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 £100,000 sales by 31st December 2017.
Key Highlights This Month
- Big Revenue Month
- Joint Ventures
- Growing A Business Is Overwhelming
Big Revenue Month
It’s only been two months since I quit my job and I’ve tripled January’s income.
I still remember the pressure I felt when I was financially preparing to quit my job and never expected to achieve this figure so early.
This month has taught me the importance of keeping your existing customers happy as the majority of those sales came from existing clients.
Not only do happy customers refer you to their friends and family, but they also come to you when they have other issues they think you might be able to assist with.
Since the talk I held to a local community in February I was introduced to a Sales Coach who wanted to team up and deliver quality sales and online marketing workshops in London.
At first, I didn’t want to complicate my business by adding another “thing to do” and actually the timing wasn’t right since I was fresh out of a job.
Now, I still feel like I’m biting more than I can chew, but I’ve decided to grab the opportunity.
It’s easy in business to get too comfortable. Comfortable working with the clients you have and comfortable offering the same services.
It’s not only a potential new revenue stream, but a chance to increase my authority in my local area, reach a whole new audience and personal development from doing more live talks.
We have planned to deliver our first webinar next month followed by a 1 day workshop soon after. Fingers crossed.
Growing a Business Is Overwhelming
You know when you start a new job and no matter how much you try to learn everything, things just don’t make sense.
Your manager and colleagues give you an overview of what you need to do and why, you nod and write everything down. But you still don’t get it, let alone remember it.
On top of that, everything takes you really long to do something and you wonder whether you will get any faster.
Well that’s how I currently feel.
If I take on a new client on tomorrow, I’ll be super excited for but soon wonder how the heck I’m going to do all of their work.
Saying I’m overwhelmed is an understatement.
My to do list scares me.
I know I need to hire a personal assistant, but haven’t yet figured out the right tasks.
Right now, I’ve decided to roll with the punches. I trust everything will improve naturally as I mature into a business owner.
Because there’s also that moment 6 months after starting a new job when everything suddenly clicks and it all makes sense.
I look forward to that moment in my business.
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: £100,000 in sales this year (by 31st Dec 2017)
- This Month’s Income: £6,000 (+£2,400 compared to last month)
- Total Income This Year: £11,550 (£88,450 off target)
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 this month:
- Online marketing services: £5,400
- Online marketing coaching: £600
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:
1. Online Marketing Services:
- Monthly online marketing services for cake business: approx £1,000 per month
- New website for Interior design business: approx £5,000
2. Coaching: none
Update on Plans From Last Month
- Complete training guides to allow staff to take on more work. Update: This is still work in progress and feels like it will never end.
- Prepare for half day workshop for local Facebook group. Update: Had to reschedule the workshop due to taking on too much work.
- Take on a new client and and get at least two more testimonials. Update: Didn’t happen, need to spend more time on attracting more potential leads.
Plans For Next Month
- Prepare for my first webinar with my joint venture partner.
- Attend three different networking events to help drive more leads.
- Take on a new client.
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