My Five Figure A Month Income Breakdown: How I make $36,500 in 30 Days

All right, I'm not going to believe I'm doing this, but I'm going to let you have eyes on my books for my business. I want to be transparent with you because I feel like there are a lot of people in this online space, coaching courses, whatever you want to say that run their mouths, meaning they run their mouth about how much they are making. Seven figures, eight figures, right? Cool. That may be what they're bringing in, but how much is it actually costing them to bring that money in? Because I'm going to beg to suggest a lot of them are spending way more money than you would have imagined. And I'm going to say, based on my experience of working with some bigger businesses, sometimes they're spending more than they are actually making, even if they are making seven figures. So to continue with my transparency series that I will link here if you want to catch any of the other ones, I'm pulling back the curtain. The way I'm going to break this video down is first I'm going to run through everything that I made, how I made it, like what income streams. Then I'm going to walk through the expenses as well. Then I want to share with you some things I'm changing going into the second half of 2024 based on the analysis that I've had on the first half of 2024. And then I want to wrap it all up by giving you some of the biggest mistakes that I've made when it comes to my business finances that I hope you you won't make in the future. My name is Trina. If you are brand new here and I help course creators, coaches, service providers start using YouTube to generate leads sales clients into their business through all organic traffic. Because we're talking about finances here and not a lot of us have dough money to spend on ads. So first up, revenue. I'm going to break this down into different categories or revenue streams because one of the biggest lessons that I've learned that I want you to write down right now, multiple revenue streams is key. If you just have your revenue focus on one stream, you kind of are pigeonholed in yourself. And if that fails, all your revenue streams fail. So it's really important to have different revenue streams. And this is actually something spoiler alert that I will be focusing on more at the end of 2024 and possibly talk more about that later because a lot of my revenue stream right now is based on one program and that is my coaching. So you can see In May of 2024, I made a little over 35,000 in that one month for my coaching program. This includes their monthly payments, people who have paid in full. If we keep scrolling down, you'll see that my affiliate income and I've also added YouTube AdSense into that is around $711 for my services. So there are still one to two more people that I do one on one services with and that was a total of 2,800 this month. Digital products are still cir out there, which I have ideas about moving forward. Course payment plans, any of my smaller ticket offers, we made about $3,690 there. Then you got to take all that money you made and subtract all the stripe fees and the PayPal fees, and those fees equaled over $2,065 for one month. That brings us to a gross profit of just under $40,000 for May. So. So, just curious, no right or wrong answer. How many revenue streams do you have in your business today? And if it's one, totally fine. But I would love to see kind of where you're at down in the comments below. Like I said, I have about four. Not all solid, but about four. Let's get into the expenses because that's where things get juicy. The biggest expense other than payroll, which you'll see here in a moment, is Facebook ads. So we ran a launch in May. So we were running a lot of Facebook ads to generate buzz and leads. And so we spent over 6,000 DOL ads in the month of May. I spent a little over 2, $500 for contractors. This includes my video editor and a copywriting agency that takes my videos and turns them into blog posts and emails on Wednesday. Dues and subscriptions I've lumped together. In total, it's about $600. So these would be things like my Google suite, AI copy club, funnel, Gorgeous. And also custom thumbnails, which is who I use to create my thumbnails. Then we have coaching that's just a little over $3,000. And that is my mastermind coaching program that I have for the full year. And then I have a more specialist coaching program that I'm a part of right now that equals those two parts. Then we have my accountant, because I would not be having and understanding all these numbers and improving my finances without her. And that's $1,300 thrown into the mix here. In the month of May, I traveled, I had a conference. So we did have meals and entertainment, which is basically for me. For me it was going out to dinner to feed myself was a little over $230 in May. And that's not a normal expense, but I was out of town. Office supplies we have at $650. And this isn't like papers and pen office supplies. My accountant has classified some other things in there as well. So I'm not spending $650 in the month of May on papers and pens. Then we roll into the largest chunk of my expenses and that is payroll. I want to be very clear here. I am a part of my payroll. So the expenses being pulled out here include what I'm paying myself each month, includes my paycheck as well, and then it also includes my two full time employees that work for me as well. So this is three people's salaries being pulled out each month. There's also a payroll processing fee of $123. Then we roll into the fun stuff, the software. So things like type form, ExpressVPN, hello, audio, ad, event, manychat, storyblocks, zapier, zoom, Dropbox, adobe quickbook, looms, audible, all fall under those expenses. And I'm going to tell you, earlier this year I did a full deep dive into my expenses and I cut a lot of software. Like that's even my pared down list. And we're still just about a thousand dollars for software expenses. And then we have travel expenses because like I said, I traveled in May. So I had a flight that I bought in the hotel, which is included