I’m pleased to share with you my second income report, after the great response to my first income report in May.
My income reports are about how I am building two creative businesses full time, while going on adventures.
Therefore, I’ve also decided to include how much money and time I am spending on the businesses, along with goals and the tasks I have done to increase my income.
I love any and all feedback so if you have any suggestions or ideas, feel free to leave me a comment below or contact me on social media!
My first post ‘How much money I have, make and need’ really dug deep into my current financials, expenses, living situation and general circumstances. So if you haven’t read that yet, it’s a good place to get acquainted with me!
How I spent my time this month:
I use the time tracking app ‘toggl’ to allow me to share with you how much time I spend working to give you an idea of what is involved in creating and building my businesses.
Every day is a learning day in the best way to track my time, but I find this app super useful. However, I had a few meetings outside work I failed to track, and have outlined them below. Overall I tracked 288 hours – which worked out an average of working every day in June for 9.5 hours.
Kate left Stag and Raven officially at the beginning of the month, so I have been in the shop full time.
On top of this, somehow I also managed to squeeze a few days biking, a weekend to the Lakes and a trip to Yorkshire Sculpture Park, but was disappointed not to get outside more!
I spent sixty seven hours on betternotstop, compare to twenty-five five last month!
- 9 Hours in Meetings
- 5 Hours in Networking events
- 5 Hour recording a Podcast
- 3.5 Hours on Emails
- 3.5 Hours working on Event planning
- 4 Hours writing an income report
- 3 Hours on socials
- 2 Hours researching venues
- 30 Hours completing a short story
- 3 Hours writing Blog posts
- 1 Hour on Newsletters
- 2 Hour on Marketing work
I published one article!:
- May Income Report
- 1,200 Page Views per month (last month was 2,400!)
- 4779 followers across social media (Facebook, Twitter, Instagram & Pinterest) I lost 20, mostly due to lack of regular posting I think.
- 94 Newsletter Subscribers (three newbies!)
- 2 Patreons
- $4.00 from Patreon – you can read my article on Patreon here
- £0 Affiliate income
- £0 Product income
- £10 Hosting & Domain (Read ‘How To Start a Blog’ Here)
- £23 Convert Kit Email List Manager
- £6 Gmail Email Manager
- £7 We Blog North Membership
- £15 Protect My Bubble Work Insurance for Computer and iPhone
- £28 Coschedule Account
If you have any questions about my income or expenses, please comment below and I’ll be happy to answer you.
betternotstop July plan
For both businesses I need to do two things – increase my income stream and my audience.
My plan for the upcoming month is to do the following:
Creating more valuable content
Last month I talked about creating some travel guides, but after meeting up with a business coach I realised that instead of providing things I think would be valauble, I was trying to guess what my readers would like.
Creating good content takes TIME and I need to be concentrating on building Stag and Raven over the next few months. Therefore I will be focusing on continuing my weekly newsletter and publishing weekly articles on Minimalism, Wellbeing, and Work. You can sign up for my newsletter at the bottom of this post.
I also have some podcast episodes recorded, so this month I will also be contacting potential guests and recording and editing episodes. I am not reading to launch yet, but I’m enjoying the process so far.
I also finished a short story that I have been working on for the Yes Tribe group which is now available to buy from Amazon with all profits going to the Teddington Trust.
Creating Income Opportunities on the website
I need to set up Affiliate Links on this website. An affiliate link is a way to make money when readers choose to buy something that you have recommended on your blog. For every sale made, you get a small commission at no cost to the reader.
Lots of companies like Amazon, Airbnb, Booking.com etc offer this service so I am going to see where I can add affiliates to existing content, and include them when it is relevant to my writing.
This is still a job I need to focus on.
Start a Series of Talks and Workshops
I have provisionally booked several venues in Manchester city centre, as well as teamed up with two other Creatives to start Monthly networking meetings as well as a series of talks launching in the Autumn.
Increase my website visitors to 3,000 per month.
I plan to do this by creating and sharing engaging content, as well as being more active on social media. This month I really struggled with the overwhelm of rebranding Stag and Raven which is why my engagement dropped so much. I added google analytics to the website and have started to look at ways to connect with other people in my field.
Stag and Raven
I spent forty-five hours working on Stag & Raven, in addition to working twenty-two full days in the shop (which are 10 am – 6 pm) which is a total of 221 hours! In addition, my Sister did ten hours of freelance work and Phil worked two days in the shop – as well as doing a solo trip to Ikea for me!
- 8 Hours Designing new products
- 30 Hours to do lists, organising my time (usually an hour a day)
- 22 Hours of fixing website issues
- 3 Shopping in town for items for the shop
- 42 Hours on social media (!!!)
- 23 Hours on general emails
- 4 Hours sorting stock
- 5 Hours on a photo shoot (have you seen the new look Instagram?)
- 6 Hours on general Marketing work
- 3 Hours on accounts
- 6 Hours organising the Summer Party
- 2 Hours on Advertising
- 5 Hours on Supplier Management.
- 5 Hours packing orders
- 6 Hours in Meetings
- 23 days working in the shop
- General retail work
- Shop Refit
- Sorting stock
- Packing orders
- Serving Customers
My stats are now:
- 1,600 Online Visitors
- 8,432 followers across social media (Facebook, Twitter, Instagram & Pinterest)
- 414 Newsletter Subscribers (Up 64 due to orders during the Summer Sale online!)
- £1,470 2,400 Shop Sales. Down £930, due to EXTREMELY hot weather and the fact many items were 50% off.
- £950 Online Sales, slightly down but also due to low ticket sale items.
The business costs are around £3000 monthly costs (with a £4,500 outstanding loan and £900 Investment)
This covers everything from the shop rent, loan repayments, supplier and wholesale costs, marketing, insurance, accounts, website hosting and maintenance, apps and so on.
It also includes a monthly wage of £600. This month the business costs were slightly higher as I paid for a photoshoot, a huge amount of new stock and a shop refit.
If you have any questions about the breakdown of this income or expenses, please comment below and I’ll be happy to answer you.
Stag & Raven July plan
Like betternotstop, I need to increase my income stream and increase my audience.
My plan for the upcoming month is to do the following:
Create Sales to £3000
I am expecting a quieter month after the sale, the weather is great so the shop has been quiet. I have however organised a big summer party with the other shops on my floor so am hoping this increased the foot traffic.
I am also aware this was a very busy month for me, so I am looking at ways to streamline the business so that I don’t burn out.
I paid myself £600 this month which went on household bills, betternotstop expenses and going out with friends. It felt quite comfortable but I do understand that I not only have to start earning more for the business to be sustainable but for my larger expenses such as trips away to be covered. Next month I am going to the Czech Republic for a week to a conference, and I am worried about my lack of extra cash to cover costs like this.
This month I spent in a total of 288 hours working on both companies compared to 103 hours last month. There is a high chance of burnout for me so I am having to look at how I can change this for next month.
My Stag & Raven wage will covered my household bills and I was able to pay myself £600 this month from the business.
If you want to continue to follow my income reports, my journey to creating two sustainable creative businesses, and living an adventurous life, just subscribe below.
Also published on Medium.