NOVEMBER REVENUE: $338,448.00
NOVEMBER EXPENSES: $13,749.46
NOVEMBER NET INCOME: $324,698.54
November was an exciting, humbling, and kind of crazy month. We launched an advanced 7 Figure Flipping coaching program over at House Flipping HQ, and we had a GREAT response to that. It’s amazing to see what happens when you step out and decide to serve people at a higher level!
Why Do We Publish Income Reports?
For several reasons. Mainly, our goal is to hold ourselves accountable to be transparent about our success and failures. If you’re reading this, chances are you’re running a business or you’d like to in the near future. We want to give you an inside look at our business… the good and the bad.
Honestly, we weren’t sure at first whether we should share this or not. We went back and forth on it for a while, and finally decided that giving a glimpse “behind the curtain” will help our readers, listeners, and followers learn more about what goes into running a business, and give an example of the income that can be achieved and the expenses to be expected.
What This Income Report Covers
This report covers the income and expenses for the month of November 2015 for our online businesses (House Flipping HQ and 8 Minute Millionaire). This doesn’t include our actual house flipping business, which is a whole separate animal. :) We’re not including that here because (1) the financials for that are much more complex, and (2) our goal here at 8 Minute Millionaire is to share what we’re doing in our online businesses specifically. If you want to get into more of the nitty-gritty on the real estate side, head over to HouseFlippingHQ.com. :)
7 Figure Flipping Program Signups: $303,000.00
House Flipping Coaching Program New Member Signups: $21,164.00
House Flipping Coaching Program Residual Revenue: $13,987.00
Seminar Recordings: $297.00
TOTAL REVENUE: $338,448.00
Employees / Contractors: $5,416.66
Software / Online Services: $2,161.89
Affiliate Commissions: $3,629.91
Refunds and Voided Charges: $2,194.00
TOTAL EXPENSES: $13,749.46
Total Revenue: $338,448.00
Total Expenses: $13,749.46
NET INCOME: $324,698.54
What We Learned This Month
We talked last month about how we stepped out into the unknown a bit by launching a high end program, and this month was no different… especially because we were launching another high-end offer right after the one we introduced last month! But it went great…
One lesson that stands out from this month is focus on your best customers. That core group of customers who love what you offer, your raving fans… serve them as best as you possibly can, and give them everything you’ve got!
If you have an existing customer base already in your business, how can you serve them more? How can you help them get to the next level?
NOTE: Another big step this month is that I brought on a partner to help me with the 7 Figure Flipping program. This will both provide more value to our high level coaching students and allow me to continue to focus on growing our business. Since transparency is important, I want to note here that this partner will receive a portion of the profits from the 7 Figure Flipping program.