Each month, I’ll be tracking my revenue and expenses on this blog. The purpose of this exercise is not to brag about how much I make, but rather to explain my path toward financial freedom. Writing this article is more a review for my team than anything else. It forces me to take the time to reflect about my business. I hope you will enjoy it!
On August 23rd, I met with my partner for our monthly company meeting where we plan the month ahead. But first we had to review the results we had so far in August. After such as strong month of July, expectations were quite high coming into August. However, the business went almost dead for 10 days after a fast start. Therefore, after three weeks of operation, we were quite behind… and disappointed!
But the wind changed rapidly and we ended-up beating our previous record! Here are how the month went…
- +%9 gross revenue
- +373 new Convertkit subscribers
- +22 articles written outside my blogs
- + 11 investing membership sales
- Launch of a new product with 26 sales!
- I’m already making profit!!!
This Month’s Strategy
August was all about preparing September and the following months. You may or may not know but the financial industry goes in slow motion during summer time. It feels like even important news on the stock market have less impact during this period. People are on vacation, they tend to think more about the beach than work and this reflects greatly on our business. Therefore, we wanted to focus on building solid momentum with our blogs and getting ready for a major promotion that will happen toward the end of September.
Here were my August goals:
- Write 35 articles outside my blogs
- Write 4 articles per week on my blogs (on three different ones)
- Build a promotion calendar (we have a DSR promo coming in September)
- Start Seeking Alpha marketplace product
- Optimize my top pages on my blogs
- Build a webinar (for my promotion)
- Clean / Manage / Create funnels in Convertkit
The biggest win of the month is obviously the unexpected launch of our service on Seeking Alpha. I used the word “unexpected” as I first wanted to pitch our idea to the editor team and see what happened next. There are two things I greatly appreciate about Seeking Alpha: their professionalism and strong editing process. You simply can’t publish half-done work. I then expected to go through many discussions and modifications before launching our service in September. Well, the process was pretty straight forward and we ended-up launching during August.
In regards to my 7 key points, I’ve done the following:
- 24 articles outside my blogs
- Maintained 4 articles per week on my blogs
- Our Promotion calendar is completed
- My marketplace product launched on August 23rd
- The Dividend Guy Blog pages have been optimized
- I’ve setup the webinar for my promotion
- I started working on the email funnels through Convertkit
I wasn’t able to keep up with 35 articles written outside of my blogs, but this is mainly because I worked additional hours on our new service. I had to write more content for the marketing and the actual newsletter. Overall, I was happy to complete 24 other articles on top of it.
Another big win was the meeting I had with my Core Business Guardian, V. I spent a day with her to go over some of her tasks to find ways to improve her efficiency. She was coming back from vacation with a brand new computer; it was a perfect timing to chat on how things were going on here side and how we can make her life easier. She helped me a great deal with the promotion calendar along with social media strategies. We should see continuous impact of this meeting in the months to come!
Finally, I had the chance to participate as a speaker for an online conference. On September 16th, I’ll be discussing how to make the decision between keeping your pension plan and taking the lump sum once you quit your job. This conference is part of the Canadian Financial Summit, an online financial conference regrouping over 25 speakers and over 10,000 attendants. You can register for free here if you want to learn more about finance!
As I mentioned in the beginning of this article, we entered a major slump in the middle of the month. For about 10 days, everything was dead. Membership sales were nowhere, traffic was down and even the paid advertising business was slow!
This is probably the hardest reality when you start a business; your whole world is shifting from right to left from one week to another. As much as I look for them, there is no “trend” going into any direction at the beginning. What went well one week barely has any impact the following one. Most of the time, good things (or bad ones) happen for barely any reasons. During August 23rd and 24th, we made close to $2,000 within 48 hours. One would think it was our new service launch generating profits. But this wasn’t the most prolific part of our business; Dividend Stocks Rock was… However, we didn’t do any promotions or sent any newsletter during those 2 days. This remains inexplicable.
I also went into a personal rut for a few days. It is difficult to work almost every day when you come back from a year traveling the world. I decided to take 2 days off and spend them with my family. This was the best decision ever. I came back for the last stretch of the month energized and motivated. This is how we finished on a strong note!
Income Report +9%
Total income of $9,094 converted to CAD @ 1.21 = $11,003.74
In order to convert the money we made in Canadian dollar, I use the rate Paypal is giving me when I change currencies. While I’m very excited about how much we made this month, there is a big “if” right now. The new service we launched offers a 2 weeks free trial. Therefore, the money we think we made from it could meltdown in the upcoming week. As many economists say in their closing statement, we are cautiously optimistic about our month.
Net income of + $1,243.38
Our expenses decreased by $1,000 this month mainly because we are now up-to-date with all our payments. An accounting bug increased what we paid in virtual assistants in July. Things are now back to normal. I was very happy to see that we made money on our second month in operation! We didn’t expect it to happen before December or January. It’s a big win for us!
What’s coming this month
I’ve met with my partner and we highlighted the key points to be done in September. Here’s what it looks like:
- Write 31 articles outside my blogs
- Write 4 articles per week on my blogs (on three different ones)
- Focus on our September promotion (more on that later)
- Work on a new design for one of our blog
- Finish the Clean / Manage / Create funnels in Convertkit
My partner and I hope the best for September. We are completing several modifications to our services and hope that our promotion will be the beginning of a new era for our business.