So the pie didn't turn out just right. Something is “off” or maybe it's just plain horrible! You throw it away and vow to never bake another pie again. You grab your keys and head out for a frosty or chocolate sundae instead. Who needs pie anyway!?
That might be you, but it's more likely that you grab the recipe and go back over each ingredient, one by one, to check them off and see if you measured something too much or too little, or left something out altogether!
We can't throw away our business when we've had a bad year, much as we feel like we'd like to sometimes. Instead, we need to evaluate, grab the recipe, look at the numbers, see what when wrong, what we left out, and try again.
This post will evaluate our fourth quarter income streams as well as our year, and share the questions we use to go back over the recipe, and make adjustments for a “better pie” in the coming year.
Fourth Quarter Income:
This income chart for Q4 doesn't seem quite visually accurate to me. One thing to remember when you are working for yourself and/or with affiliate marketing is that many times payments are delayed 6, 8 weeks or more. So while it looks like we had a lot of affiliate income this quarter, it's payment for work that may have been completed in Q3. I don't report income until it comes into my account, so that's why results can seem to be skewed sometimes.
Top 3 income streams in Q4:
- Affiliate commissions earned: 45.1%
- Private coaching: 22.6%
- The Blog Connection 14.8%
We worked with 19 different coaching clients throughout 2017 in addition to those in The Blog Connection group coaching program. It is exhilarating to look back and see how far they've come in getting their websites up and running, learning to make income through affiliate marketing, creating products and courses…! I am in awe of these amazing women I get to work with each week!
In the new year, I am making space in the schedule for up to 10 clients per quarter. If you'd like some one on one accountability for your new year goals, get in touch and let's chat!
What Else Did We Do?
Making out a list of what you did can be really healthy. In the moment, it can feel like you're not getting much done, but when you see it on paper, it does add up!
Quarter 4 Conferences I Attended:
- Hogar Educador Chiapas (Nov, vendor)
Business Books I read in Q4:
- Finish by John Acuff
- Getting Noticed: A No-Nonsense Guide to Standing Out and Selling More for Momtrepreneurs Who ‘Ain't Got Time for That' by Lindsay Teague Moreno
- E-Myth Revisited by Michael Gerber
- View from The Top by Aaron Walker
- Building a Story Brand by Donald Miller
- Essentially Driven by Jen O'Sullian
- Royalty Income by Steven W. Hryszczuk, Do
- 12 Week Year by Brian P. Moran
Other Books I read:
- Mandie and the Trunk's Secret by Lois Gladys Leppard
- The Magician's Nephew by CS Lewis
- The Lion, the Witch and the Wardrobe by CS Lewis
- The Horse and His Boy by CS Lewis
- Prince Caspian by CS Lewis
- Voyage of the Dawn Treader by CS Lewis
- The Dislexic Advantage by Brock and Fernette Eide
Books I Published:
- In Spite of Myself: How Intentional Praise Can Transform Your Heart and Home (Nov 7, 2017) – This was a 16-week process with a team of 150 people helping to launch and promote this book which became an Amazon best seller in 3 different categories in the first week! And while much of the work was done in Q4, we won't see most of the income return for that until Q1 when those payments process.
- Melk, the Christmas Monkey (new cover, expanded edition, November 2017)
- The Blog Well Planner (Dec 12, 2017)
Masterminds I participated in:
- The Blog Connection
- Positive Progress Mastermind
- Abundant Mastermind
- Memberships Mastermind
- In Spite of Myself Launch Team
Year End Evaluation:
So at the end of the year, we have to ask ourselves a few questions, because, again, if we don't know our numbers, don't know where we are and where we've come from, specifically what we've added to our recipe, it is hard to strategize a plan to move forward and improve in a realistic way.
Q: Which activities brought in the most income this year?
A: For our business, Affiliate Marketing 26.5%, Private Coaching 19.7%, The Blog Connection 14.4% (teachable), and my own products 10.1%
Q: How much did my gross and net profits increase over last year?
A: Our gross income (before expenses and taxes) was up 19% over 2016.
