Welcome to the May 2019 income report here with me Jerry Banfield, I love looking at other people’s money and income and seeing how it’s coming in and being spent, which is why I do this for you every month.
I put this income report on the Jerry Banfield blog and on my website and I enjoy presenting you the numbers we’ve got from May 1st, 2019 to May 31st, 2019, for my entire business, as I track it in QuickBooks Self-Employed, which if you want to help me earn 30 bucks, here’s an affiliate link and also on my website on JerryBanfield.com/resources, it’s really helpful for doing your accounting software.
The total income this month -and I’ll go into more detail to show you how this came in- is $9,941, which I’m very grateful for, because that’s up about 50% from the beginning of the year, and the growth is looking at the best I’ve seen in my business in years.
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What you’ll notice is we go down the expenses of the largest expense is contract labor, $22,000 in contract labor, the majority of that is going to pay for new video courses to be filmed. Now the nice thing with this expense, I’m going into consistent right now not hiring anyone new. And some of the existing projects have finished thus this large expense can almost completely be cut in let’s say where I can’t get any more loans. It could be cut in that scenario. But at the same time, this contract labor is creating more and more value every month for my business. There are files that are available via Private Label Rights in my Dropbox folder, as it was all of this contract labor. And we’ve got really valuable work being done that by contractors also to build up Uthena and to put all the videos on my YouTube channel to handle all these aspects of my business that I was doing myself, which made it so I didn’t have time to do other more valuable work and focus on building the business instead of working in it.
The rest of Advertising Expenses, also. Things like web hosting, which I do with Kinsta, there’s affiliate links to all these on the resources page on JerryBanfield.com, the email marketing several hundred dollars a month via Active Campaign and the cost of hosting Uthena $499 a month, all that goes in advertising and the interest paid on that’s actually not the full amount I’ll go back at the end of the year and put all the interest on. But that was just on one particular interest payment.
This month I’ve also got some smaller expenses here like the part of the internet bill, part of my phone bill. These go on other expenses. Total -$18,000.
I’ve borrowed money all year to fund this expansion of the business. And I imagine we’re getting close to a tipping point where at first the income will match the expenses, the expenses don’t have anywhere to go from here in the short term, there’s no reason for the expenses to go any higher. Meanwhile, income has a lot of growth potential.
Let’s take a look. First, you might think oh my god, you lose that much money. I spent more than I earned because I’m investing in having the biggest amount of income and creating the most amount of value. Those two are very closely linked, that I’ve ever done in my business producing video courses and building an incredible business system via Uthena that helps out other people.
You spend money to make money. I’ve been investing to build this, in a few months when the income is ridiculous, maybe $100,000+ a month and the expenses are still about the same. Then this would be the income report I refer back to -and the other ones in proximity to it- and say: Hey, this is how we got here.
Now let’s take a look at the business system itself. I did something this month, a major step forward in my business that is already paying huge rewards. I’ve started offering free calls on my website, you can now schedule a 30-minute call with me totally for free, anyone is welcome to schedule call as long as the topic is not ethical hacking. I really don’t know much about ethical hacking, I just paid people to produce courses that do. Thus, I’ve ended three out of four the people scheduling ethical hacking calls, have not made the call.
If you want to talk about something besides ethical hacking, we can talk. You might look at it upfront and say wow, really, you’re going to offer 30 minute free calls when you’re spending all this money. How’s this going to make you money?
I struggled to do this because I didn’t see that it was worth my time. And now I’m having these calls, I’m getting some great information, I’m able to help people out. People ask what’s the purpose of the call, I got a whole section on that. The purpose of the call is to help you when you’ve got a pressing problem or something you really want to discuss with me these calls are to help you I don’t need to make any money out of the calls. There’s no pressure for me to sell you anything in a call, which is really nice.
I’ve put these up with the purpose of really helping you and being available to talk to you and give back for all that you’ve done. I imagine that while there’s no direct income potential and doing these calls, the opportunities that arise from them are unpredictable and may be massive.
For example, someone just scheduled a call to talk with me about getting investors for Uthena. An investor might put a million dollars into Uthena. And that is something that’s possible out of these calls.
If you’d like to schedule a call, here’s the process. You just click the button, pick a day -I do one free call a day seven days a week synced with my calendar first come first serve- click on a spot, you pick a time, it’ll be in your local timezone, then you put your name, whatever email you want to use, then you pick your call topic -if you want to talk about hacking, I will cancel the call, I can’t help very good with hacking- if you want to talk about teaching online or collaboration, interview, business growth, a life situation or something else. Put that in there, I recommend you talk as much as you can upfront.
I’ll read this beforehand and be prepared, then you’ve got your website on here where I will link to, in the video, if we’re able to make one, you can join my email list. And if you want a text message reminder, you can schedule that. So that’s my free call system. I’m really excited about the potential of this.
