OCTOBER REVENUE: $137,519.00
OCTOBER EXPENSES: $31,230.26
OCTOBER NET INCOME: $106,288.74
Wow… October was an interesting month! We tried some new things and it really paid off. October ended up being our best month yet, with our highest revenue and highest profit for a single month ever!
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 October 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. :)
House Flipping Coaching Program New Member Signups: $21,743.00
House Flipping Coaching Program Residual Revenue: $15,182.00
HFHQ Turn Key House Flipping Program Signups: $100,000.00
Seminar Recordings: $594.00
TOTAL REVENUE: $137,519.00
Employees / Contractors: $5,416.66
Software / Online Services: $7,222.28
Affiliate Commissions: $11,051.32
Refunds and Voided Charges: $7,540.00
TOTAL EXPENSES: $31,230.26
Total Revenue: $137,519.00
Total Expenses: $31,230.26
NET INCOME: $106,288.74
What We Learned This Month
This month, we went out on a limb and did something different than we’ve ever done before. We tried offering a high-end product with a $20,000 price tag… the HFHQ Turn Key House Flipping Program. We really didn’t know what would happen when we launched it, and at first we were a little nervous. But we got a great response, and within just a few days we had filled up all 5 spots in the program.
The lesson? High-end products and services are awesome. You get to work with awesome people who are serious about what you’re offering, there are fewer contacts and loose ends to keep track of, you can spend a lot more time with your clients and deliver a lot more value to them than would be possible with a lower-tier product… and of course, we brought in more revenue in just a few days than we had made in the entire previous month (which is really saying something, considering September was a record-setting month for us!).
Bottom line is, if you can take your product or service to the next level and really serve people in a higher and better way, do it!