the increase in the YouTube ad revenue and the increase in Channel Launch, all of those things only took a few hours total of my time and yet generated thousands of dollars more than they had in previous months. I am really pleased with that.
Now I’m going to get into our expenses for April. There’s a lot going on here, so I’m just going to touch on some of our biggest expenses and also some of the expenses that were the most different from previous months. The first one is we spent a lot less on advertising and marketing, i.e. Facebook ads than we have in previous months. This was completely unintentional. What happened, in short, was Facebook disabled our advertising account out of the blue. They had not told us that any of our ads were problematic at all. Just one day they told us that our advertising access was restricted, and we weren’t allowed to run any ads on Facebook. We have gone back and forth with them over and over again, and they actually sent us an email that said that they had disabled it by accident, that it was unintentional, it was a mistake and that they would re enable it and yet they didn’t.
We have straight from Facebook the admission that it was their mistake and yet we can’t get them to fix it, which is pretty frustrating. But fortunately not a huge problem because my business doesn’t rely on revenue from sales generated from Facebook ads, because that is still a very experimental part of our marketing. But it means that we ended up spending $2,300 on Facebook ads and on ad management services as opposed to last month when we spent a bit over $6,000. We saved some money, but it’s actually money that we would have rather spent instead.
Now moving on, as you would expect, since our sales were up, our payment processing fees were also up accordingly, since those are charged as a percentage of our sales we spent a little bit more there. We spent less overall on random things like office supplies and new software. We weren’t really adding anything new to the business. We were more just doing more with the tools that we already had. So, there are several categories in my expenses that we just didn’t spend any money in at all.
Nearly all of the largest expenses we had an April were from paying people who are working on our teams, including paying our podcast production company, paying our video editors, paying our customer service team and all of that. And overall, we spent a little bit more on each of those things in the month of April, just because the whole team was working a little bit harder, getting ready for my maternity leave. We’re all doing a little bit more work right now and we’ll be doing a little bit less in a few months here.
In addition to all those numbers being up just a little bit, we also spent an extra $1,000 just having all of the videos for the new Video Creator Academy program edited and produced for us. And the final big “expense” on my profit and loss statement is that $5,000 that goes towards paying my wages every month and the taxes associated with those wages because I am technically an employee of the company, I’m paid out wages. I consider these to be part of the business’s profits because I am the owner of the business, but technically it is an expense.
Coming to the bottom of this statement, our total expenses for the month of April were just over $21,000 which is a solid $5,000 less than it was last month. Now, like I said, this was largely because we were focused, had our heads down, we were doing the work and we weren’t spending money on new things. It also is because of that snafu with the Facebook ads. Like I said, that’s money we would have rather spent, but it’s okay. It’s not a big deal. We spent $21,000 in the month of April and that means that our bottom line this month, our total profit on the profit and loss statement was $28,000.
Now, if we add in the $5,000 paid out to me in wages, that brings our total profit for the month of April up to $33,000, which I think makes this my highest profit month ever, which I’m pretty excited about. Especially considering that the last couple months here haven’t been that impressive. Most of those months, my total profit, what around the $10-$15,000 a month, so we more than doubled this month. Now of course that’s not going to stay consistent for these next few months here because a lot of that revenue was from the launch of our brand new program, Video Creator Academy and also from that Teachable affiliate promotion, we won’t continue to see that revenue in future months. However, I’m still excited that things are on a bit of an uptick here and of course excited to have had my biggest profit month yet.
This episode is brought to you by Startup Society. If you run an online business or you’re thinking about starting one, then Startup Society is the place for you. It’s a boot camp training program for entrepreneurs plus an incredibly supportive membership community. If you’re looking for a framework to make building an online business as simple and straightforward as possible, then that’s exactly what you’ll find inside Startup Society. Every month we create a step by step action plan for our members to follow to create a specific result in their business so that they can keep moving forward and growing. Past action plans have helped our members write their websites, launch online courses and hire their first employees. And when you become a member, not only will you get access to our future action plans, but you’ll also get access to our entire library of past action plans, including the ones that I just mentioned. You’ll also get business coaching directly from me during our live monthly coaching sessions. During these sessions, you can ask any business questions that you have so that you can make sure that you get the answers you need in order to be able to keep moving forward and not get stuck. As a member, you’ll also be invited into our membership community where you can connect with other online entrepreneurs who are crushing it so that you can be inspired and make some lasting connections.
