March 2017 Business Report

I’m pulling the curtain back on my small business!

In February 2017, I decided to start sharing my monthly business reports. In these reports, I discuss the month’s positives and negatives as well as progress I made towards my 2017 goals. I also give a snapshot of my earnings.

Things started looking up a bit in March although I feel like leads are slow everywhere. Some of my best resources for finding freelance leads have been very sparse this month. I also underestimated the impact that losing two major clients would have on my feelings about freelancing. I felt very defeated for most of the month and had a hard time getting in the right headspace to look for more clients. I do feel like this is a low point during my self-employment career, but I know that I will bounce back from it. I’m sure some of the feelings have to do with being pregnant, taking care of a toddler all day, and being exhausted.

Here’s what happened in March.

Positives

  • Hired a designer to redesign and rebrand Freelancing Mama

After spending some time looking at other great websites, I decided to hire Pixel Me Designs to create a new look for Freelancing Mama. I cannot wait to unveil the new look this summer. I’m redesigning my blog as part of my effort to monetize and grow this site. I’m finishing up an ebook on virtual assistance and hope to have some courses and other products available before the end of 2017.

  • Did project work for a former pitch

Freelancing is a tricky game. I applied for quite a few jobs in February and didn’t get most of them. I have a 10-20% success rate when pitching which is totally normal. One of the client I pitched for, who ended up going with another freelancer, contacted me to see if I would be interested in doing some research work. I took the assignment.

  • Was referred by a few people

I had three different people reach out to me based on referrals from former clients. I don’t know if any of these referrals will turn into gigs, but hopefully I will find out in April.

  • Negotiated a raise with a long-time client

I was able to negotiate a raise with a long-time client that helped boost my income a bit. I only spend about 10-15 hours per month working with this client, but every extra dollar per hour helps. If you’re looking to raise your rates, check out my post on how to do it.

Negatives

  • Less income coming in

I have not recovered financially from February’s client dropoff. It will probably take some time to get back where I was. I don’t expect to be at January 2017 income until after I return from my maternity leave in September.

  • Negative mindset and decreased motivation

I’ve had issues with feeling defeated this month. The combination of losing clients and the stress of my son’s approaching due date got to me. I spent some time on self-care and read a bunch of books in my downtime. Near the end of March I started feeling more optimistic and started putting myself out there again. Hopefully, things will continue to improve in April.

Progress towards business goals

1) Increase my income by $10,000

I don’t want to say this goal is impossible for this year, but it will be difficult. I have a lot of ground to make up from my lost clients before I will be at the “increasing income” level. Right now I’m trying to get back to where I was in January.

2) Get another local client

I’ve begun the process of seeking out new local clients through cold emailing and word of mouth, but have not secured one yet.

3) Launch The Sturm Agency website

Hopefully, we’ll get something put together by April or May. This goal has moved down on the importance list for now.

4) Launch my freelancer idea

I have not made any progress on this goal yet.

5) Sponsor something in the community

I’m thinking that sponsoring something in the summer or fall would be the best bet. It may take that long to get my business back on track. I was in a much better position when I made this goal in December 2016 than I am now.

Income Snapshot

As you can see, my income went down in March. I had no remaining payments coming in from the February clients and I didn’t add any other income sources.

This income came from a mixture of social media management, virtual assistant work, one-off organization projects, and content writing.

I may eventually share the actual numbers associated with my income, but for now I’m not comfortable doing that. I will be sharing this income snapshot to show a trend of my income throughout the year.

Overall, March continued on a downward trend, but I’m hopeful that the rest of the year will improve.

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