in travel total expenses coming to over $30,000. $30,000 to make $40,000, friends. That means my net income was just about $9,000. Now that's not what I paid myself. Right, My pay, right, my paycheck was taken out of the payroll expenses. So this is money that I can save and potentially reinvest into my business or what I'm doing with it, building up my business emergency fund. Let's jump into now what I'm going to be changing for 2024 after reviewing all of this. But first I want to talk about, am I hitting my revenue goal? Is that all I want to make in a year? Because we hear so many people wanting to hit seven figures. So short answer, yes, I'm hitting my revenue goals. The thing is, I knew going into 2024 one revenue was going to be lower than our normal year because we had blown up and grew an agency. And I was done with agency. Just personally, I also knew I wanted to work less in 2024. I had really closely started approaching burnout in 2020. Knew if I was going to do Less then I was going to expect to make less. Now when I planned for 2024, I knew what my enough number was and I was happy with that. So are we hitting my enough number? Not yet, because we are trying to grow back up from the agency. But I am fully confident that by the end of this year our total income revenue will hit the goal and I will have enjoyed it more because I had worked less. You may have heard me allude to this, but one of the first things I'm changing for the second half of 2024 is increasing my revenue streams. As you saw, my main revenue stream and almost what 90% or more of it is coming from one thing, my coaching program. This tells me a couple things. It's that my business is reliant on that and that is reliant on me and in my time because I give one on one time to my clients. So that it's telling me too. It's going to be hard to scale in a way that doesn't take me out of it. So if I want to continue to stay in and coaching my clients, I need to find other revenue streams. Just so I'm 100% transparent with you, like I like to be. My goal is to make $50,000 from my coaching program each month. That is the goal. Like pie in the sky. Dream. Perfect. Now the second thing I'm looking at for adjusting my finances the second half of 202024 is increasing affiliate. So also a revenue stream, but specifically affiliate revenue. I want to start getting more affiliate income from places like Amazon where I talk about my equipment and all the different things like my standing desk. I've actually created an Amazon homepage or shop page or whatever that I'll link below to just share with people who ask me all the time what are the things I'm using. I also want to double down on some of the softwares that my business lives on, like FG funnels like Asana. I'm really diving into how I can strategically start playing in these affiliates into my reoccurring content. And I'm also going to be focusing on AdSense generated from my YouTube channel. Now it's not something that I can control on a month to month basis and it's not something that I rely on when I'm planning my expenses. But the goal, ideally I would love to be making about $5,000 a month from AdSense. I'm about a thousand a month, give or take, depending on the month. So we got a ways to go. But that would be the ultimate goal to increase AdSense money as well. Now let's roll into these mistakes that I made that I'm glad I learned them. Would I say I would go back and change them if I could? Yes. But they were tough mistakes to make and learn first, not cutting expenses faster. So as I mentioned, we really pivoted the business at the end of 2023 and burned the agency down. And the expenses that we are accumulating from our agency carried into 2024, but the revenue didn't. And so fortunately for me, I had a business emergency account or savings account that I could keep up with the payments while I was losing more than I was making. I had that nest egg. But I wish I would have cut some of the expenses sooner, even though it was hard to do. For example, I had to let go of an employee that I hired, but I had hired her specifically for agency work, and because we no longer had the agency, I had to let her go. Although I held onto her quite a few months into 2024 till I just couldn't justify paying her for a job that didn't exist anymore. I also pulled back on ads. And I want you to understand, ads for me isn't necessarily how I'm growing my audience. I am growing my audience here. But Facebook ads allow me to re engage audiences with re targeting campaigns. It is also getting people aware of me, while YouTube really warms them up faster. So I am not just doing Facebook ads. I'm using it in tandem with YouTube to shorten the amount of time it takes for a viewer, a follower, to gain that trust with me. I also cut a lot of expenses, subscriptions, those types of things, which when I looked back on them, I was like, I haven't used that and know how long and I'm still paying for that. After doing all of that, I was able to cut my expenses in half. That is why I'm like, why didn't I do this sooner? So if you haven't gone through an expense audit on yourself, this is your sign. My big goal for my expenses in 2024 is just to run a leaner business. I mean, that makes sense. Spend less, Trina. But in all honesty, I'm running a lifestyle business. I want to have a business that I enjoy that has a lot of flexibility. And that's not where it was at when I was approaching seven figures. And for me, I am fortunate enough. I know it's privileged that I don't have to push for that because my husband contributes as well, but it's just for my where I'm at right now, what I feel good with. And because I can do that, I just see myself kind of hitting those smaller numbers. And I love that. For me now, one of the biggest reasons I was able to have a big revenue month in May is because I launched my coaching program that month. And in the video that's on your screen right now, I actually do a complete debrief of this launch. I'm sharing what I made, lessons learned, and, of course, biggest mistakes. Make sure you watch that video right there.