If you’re interested in becoming a member of Startup Society, then there’s no time like the present to make that happen. To sign up, just head to GillianPerkins.com/StartupSociety. And as a listener of this podcast, I have a special offer for you. You can become a member of Startup Society for $10 off every single month. Just use the code EARNMORE when you are signing up. Again, that code is EARNMORE, all one word, and it will give you $10 off your monthly membership costs. If you want to turn your online business into a success as quickly and as strategically as possible, then I would love to work with you to make that happen. And now let’s get back to the episode.
Okay, enough of the talk about the money. Let’s get into talking about how much I worked. As I mentioned earlier on, I’m still preparing for maternity leave, so I’m continuing to work about 50% more than I would typically work. And now I consider this time really well spent because I’m spending essentially about five months preparing for my maternity leave, working somewhere between 25% and 50% more than normal. But it means that I’m going to be able to take three months pretty much completely off after I have this baby. I’m really pleased to be investing this time upfront. At the end of the year it won’t mean that I will have worked any more than I really want to be working, but it will mean that I’ll get to have that sweet time with the new baby.
In the month of April, there were a total of, essentially, four weeks, a tiny bit longer than that, but essentially four weeks and I worked an average of 34 hours per week, total of 136 hours for the month. This, as I mentioned, far more than I normally work. I normally work much closer to 20 hours. But it felt really good. I was so immersed in my work. I had such good energy all month, aside from one week in the middle when I honestly just worked too much and really wore myself out.
But aside from that, I was excited and energetic about my work and really enjoying what I was doing. And for me that matters more than the specific number of hours that I work, especially considering that as I’m recording this, we’re currently in the midst of the quarantine situation with the coronavirus. And all of my kids’ normal activities are canceled. That basically means we have a lot more time on our schedule. So, even though I worked a lot more this month, I was able to spend just about as much time with them as I normally do. And so it’s actually such a big blessing that I’m preparing for maternity leave and doing this extra work while we are in the midst of the quarantine situation.
Finally, let me share with you the tasks that I spent the very most time on. The thing that I spent more time on than anything else was producing and launching Video Creator Academy. I spent a total of 39 hours working on that this month. That constitutes the largest amount of time I’ve spent on a project so far. As I mentioned earlier, that 40 hours ended up producing the $10,000 that was generated from the launch of that program. And if I have my math right, that means that I earned an average of around $250 per hour for that work. Now that’s not quite right because I am still continuing to put in a few more hours to finish delivering the programs to the students. We have about three weeks of the live version of the program left. And each week I am spending a couple of hours answering the students’ questions and doing live coaching sessions with them and things like that. I have already invested the bulk of the time, but there are a few more hours to go.
The thing that I spend the next largest amount of time on was improving the Channel Launch funnel. Right now we’re working on creating a brand new workshop to sell the program and we also are revamping a few of the emails and things like that, but I want to be really clear that those 11 hours that I spent working on it are not in any way actually related to the uptake we saw in the Channel Launch sales. The increase in the Channel Launch sales was completely due to us switching the offer up. But the time that I invested into improving the funnel isn’t going to be reflected at all until next month’s income report because we haven’t actually implemented any of the changes that we’ve made.
In other words, I’ve been working on a new workshop, I’ve been recording the new workshop, I’ve been writing new emails, but that’s all been internal and it hasn’t affected the way the funnel is actually functioning at all, so we’re not seeing any impact on the result yet. Now, honestly, next month with this newest version of the funnel, I’m expecting to see revenue down a bit because we are changing the offer again, we’re really launching a completely new version of the funnel and most likely that new version won’t perform as well at first and we’ll need to take a few months to really optimize it and get it performing up to our standards. But all of that is getting a little bit off topic. My main point here is I spent 11 hours working on the funnel and that didn’t generate any revenue yet, but it will hopefully generate some revenue down the road.
Next, I spent eight hours managing my team and seven hours on email marketing. Let’s talk about email marketing for a minute. The reason I spent seven hours, which is more than normal, on that is because I’m currently writing email newsletters for when I’ll be on maternity leave. Now that email marketing didn’t really generate any extra revenue this month, but it’s definitely going to impact things in these coming months because email drives a lot of the sales in our business and by writing these emails now, by investing this mere seven hours this month, I can tell you we are going to make many
thousands of dollars more in revenue while I’m on maternity leave than we would have if I hadn’t written these emails at all. I consider that time to be very well spent.
