Welcome to my Income Report for October 2019 here with me, Jerry Banfield. This is the income report for my business online as a full-time entrepreneur. The best way to make sure you see all my live streams is to subscribe to my YouTube channel and turn notifications on.
Income Report for October 2019
Here is the overall income and expense report for October 2019. I am grateful for all you did in October 2019 to help me earn $7,846 with my business income. These are my expenses. I’ll go into these in detail.
$6,420 spent on advertising, $4,103 on contract labor and some other smaller expenses here adding up to $12,637 spent and a loss of $4,791 online.
If you think I’d like to have these numbers to show you, yes. It kills me to show you these numbers and I’ve got some very valuable lessons and adjustments. I intend to make a profit every month in my business going forward.
This is the most months I’ve lost money in my business since I first started it and I’ve got some big adjustments to make on that.
This is the income in detail for October 2019 and I’ll also have the expenses and most importantly, I’ll have the adjustments for you. I said I earned. Whereas in reality, I didn’t earn it by myself. Everybody that made this income helped me earn it.
We collectively made these numbers. I didn’t do this by myself with my own amazingness.
Income Report for October 2019
$1,996 from Stripe. These were primarily from courses, services, membership programs, private label rights and sponsored videos on Uthena. A lot of the payments came in that way. Thus, those are the main things that were sold for the income on Stripe.
$1,375 on Skillshare.
It is incredible from earning money on courses that I haven’t even put anything new on Skillshare in a while. That’s a big adjustment I’m making going back to teaching online classes.
$128 on Facebook.
Thank you for all the love, support, and donations on Facebook. Even though I haven’t been gaming anymore.
$210 on Patreon which I’m also very grateful for.
$1014 on Google Adsense.
That’s from my YouTube channel and that’s how much YouTube paid me for ad revenue earned in the month before that, which was September 2019.
$117 from my books on Audible.
If you haven’t checked out any of my books yet, I recommend jerrybanfield.com/books. Try out “Officer Banfield”. I’ve got a lot of incredible stories in Officer Banfield and “Speaker Meeting 2017” is also amazing as well.
These are my autobiographies and are really good. Thank you if you read the books on Audible. That’s how the Audible money comes in.
Mr. Doge Roblox: Where did you find YouTube and how did you get started?
I started on YouTube in 2011 putting up really terrible videos and just kept adding. For more useful tips & tricks, watch this playlist on YouTube.
$764 earned on PayPal again primarily through Uthena payments. Let’s take a look at a couple of income sources in detail in this Income Report for October 2019. Then we’ll look at expenses, adjustments and focus totally on questions.
$1600 on StackCommerce.
It is one of the largest sources of income for selling online courses. What’s incredible is that 2 of the largest income sources were selling online sources.
I haven’t even made or uploaded any new online courses in months and my mind finally sunk in with me that I’m still making a lot of money. I’ve made most of my money off of online courses and I am not making any new ones.
This is the exact earnings breakdown on Skillshare. This is what I’ve earned on Skillshare and Skillshare, in my opinion, is one of my biggest areas where I can make an improvement. When I was focusing on Skillshare, I was earning a lot of money on it.
A lot of the money I earned on Skillshare is when I focused on it and what’s incredible is that these are my earnings even though I have hardly paid attention to Skillshare in months. Still putting out thousands of dollars a month.
I’m going through my entire Skillshare account and fixing everything up this month. I’m updating all my courses that need to be updated.
Fixing titles and taking out old videos because literally updating my Skillshare courses I imagine I can go from $1,000 to $2,000+ a month just by updating the courses and not even publishing anything.
Therefore, you can see the breakdown of Skillshare. The majority of the earnings are from royalties and then the minority from referrals in my Income Report for October 2019.
If you’d like to join me on Skillshare, Skillshare has 20,000+ video classes you can watch for $15 a month. I have an affiliate link that I hope you’ll use and that’s how I get these premium referrals.
Sufyan: How to grow a channel on YouTube?
Live streams are a great opportunity to grow a channel on YouTube. If you want to know how to Live stream, check out the video below.
If you notice, that’s a great amount of income online considering I didn’t need to do much for.
A lot of this was passive income like if I hadn’t done anything at all, I’d have made the same amount of money on Skillshare, YouTube, Audible and a lot of the PayPal, Stripe, and StackCommerce payments would have come in too.
Thus, a lot of my income is passive in my Income Report for October 2019. As far as my expenses are concerned, this is my biggest learning opportunity.
Look at the #1 expense I had. It was $3,985 in Google ads. I had this theory that if I did a bunch of YouTube ads, I could really get things going and if you look at the stats on YouTube ads, I was really disappointed with the results.
Now, I get a lot of views and minutes watched out of YouTube ads but I can’t prove that they made any difference to my channel.
It seems utterly ridiculous as big as my channel is already and most YouTubers would be happy with only getting a few hundred views and tens of thousands of impressions on every single video.
