Inspiring Life Design

20 July 2018

June 2018 Income & Profit Report header

It’s time for another income and profit report for money earned from my side hustles. Here’s how I did in June.

This is a recurring monthly post to track my goal of earning at least £4,000 profit from my Side Hustle ventures this year.

My goal breaks down across the months and weeks of the year as follows:

£4,000 per year or
£333.33 per month or
£76.92 per week

This means that my target profit for each month would ideally be in the region of £333.33.

The highest profit month I’ve had so far this year was January with £232.25 made. Have I done enough in June to beat this figure? Read on to find out…

INCOME REPORT

Here’s how my income is doing:

Month	Income	Running Total
January	£377.45	£377.45
February	£156.62	£534.07
March	£120.29	£654.36
April	£305.67	£960.03
May	£217.61	£1,099.51
June	£281.89	£1,381.40
July
August
September
October
November
December

June saw an increase in income from last month, at £281.89 versus £217.61 in May. It’s nice to see income on the rise, but it’s not enough to allow me to hit my profit target of £333. Maybe one month soon I will hit that!

Here’s a break-down of where the income came from in June:

June 2018 Income & Profit Report income pie chart

Just two income sources this month. These came from my online book publishing business with sales for kindle and paperback. I also accrued sales for audiobooks during this period, however it was not enough to hit the Amazon payout threshold so I anticipate receiving that income next month.

EXPENSE REPORT

Here’s how my Side Hustle expenses panned out for June:

Month	Expenses	Running Total Expenses
January	£145.20	£145.20
February	£18.62	£163.82
March	£17.84	£181.66
April	£93.05	£274.71
May	£54.86	£329.57
June	£28.83	£358.40
July
August
September
October
November
December

My expenses for June were £28.83, nearly half of last month’s expense costs. During this sales period I ran one book promotion, with a small promoter. I also continued to experiment using Amazon’s Marketing services which offers targeted pay per click advertising. I’m still learning how best to use this advertising, but I have seen an increase in book sales already from it.

June 2018 Income & Profit Report expenses to June 2018 chart

PROFIT PROGRESS

With June’s profit added to the totals this is the half-way point through the year. According to my goal ideally I should have made £2,000 profit by now. Here’s how things are looking:

Month	Target Profit	Actual Profit	Difference	Running Total Profit	Running Total Over / Under Target
January	£333.33	£232.25	-£101.08	£232.25	-£101.08
February	£333.33	£138.00	-£195.33	£370.25	-£296.41
March	£333.33	£102.45	-£230.88	£472.70	-£527.29
April	£333.33	£212.62	-£120.71	£685.32	-£648.00
May	£333.33	£162.75	-£170.58	£848.07	-£818.58
June	£333.33	£253.06	-£80.27	£1,101.13	-£898.85
July	£333.33
August	£333.33
September	£333.33
October	£333.33
November	£333.33
December	£333.33

I’m giving myself a nice pat on the back this month, because my June profit of £253.06 is my best month so far!

Sadly I’ve still not been able to hit my target of £333.33 profit in a month, but June was only £80.27 short of that. It’s starting to feel like I will manage my monthly target amount soon.

At the half-way point through 2018 my overall profit is £1,101.13 which is a nice amount, but quite a bit short of my £2,000 target (behind by £898.85). My blogging and publishing activities feel like they’re picking up a bit of momentum now, so I’m still hopeful (ever the optimist) that I might hit my £4,000 annual profit goal.

What Actions Worked/Didn’t Work From Last Month’s Plan

Last month I wrote down some ideas to try to improve my profit, you can read about those here.
Here’s how I got on:

Create a new book bundle using 2 of my existing books
- DONE I made significant progress on this during June, getting it ready to launch in July
Commission a new book to be written
- DONE I chose a topic for my next book and found a ghost writer to work with
Work on research and plans for future new books
- NOT DONE
Update my pen name websites so they contain all the latest books
- NOT DONE
Create a sign-up page for an advance review group
- DONE I created my Book Review Club with a sign-up page
Run book promotions every month
- DONE I have continued to book and run promotions every month
Decide whether to create audiobooks for my existing books that don’t yet have audio version
- NOT DONE
Grow Instagram following from 977 to 1,080
- DONE Following at end of June was 1,212
Grow Twitter following from 463 to 485
- DONE Following at end of June was 522
Continue to monitor followers on Facebook (14 followers) and YouTube (3 followers)
- DONE
  - Facebook page subscribers still 14
  - YouTube subscribers still 3

Things I Will Try This Month To Help Improve Future Months’ Income And Profit

Launch my two book bundle on KDP and Createspace. With a launch plan to push downloads as much as possible in the first week
Continue to work with my ghost writer on my latest book - getting images will be the next job
Learn as much as possible from Emma Drew during my #MyBlogMyBusiness membership, including working through all the resources. I would like to find out ways I can begin to earn money from my website
Grow Instagram following from 1,212 to 1,400
Grow Twitter following from 522 to 600
Grow my Facebook followers from 14 to 15 (I find it hard to grow my Facebook Page followers so I’m purposely setting a low target here)
Grow my YouTube subscribers from 3 to 4 (since I’m not posting much/any content on YouTube at the moment it’s difficult to grow, hence the small goal)

So that’s my income and profit report for another month, marking the half-way point through 2018.

Have you done a 6 month stock-take of how you’re getting on? I’d love to hear how you’ve been doing with your goals. If you have any comments on my progress, or updates on your own side income ventures please let me know in the comments below…

June 2018 Income & Profit Report pinterest image