I’ve also got updated this month all these different affiliate programs. And then Uthena courses right on the sidebar of my entire website. This is helping me to get some more affiliate earnings, get some more clicks.
If you want to give back or help out in any way. And you know, for example, you need Video Course hosting, a web hosting or a screen recorder, or whatever it is, all these pictures and then the Resources page on my website are very good ways to do that. So I’m imagining this will increase some income. However, I’ve gone on for several minutes now without actually showing you where the income.
The number one source of income I have is selling video courses online. I sell courses on Uthena.com, which is hosted with Thinkific it’s basically an enterprise self-hosting solution that I’m thinking about and planning every day, how can I give the most value to students? And how can I give the most back to instructors?
On Uthena I did a massive update to the Teach page, you can now apply directly without enrolling in a course, or signing up all of the terms and conditions are laid out very clearly along with the benefits.
Some of the expenses this month in terms of contract labor were paying out advances to instructors $20 per course, when you upload your course to Uthena. According to what we’ve got on this spreadsheet and on this page here, you will get $20 per course.
If you put 100 courses up, we are prepared to advance you $2,000 for those courses, because that’ll help us start selling them right away. Then when we make the sales back, we keep the first $2000 we would have paid you because that’s an advance and we already paid it to you, then you start getting payments on PayPal after that.
I’ve got the terms all laid out very carefully, explaining that you get 80% of organic sales, which is better than any other platform and 60% even when it’s sold by a different affiliate.
I’ve got a Uthena sales report that I’m so excited about also, we just got this up right here. If you look over, you can literally see every single order on Uthena in real-time, you can see exactly what someone paid.
You’ve got the price, you’ve got the instructor earnings, the affiliate code, if there was one, this actually calculates all of this in real time so you can see exactly what is selling, how much people are paying and who’s making what.
I’m grateful we’ve got $2,483 in sales already in just 16 days of June. That is a big increase on what we’ve had previous months on Uthena. And we had something like $4000 or so total last month on Uthena, this month is on pace to pass $5000 and maybe even more as I’ve just made big updates on YouTube. And we’ve just got some new options on Uthena as well. We’ve got this huge Uthena University bundle now has 209 courses.
I imagine this will have over 10,000 courses one day, and I’ve got the same I just put this up today it’s the same thing except it’s $9.81 a month instead of a one time payment with a one month free trial.
So these, we sold the first two or three of these last month and this month. And now we’ve got this up to four subscriptions, the Ethical Hacking Forever course bundle is currently the number one seller now with 21 courses in it, people are buying it. Thank you if you’re one of the people who’s bought a course.
All of our courses on Uthena are now $27.81 we have changed our course pricing policy to make it consistent and simple. We’ve also removed all coupons. This again makes it simple. We don’t need to compete with any others.
This is the main thing I’m investing money in, to earn back all the sales. Getting courses filmed that are them selling things like this Ethical Hacking Forever course bundle on YouTube, and you can see and keep up with the sales, all instructors can watch the sales come in in real-time and see what percentage of those you’re getting based on.
However much instructor earnings are -if you’re in a course bundle, every instructor splits the earnings evenly by number of courses- which is great if you’ve got a ton of courses. And if you’ve got a really long course you can break it up into parts on Uthena to get your even to get the amount of income you should get.
Let’s talk about some of the other income areas and the expense areas.
YouTube, this month, the ad revenue is up significantly, and at this rate, the ad revenue is on its way back to 2000 a month, which it was before the YouTube ad pop ellipse and I let my YouTube channel goal, but the YouTube growth is fantastic.
At the beginning of the year, the views were under 200,000 a month, the subscribers were about 1600 or so a month since the beginning of 2019 was fantastic growth on the YouTube channel. And several of the videos are new releases.
These videos are new releases, and these are views within the last 48 hours. Several of these new and those are videos I paid contractors for. That’s how this whole thing works together here, so I paid the contractors, the money goes out here then the courses go up on Uthena. And then I’ve got three of the top three videos this month is, the Best Hacking course, the Python Hacking and Android development. All those are brand new, all just paid for contractors.
And now we can see these are some of the top videos on my YouTube channel already.
And that’s how we are promoting videos by other instructors on Uthena.
When you start teaching on Uthena, we’ve got a new program where we’re uploading videos, you give us your videos that will put a free preview on YouTube of your course and then sell it for you on Uthena, the benefit being with the size of my Youtube channel I get those 10s of thousands of impressions on almost every new video get hundreds to anywhere from thousands of views on a video within the first few days of release.
That gives it a chance to lay a foundation and rank higher and higher over time than if you had your own YouTube channel, that you didn’t pay much attention to, it’d be difficult to get that kind of traffic.