The last thing that I want to touch on is how much time I spent producing YouTube videos. I spent a mere six hours producing YouTube videos this month because we are all done filming for the videos for while I’m on maternity leave. So, just a couple of those six hours was spent actually filming the last couple of videos. But aside from that, this has just been me working on reviewing the edits of videos we’ve shot over the past couple of months. Over the next month here, I’m going to continue to review those edits so that all of the videos are ready to publish while I’m on maternity leave. But there won’t be any more filming at all. And so we’re going to see that YouTube video time go down, down, down from here on out.
Well, that sums it up. Those are the numbers for the month of April. Overall, I am so incredibly pleased. I had a great work month. I was incredibly productive and we also had one of our biggest revenue months ever and I think our biggest profit month as well. I could not be more pleased. I’m so excited that we were actually able to generate that much revenue, especially considering the fact that right now we’re mostly doing prep work for maternity leave, it’s just really cool to see that not only is the work that I’m doing right now setting myself up to be able to take some time off in the coming months, but it’s also actually being actively productive in terms of generating revenue.
Now, before we wrap this episode up, there’s one more thing I wanted to mention to you and that’s just that as I said earlier on, I’ve been writing email newsletters that will be going out over the next few months and I’ve been really getting into this actually. I find that generally the more I do things, the more podcast episodes I record, the more videos I make, the more writing I do, the better and better the quality of the content gets and I have just been loving writing these email newsletters yet, I have so much to share it with you guys that goes beyond what we’re talking about here just on the podcast.
I would love to see you get on the email newsletter list if you aren’t all ready because there’s a lot of value packed in there that I think you’ll find a really valuable in terms of working on learning new strategies for building your business, learning some big picture strategies, as well as I’m sharing a lot about what is working in my business right now. If you are interested in getting on that list and getting those emails in your inbox each week, you can head to GillianPerkins.com/email, of course, it is completely free and you can choose to unsubscribe at any time if you have too many emails in your inbox. But I would love to have you as one of my email newsletter insiders who is connected with me in that specific way.
One final thing before we wrap this up is today’s featured review. This one comes from StoryMan53 and his review is titled Truthful, Direct, Inspirational Podcast. His review was pretty long so I’m not going to read quite the whole thing, but StoryMan53 says, “I’ve been a fan and subscriber of Gillian’s YouTube channel for a few years and this podcast is as good, maybe even better because I can listen on my long travel days, as anything she has produced. The content is honest and relevant with no pulled punches, delivered with no fluff in her comfortable, unique and personable manner. You get loads of information in an organized and thoughtful way that always comes from someone you feel could be a good friend and would be a great mentor. At the same time, you also know that you’re listening to someone who sets the bar high without being pretentious and can back up every word she shares.”
Thank you so much, StoryMan53 for this awesome review. I would love to see more reviews from listeners because as I’ve been continuing on this podcasting journey, one thing that I’ve noticed that I don’t like about it quite as much as making YouTube videos is that on YouTube I always see all of your comments on the video and so I know what your takeaways from the episodes are and I feel like I can
really connect with people. Whereas with the podcast it is a little bit of a different experience. I do feel sometimes like I’m just talking to myself and I wonder if anyone is really listening.
Now, of course I can see on social media and just in our podcasting stats that people are. We’re getting a couple thousand downloads of every single episode, which is really cool, but I don’t feel quite as connected, so I would love to hear from you. There’s two great ways that you can reach out. One of them is by leaving a review on Apple Podcasts and if you do that, make sure that you do actually sign it with your name if you want me to give you a shout out, because I would love to hear who the review is actually coming from.
And then the other way that you can connect and show me that you’re listening is by grabbing a screenshot on your phone of this episode right now and then sharing it on Instagram stories and tagging me and sharing your biggest takeaways. I would love to see you sharing on Instagram so that I can really connect with you and really visualize you listening and so that I know what you’re getting out of the episodes and I’d also love to share your story, your screenshot, your biggest takeaways on my story as well to give you a little bit of exposure as well.
Thank you so much for listening to this episode of Work Less Earn More. Here’s what I want you to do next. Take a screenshot of the episode you’re listening to right now and share it out on your Instagram stories. And when you do that, make sure to tag me @GillianZPerkins so that I can see that you’re listening. Sharing on stories is going to help more people find this podcast so that they can learn how to work less, earn more, and take back their lives. And when you share, I want to add it to my stories so that you can get some exposure that way as well.
And if you really love the show, head over to Apple Podcasts and leave it a review to give the show a boost. Every single week. I feature a review on the podcast and I would love to give you and your business a shout out. If you leave a review, it will help the show, but it can also help your business as well. Okay, let’s wrap this up. I’m Gillian Perkins and until next week, stay focused and take action.