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October 2020 Finance Report

Everything I earned and spent in my business

These are my online business finances for October 2020.

I spent the whole month in Tbilisi, Georgia.

💵 Summary

October 2020 finance graph

Total Business Income € 15,313 $ 17,844
Total Business Expenses € 2,145 $ 2,499
Profit € 13,169 $ 15,345

🤑 Business Income

October 2020 income graph

Affiliate income (see below) € 14,795 $ 17,240
Patreon 1 € 487 $ 567
Book sales (via Amazon) € 31 $ 36
Total Income € 15,313
$ 17,844
Previous Month € 14,554 $ 17,063

I was expecting my income to be at least $12k, so October turned out well 😊

👍 Affiliate Income

Affiliate payments in October came from…

Affiliate Related Content
Amazon Best Business Books For Online Entrepreneurs
Authority Hacker Authority Hacker Review
Aweber AWeber Pricing vs Popular Alternatives
Commission Hero Commission Hero Review
Consulting.com Sam Ovens Consulting Accelerator Review
ConvertKit ConvertKit Pricing vs. Popular Alternatives
Earn More Writing Earn More Writing Review
Income School Income School Project 24 Review
Savage Affiliates Franklin Hatchett Savage Affiliates Review
SafetyWing Digital Nomad Travel Insurance
Survey Junkie Survey Junkie Review
The Affiliate Lab Best Affiliate Marketing Courses
Trends The Hustle Trends Review
Udemy Best Udemy Courses
Virtual Vocations Virtual Vocations Review
Worldpackers Travel Hacker’s Toolkit

(Btw, I don’t necessarily recommend everything I earn affiliate income from. Sometimes I’ll write a negative review of something and people will still sign up to it via my link. Humans are weird like that.)

Here’s a progress chart for affiliate income since starting eBiz Facts…

eBiz Facts affiliate income progress

Note that, to keep things simple for myself on a day-to-day basis, I practice cash accounting rather than accrual accounting.

“Under the cash method of accounting, sales are recorded when cash is received, and expenses are recorded when cash is sent out. It’s straightforward and intuitive. The problem with the cash method, however, is that it doesn’t always reflect the economic reality of a situation.” – Accounting Made Simple

The economic reality of affiliate marketing is that some companies pay their affiliates every month, while others have irregular payment schedules. As a result, my affiliate income can look more inconsistent month-to-month than it actually is.

💸 Business Expenses

October 2020 expenses graph

🤝 Hired Help

Hired Help 2 € 1,192 $ 1,389
Total € 1,192 $ 1,389
Previous Month € 1,558 $ 1,827

📆 Monthly Subscriptions

Surfer 3 € 51 $ 59
Ahrefs 4 € 29 $ 34
Zoom 5 € 13 $ 15
YouTube Premium 6 € 10 $ 12
Adobe Photoshop € 9 $ 11
Google Drive storage (1TB) 7 € 9 $ 10
Virtual Post Mail 8 € 9 $ 10
Copycall 9 € 5 $ 6
Total € 135 $ 158
Previous Month € 127 $ 149

🤓 Hosting & Domains

Dreamhost domains 10 € 14 $ 16
Kinsta 11 € 4 $ 4
Total € 18 $ 21
Previous Month € 27 $ 31

📚 Books

The Hard Thing About Hard Things € 10 $ 12
Mastering The Rockefeller Habits € 10 $ 11
Storyworthy € 9 $ 10
University Of Berkshire Hathaway € 1 $ 1
Total € 29 $ 34
Previous Month € 21 $ 25

🏦 Transaction Fees

PayPal fees € 570 $ 664
Patreon fees 12 € 51 $ 60
Credit card fees € 9 $ 10
ClickBank fees € 2 $ 3
TransferWise fees € 2 $ 2
FlexOffers fees € 1 $ 1
Total € 636 $ 741
Previous Month € 506 $ 593

💻 Home Office Expenses

SIM card + Phone credit € 14 $ 16
Monitor stand € 12 $ 14
USB-C to HDMI cable € 11 $ 13
USB hub € 9 $ 11
Floor cord protector € 7 $ 9
Internet € 7 $ 8
Total € 61 $ 71
Previous Month € 1,706 $ 2,001

📋 Admin Expenses

Admin expenses € 0 $ 0
Total € 0 $ 0
Previous Month € 5 $ 6

🤷‍♂️ Miscellaneous Expenses

Skype credit € 17 $ 20
TheLotter lottery tickets 13 € 15 $ 17
Ultimate Shopify Dropshipping Mastery Course 14 € 10 $ 12
Lotto Agent lottery tickets € 9 $ 10
Shipping € 9 $ 10
Multilotto lottery tickets € 7 $ 8
Amazon Web Services (storage) 15 € 6 $ 7
Sendy 16 € 0 $ 0
SocialBee 17 € 0 $ 0
Teamwork project management software 18 € 0 $ 0
Total € 73 $ 85
Previous Month € 593 $ 695

💸 Expense Summary

Hired Help € 1,192 $ 1,389
Transaction Fees € 636 $ 741
Monthly Subscriptions € 135 $ 158
Miscellaneous € 73 $ 85
Home Office Expenses € 61 $ 71
Books € 29 $ 34
Hosting & Domains € 18 $ 21
Admin Expenses € 0 $ 0
Total Expenses € 2,145
$ 2,499
Previous Month € 4,543 $ 5,326

😢 Biggest Regret?

Nothing significant.

🗓 2020 So Far

Here’s how my business is doing this year in terms of profit and loss:

January € 84 $ 94
February € 3.424 $ 3,776
March € 3,366 $ 3,710
April € 3,240 $ 3,542
May € 4,246 $ 4,717
June € 6,037 $ 6,782
July € 14,588 $ 17,242
August € 8,947 $ 10,694
September € 10,011 $ 11,737
October € 13,169 $ 15,345
Total € 67,112 $ 77,639

🔮 Outlook For November

Expenses will likely be much higher than October, as I’m hiring more help and have another big expense due. I might spend as much as $8k.

Income should be at least $11,000.

📲 How I Track All This

Curious as to how I track everything I earn and spend? Check this video…

💬 Feedback Welcome

Thoughts? Questions? Speak up in the comments below.

🗂 Archived Finance Reports

I’ve been posting these monthly finance reports since January, 2011. You can view all my old reports via this page.

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