There were a lot of big changes in August. I had a “big” birthday… my 30th! I have to admit that I was having a hard time with it so Austin and I planned a totally last-minute trip to the Keys to unplug. We had such a fun time as a family and it made me realize how important rest and recharging is!
In August I also attended Stu McClaren’s online Tribe Live event which is always an amazing experience. And guess what…. Not only was I able to donate to Stu’s foundation, Village Impact, but I was also able to pay off $100,000 in student loans!
My big lesson learned in August was that it’s essential to look at the future and think about what I want out of my business in the next year, two years, three years, and beyond. Once I have a vision for what I want, then I can put a plan in place for how I will achieve it.
Of course, as always in our income report episodes, we’re going to get into the numbers. We will cover the money that came in and where it went. It’s always my hope that these reports can help you as you look at the numbers in your own business.
- How to overcome a negative mindset
- What I love about in-person live events
- What Village Impact is and why I donate to it
- Why I decided on an office and why I had to move to a new one
- What it’s like to pay off $100,000 of student loans
- The importance of planning for the future and diversifying your sources of income
- The value of knowing the numbers behind your business
I know it’s always hard to find extra time in your busy schedule, but I encourage you to sit down and think about the future of your business. What do you want the future to look like, and what do you need to do to get there?
If you haven’t heard yet, my free training How to Confidently Land Clients as a Facebook and Instagram Ad Manager Without Any Experience Necessary will be live soon! It’s going to kick off on October 17th, but we have a ton of free resources and training leading up to it inside the Facebook group. Head to www.confidentadmanager.com to get registered today, and I’ll see you inside the Facebook group!
Don’t forget to sign up for my free training >> How to Scale to Consistent 10K Months Without Hiring a Team
Brandi Mowles: Hey, Serve Scale Soar, oh, my goodness, this income report is for August and August was my birthday month and I turned the big 30 all in August, was packed with so many amazing things that I cannot wait to share with y'all. So let's jump on in to this month's income report and see what August looked like, where I'm going to break down all the numbers for you. Don't you worry.
Welcome to the Serve Scale Soar podcast, the podcast dedicated to helping service-based entrepreneurs scale their online business to five figure months so they can soar into six figure years, your host, Brandi, is a wife, mom and in less than one year created a six figure business. And now she is spilling all her secrets. So you can too.
Brandi Mowles: Hey, well, I'm so excited about this month's income report because so many fun things happen, I turned 30 and I thought I was going to be way more difficult than it actually was. But before we jump into that, I want to spotlight one of our listeners, and that's Natasha. She gives us five stars and says, we're so lucky to have this podcast. Brandy is a hidden gem, someone who you can trust to tell it to you straight and to the point. And I'm so appreciative of you, Natasha, and everyone that leaves a review. And you better believe I'm always going to give it to you straight and I'm always going to get to the point. OK, so August, I'm a Leo. I turn 30 leading up to 30. I was really struggling and I was doing a lot of reflection, which I shared. And so I didn't know how I was going to go. When I turned twenty nine, I actually really, really struggled with it like really bad. And all of August of twenty nineteen I was kind of like sad and I was just not wanting to go down that route this year because there's so much to be grateful for every year. And I really wanted to focus on that so my husband could plan like this fancy dinner and all this kind of stuff, and he should just know me by now. But he was like, are you excited about this weekend? Like we're going to go out? And I was like, yeah, like, yeah, I'm excited. And he was like, what's wrong? And I was like, let's go on vacation. And he was like, OK, we'll go on vacation. So we ended up going to the keys down to Key. It's like a middle key down there for about five nights, six days.
Brandi Mowles: And y'all I had the most relaxing vacation. I totally unplugged. I told this is how quickly we move. I told my husband that on a Tuesday and then Tuesday night we were headed down there. So it moved pretty quickly. I told the team I was like, I'll be back next week. I'll chat with you, then I'll be around if you need me. But it's my birthday week, so if you don't need me, that would be great as well. And we went down there and oh my goodness, we played in the pool. We went out in the saying they had a lagoon. Riley and I and Austin had so much fun and I completely unplugged. I just let myself turn thirty and be grateful for all that I've accomplished in thirty, having a beautiful family that is healthy that I love so much and that I get to have home. And so 30 did not end up being this horrible thing that I thought it was going to be. But instead, it was such an amazing week. We had a blast. And I'm so grateful to have created those memories because that's truly why I do this business, is to help my family create memories, but also to help you and your families create memories, because I just don't know why we have a business, if we're always working all the time, like we should be creating as many memories as possible with our families, with our friends and with yourself. And so that was definitely the highlight of my month, is my vacation with my family. And soon as I got home, I did have an online event to attend. It was for Stu McLaren's Tribe Live.
