{"id":2204,"date":"2020-07-08T16:43:29","date_gmt":"2020-07-08T16:43:29","guid":{"rendered":"https:\/\/fulltimeblog.com\/?p=2204"},"modified":"2023-05-24T17:35:38","modified_gmt":"2023-05-24T17:35:38","slug":"income-report-q2-2020","status":"publish","type":"post","link":"https:\/\/brockmcgoff.com\/income-report-q2-2020\/","title":{"rendered":"Blogging and YouTube Income Report: Q2 2020"},"content":{"rendered":"\n
At one point, this ebook was generating almost $1,000\/month consistently. I really need to update it and revisit the sales funnel, a task that’s struggled to make its way to the top of the to do list.<\/p>\n\n\n\n
I’m sure there’s some opportunity with digital products – maybe a course or membership program – but I haven’t put in the effort to figure it out.<\/p>\n\n\n\n
Maybe some day…<\/p>\n\n\n\n
Expenses<\/h2>\n\n\n\n
An income report without expenses doesn’t really show anything, especially if you’re self-employed (because your profit = your salary).<\/p>\n\n\n\n
Q1 was an expensive quarter due to increased investment in new content (i.e., freelance writers), and I’ve continued to invest even more in Q2.<\/p>\n\n\n\n
Keep in mind, the monthly profit is pre-tax. At the end of each month, I transfer 30% of that profit to a high yield tax savings account. That money is set aside for Uncle Sam.<\/p>\n\n\n\n
I also transfer 30-50% of the profit into my personal checking account, and the rest stays in the business checking account.<\/p>\n\n\n\n
Every now and then I’ll buy new gear, which can be pricey, but I didn’t make any of those big purchases this year.<\/p>\n\n\n\n
Also, as a self-employed person, I have other expenses like travel (heh, remember travel?), utilities, entertainment, etc. Since these aren’t associated directly with the business I’m reporting on, I don’t list them here.<\/p>\n\n\n\n
They’re also not too significant compared to the expenses listed above.<\/p>\n\n\n\n
Is this bad news?<\/h2>\n\n\n\n
If you just look at quarter-over-quarter profit, this is not a great income report.<\/p>\n\n\n\n
Per month profit in Q1 was $14k, and it’s only $10k in Q2. Here’s why I don’t sweat these numbers:<\/p>\n\n\n\n
First of all, in June I completed two sponsored content projects that won’t go live until July. These are worth roughly $10k.<\/p>\n\n\n\n
So that money hasn’t hit my business checking account yet, but the work is done, and I know the money is coming.<\/p>\n\n\n\n
Second, there’s another number I’m keeping close track of right now:<\/p>\n\n\n\n
Blog Passive Income<\/strong> = revenue from the website (no YouTube or social media), not including sponsored content<\/p>\n\n\n\n
I’ve spoken to digital business brokers – people who buy and sell websites – and potential buyers.<\/p>\n\n\n\n
They’re not interested in YouTube channels or buying an “influencer” business. They don’t understand the sponsored content model.<\/p>\n\n\n\n
They want websites that are generating passive income from ads and affiliate programs.<\/p>\n\n\n\n
So if you want to build a sellable site, and if you want to maximize the value of your blog, it’s important to track this number.<\/strong><\/p>\n\n\n\n
In Q2, despite total revenue being down 24%, Blog Passive Income (BPI) was up 7%.<\/p>\n\n\n\n
My #1 business goal right now is to increase that number every month until I have a website that’s worth seven figures.<\/p>\n\n\n\n
Man, these reports are tedious!<\/h2>\n\n\n\n
Okay, it wasn’t that bad, and I kinda enjoyed it. I hope you did too!<\/p>\n\n\n\n
The cool thing about this sort of digital media business is the fact that there are so many different ways to earn revenue.<\/p>\n\n\n\n
Building an audience is hard, but monetizing traffic is relatively easy. So if you haven’t built the audience yet, start there.<\/p>\n\n\n\n
And if you need help with that, sign up for my email list, and I’ll send you some tips \ud83d\ude09<\/p>\n","protected":false},"excerpt":{"rendered":"
Woah…Q2 is over. I feel like I just posted the Q1 2020 income report, and here we are approaching mid-July. What a strange year it’s been so far…but the show must go on! I put together these income reports for a few reasons: People seem to appreciate them. I like being transparent, especially about the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/posts\/2204"}],"collection":[{"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/comments?post=2204"}],"version-history":[{"count":1,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/posts\/2204\/revisions"}],"predecessor-version":[{"id":2444,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/posts\/2204\/revisions\/2444"}],"wp:attachment":[{"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/media?parent=2204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/categories?post=2204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brockmcgoff.com\/wp-json\/wp\/v2\/tags?post=2204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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