Income Report: How I made $30k + in March
Today we’re talking about my March income report. I know it’s been a while since I’ve done one of these, but I wanted to give you a little insight into how I made what I did in March.
A little background
Before July 2018, my business was steadily bringing in about $10k-$15k every month. This was great because it was sustainable, consistent income that allowed my business to operate. In July, my business finally hit $20k in revenue and we continued that until the end of 2018. In January, I decided that (a little too ambitiously) I wanted to double my revenue.
I needed to scale
There is no way that the systems or team I had in place would be able to handle $40k/mo in revenue. This lead me to hire some more people for my team so that I could focus on business development. January and February were all about preparing for growth, which meant I was re-investing the money I was making back into my business. In March, we decided to open the floodgates: here are the results.
In March, we pulled in $31,218. Of that, about 37 percent was teams and services (Designers, VAs, Health Insurance, etc…). On top of that, I am paying myself a salary and I’m putting money aside for taxes so that I don’t have to scramble at the end of the quarter to find that cash. When it was all said and done, our company made about $10k in profit.
Looking to the future
Now that we’ve done the big stuff, such as hiring new people, we are ready for growth. Our expenses should stay fixed (in dollar amounts) moving forward and we will be able to take in more money as we get new clients.
“My goal is to give you an insight into how I’m scaling and growing my freelance business in hopes that you can learn from my mistakes and from some of the good things that I’m doing. I want you to be able to apply those things in your business so that you can scale even more quickly, effectively, and sustainably.”
Head to the website to listen to this episode or click “Listen Now” below!
- You have to look inward when you want to know whether or not you should grow. Sit on this question and let the answer come to you so you can make the next best decision.
- Grow your team, and all of the systems in your business first and then the revenue will catch up.
- Set yourself a profit goal along with a revenue goal so you can feel like you’re making real money for the work that you’re putting in.