Brandi Mowles: I love Stu. I've been to Tribe Live in Person, which is the most amazing event ever. And I knew if someone's going to have an online event that was going to be worth like really focusing on, it would definitely be his. Here's the thing. Your virtual events, no matter how much we want them to replace in-person events, they just can't. There's something so magical about being at an event meeting people, getting to know one another, bumping in and having coffee conversations while you're waiting for your Starbucks in the really long line and in virtual, you just don't have that. We did breakout rooms and stuff like that, but it just wasn't the same. And so I'm going to be honest with you all. I'm missing in-person events this year. I thrive at in-person events. I love meeting people. I love building relationships. And you just don't get the same effect when you do that online. So it is what it is. And I went and got what I needed to get out of it. I'm so grateful that for that. And it was a great virtual event. It was probably the best virtual event that I've done this year. I'm just a little sad because I just really want to see meet people in person and I am definitely missing that connection this year. So daring tribe live. I knew that they would open up the donations for Village Impact. Village impact is something I donated to last year, and it's a cause that Stu and his wife created.
Brandi Mowles: And I love it so much. They helped build schools, entrepreneurship programs in Kenya. But the cool thing is that if the nonprofit went away today, those schools and programs would still live on because they're completely ran by the government and they have their own curriculums and everything. And village impact just helps get the foundation started. Get. I'm going gives them the resources to be able to go on field trips and things like that, and to me that was really important that Stu and Amy were not putting their education on the kids. Like so many non-profits that try to set up in Africa. It's not a Christian base when it's whatever their villages want. That's what they teach. And I think there's a lot of power in that in giving the community their own say and what they learn. And so it is something that I really am passionate about. And so I made a donation again this year in honor of Serve Scale Soar the membership. And so I'm so glad that I could donate to that cause again. And I think each and every single one of you Serve Scale Soar members, because of you, each year we're able to make that donation. So I so appreciate you. And I know Village Impact appreciates each and every single one of you.
Brandi Mowles: Ok, so I turned 30, went on vacation, came back, did an online event, donated some money, and then something happened with my office. So I was in my office for the full month before I was like, I got to get out of this office. So we talked about Anjali's income report that I did move into an office. And the problem with this office that I had is the walls didn't touch all the way up to the ceiling, so I couldn't do any of my recording. I couldn't do any content or anything like that. I was still doing that at home. So I found myself only going to the office once a week, twice a week maybe, and then still being at home. And then it was still like, I can hear Austin and Riley in the background. It was like knocking on the door, Mom, I come out here. So we moved offices. And so I moved right down the road to a different office and by the same people. But now it's like a way more traditional office. Nonaka working but an office I call it my little dungeon because I'm like down here by myself and it's cold and I'm in like an alley, but it's a really hip alley. But still nonetheless, it is an alley. But I love it. We moved all my recording equipment in there, all my podcasting. And so now I can record in here. And we actually turned my old office at home into a guest bedroom. And now I'm like fully unplugged when I'm at home. I can't just go in and record an episode because Riley's napping or something like that. When I'm in the office, I'm working. When I'm at home, I'm not working. And that has been a huge gift. I've really enjoyed my new office, really enjoyed being able to record and everything here. And that is something I did in August.
Brandi Mowles: I rerecorded the whole scale with simplicity system inside of Serve Scale Soar, updated it, released a new click up training, released a whole bunch of new trainings inside the membership. And so I was so excited to be able to knock all that out in my office, which was really, really great. The next thing that we had to do with Serve Scale Soar is a month or so before we open the doors.
