August 2021 Retrospective & Income Report

By Kevon Cheung in

Income Reports

September 4, 2021

August 2021 Mood: Time to recap
August 2021 Mood: Time to rec

How am I feeling now?

Sometimes, when you're trying new initiatives and then they're over, you feel like you're going back to ground zero figuring out what's next.

This is exactly how I'm feeling.

I've been running courses for 4 months. Now that they're over, I am building the next thing.

I'd say this is a common feeling when you're new in a field and still learning the ropes, so I'm totally okay with it. At the same time, I'm aware that I need to stop the cycle of building → done → building → done.

What I mean is I shouldn't look at each creation as an independent product that only works for that short period. I need these creations to be part of the long-term plan. They should be more like software, getting more powerful over time.

The value it creates must be sustainable and fit into a system. Otherwise, I'm forever just a mice running on an exercise wheel.

But that's exactly what I'm going to put my learnings into use going forward!

How is my personal life?

I'm very grateful my personal side of things is so far positive and stable. This allows me to have an utter focus on my work.

Though, there is one thing that comes up to my mind lately, which is the unpredictable costs that show up as you get older.

When I was younger, costs are easy to foresee. They were usually living, food & drinks, grocery, travel, gadgets etc. I could easily allocate money from my salary.

Now, as 31 years old with a family & baby, additional costs are piling up beyond the obvious ones like baby food and care.

What are they? Friends are having babies too, we have to buy gifts. Baby needs to sleep so we have to drive around, extra gasoline cost. Family dinner is upgraded, we have to bring nice wine.

So far it is still manageable, but it is the thought of unpredictable costs along with a new entrepreneurial journey that is reasonably scary.

Do you feel the same?

August 2021 Income Report

See entire chart on my Open Dashboard.

Active Projects

Net Profit: $1,149

Revenue $1,666 - Expenses $517 = $1,149

See Monthly Chart

I started to extract numbers directly from Stripe, Outseta, Gumroad etc. instead of calculating it myself. It's more accurate plus it saves me time.

Revenue: $1,666

Vs July 2021: 2,098.5

This month, I created a new curriculum and ran it as a cohort-based course with 8 live sessions. It had a 100% attendance rate and since everyone was moving at the same pace, the learning outcome was also much stronger.

I also launched my 1st info product, Use Twitter Meaningfully, and it was quite a success! Not only it could be an ongoing offering, but I also helped maintain the revenue level while I was experiencing a new course design. I’m sharing more below.

Expenses: $517

I happily discontinued a few services from next month onward: Circle (explain more below), Zoom, Notion as I am going to take a break from running courses.

My ConvertKit bill went from $29 to $79 because I'm now at 1,000+ subscribers and I upgraded my plan in order to try out Sparkloop (included in the Pro plan). I want to see if the referral system can help drive more interest in my free products.

I also got a bit of help running the community engagement side of things. Most people think a community can be self-sustained where members will chat and ask questions freely, but this only happens in very few communities. Someone needs to actively start conversations and invite people in to chip in.

Currently, my expenses are sitting at 30.5% of revenue. I don't want to go above this percentage and that means I have to increase my revenue with my current resources!

What important things happened

Launched my 1st info product

Gumroad sales

Like most Internet products, sales for Use Twitter Meaningfully went up during launch and then fell nearly flat. It's common.

What is important after the launch is how to embed the offering inside the marketing funnel.

Clearly, I haven't gotten to that stage yet!

Here are my biggest learnings from the launch:

My 1st live teaching experience

Build in Public course

Had an absolutely great time with this small group of 6. It was my 1st time running a cohort-based course live style where I taught live on Monday and then we discussed more live on Thursday.

What I learned about courses:

I'm happy about the outcome of this course:

Eddie's testimonial on Build in Public course
Trial and Err's testimonial on Kevon's course

The ROI of my time

In the last 10 months, I've been relying on writing fresh tweets and emails/newsletters as I go. In June 2021, I set out to improve my nurturing funnel and failed. But this time around, I finally got started building a 12-week best content series for anyone coming in through my free products.

Here are the reasons:

I also scaled back from my personal newsletter, Sunday Beam, (again) because I realized it is so much better if I only send something "when I have something important to say".

People say you have to send frequently to remind people you exist. I think I'm past that phase. You know I'm here, and you want the best from me. After all, if you don’t send a new email, they won’t remember to unsubscribe right? 😂

Invest in meaningful work

Gaining support from the community

There is a lot of urge to work on a lot of things and want to create an empire offering values at different levels to capture everyone. But ... I realized quantity or wide scope of work likely won’t get me to my next stage.

When I see Alberto, Rob, and Dylan sharing my long-form article, I know that quality > quantity.

I should work on fewer things and make them super duper good. The value should be ridiculous compare to the price point, and this is how I can boost my voice, my credibility, and my influence on the Internet.

Moved community from Circle to Slack

Moving Public Lab to Slack

This has been a question floating in my head for months now. I finally trusted my gut and moved our community. Why?

I'm excited about the change. I'm also aware that some members might not enjoy this switch as Slack can get noisy and distracting. However, my job is to cultivate the best experience for the majority of the people, and I see moving to Slack being the right thing to do.

Plan for September

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