I was introduced to Pat Flynn recently. His blog is seriously the most helpful blog on the internet. I’ve been in the online income space for three years and finding really down to earth family people running these businesses are rare. So, I’m taking a page out of Pat’s playbook. Every month, he gives a fully disclosed income & learning report for the previous month.
Here is why he does it & why I am going to do this as well:
“Companies in the stock market share their earnings too, which gives people an idea of how the company is performing. Based on that, people can make a decision whether or not to invest (or continue investing) in that company. Although you’re not investing money into my company, you are investing time – time to consume my content as well as any time you use to execute the strategies and methods that I share. It’s my responsibility to be totally upfront, honest and transparent with you, and to give you a snapshot each month of how I’m performing.”
I trust Pat because he is authentic with his community & I hope to build the same type of authentic community.
Important Stuff To Know From October
I am launching a brand new business from scratch. It’s called Business Rocket. As some of you know, The Rocket Company, is doing really well in the church space. In October, we celebrated being #602 on the Inc 500/5000 list. This was an awesome honor & we loved celebrating this award in Washington DC.
Business Rocket is 100% separate from The Rocket Company. Yes, I’m carrying the same brand into the business community, but after six months of trying to make it all fit together, it just doesn’t. The Rocket Company has a very specific purpose – to help the church succeed. Business Rocket’s purpose will be focused on helping businesses succeed.
Some people ask, “How do you do all of this stuff?” Well, I don’t. We have a fantastic team of 9 people leading The Rocket Company everyday. The bottom line is that I’m an entrepreneur & I love to start things from scratch so in October, we started the business launch process.
I have started 3 companies from scratch & sold 2 of them over the last five years. My philosophy for launch is to generate cash through sales to fund the launch of the business. I don’t have any debt & I hate borrowing money to start things.
My philosophy in start up is to leverage personal coaching & coaching networks to fund the operation until we launch our online sales systems. I’ve used this model three different times in start up & I really like it for a couple of reasons. Not only does it help fund the start up, I get to help people. Helping people is a great business plan. I absolutely love meeting with business owners & entrepreneurs.
Remember, we haven’t even officially launched yet. This is our pre-launch work. We are trying to put together a lot things & do everything from scratch!
These are gross revenue figures for the month & could change if we have any refunds. If you click any of my affiliate links, this means I might make a few dollars if you buy something from the company. Just like to be up front about that stuff. Here’s how our income breaks down:
- Marketing Makeover Sales $10,000
- 1-on-1 Coaching $4,000
- Zero To Six Figures Product $7,880
- Infusionsoft: $1979 (Infusionsoft is an all-in-one marketing automation software that powers every business I own. Get a demo here)
Gross Total Sales:$23,859
This is what we pay out of the business to operate.
- Merchant Fees $643
- Marketing $161
- Travel $1,811
- Makeover Materials $131
- Total Expenses: $2,746
October Net Income: $21,113
I feel very good about our first month out of the gate. At the beginning of the month, we were really confused about which direction we should take this thing. After last month, we feel very clear on direction. For the foreseeable future, we will focus exclusively on helping businesses increase recurring revenue. That is what we are experts at & what people want to know from us.
After spending three years developing three brands that grossed millions through online marketing & sales, we feel that we should share everything we have learned. Again, we don’t say this to brag, but to share with you in full disclosure our journey to launching Business Rocket from scratch.
In October, you will see we launched a product called Zero To Six Figures. Honestly, I hate the title & we will change it, but it’s an excellent product. It is the step-by-step journey we used to launch The Rocket Company from scratch. We looked around & saw that there weren’t many step-by-step programs on how to launch a membership website from scratch. It’s called Zero To Six Figures because we literally launched & grew our company to a six figure income in 90 days & never looked back. Now these brands have seven figure incomes year over year.
We launched this product on this webinar. It is 58 minutes of helpful content. For the last 8 minutes I tell you about the product and give you a chance to buy it. The stats from the webinar are this:
- Signed up: 601
- Showed up: 242
- Conversion rate: 18.2%
If you would like to do a webinar with me on the topic of creating recurring revenue for your email list, let me know. These conversion rates show that you will make some good money as an affiliate if you want to help your crowd out with this!
Lessons Learned In October
1. Launching is scary
I don’t care how many times I’ve done it, I still get nervous when launching a new business. I literally was going to chicken out & not sell anything on the webinar we did last month because I was scared nobody would buy our product. A friend of mine talked me into selling the product & we saw great success.
2. Do what I love doing
There is a 100% chance I will die. Knowing this, I want to invest my time on earth doing what I love, not what I loathe. I love launching stuff. I love going into a market where I have absolutely no influence & starting to help people. I felt SO ALIVE in October because I wasn’t RUNNING something, I was LAUCHING something.
3. I need help from others
Without Infusionsoft helping me get people signed up for the webinar, it wouldn’t have been successful. Infusionsoft has been a great friend of mine & I am really grateful I get to be a part of their tribe. As I’m starting out, I’m going to have to ask others for help. Sure, I’ll get a lot of “nos” but that’s fine. I truly believe if my heart is to help businesses succeed, we will do just fine.
4. Don’t over think during launch
My business coach is Les McKeown. He told me that I over think everything. Especially since our last ventures have gone so well, it’s easy to over think because I’m scared of failure. Les has helped me say, “Screw it, let’s just do it!”
If you would like to learn more about how to increase Recurring Revenue in your business, you can join my weekly helpful email that comes weekly called, “The Fired Up Five”. I get FIRED UP & share with you a five minute video to help you increase predictable income into your company! Sign up below to make sure you get on this email.
Do you have any questions or thoughts about our first month? Also, any thoughts on this income report in general? Does this help you?