Every month I’ll give you an update on my online marketing business to show you how it’s progressing.
This is where you will find out what I’ve been doing to get more clients, service my existing customers and organise my business.
It also forces me to take a take step back and see where I need to spend my time to make more sales and grow.
One Business Goal
When assessing your business, it’s important you do this in the context of your goals.
My current goal is to make £5,000 monthly revenue by 31st December 2016.
Key Highlights This Month
- I’ve Quit My Job
- New Coaching Client
- Joined a Business Network
I’ve Quit My Job
My accountability clock…
Quitting my job took some serious brainpower.
My goal was to make £5,000 before I quit my job and even though I’ve been hovering around the £600 – £2,000 mark, I still went through with it.
I’m going to write my reasons and the psychology behind my decision in the next post, so watch out for it.
Before you get too excited (like me), I still have to serve my month notice period, which means I actually leave my job at the end of January 2017.
I can’t wait!!! 🙂 🙂 🙂 🙂 🙂
I updated the timer to reflect how many days I have before actually leaving my job and the next accountability goal is going to be £100k revenue within 12 months. Exciting times!
(If you missed it, I shared 39 tips on quitting your job and running your business from successful entrepreneurs last month).
New Coaching Client
I wasn’t actually expecting this sale.
Around a month ago this person asked me how I could help them and since I didn’t hear back from them straight away, I assumed he wasn’t interested.
Anyhow, two weeks ago, he sent me a message that he wanted to talk and within 30 minutes of that conversation, he wanted to start coaching straight away.
Considering we haven’t spoken much, I’m keen to know what helped him make his decision to work with me.
A few things I think it could be: testimonials I’ve received, written content or free advice I’ve shared in online communities.
This is what a well developed online presence gives you – the ability to build trust with potential customers without actually being there in person.
I’m planning to seriously grow my online presence in 2017.
Joined a Business Network
I’m joining a local business group in the new year. It’s going to help me get my business out there, drive sales and get to know more businesses who have more experience.
As Russell Simmons said, “surround yourself with people who are smarter than you.”
We will meet every week and get to know each other’s business.
The more people that know about my business, the more referrals I can get. It’s like having a sales team without having a sales team, if you know what I mean.
I also like the idea of doing something formal every week.
Quitting a job and working for yourself can be an extreme move, and this just helps keep a some structure in my life.
Getting Down To Business
Business Income Numbers
Note: the numbers are revenue numbers only, I don’t share my business costs.
Let’s jump straight to the headline income numbers:
- Income Goal: £5,000 per month (by 31st Dec 2016)
- Current Income: £1,200 (-£900 compared to last month)
As you know, there’s two parts to my online marketing business: a) Online marketing services and b) Online marketing coaching.
Here’s how my income is broken down:
- Online marketing services: £600 is made up of:
- £600 per month (furniture company)
- Online marketing coaching: £600
- £600 coaching
I’m still £3,800 off my target but I’m going into 2017 positive about the fact that I have a business that is EARNING and has potential.
It’s important I maintain a healthy list of businesses who have expressed an interest in either my online marketing services or coaching.
Here’s a quick overview of existing leads, including the type of business and potential revenue amount for each one:
- Online Marketing Services:
- Monthly online marketing services (specifically SEO + Paid Advertising) for same home improvements company: approx £2,000 per month
- Digital marketing research and a new website for a self development company: £3,500
- Monthly SEO services for Engineering company: budget unknown
- Coaching: None
Update on Plans From Last Month
- Decide whether to quit my 9 to 5 job or stay. Update: I’ve quit 😉
- Complete redesign of my online marketing training website. Update: complete, but need to launch my first course next year.
- Plan January’s live speaking event. Update: I’ve got an idea, and I might need to reschedule this to February as I’m starting to take on too much.
- Complete new website for my home improvements client. Update: 90% complete, but waiting for client to provide feedback.
- Attend at least two networking events. Update: only attended one in the end
- Start redesign of my digital marketing services website. Update: Started and plan to finish this in January.
Plans For Next Month
- Hold live speaking event in January.
- Attend business networking events and start establishing relationships.
- Meet at least 3 business owners and give them an overview of my business.
- Complete redesign of my digital marketing services website.