Monthly Income Report for February 2016
Monthly Earnings Report:Every month I am going to lay out my income report. This is to reflect the success and failures I experience using the methods I blog about.
I have three source of income:
February unrolled like I predicted last month. Last month I mentioned I had finished booking a touring season which meant I probably won’t have any entertainment income starting back up until April. I
For February this prediction proved correct. I did not book any shows this month meaning my entertainment income is $0. With that said I want to touch on some awesome things that happened this month.
Marketing Makes Magic
Using a system to keep leads coming into your funnel is the secret to increasing income and creating a rich life. In my Freelancer’s Insider List you learn how to make money even when you aren’t working, check it out! My schedule was booked up but I got offered another $2500 in bookings. I couldn’t fufill the bookings as the dates were filled so I passed them off to other entertainers, for free! That’s right I believe in paying it forward and by sharing qualified leads with trusted allies I was able to serve a customer, provide amazing service and create some awesome good vibes!
March will be even slower than this month. I am gone for half the month on a trip to Rome! I will be out of country to take my father to Rome using the income i’ve earned from freelancing. But that means March will be even slower than Feb. But guess what, I don’t care! I have awesome systems in place, work booked starting in April and going to June and I have awesome systems in place to keep work coming in!
The shop had another stellar month. My prediction from last month was incorrect. What happened? Well we moved three large purchases and resells through the shop in a very short period of time.
How To Capitalize on the Upswings
The coin/gold/pawn business relies on capitalizing on the upswings. We had three major deals come through our shop that allowed us to turn a large profit. The catch was that we had to use large amounts of available cash and have a reputation people can trust.
Why Reputation Makes Money
Me and my partner have worked hard to create and amazing reputation. You come to our area and people know WE are the service to work with. The same is true in any industry. If you are a freelancer it matters twice as much. Why? Because if you want to transition from part time freelancer to full time passive income you need a stellar reputation that proceeds you.
A great reputation brings work to you, it gets clients to trust putting you on retainer and it generates referrals.
What we Made
Once again my partner has asked that I not give a detailed description of what was bought and sold to ensure the privacy of our customers. That is fair. So I am going to reveal the take home profit after sales, costs and restocking.
This month the shop made over $6,500.00. That’s not a bad month considering we moved HUGE amounts of stock, at wholesale rates in a couple of hours. Since I have a lot of work coming in April I reinvested our profits into filling stock for the shop. That means that I drew zero earnings this week from the shop.
That’s right. This month I drew zero earnings from the shop. It protects me from certain taxes (legally). That means that so far I had zero income this month that I put in my bank account.
I mentioned above that I have work coming so I don’t need this cash right now. But the bigger reason is that you have to take time to reinvest in yourself, your services and your life every quarter. My stock has shrunk so I took this windfall as an oppurtunity to grow my long term stock. Doing this keeps long term customers happy, gives me larger pieces to leverage for trade later if I need them and it keeps my wholesale numbers high.
This one is going to hurt the most! I booked 26 hours of online work for the month of Feb. However I entered into a contract through an unusual system so I won’t get paid until March!
Why I am not counting the money I earned this month
So if I was to give the number I earned this month from online work it would be $1,690 for freelancing and another $400 from online sales. However the only money that came in this month was a sobering $260.00. So I am only going to count February’s income as $260.00
The reason I do this is to show that there will be times when payment schedules and clients don’t pay on time. If you plan to launch your Livegoldrich life you need to be prepared for unusual situation like this. Why? Imagine this. You are going into next month knowing you have $1,500.00 in bills that have to get paid (not counting expenses).
But you are good. You have $2800 in work for the month. Not only will you pay the bills you are going to put some aside and TREAT YOURSELF. But then something happens and you find that yes you will get your money but not until next month. Could you survive?
Great freelancers do because it happens all the time. So to share that with you this month I made $260.00 online
Or, minus the shop’s reinvestment
Total Earnings Revised:$260.00
February was a buffer month. I got stuck in an unusual billing cycle meaning that the month of March, where I won’t have much time to work, i’ll make all of last month’s money.
* The shop did well again, to my surprise. Because of this I reinvested all my profits into stock.
* Bookings were zero, but if I had an open spot I could have filled another $2500.00
* My online income from copywriting exploded this month.
* I can’t rely on students to initiate contact with me for coaching.
So what was the key takeaway from this month! Be prepared for unusual situations. Have an emergency fund or cash set back in your savings because you will experience times where you’ll do a lot of work but not get paid until next month
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