Would you like to read Jerry Banfield’s cash flow analysis with all details on income and expenses for December 2019 because if you have an online business, this will be very useful?
Online Course Business Cash Flow Analysis December 2019!
Thank you very much for another profitable month in business in December 2019.
What you get here, this is my income report, my profit analysis of exactly how the money came in, what I spent money on, the cash flow from my business, and I imagine this will be really helpful for you for building your own business online, seeing what is working for me in my business and where I’m going.
I appreciate all that you’ve done personally to make this possible.
Now over eight years, I’ve had my own business online, seven years doing it full time. Let’s take a look inside the last month’s income report.
Here’s the income, the top sources of income. There are other sources that are smaller, but these are the top seven sources of income.
What I’m most excited about is the income from Jerrybanfield.com because this has not made hardly any money directly for years as I funneled everyone out to go to other places like Skillshare, Uthena, my YouTube channel, Patreon, et cetera.
I am now seeing the very wise long-term decision to focus completely on Jerrybanfield.com given that is a place where I can sell everything all in one spot, and within the first month already, it is up to the number one income producing out of everything in my business.
I imagine the most growth potential is there as well.
The second is StackCommerce where I’ve had my online courses for years. This one I imagine will drop some because I’m not going to continue to put new courses on there myself, although I do allow my partners to edit my courses and publish them on StackCommerce for me and keep all of the revenue themselves.
On Uthena, I’m grateful we had $1,568 in earnings.
Uthena is changing into a Private Label Rights marketplace instead of just an online courses and bundles and services platform because this seems to be the area of demand on Uthena.com where existing websites don’t do a good job.
If you want to hear more about Private Label Rights, you can search on Jerrybanfield.com, I’ve got a lot of other posts about Private Label Rights.
The basic idea is with Private Label Rights, you take somebody else’s courses or video and sell them as your own and in most cases you don’t have to pay anything. It’s great if you are the creator, you can make more money selling your content and it’s great if you are the buyer of the Private Label Rights, you can make money selling somebody else’s content.
Skillshare is a membership-based site where there are 20 thousand plus courses. I’ve put hundreds of courses on Skillshare.
However, I’m also surrendering my Skillshare income in terms of growth. I am not going to do anything else going forward to try to make more money on Skillshare because these other sources of income for me are taking away from what I can do on Jerrybanfield.com, especially StackCommerce and Skillshare.
The time and energy it takes to do things on them conflict with Jerrybanfield.com and I’m still making this much on both of those from my online courses because I neglected my website so much.
Thus, I imagine these 2 sources of income will go down, but Jerrybanfield.com, I imagine it will be on the rise.
I’m grateful before the holidays, it’s the highest ad revenue I’ve had in a few months on YouTube.
This is all from YouTube earnings on my YouTube channel and I intend to continue publishing videos every single day. The difference is on my YouTube channel I am letting go of caring about how many views I have because as I’m looking to Jerrybanfield.com and everyone goes to the website, it doesn’t matter how many views I’m getting on YouTube.
That is looking to be a secondary source of income compared to the primary one, and I’ve learned after eight years to focus most of my time and energy on the primary source of income, and then work in spare time on the extras.
Now, videos are the best source of getting people to Jerrybanfield.com.
Thus, these two from what I see have the most growth potential.
There are a couple of interesting traffic sources down here.
Patreon, I put a lot of time and effort into it years ago and I’m still getting some people who just haven’t canceled on Patreon.
Here’s one of these interesting income sources, Kabbage.
This is from one single affiliate marketing referral. You can search Kabbage on Jerrybanfield.com and learn more about that.
Long story short, it’s a business line of credit and if you sign up, it’s totally free to have a business line of credit, and they give you a gift card and it helps build your business credit and they give me $250 for one single approved account using my link.
Thus, that is a sweet affiliate program commission there for a single sign up.
Next, the critical component of what I’ve learned in the last year is teaching cash flow, not just income, because over the years I’ve focused a lot on building income.