Brandi Mowles: We turn off our evergreen funnel, which runs for those people who just are finding me and they don't want to have to wait a year for the doors to open again, but a month before we always turn it off. And after last month's low revenue generated month, I'm going to tell you, I was a little nervous to do that. I was like extremely nervous to turn it off. But one thing that I knew that we were doing with the new launch coming is we're never offering lifetime access again. That was going away for good and not something that we were going to open up and have available any more. So what we did is we let our members inside Serve Scale Soar that our current members go on an upgrade if they wanted to lifetime. And so this was not for financial reasons why we're getting rid of it. It was actually for logistical and legal reasons after talking with an attorney that we got rid of lifetime access. And so for those reasons, we did let our current members go on an upgrade. And we had several. I was so excited because for me it wasn't about the money. It was like, oh, man. So y'all are getting results. You are like, you want to be with me. You're like in here with me. And that to me is everything that my students are getting results and that they're getting out of the program what they want, because if they weren't, they wouldn't want to have stayed. And then if we had a whole bunch of people that didn't want to stay, then I would have been like, what the heck's wrong with the program? Like, what can I do better? But it just made me so excited that so many of them love the community so much that they wanted to invest in a lifetime membership.
Brandi Mowles: So we did get rid of that. We turned off the evergreen. We updated pretty much all of the content, which was really cool. And then we also started planning for the Serve Scale Soar launch. So I talked about it in May when I was doing conversions for clients like we didn't have enough planning time. Well, we actually started planning this one at the beginning of August, so I wanted it. To be a super on stressful launch, and I didn't want my team to be stressed out either, so I created a brand new sales page. I took my time, new copy. We got testimonials. I did a lot of the emails this time. I was doing this all a whole month ahead instead of waiting till the last second and doing it all then. So I will let you know how that went in September's income report. But I can tell you that it was so much nicer to have so much white space to be able to take a week off in August to go on vacation, but then also to get in there and plan out each day like I had it on my calendar inside a click up, because if it doesn't give it have a date, it doesn't get done.
Brandi Mowles: And everything had a date beside of it. So that was so important to me. So then the next big thing was I actually paid off one hundred thousand dollars in student loans. Yup. You heard that right. Under a thousand. So I went to a private undergrad school where it was really expensive tuition, but I had a lot of scholarships, I got a lot of grants, things like that. So my tuition to undergrad was actually not that bad. It was only about thirty thousand for all four years. The rest of that one hundred thousand was from when I went to law school. And so law school was definitely a big investment. I don't know if it actually paid off, especially because I'm not an attorney. But I had always made comments like, oh, I'm going to be dead before these student loans get paid off. I'm never going to pay these student loans off. And I really thought that that was going to be the case. I didn't know, like, how the heck do you pay off over one hundred thousand dollars in student loans in a lifetime? And so I met with my accountant in August and we went over a lot of exciting things that I want to share with you.
Brandi Mowles: And one of them was that I could pay them off if I wanted, like, why don't you pay them off? And so I paid off one hundred thousand dollars in student loans and then we paid off another big one for my husband. And so now we only have about twenty thousand dollars left in student loans between the two of us, which is so exciting. And we'll have those paid off by the end of the year and be completely debt free, which is so exciting to us to be debt free by 30 or at 30. And so I'm excited about that. Now, we don't own a house, so we don't have a mortgage. So it's not like we also paid off a house. But that's the next thing I want to talk about. I met with my accountant and we were really talking about the business. One of the things we talked about was, one, I need to get some business insurance. That was something I didn't have. No one talks about this stuff like, are you supposed to have business insurance or you're not supposed to have business insurance? Doesn't matter since we're an online business.
Brandi Mowles: And so we did get business insurance. And so I invested and paid for the year a business insurance. We also talked about retirement plans. We did diversify money. All those like super grown up things that I was like, I've never had a job that had like 401. KS. I worked in a restaurant and then I went to direct sales. So like all this talk about 401k retirement, like all this stuff was so foreign to me. We've dealt with it with my husband, but he took care of that. I didn't do anything with it. So we talked about different ways that I can plan for retirement that I can't, which feels very weird to me that I'm planning for retirement. And so I talked about, like ways that I would like to plan. And for me, I would love to invest in property like rental property for short term rentals. So think Airbnb or like having a property on a resort that people can rent out and also having these vacation places we love to vacation. So the big concern for me when I was talking to her was this business is very reliant on me. It is not reliant on, you know, like a whole team of people. I am the face. You show up to this podcast because I'm the one talking. A lot of people join my programs because I'm the one that's teaching it. And so, yes, the business could run for a little bit without me. But for the most part, it's not going to continue to grow if I'm the face of it and the face is no longer the face. And so that concerns me. I will. One hundred percent be honest with you.
