After being inspired by the many awesome income reports out there and receiving a final nudge from fellow kickass female entrepreneur Lisa, I decided a little transparency couldn't hurt around here either - so from now on, you will get to see exactly what I earned and what I spent on my business every month, whether it's 5.000€ or 50€. I believe it will be interesting for me to see how each and every month turns out and it will be insightful to you to see what kind of numbers go into a freelancer's business like mine. So from now on, I'd like to share the following: How much I earned, how much I spent/invested into my business and on what and what I learned during that month. So let's get to it.
August 2015 Earnings:
- Social Media Projects: 1.750,00€
- Online Branding Projects: 530,00€
- Copywriting: 630,00€
Total Revenue (excl. VAT): 2.910,00€
August 2015 Expenses*:
- Adobe Creative Suite: 8,50€
- Google Apps: 4,00€
- Facebook Ads: 98,00€
- Website Hosting: 21,75€
- Networking Events: 15,00€
- Phone & Internet: 43,00€
Total Expenses: 190,25€ (*Not included: social insurance payments, taxes, rent, utilities)
Total Net Profit: 2.719,75€
August has been a little bit of a slow month for me where several of my clients have either been on vacation or decided to take a break from the online world themselves; hence, I took the time to focus on my own projects (such as this website & blog) which resulted in a lower total revenue figure than usually. As you will see in the following months, this number as well as the total sum of my expenses varies quite a bit! Also, keep in mind that because they are not actual investments into my business but rather mandatory fees, I do not include any social insurance or tax payments.
I have also taken the time this past month to figure out which parts of my business I am very keen on and which parts I am not; this has been somewhat painful and difficult, as it can be hard to admit to yourself that you are no longer passionate about something you have been doing for quite a while. On the other hand, as a freelancer, you get to decide what you do - and you get to shape your work pretty much by yourself, meaning that if you are not happy with something, it's in your hands to change that. Therefore, over the remaining months of the year, I have made it my goal to figure out exactly how to get rid of the things I dislike doing (even though they may pay well) and how to focus on (or even transition into) the things I want to do more of.
What do you think of these income reports - do you find them informative, helpful or just TMI in general? Let me know in the comments or tweet me your thoughts.