I spent a bunch of money to try and boost my image and appearance on YouTube. Every new video was having thousands of views on it within the first few hours.
I had a theory that I could get more sponsored videos this way and maybe that would be valid if I kept doing it for months but after I did that very revealing video on my debt, if you go look at that, I think that’s one of the best new videos I’ve done in a long time.
Here’s the blog 35 with $484K in Debt and a Plan. You can also watch the video below.
After I looked at the debt and I looked at how much it was, I didn’t even realize how much it was. I’m like, “The Google ads expense is unwise. This is not a smart expense right now”.
One of the biggest adjustments I made was that I totally stopped doing any ads online.
Others of these expenses are essential, for example, this Upwork expense is to get all of my videos transcribed into blog posts which gives me thousands of organic search clicks every day on Google which helps make sales and build followers on all platforms.
That to me is a really good long-term expense. Also, email marketing and web hosting automation. These are essential expenses.
However, these bottom 2 were not essential. I can do my own graphics.
This is a graphic that was done by my designer Auret & Jewel. This looks better than the graphics I tend to do myself.
However, it’s free for me to do the graphics myself and it’s fast in terms of doing it. I don’t have to plan a video in advance and have the graphics ready.
Video production also, it doesn’t seem reasonable to me be paying other people to make videos for me while I’m not even making videos myself.
Jimmy: 484k in debt. Shouldn’t be offering advice to anyone!
Jimmy, that aggravates me. It gives me something really good to talk about because most of us only think that “Well, if I’ve got really great results to show then I can give advice but until I look perfect, until I have a great reputation, until everything’s perfect, I don’t have any right to teach someone else”.
It’s a lie that our egos tell us to keep us small and failing. Every single person has something really valuable to help and share with another person. It doesn’t matter how much debt you are in debt or how great your life looks.
It doesn’t matter about all these external factors. Every one of us has something really valuable to teach, to share and what our minds do is make excuses and my mind’s done the same thing.
It said, “You clearly don’t have any business. You’re trying to show people how to make money online when you’re in debt” and that’s a lie. That is a lie because this money that I made, I didn’t have to spend very much.
I can have the choices I made and that’s where personal responsibility comes in. I’ve made more passive income online than probably 99%+ of people are trying to make it online. It’s my choice about my expenses that have created the debt.
Now, some of the income is related to the expenses I’ve put in but most of the income is not related to the expenses I put in. It’s related to the work I’ve done and the ways I’ve served others.
I have spent money on things that have also taken my time and if I hadn’t spent that money and if I’d taken my time to make more online courses, I would have made more online money.
In fact, the ability for me to rack up this kind of debt is a function of how well I’ve done. How do you think people loaned me so much money? It’s because I’ve made so much money.
Creditors gave me an absolute fortune that I was free to borrow and I’ve made so much money. I had so much confidence and blasted ahead so fast that I didn’t take it slow and just easily moved forward.
This is an important thing if you want to help others. You’ve got to be comfortable helping wherever you’re at today because all of us need help. Bill Gates needs help in his life just as much as the homeless man on the street.
Thus, I thank you for giving me something that may help others a lot to learn about. You can help wherever you’re at today and do something that you can talk about what you’re doing for others.
I was listening to Gabrielle Bernstein’s book also and she was talking about teaching. As a spiritual teacher, that same thing comes up that “Well, I can’t teach other people how to have a better and more spiritual life when I’m still not where I want to be myself”.
What I’ve seen is that I’m in an incredible position to teach and share my story and journey right now and that’s one of the takeaways I’ve got this year.
Joydip: Why have you uploaded a lot of different types of videos on your channel?
What I’ve done on my channel is I just share whatever I want for better or worse. The YouTube algorithm struggles to understand my channel and the viewers often give inconsistent feedback about my videos.
Yes, if I had to start over again, I would separate the content I produce with others versus the content I produced myself.
Everything Jerry Banfield does is fine on one channel but if I’ve partnered with a co-instructor and they teach most of the course, that should go on a different channel.
Sometimes you can only learn the tough way.
Here’s a video that will help you better understand how I got 286K YouTube subscribers with 165 views/video.
Wesley: Your thoughts on Google Adsense by blogging and sharing content with FB Groups?
Wesley, I share all my blogs. I don’t go to any Facebook groups outside of my own to share them and Google Adsense is one of the worst ways to make money online with a blog.
You can sell a product, sell membership or do affiliate marketing. Selling your own product or membership is often a much better way to make money than using Google Adsense. Even though I know all about SEO and Adsense, I don’t even put Google Adsense on my website.
Now, this technically says “Google Adsense” but that’s only from YouTube. Thus, Wesley, the best thing I can do is share what I’m doing.
One of the other big expenses is that I bought a ticket. I have not been to a conference in a long time. It’s been 2 years since I’ve been to any kind of conference.