I’ve been too willing to spend a lot of money to make an income, when really the most important consideration is how much income I have versus how many expenses I have, and the easiest thing for me to control in the short term is how much I’m spending.
Thus, the largest single expense was $2,964 on advertising and that is primarily, I’ll show you those expenses in more detail, but I’m cutting those expenses drastically in 2020.
That includes an extra $1,600 from a bank loan that technically should have been dispersed throughout the year. This month makes it obvious the necessity of continuing to pay down my loans rather than borrow because the interest is now one of my largest expenses.
Next, Contract Labor.
I’ll talk more about that in a minute.
I’m finishing up a rent to buy equipment. It’s another short-term decision that would’ve been much more cost effective to simply buy the equipment instead of renting it for years.
These are my biggest expenses with a couple of other small ones.
On the Advertising, these are the exact services that I spent and how much it costs, and I’m grateful to report these are getting cut massively in January.
The expense for Thinkific will be around a hundred dollars, that’s to host Uthena.com, that’s a great cost considering there are 18,000 videos uploaded there, hundreds of video courses on Uthena.com and you saw how much money that makes.
That is great given I’ve got that cut down to $100, we don’t even need most of the functionality. We are changing how we accept instructors.
On Kinsta, that’s what I use for web hosting. If you want to get your web hosting on Kinsta, it’s really good web hosting. It’s super fast. It’s on the Google Cloud. I’ve tried so many other web hosts.
I’ve used Kinsta for years now. If you go to Jerrybanfield.com/resources there’s a link there. I’ve cut the Kinsta hosting bill down to $200 in the coming month. Actually it’ll be $45 in January, but it’ll be $200 a month going forward in 2020.
ActiveCampaign is what I use for email marketing.
They have a really good affiliate commission of 25% right now if you use my link. ActiveCampaign is outstanding for marketing automation.
I ended up deleting all of my email lists on ActiveCampaign because I don’t even like doing email marketing. I don’t like it. I don’t enjoy it and the way I was doing it was not that effective.
Thus, I deleted all of my lists to get my contacts back down to zero, reset myself to the very lowest plan on ActiveCampaign, which is only a hundred dollars a year for up to 500 contacts.
Thus, this expense is also cut down drastically.
Vimeo, this was to be able to host my video courses for a year to upload my videos on Vimeo. Therefore, that was a one-time expense that will bill again in a year.
Same thing with MonsterInsights.
I installed that. I already put a tutorial out on MonsterInsights to show how I get my Google Analytics and track all my sales and my website.
I’m still paying a lifetime subscription on that, which will be done.
It basically gives me ClickFunnels or LeadPages functionality directly within WordPress. I’m getting the lifetime option, so that I can build sales funnels on my website forever at no additional cost.
That was also a one-time cost to get my images optimized.
The Contract Labor.
Michel Gerard is outstanding.
He is switching from doing Jerrybanfield.com to Uthena.com after it did not sell according to what I wanted it to sell for.
Michel then we’ll be taking a percentage of the Uthena sales instead of getting paid for hours. I will just do Jerrybanfield.com on my own.
I cut Upwork completely and the Uthena instructors got $58 last month.
I imagine we’ve got a lot of potential to increase the payments to Uthena instructors going forward.
These are the totals and I’m very grateful given there was an extra at least $1,000 in expenses that really should’ve been spread out over multiple months last year instead of lumped into December.
However, I wanted to make the numbers as accurate as possible for the year with the least amount of effort.
Thus, the profit I have with putting all that interest in December is $2,128.
I’m very grateful for another profit in my business this month, allowing me to continue paying down my loans and I’ve done what I can to both cut expenses and put the income on the best trajectory in the future.
I’m grateful for the chance to serve you online and I’m so grateful that having my own business and working at home to be able to make thousands of dollars a month in profit and I imagine in 2020 we are going to get these numbers up.