Brandi Mowles: Is that being the face of a business and being the business is number one asset worries me sometimes because I am the primary breadwinner for my family and my husband is at home with Riley and their futures and things like that. Really just sometimes I think about now that we're at this point in our business and I was talking with her and one thing that got me really excited is investing in short term rental properties, because then that's something that Austin can actually manage. It would be something that's making money. Even if there's for whatever reason, I wouldn't be able to make money online anymore. And it's really diversifying our income and our portfolio, but also we're making money on a place that we can go vacation, which is also really exciting to me. That's way more exciting to me than putting money into a 401k. Let's just be honest. That sounds super boring and adult. So I went home and were in the process this year of twenty twenty one purchasing our own home, which we want to pay more than half of it in up front. So we are in the process of saving because one of the big things is we love that we're debt free, are almost debt free, will be by the end of this year. And so we don't want to go in with a 30 year mortgage and have a mortgage payment that's like three thousand dollars or anything. So we want to be able to take out a 15 year mortgage and we want to be able to pay for probably 50 percent of the house in cash.
Brandi Mowles: And so that's really important to us, too. So we're saving for that. And then hopefully by the end of twenty twenty one or into twenty twenty two, we're going to start investing in short term rental properties. And we've already started looking into the process, getting information and really planning what that would look like. So this is not like happening overnight type of thing. But one thing I love is now we're thinking about our business in multiple aspects. How can we diversify? And I would encourage you, how can you diversify your revenue? How can you diversify your income? It doesn't have to be as extreme as buying rental property. It could be like, are you taking advantage of affiliate revenue? Like we'll post below the link where I talk about adding affiliate income to your revenue streams. Or maybe some of you want to do like consulting besides your services, or maybe you want to create a course or whatever that may be. I do not believe that you should just like phase out your clients, create a course or template shop or something like that. No, have multiple streams of revenue. I'm pretty sure I read the other day that most millionaires have nine streams of revenue. So how many streams of revenue do you have? I know in our business and when you hear the income reports, we have, of course, a membership, the mastermind, which something amazing in November will be replacing the mastermind. So that would be the third. We have affiliate income, which is the fourth. And then we also have delighted with Asato. So five.
Brandi Mowles: And then you may have things like maybe you do have stocks, maybe you do have bonds, things like that. That's another source of revenue. Also your services. I still on my services. That's another source of revenue. So how many sources of revenue do you have right now? And maybe if you're looking and you're like, it's just my clients, then maybe it's time to do affiliate create something and create a second source of revenue. I think that's been the biggest thing that we can see this year in twenty twenty with covid is I think more people would have been stable if they had multiple sources of revenue in their business or that they were planning for. And so I would encourage you to look at yours and remember, it doesn't have to happen overnight. We are not getting rental properties overnight, but we're thinking about the future and planning that and doing the research now. So when we're ready next year into twenty, twenty two, we'll be able to purchase those and be really set up to have another stream of revenue coming in, especially one that does not involve me being the face of the business, which I think is really important. So I love the I'm at this place in my business where I can start to learn and look at the business as a bigger thing than just an online personal brand. And I think that that's really important for all of us. And I'm excited that I'll be able to share that journey with you along the way as well. And so those were the big things.
Brandi Mowles: Meeting with my accountant really helped me get clarity. I think that whenever you have accountants or bookkeepers or anyone, they can really go over the finances with you. It helps you get clarity. And I always feel like a big sigh of relief when I get done with them because I know what I need to do to get where I want to go. And so when we know the numbers, we can actually see the path of where we're going. But if we ignore the numbers, you have no idea what's working, what's not working, what needs to be fixed. You may be doing awesome and you don't even know it or you may not be doing that great. And you need to know it in order to fix it sooner than later. So that was my big learning lesson in August, was just really looking at the future and what do I want it out of my business in the next year, two years, three years. And what does that look like? And I'm not going to lie. It felt like a million bucks being able to pay off my student loans for real. It was probably besides bringing my husband home from his job, that felt like a huge accomplishment to me. So I'm so excited for everything that's to come for the rest of us, all of us in twenty twenty. I really think there's a lot of lessons to be learned this year and a lot of things. And maybe adding a second source of revenue is the lesson that you can take away from this.
