Are you ready for the June 2019 income report here with me, Jerry Banfield?
I’m grateful for the chance to share what I’ve earned and spent with you online. Do check out the Income Reports Playlist on Youtube.
How much money have I made in June 2019? Well as you can see in the picture above, $7,294 in business income, which over the last several years of my business is significantly lower than many of the other months as I’ve been transitioning into a new business system focused on building up Uthena. Still, I’m very grateful for all that income this month. I remember at one point in my business making $7,000 in one month was a total fantasy. Now, the expenses added up to a lot more than the income this month.
Primarily, contract labor paying freelancers on Upwork to film video courses is the single highest cost, which finally I am ending. I’ve paid $50k+ to freelancers in 2019 to film video courses that I can put on Youtube and most importantly to lay a rock-solid foundation for Uthena with on-demand video courses to get some traffic in. Now we’ve done enough of those that we’ve got a good foundation and we’re focusing on bringing in new instructors. Thus, as you can see another month where I’ve lost more than $10,000 in the picture below. This means I’ve spent more money than I’ve earned. Yes, it is difficult to present these numbers to you. My Ego is dying. It’s like, oh, you do these income reports, you made all this money in your business and now you spending more than you earn. Yes, at the same time I intend to create something that’s amazing and am doing that and it costs money to get it started.
I imagine these numbers will be turning around very soon as we’re continuing to get sales in and now I’m wrapping up the paying contractors to film video courses. Thus, I imagine in July for the first time in all of 2019 we may even make a profit and we are definitely reducing expenses heavily in July. Let’s take a look at the details of the business a bit more here with you.
What exactly is Uthena? Uthena is a platform where we combine education and service. Right now, big platforms like Youtube and Skillshare are great places to learn. On platforms like Fiverr and Upwork, It’s a great way that you have an opportunity to serve and earn or to buy services. Imagine combining both of those together into one platform. One platform for education and service equals massive potential. The current 4 platforms out there are not in a good position to make this combination. Although Fiverr is experimenting with selling courses. I imagine it’d be a heck of a struggle for them to expand it out where every freelancer could offer a course.
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That’s what we’re doing on Uthena and to lay this foundation what I did is, paid for a lot of video courses on in-demand topics to get that initial traffic and sales over to Uthena to help other instructors who then want to join and participate. We’ve got a Sales Report on Uthena. One of the top sources of Uthena’s income is over $4,000 in sales since June 1st, 2019. Thank you for all those sales on Uthena. Now, I’ve got it set up so that you can look and see the sales in real-time on Uthena and now every month, which is awesome. I can even set it up to filter specifically there. I can filter it by month and by course name, but you can see the exact course, the exact amount it’s selling for and what we’re selling right here on Uthena. Now, this also has significant expenses because I need to pay out instructor earnings, affiliate earnings and things like PayPal fees. Thus as we’re building this up, it means a lot of expenses in the short term, but for longterm it’s a huge opportunity for everyone.
How have I gotten most of the sales? Most of the sales have come in for free off of organic traffic on my Youtube Channel. What I did is spent of $50k at the beginning of this year paying freelancers to make video tutorials for me, which have helped my Youtube channel grow and a lot of the Youtube viewers watching these tutorials had been kind enough to go over there and buy courses directly on Uthena. And the more sales you have, the more instructors want to participate. The more courses there are, the more it’s easier to sell something like “Uthena Scholars”. We’ve got 299 courses on this now and I imagine, it has the potential to be one of our biggest growth points. You can join in on Uthena as an instructor by clicking on the Teach button and applying there. I’ve got an hour-long video showing every single detail that.
Now one big curveball, Youtube just banned openly and clearly hacking based video tutorials, which those were some of my top performers. I just took hundreds of the hacking videos including ones I spent $40k+ this year on. I’ve just taken those off my Youtube Channel and that may drop some of the metrics over the next month. However, for the first time in a while, I’m putting 3 videos I’ve done up like this every single day. I imagine for the longterm and everything is just fine.
Now, I also have a significant part of my income from selling courses on StacksSkills. Actually not much of a month that I got paid for this month on StackSkills. However, those video courses I’ve paid for are now finally releasing and coming out in bundles. Thus, the stack commerce revenue looks very strong going forward for the next few months.
I’ve also got the podcast, The Jerry Banfield Show on Anchor. This is cool because this has earned me $916.97 so far in 2019. Even though I haven’t promoted my podcast that much and even though all I’ve done is, take audio files off my videos and put them on the podcast. The podcast income now from sponsorships like Spotify is now doing good. And you can see in the picture above, some of the ended sponsorships that have earned a lot more on here. So these are good points of growth.
In fact, the Podcast earns more ad revenue per listener and is easier to trigger than my Youtube videos do. Thus, I like listening to podcasts also because it’s easy to listen on the go. It is much easier than watching a Youtube video. So, if you’d like to enjoy the podcast instead of the Youtube videos, then you can go on my Website and click on Podcast or most of the pages have the podcast player and you can listen to it right there. So, these are the primary areas of my income.