I pretty much just completely work at home in my office and then it sometimes is limiting mentally because I’m so into my comfort area. I stay in the same spot. So, I found a really good conference to go to.
I’m going to speak, write, promote and become a mover and shaker in 2020. This is a good conference because I’ll get to meet with Cheryl Richardson.
She is an established author and the CEO of Hay House Inc which is a publishing company that I’m intending to get a book published with and to make some online courses from them.
So what this conference is doing is buying me direct access to the right people to get to know, see, and talk to in person. Cheryl Richardson was kind enough. I shared this on Twitter, took this exact screenshot and put it up on Twitter.
Cheryl Richardson retweeted me off her account with that. I’m already getting some value out of this and I’m also helping someone else get their book published at this conference as well.
Income Report for October 2019
If you put this together with Google Ads, that single-handedly accounts for spending more than I earned and that takes us to the adjustments.
That is where the real difference is made because with having a business online, you do need to spend money to make money.
Some of the expenses were essential, for example, web hosting is an essential expense. Technically, e-mail marketing is not, but I’ve got a list of 19,000 people that seems like I’d definitely be able to make back at least 500 on that.
Upwork is helping me build my website up. Thus, these are the adjustments I’ve made.
#1 Adjustment is More Online Courses. I keep getting away from live streaming for some reason because it works so well and because this is the unique value proposition I’ve got set up.
I’ve been watching Casey Neisat videos. I watched Mr. Beast and I keep thinking and trying to improve my setup all the time. I’m obsessed with doing the best job I can for you with the least amount of effort on my part.
For some reason, I keep forgetting that this live streaming studio I’ve got here, this is my thing. Casey has his blogs, that’s his thing. Mr. Beast uses the money to make these things like he opened a free car dealership. That’s his thing. He’s got that down.
Well, this is my thing. I do really well with live streams and have a very interactive live stream environment and I keep getting away from it to do sales videos.
So, I keep getting away from what I can do best and the beauty of it is live streaming’s free. Yes, live streaming is free and it reaches so many people.
YouTube will give you a boost in the organic ranking often while you’re live because YouTube wants to bring people in live.
Thus, one of the best ways you can get ahead on the YouTube algorithm is to do live streams. Same thing on Facebook, Twitch, and Mixer. You can’t even get on those unless you’re alive or doing something cheesy pre-recorded.
So, yes, more live streams. This is my thing and the key thing on the live stream is more stories and I’m making this more of a talk show.
Therefore, as I show up here today, this is not “How to make money online?” or “What you should do?”. This is my experience and inside my life. You can’t just add more and more things to your life without taking away.
So, the adjustments, you’ll see things I’m stopping doing and things I’m focusing on.
The 3 things I’m focusing more on are more online courses, more live streams, and more videos and integrate all of that with more stories and take out advertising, take out paying other people to make videos for me and take out sales videos.
I’ve spent so much time and energy making sales videos.
One of the things I’ve done that’s contributed to having so many subscribers on YouTube, so many followers on Facebook and often having a much lower than expected engagement rate is because I’ve made so many sales and advertising videos.
I’m so grateful. This has been a hard adjustment to come to because I built my followers on Facebook and YouTube. I’ve built my followers using advertising but I’ve seen that it’s time to stop advertising.
Ayush: Who is a Restream bot in the chat?
The Restream bot is taking all of the chat from everywhere that I’m live and then putting the chat out so you can see it. For example, when someone comments on Facebook, the Restream bot puts the Facebook comment over on YouTube and Twitch.
If you’re watching on Twitch and someone comments on YouTube, the only way you can see that is if the Restream bot takes the comment from YouTube and puts it over on Twitch with a person’s name.
Thus, the Restream bot helps everyone who’s chatting on all the different platforms to be a part of the conversation. This is a playlist that will help you set up Restream and understand better about it.
The number one suggestion I have for live streaming is to use Restream. Use Restream to go live on Facebook, YouTube, Twitch and Mixer all at the same time. The Restream bot does cost money.
I do income reports for transparency both for myself and for your benefit because I love seeing people inside businesses online and it also keeps me honest. This is why I’m doing this Income Report for October 2019.
I’ve found that when I was getting into some of my most questionable activities, I also conveniently stopped doing my income reports.
For example, all the crypto investing I was doing. It made doing income reports month to month too complicated and I conveniently just stopped doing income reports.
It’s very helpful for me to do my income reports, show what’s working to make money, show my expenses and show what I’m learning out of that because that’s how I like learning the best.
I hope this has been helpful to you today. If you want to make sure to see future live streams, there are several ways to do it. Please subscribe to my YouTube channel and turn the notifications on.
That way, whenever I do go live, you’ll get a notification.
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I intend to do up to 30-minutes live streams every day going forward because what I’ve learned with my business and live streaming is one of the best ways to build a following online today.
So, thank you very much for helping me have a business online. I love you. You’re awesome. I appreciate all that you do to help me have a walk to work commute in my backyard to be around with my family every day.