Brandi Mowles: Ok, so let's talk about the numbers, because I know that's why, Alison, you want to know the numbers and so with the numbers, cash flow in. So if you're not sure between the difference between cash flow and revenue, go back to January's income report and listen to that. Our cash flow in through was fifty six thousand three hundred and forty four and our revenue generated was thirty three thousand five hundred and twenty six. This was our second lowest month, which I'm go back and listen to Julys. I'm totally at peace with it. And Serve Scale Soar generated. So new income generated, not like what actually went through the bank was twenty thousand two hundred and seventy nine. Most of that came from all of our upgrades because our funnel was turned off. So we didn't have new members. So that came from our members upgrading to the life time or they renewed for their second year. My services brought in four thousand because I have two clients of affiliate revenue was three thousand seventy seven. That was a bunch of different stuff. KJB Software's a lot of that and delighted with Debs also brought in six thousand one hundred and seventy. So that brought us up to the thirty three thousand five hundred and twenty six and my expenses were a little bit higher this month because of donations and things like that.
Brandi Mowles: But my expenses came out to forty three thousand four hundred and seventy five dollars. So my affiliate pay out from people who promoted conversions for clients was twelve thousand four hundred and twenty three. So that was higher than normal. Our contractors were almost fourteen thousand Facebook ads. I spent forty four hundred dollars on village impact donations and my charitable donation was five thousand. My payroll was six thousand four hundred and sixty six. So that's what we run through. As many as a W2. It's actually six thousand. But then the rest is state taxes that they take out. My rent for my office was thirteen hundred and software was one thousand two hundred and eighty. My education was two thousand forty four insurance. I told you that I paid for that for the year. So this is not normally a thing that we have every single month. And that was one thousand three hundred and nine and my merchant fees, which are what they take out. I'm totally OK when these go up because that means that we're bringing in more money. That was one thousand seven hundred and sixty nine for total expenses of forty three thousand four hundred and seventy five dollars.
Brandi Mowles: So y'all this was a more expensive month. We still had great cash flow. Our revenue generated was lower than other months. But I can promise you we're still on target for million. And next month in September is when I'm going to break down where we are because we're coming up to the end of quarter three. Holy cow. Can you believe that? I cannot I can not believe that we are going into fall in Florida. We don't really have a fall, but I know everywhere else does. I'm from Virginia. So September marks the fall season, pumpkin spice lattes and all that kind of stuff and sweaters and pumpkin patches. We don't really do that in Florida, but it actually marks like the worst season for hurricanes for us. So what I know is that in September we're coming up to the end of quarter three. So that means that right now, as you're listening to this, you should be planning out your quarter for goals. That means you should quickly be looking in to twenty, twenty one to be planning to one goals. So y'all twenty twenty ones right around the corner. And I know a lot of us are probably really excited with that, but don't give up on twenty twenty yet.
Brandi Mowles: You still have time to make big strides and I'm going to be here cheering you on. So that's Augusta's income report. I hope you enjoyed. Let me know. Your AHA's and RDM you can do on Instagram at Brandi Mowles. We change it from Brandi and Company to Brandi Mowles so you can find me on Instagram. Let me know. But here's the deal y'all. I have a free training coming up in October. As you're listening to this in October, I'm doing my ad manager training. So how to confidently land clients as a Facebook and Instagram ad manager without any experience necessary. If you have ever thought about becoming a Facebook or Instagram ad strategist, or maybe you already are, but you want to land more clients, come to my free three part training. It's going to start kick off in October 17th. But here's the deal. We have a ton of free resources and training leading up to that inside the Facebook group. So head to confident ad manager Dotcom to get registered today. And I'll see you inside the Facebook group until next week. Y'all go out, serve your client, scale your business and soar into that six figure year you deserve.
Thanks again for tuning in to the Serve Scale Soar podcast with your host, Brandi, if you loved our podcast. Please be sure to leave a comment or review and be sure to tune in next time.
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Brandi Mowles is the host of the Serve Scale Soar podcast which is a podcast dedicated to helping service-based entrepreneurs scale their online business to five-figure months so they can soar into six-figure years. Brandi is a wife, mom and in less than one year, created a six-figure business. Now she is spilling all her secrets so you can too.