I’m also planning to make another YouTube channel one we’ve got too many videos to put out on my channel by itself so the YouTube views, drive the purchases of video courses and bundles on Uthena and then that’s how this whole system works together. I’m doing an all-organic traffic system right now no paid ads on Uthena.
I also am on some other course platforms let’s look at the most annoying over the last month Skillshare took my profile down last month. Because of an inaccurate DMCA request, SkillShare immediately took the profile down without asking me anything or giving me the opportunity to provide a counter notice prior to taking the profile down.
I then provided a counter-notice, SkillShare took several weeks to put my profile back up, SkillShare then took down my newest Google Go course because I had it produced by another instructor. SkillShare did not give me the chance to even specify rather my account is a personal account or a business account.
I’ve specified to myself and to SkillShare via email now that I have a company account that SkillShare allows, they have not responded and five days now.
This platform is the most annoying out of any platform I’ve been on for things like changing the policies and then getting a strike on it. You used to be able to put course on SkillShare that we’re all about how many followers you get. And in fact, Udemy encourages you to focus on results SkillShare does not allow that, they change their policy.
I talked to one instructor who got banned because of them changing that policy all the sudden and he got a couple of other quick strikes and then got his whole profile taken down. Also, the amount of money earned on SkillShare versus the amount of effort is the worst out of any course platform with the same amount of SkillShare, I have sold hundreds of thousands on my own courses on Udemy, with more effort sold over $600,000. On StackCommerce with much less effort over $150,000 in sales. SkillShare is the lowest amount of return based on the amount of effort.
If you calculated all the time and energy in SkillShare, the ads I ran to promote my profile, and the loss of opportunity cost of I could have promoted something like Uthena instead of sending people on my YouTube channel… I’m done! I’m done with skillshare, they are a waste of time, the platform is going nowhere in my opinion with arbitrary policies.
For example, they don’t allow cybersecurity Ethical Hacking courses on there are getting random strikes because the user interface is set up in a way that you can’t specify your account is a company or a personal account. The support takes forever. For example, when they took my profile down, they did it within 24 hours of getting the DMCA request, it took over three weeks for them to put my profile back up.
That’s the end of my skillshare rant on there.
I go into detail about whatever I’m working with each month and the income reports. If you watch each of the income reports back to back to back, then that you can really get an entire picture of my business that didn’t take hours to give you otherwise.
One thing I’m really excited about, the growth in the future also is the Jerry Banfield partner program. We had one new partner in May and the partner program is $6,543.21 to join it’s once for life. And then you get weekly voice calls with me if you just like to hang out with me or work in my mastermind. We have a really strong community of about five or 10 of us that come to most of the partner calls work together and help each other, we’ve got a list of some of the more active partners here on the website
Auret and Jewel just did an awesome testimonial video for the partner program. They have earned over $11,000 working with me, since they joined as a partner the Partner Program is my first choice of where I hire people from, if you’ve paid to be in a partner program and I need some work done, I’m going to be asking you first to see if I can start spending money with you, which is exactly what I did.
We’ve had partners that have built businesses that have gone from zero to $10,000+ a month by using the resources available in the Partner programs such as my Dropbox folder with all 148 of the video courses I have plus all the new ones and with just working together taking advice and helping me out.
I love the partner program because it helps me out so much and it gives me a very good place to focus on giving back if you’d like to join us as a partner now’s a great time because I may even start doing two partner calls a week instead of one to make sure we get some more time with partners and
I’ve given you a really good overview of the business and the expenses. I do mention that most of the expenses were on Upwork. If you look where did I actually spend the money on this contract labor Upwork.com is where I spent most of the money. Upwork.com has ignored my request to be sponsored even though it’s so natural for me to mention them, I guess aren’t interested in working with me right now which is fine.
Really good opportunity if you’d like to get in while the growth is so heavy before the cost goes up. I think this might be a really good opportunity for the right sponsor and this is what I love about Uthena it is we’re able to put services up on Uthena. We did make a sale of my hourly services. One hour that people I imagine the who purchased will be using it for a call with me.
Alright, this income reports 20 something minutes now it’s time to wrap it up.
Thank you very much for learning how I spent $18.000 more this month than I earn and thanks to all the banks that have loaned me money to get this far, I will be doing a net worth report soon.
Currently, my business is currently $92,000 in debt and we are getting close to the turning point where I imagined in a year all the debt will be paid off and it will seem funny that I ever was in debt as we did once before for today.
I’m very grateful to have this income report to present to you.
If you want to talk with me, you can try and get in on a one-on-one call if there’s time available.
If you just want to have more flexibility in scheduling your call. You can grab an hour with me on the Hourly Services on Uthena and then you have much more base, you can either schedule your call out as far as you want to or you can hire me to do other things for you.
I love you. You’re awesome. And I’ll see you in the next post.
If you find anything helpful in this video or funny, will you please leave a like because you will feel great helping other people find it?