I’ve also got a Patreon page. I’ve put a ton of effort into it over the years and I’m grateful for everyone who pledge their newest things. I’ve got some exclusive posts. I can post on topics that I wouldn’t want to post on my general Youtube Channel. Thus, I’m very excited to make this transition with Uthena.
We are seeking investors for Uthena also. What makes Uthena as something outstanding to invest in? There’s nothing like it on the market. There’s huge potential and I intend to have an initial public offering for Uthena one day as we build this up, up and up. There are lots of instructors who are already willing to support even though we’ve made no active recruitment efforts outside of my Youtube channel. We already have hundreds of courses. The ability to have something like Uthena Scholars Bundle as a subscription, Uthena University for a lifetime, all course bundles side to side, and Services all in one place. I’m leading by example on this for you. You can Sponsor Videos With Jerry Banfield. You can do Hourly Services with Jerry Banfield, you can sponsor the whole Youtube channel with me at Sponsor Jerry Banfield, you’ve even got Memberships and Private Label Rights all on one place.
This has explosive potential and I just signed an agreement with a broker who is going after the investors. Now, the one key thing with investor money is to build a true platform. Right now we’re using Thinkific to host these video courses and Course Bundles. That’s nice to do half of Uthena as vision, but just doing half of Uthena’s vision really doesn’t give it the true potential that we’re looking at because Udemy already has way more courses than Uthena. Skillshare already has way more courses. Thus just doing video courses and bundles and then we’ve kind of rigged it up. Really, these are video courses, but we’re selling services using courses. The next level on Uthena is building our own platform where people can join, immediately upload their own courses, immediately put their own services up and have a true user experience in a website that is fully designed and controlled by us as Uthena instead of having using another platform and then just putting our content on there.
The second big thing for investor money is to actively recruit instructors. I know a lot of ways to intentionally get instructors to come over to Uthena but at this point, I don’t see the purpose in doing that until we’ve got our own platform up. Right now, if you want to be one of the first to join, there’s passive income potential for life. Once you put your courses on, you get a percentage of the sales and all my organic traffic points. Thus, you can see the sales we’re making each day on Uthena via the Sales Report and you can get in on that. Usually getting in on something new like Uthena in the beginning as I got in on Udemy after I’d been up for a few years, those who got in on Udemy at the absolute beginning, had even more opportunity than I did.
Thus, that’s where we’re at today with my entire business. I’ve given you a whole picture of this because this is good for me to be transparent, for me to share with you what I’ve done and to share with you the income reports as they are. You might think I’m horribly bothered by this bringing hundreds of thousands of dollars of debt on myself to invest in this. The way I look at it is that this is all very exciting. This is a fun game we’re playing and I intend to win. I intend to make something that’s absolutely incredible. I am wealthy today. I’ve got enough money today. Even if it means I need to do a credit card cash advance to cover my expenses this month, that’s fine.
This is about making a platform that has a huge contribution to the world that allows someone like me to go to one place called Uthena and do everything instead of teaching on Udemy and Skillshare, having Upwork profile, a Fiverr profile and your own website. Instead of doing all that, one destination on Uthena for education and service. That’s the vision. And thus, I spend more time in my vision than on my day to day reality. I don’t take time obsessing about, “Will the money all work out”? because I realize I don’t know all the great things that could happen. And the nice thing with money, there’s much more upside possible than downside. I’ve posted a $13,000 lost this month, but next month investor could put in $2 million and then a $13,000 one month loss seems like pretty good, reasonable growth steps where you’re not just blowing money and you’re steadily building up over time. Someone could sponsor the Youtube channel for $100,000 and there’s no amount of money that can’t be taken away either. So, I think we’ve gone into the income report accurately at this month without going into painful detail.
I’ve covered the key aspects of it and I appreciate you being here today with me. If you’d like to make sure not to miss any of my videos, please smash the subscribe button on Youtube so you can keep up with what’s new. And if you really want to hit the next level, turn the notifications on so you’ll see every time I have a new video out. You can also get the videos on Facebook by hitting that follow button and clicking on “See First”. That’ll put them up higher in your newsfeed. You can even get notifications every time I put up a new video. If you’d like your Youtube channel name included and early access to all my Youtube Videos, you can join my channel and directly support all the video tutorials I make, especially with losing all those hacking videos. Your membership is extremely helpful. I’m very grateful for each member and I put each member’s Youtube channel name in the descriptions on all of my new videos.
Thank you very much for being here today. I love you. You’re awesome. You can follow me on Facebook, Twitter, Instagram, Linkedin & Youtube. I appreciate the chance to serve you and to show you my Sales Report. This shows you that sometimes when you want to make a lot of money, you need to invest and be willing to go through the maximum discomfort, putting it all out there, giving your whole heart out, willing to risk something like bankruptcy and just put it out there, go for it. And then that’s the way you reach the next level.