Q: What were my biggest expenses for the year?
A: After coaching (yes, even coaches hire coaches when they need them!) my biggest expenses were subcontractors, tools and advertising. My most expensive project was the For Your Success podcast. And the biggest ROI projects were the live IRL retreats and online webinars.
Q: What can I do to cut back on those expenses this year? While still increasing income.
A: For us, we suspended the audio podcast for a couple of months in the last quarter, saving those production/contractor fees. We plan to bring it back next year, but in a little different format that will be more cost effective. We also cut back on all tool/subscriptions that weren't absolutely necessary to maintain momentum, and I took back much of the social media work I had been “farming out”, trying to both re-infuse myself into the brand, and cut some costs as well.
Other questions in your end of the year evaluation should include:
- Q: How much social media growth did you have?
- Q: Which social media currently drives the most traffic?
- Q: Which social media currently drives the most sales?
- Q: Which other bloggers sent me the most traffic/sales? How can I nurture the relationship with them in the coming year?
- Q: Who were my top affiliates this year (if you have an affiliate program)?
- Q: What is something from my long-term bucket list I want to work towards next year?
- Q: Which conferences or trainings did I benefit from the most last year?
- Q: Do I have any regrets from this year in business?
- Q: What can I do differently/better next year based on this year's experiences?
- Q: What were my big accomplishments this year?
My Accomplishments in 2017:
#ForYourSuccess Podcast, Season 1, (42 episodes)
Books I Published:
- Presidents of the United States Video-based Unit Study Curriculum (Apr, 2017)
- In Spite of Myself: How Intentional Praise Can Transform Your Heart and Home (Nov 7, 2017)
- Melk, the Christmas Monkey (new cover, expanded edition, November 2017)
- The Quarterly Blog Well Planner (Dec 12, 2017)
Courses I Published:
- In Spite of Myself class – 20 videos
- Content Planning Masterclass
- Biz Branding Masterclass
- Course Creation Masterclass
- Media Kit Masterclass
I moved all of my products and courses to amazon and teachable, so as to be paid as a contractor and not have to handle sales tax, VAT tax or nexus tax myself.
I met my goal of one or more personal/professional development activities per week:
Courses I completed:
- Mike Kim's Fully Funded Missions Course
- Ray Edward's Copywriting Academy Course
- Ready Set Gram Instagram Course
- Moolah Marketing Facebook Growth Course
- 6 Steps to a Healthy Money Mindset Course
- 15 Days to a Healthier You by Crystal Paine
- The Pivot Course by Mike Kim
- Travel Sponsorship Mini-course by Georg Papp
- The Financial Reboot Course by Tracie Fobes
- 21 Days of Prayer for Your Business course and book by Monique McLean
- Building an Effective Email List course by Heather Bowen
- What Your Audience Wants Training by Story Brand
Conferences I attended (see our list of recommendations here):
- #LetYourWriteShine Retreat (Feb, host, speaker)
- Hogar Educador Merida, Mexico (Feb, vendor)
- Social Media Marketing World (Mar)
- Worldschooling Summit, Merida, Mexico (Apr, speaker)
- Homeschool Conf. Jiutepec, Mexico (Jun, speaker)
- Homeschool Pachuca, Mexico (July, speaker)
- Blog Well Retreat (Sept, host, speaker)
- Hogar Educador Chiapas (Nov, vendor)
Books I Read:
- The Miracle Morning for Parents by Hal Elrod
- The 1-Page marketing Plan by Allan Dib
- The Happiness Dare by Jennifer Dukes Lee
- Slightly Bad Girls of the Bible by Liz Curtis Higgs
- The Freedom Journal by John Lee Dumas
- Business Boutique by Christy Wright
- Real Artists Don't Starve by Jeff Goins
- Future Marketing by Jon Wuebben
- Living Forward by Michael Hyatt
- Interview Connections by Jessica Rhodes
- Podcast Launch by John Lee Dumas
- Podcast Guest Profits by Tom Schwab
- Forgiving Others, Forgiving Me by Renee Fisher
- Life Giver by Lara Williams
- UnDaunted: Daring to Do What God Calls You to Do by Christine Caine
- The Freedom Journal by John Lee Dumas
- Epic Content Marketing: How to Tell a Different Story, Break Through the Clutter, and Win More Customers by Marketing Less by Joe Pulizzi
- Content Chemistry: Illustrated Handbook by Andy Crestodina
- GamePlan by Sara Harnish
- Build Your Young Living Business on Facebook: A Handbook by Carol Murphy
- The Four Year Career by Richard B. Brooke
- The 5 Levels of Leadership by John C. Maxwell – (Note: John's voice is very easy to listen to. Highly recommend his audio books!)
