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:
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.
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
- DONE
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…
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