Welcome to our first income & progress report!
Every month we will endeavour to write a detailed report about our attempt to create a lifestyle business here in the Philippines.
We are doing this to not only track our progress, but to show you what is or is not working for us.
We do this because we believe in transparency, & do not want to be all hype and fluff, like so many others out there with a “how to make money” blog.
We shot a quick video before hand just to coincide with the information below. (I apologise for the poor sound quality, we are currently looking into a USB mic purchase, so if you have any suggestions, please do let us know)
Hope you enjoy this first ever income & progress report …
So its the end of yet another month of our stay here in the Philippines, we have been here 6 months now and what have we achieved?
Well this month we lost a few clients, gained a few clients and spent a lot of money. We ended up somehow making a small profit which surprised me because half way through the month it looked like we were going to make a huge loss. This was due to some costs that had built up over a few months and that were not paid until the month of October. Once again we failed to make any money for ourselves which is very depressing to work that much and not get a single dollar back. This month we have decided to set some goals to help us with productivity and motivation. They will also hopefully help us to make a profit and pull some cash from the business. I feel this is going to be a big month and hopefully we can get a lot done and be way more productive.
It’s should be a much more settled month then the last two have been, so we are hoping this shows in the finances at the end of the month
Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind.
We want to make this monthly goal setting a regular part of the business & will be sharing them every month going forward.
We have tried this in the past on a daily basis where we challenged ourselves to stick to 4-5 main tasks a day to accomplish more … then everything after that is a bonus. I think this helps keep focused on a task rather than jumping around pointlessly from one task to another.
Happenings In The Month of October
Both of us were struggling with illness this month, so in terms of productivity it was quite a poor month, Matt was out with tonsilitis & I was hit with some Filipino bug.
This month was the month we finally opened a corporate account here in the Philippines! I know it sounds like a fairly small step, but believe you me … over here this was an incredibly painful process! It has literally taken us 4 months to get this bank account & just so happy we have finally done it. Will make our life a whole lot easier.
We setup our new websites VirtualJobs.ph & JobsInDavaoCity.com, which are not quite where I want them to be, but happy to feel like I am finally adding some sort of value to the company. These sites are certainly not revolutionary in any way, but I have a few ideas that should help us to carve out a niche in the online job space.
Income & Progress Report For The Business (Kaizenify)
Brief Description: This is our main business at the moment. It is an outsourcing / virtual assistant service, in which we connect small businesses with Filipinos. The goal with this website is to bring as much value to the client as possible by optimising the processes and daily management of their staff.
Revenue For The Month of October
In terms of revenue, we have a few positives to take from the month passed. Firstly, it was our second highest revenue month ever bringing in over $12,000 USD. Secondly, we spent little to no time on marketing and sales, yet still got a few leads in.
September Revenue: $ 12,823 USD
October Revenue: $12,345 USD
Goals For The Month of November
- The goal for the month is to generate the same amount as we did last month. The reason I have not planned for any growth is because I already know if we plan on decreasing our expenses, we are going to take a slight hit in our revenue numbers (but certainly not our profit numbers). We are expecting to lose a few of our clients this month unfortunately
- For the month of November we aim to bring the expenses of the operations down by 20%. To date we have been spending as much on the expenses as we have been getting in revenue, which is obviously not want you want in a business. I feel the revenue is not too bad, but the expenses are ridiculous. There is quite a bit behind why our expenses are so bad, which could make a good blog post in and of itself, but basically, we have made a lot of amateur mistakes since we arrived in the Philippines, which has caused us to be shelling out a lot of dough!
- To gain 2 more clients on the new pricing structure. A number of pretty standard marketing techniques will be used to try to achieve this fairly simple goal. We will be implementing email marketing, which we have never actually got to, we have a list of over 2000 email addresses that are highly qualified & another huge list of 50,000 of which are unqualified, but neither of them have ever been emailed by us, so we are hoping to get a few bites here.
Goal Summary For The Month of October
If we can keep the revenue fairly steady for this month I will be very happy, we already have one client who has confirmed he will no longer be using our services, so we will need at least one new sale to replace it.
