2020 Year-end Financial Review

It’s been a full 12-months since I left my job and worked on ClassyNarwhal FT. I’m sure you’re all interested in learning about how that’s played out and what I’ve learned from it.

Revenue: $22,022.33

Expenses: $4,169.07

Net profit: $17,853.26

EI benefits claimed: $17,293.00

*Update: CPP, EI, and Taxes paid (in 2021 for this year): $5,019.13

Detailed expense breakdown:

• Marketing: $1,844.39
  • The biggest expense was a $1,500 fee to a consultant for help with publishing my book.
• Events: $371.70
  • $132.05 was for work from home equipment upgrades to allow for a better webinar experience.
• Software: $1,275.70
  • Mailchimp was my highest burn at $351.97
• Food & Beverages: $29.19
• Transportation & Accommodation: $621.09
  • Mostly for flight and accommodation early in the year while I was working on the project in Vietnam.
• Misc: $27.00

Observations

I think I did a pretty good job minimizing expenses, not really much more I could cut on.

Detailed revenue breakdown

• Workshops/speaking engagements: $1,072.40
• Consulting: $19,173.68
  • Swiss EP was my biggest client
• Teaching: $1,476.25
• Misc: $300.00

Observations

• Still lack a stable revenue channel. Consulting projects are pretty varied.
• A result of having to change directions to address the realities of COVID-19 this year.
• Overall, not where I want to be yet, but at least I’m profitable year-1 (one of the benefits of running a service-based business). I’m really grateful to all my amazing clients, partners, and the Canadian government, they have made it possible for me to do the work I love while supporting my family in this crisis.
• Hoping that 2021 will be a little more predictable with the new focus on Revenue & Process Consulting, the new Pricing Estimation Calculator we’re launching, and perhaps even being able to move back to my original goal of launching mastermind groups.

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