2-years in and 2021 has been kind to me. Here’s a transparent overview of how I did this year and what I’ve learned from it. I don’t do this to brag, but instead to be transparent about my business and to share my reflections in the hope that it may inspire and help others learn.
Here’s my 2020 year-end financial review if you’re interested in comparing.
Revenue: $116,540.78 ($94,040.78 closed, $22,500 in payments pending)
Expenses: $4,274.01
Net profit: $112,266.77
This does not account for my CPP, EI, and Tax dues which will be filed in 2022 – which I estimate to be about $10,000-$15,000
Detailed expense breakdown:
Marketing/Advertising: $1481.97
- Mostly some leftover payment from the consultant that helped me with publishing my book
Software: $1393.60
Contracted Services: $750
Accountant fees: $367.50
Misc: $280.94
- Travel, Meals, Processing Fees, Office Supplies
Observations
Nothing new, pretty much similar to last year. If I get busier in 2022, a growth in expenses will likely be primarily for sub-contracted services.
Detailed revenue breakdown
- Consulting: $102,244.78
- Tech Yukon being my biggest client (thanks Ziad!)
- Facilitation: $33,390
- Teaching: $780.61
- Book: $125.39
Observations
- I doubled down on startup consulting work this year as plans for my mastermind groups got put on hold indefinitely with COVID lingering around.
- Thankfully, wider acceptance of remote work has made it a lot easier to work virtually with clients from all over. In fact, only $4057.50 of my consulting income came from clients in Vancouver.
- With consulting, I’m basically selling my time. I don’t bill by the hour, instead, it’s often by project, but revenue is effectively limited by the number of hours I can work. With a total of 1001 hours clocked, my hourly rate was approximately $116. Below what I bill for, but expected as I’m including non-project related time (meetings, writing content, admin, etc.).
- A little over a 2X increase from 2020 and a comfortable amount to live and support my family with. However, still stressed as this is not a stable revenue channel and is only a temporary stop gap until I can launch my flywheel business model via mastermind memberships.
- I expect 2022 to be similar. With a new baby on the way and COVID lingering around, I’ll continue to focus on consulting work.
- Again, really grateful to all my amazing clients, partners, and to those who made referrals. I look forward to continue serving you in 2022.
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