- The Four Color Personalities for MLM: The Secret Language for Network Marketing by Tom Big Al Schreiter
- The Noticer: Sometimes All a Person Needs is a Little Perspective by Andy Andrews – HIGHLY recommend this book for anyone high school and beyond. Great story, almost allegory about the importance each of us plays in the lives of others.
- Becoming MomStrong by Heidi St. John – I was privileged to participate on the launch team for this book. It's really good. A very needed message for the modern mom.
- One More Mountain to Climb by W.Paul and Dorothy L. Smith
- Finish by John Acuff
- Getting Noticed: A No-Nonsense Guide to Standing Out and Selling More for Momtrepreneurs Who ‘Ain't Got Time for That' by Lindsay Teague Moreno
- E-Myth Revisited by Michael Gerber
- View from The Top by Aaron Walker
- Building a Story Brand by Donald Miller
- Essentially Driven by Jen O'Sullian
- Royalty Income by Steven W. Hryszczuk, Do
- 12 Week Year by Brian P. Moran
- Mandie and the Trunk's Secret by Lois Gladys Leppard
- The Magician's Nephew by CS Lewis
- The Lion, the Witch and the Wardrobe by CS Lewis
- The Horse and His Boy by CS Lewis
- Prince Caspian by CS Lewis
- Voyage of the Dawn Treader by CS Lewis
- The Dislexic Advantage by Brock and Fernette Eide
- Reflections: Thoughts from a Father of Seven by C. Kent Chapman
- Your Best Year Ever by Michael Hyatt
Mastermind Groups I participated in:
- The Blog Connection
- Positive Progress Mastermind
- Abundant Mastermind
- Memberships Mastermind
- YL Secret Sauce Mastermind
- Mom Strong Launch Team
- In Spite of Myself Launch Team
- Vibrant Essentials
- Joy Makers
Now What?
With your list of accomplishments in hand (Did you find you did more than you thought? Yep! Looks WAY better on paper!) and questions answered, you're ready to turn those questions around into future statements of goals for this year. And remember that goals are SMART: specific, measurable, accountable (to someone), realistic, and time-bound (deadline).
- Q: Which income building activities do I want to focus on this year? First quarter? Second…
- Q: How much income growth do I want to see each month? (5-10% monthly can be realistic if you outline what extra, beyond what you're currently doing, you'll do to bring in the extra)
- Q: How much social media growth do I want to have? (10% increase monthly is not a bad, nor unrealistic goal)
- Q: Which social media do I want to focus on for driving traffic? for driving sales? What number goals can I put on those?
- Q: Which social media do I want to focus on for growth? How much growth?
- Q: Which other bloggers sent me the most traffic/sales? How can I nurture the relationship with them in the coming year?
- Q: How can I nurture my affiliate program? make it easier and more appealing for them to promote my products?
- Q: What is something from my long-term bucket list I want to work towards next year? What can I do that will move me closer to that goal? When will I do it?
- Q: Which conferences or trainings do I want to attend? and why? (see our list here)
- Q: What am I sure I WILL NOT do in business this year?
- Q: At the end of this year, what do I want my big accomplishments to be?
Of all the books and tools for planning, I've found the 12 Week Year and the Blog Well Planner to be the best resources for planning and staying on track with goals! Check them out!
This year is going to be great for you! I know it!