The target is over $20,000 a month profit and we are on the way there now. These are some of the changes that I’m doing going forward for 2020 greatly reducing the expenses.
My business has a lot of income earning potential and there’s no reason I need to spend very much to make that happen because of how I have everything set up to let people come to me via Google and YouTube search, and word-of-mouth marketing.
The primary service I’m focusing on for my website going forward is at Jerrybanfield.com/partners and I did a video on this recently.
The primary value proposition is something crazy.
I’m offering a lifetime coaching and training. I did an entire video about this and it will have a matching blog post.
The bottom line is, I’m offering a lifetime coaching package that scales in cost, it goes up 3% every time somebody orders it. It has a huge list of benefits and I imagine this will be the primary revenue driver on Jerrybanfield.com as it was in December 2019.
I imagine this will be the main place income comes in because this is the very best value proposition I’m offering. This is a ridiculous offer that I am very excited to give to you because I love helping people build businesses online. I’m very good at coaching and inspiring and helping others. You can see from all these videos and I’m focusing on that going forward for 2020.
I also simplify my life and clean up my studio, to help me focus and to raise a little bit more to pay down some of the debts I’ve racked up.
I’m selling extra equipment and personal items.
I’ve experienced a lot of resistance to that.
For example, I just love this Ableton Push 2 and I love the idea of giving it to somebody else and them giving me like $500 for it, since I don’t use it that often and it’s time for somebody else to have that.
I’ve got thousands of dollars of things I can sell, equipment that at one point was using and have stopped using, like I’ve got an extra computer, et cetera.
We are not selling Uthena, we are making it a Private Label Rights marketplace and that has a lot of income earning potential because there’s not a very good option available where you can buy Private Label Rights to courses.
You can search and there are websites that have huge amounts of online courses, but if you want to actually buy the rights to sell somebody else’s courses on your own website, there’s not a good marketplace out there that has what we’ve got, and we’re just starting to convert things over.
For example, here’s one of our instructors who has gotten it up on their page already. This is one of the first pages we’ve converted.
What we’ve got now is we’re putting our courses up with regular student enrollment. This is an entire course bundle.
If you just want to watch and learn on the video courses, you just purchase the course bundle enrollment.
Here’s where our main offering is, Private Label Rights.
This gives you as a buyer the opportunity to sell all these courses as your own, to take and sell all of these courses on your own website and not have to pay anything to the instructor.
That’s a really good deal because all you need to do is find one or two courses that sell really well out of a course bundle and you can make a lot of and not have to pay any of it back.
For instructors, this is a great deal as well because you don’t need to put any additional time and effort into it, instead of making nothing on someone who wouldn’t have bought the course anyway.
You’ve got a chance to make $300 or a lot more selling Private Label Rights and the Internet is so big, there are so many buyers. It doesn’t matter if someone else is selling a course on their website.
There are so many websites, so many visitors, so many online courses. It’s not going to take away anything that you’ve got from anywhere else to any noticeable degree.
I’ve seen this with my own courses. I put them up on a ton of different websites and was able to have plenty of sales historically without having Private Label Rights impacted.
That’s what I’m doing right now. That’s my online business.
Thank you for learning about it and experiencing this with me. I appreciate all that you’ve done to help make all of this possible.
I appreciate all the time you took to read this cash flow analysis for December 2019.
I’m grateful for the chance to serve you and be an educator for you today. I hope this gives you the tools and information you can use to build your most amazing business online today.
If you’d like the very best experience with me, I trust you’ll go to Jerrybanfield.com/partners/ and get in that partner program.
The cost goes up 3% every time somebody orders it, which means today is the very lowest it’ll ever be again, and then on the next month’s income report you’ll feel good knowing you single-handedly counted for so much of it.
If you’ve heard anything else I mentioned you want to take a look at, just go to Jerrybanfield.com and hit that search box and you can look around and find thousands of other helpful blog posts and tutorials.
I’ll see you in the next one.
Edits from video transcript by Michel Gerard.