November Revenue Goal: $12,000 USD
www.VirtualJobs.ph / www.JobsInDavaoCity.com
Brief Description: This is a new project we have just started working on in the month of October. The reason for starting these web sites is to get a large database of candidates to choose from for both ourselves and our clients that may be looking to save money by hiring directly. We want to eventually charge money for people to look at the candidates resumes on both sites and for employers to pay to post jobs on the web sites.
I have added the two sites as one report, due to them being very similar in nature & most processes will be quite similar and carried out by the same person.
Revenue For The Month of October
These are two new websites that were literally created days ago. I have given these websites 3 months to grow a database of Filipino job seekers & give free job postings away, so I do not expect any revenue this month, in fact as we plan to hire someone to help us on this site, we are planning a loss for the first few months.
September Revenue: N/A
October Revenue: N/A
Goals For The Month of November
- To get a full time or part time employee working on this site by midway through the month. We have interviews starting today for this position and want to spend a bit of time making sure we find the right person for the job. In the past we have hired some less than amazing people and would like to avoid this in the future.
- To get a minimum of 500 applicants registered on both sites in total. We would like to start to build a database of job seekers for ourselves to use at first and then for our clients of remoteworkmate.com to use, as well as other entrepreneurs looking to hire staff directly.
- To have 40+ job postings by the end of the month. So it attracts more employee registrations.
Goal Summary For The Month of October
Like I have already mentioned, this is a new site & do not expect anything coming in just yet.
November Revenue Goal: $0 USD
- RemoteWorkmate.com: $12,345 USD
- VirtualJobs.ph / JobsInDavaoCity.com: $0 USD
Total Revenue: $12,345 USD
As you can see above our only source of revenue comes from one website, which we hope to change in the coming months.
To finish off the financial summary, I have added a chart to give you a little idea of how we have faired in the last 4 months of the business, since this is our first income report, this should give you a snapshot of how we have done from July to October …
Income & Progress Report For Us Personally
Personal Financial Summary
- Salary from business for both Matt / John … $0
- Personal expenses for both Matt / John … $4000
September Balance: -$2000 (approx)
October Balance: -$4000 (approx)
Difference: -$2000 (approx)
$4000 in the red! Ouch, has been a painful month for our personal savings account … we are determined and desperate to make November our first month in which we do not have to dip into our savings. Fingers crossed.
There could be cause for debate as to why we have not dipped our finger into the business bank account yet. We simply wanted to make sure the business was on solid ground and made back the investment we had put into it, before we started pulling for ourselves. We have made back our investment & our savings accounts are starting to get awfully low … November is definitely the right time to start pulling!
Personal Goals For The Month of November
- Go to the gym minimum 4/5days a week. This has been something we have both struggled with in the past and getting in the routine and sticking to it can sometimes be difficult. This month we really want to improve here. A healthy lifestyle leads to greater productivity!
- Spend less than 1k this month. The last few month both of our savings have taken a big hit as we failed to pull money from the business and had a few expenses that we unexpected and fairly high. It would be nice to see our savings at least stay at the same level for this month.
- Take out 1k from the business. Something we have yet to do! Like we mentioned earlier in the post, we have yet to make a profit so reaching this goal is the big one … the one I have been losing sleep over. If all the above goals are met we should be able to achieve this.
We will do another income report on the first day of December so you will be able to see how well we went with our goals and revenue.
Our reasons for doing this are certainly not to brag (because currently we have nothing to brag about) … it is simply to be more transparent, record / document our thoughts and processes, help others (hopefully) & to interact with like minded & intelligent people.
Stay tuned for our next income report which will come out at the end of November!
Let us know your thoughts on this income report? You like it? Where can we improve it?
PS: A huge thanks to our buddies here in Davao City, Philippines … Joe & Justin from Adsense Flippers, for inspiring & encouraging us to do this. These guys have been beyond helpful! If you want to check out a brand new podcast from two super smart dudes, who are ripping it up online, then check out their brand new adsense flippers podcast