Rob's Finance Report No.3 (February 2021)

Hello and welcome to my 3rd Finance Report! I've included a new graph this month to begin showing the business' progress over time show make sure to check that out. It needs a little work but I'll adapt it as time goes on to make sure it's both clear and concise.


If you've got any questions about my report or you want to see something else included, don't hesitate to contact me at wheresmythingpodcast@gmail.com


Recap


Last month, this is what I anticipated from February:


I anticipate February to include a few new larger costs including 2 book releases and potential marketing/advertising fees alongside them. This is all in aid of creating a collection of piano books that not only sell individually, but encourage purchases of other books within the collection.


In regards to revenue, I would be expecting a similar level to January with an increase in personal live-streaming revenue (as opposed to the live-streams with Matt) and a slightly higher value video edit. Teaching will remain stable while the pay from Matt will have reduced based on less live-streaming overall.


I'll begin by saying that the books got close to release but were not finalised in time due to a crazy video edit I took on. You can watch it here:



This took me roughly 40 hours of work. Something I hadn't planned for by any stretch of the imagination. Because of this the books were set back but they have become a solid priority for the first half of March.


As for income, I was pretty accurate although you'll see that I did miss out on getting some extra income into my charts later in the report!


Right... enough chit chat. Let's get to it!

February 2021


Affiliate Disclaimer: I only recommend products I use myself and all opinions expressed here are my own. This post may contain affiliate links that at no additional cost to you, may earn me a small commission.


February has been an expensive month.


This can largely be attributed to the improvements made to my office in order to create better quality videos and livestreams.


Here are the top 5 most expensive costs this month and the reasoning behind them:


1. Monitor & Lapel Mic. Technically 2 purchases in there but I bought them at the same time on Amazon. The monitor is to check focus on my camera when producing videos from my desk and the lapel mic is for my iPhone to improve audio quality while maintaining easy filming capabilities.


- Link to the monitor (Affiliate Link): https://amzn.to/3bMPVRW

- Link to the lapel mic (Affiliate Link): https://amzn.to/3dX8cP6


2. Sound Insulation Panels. If you read the last finance report you'll see I bought a set then too. This second and final purchase means that my room has the least amount of echo/reverb possible while still maintaining the aesthetic. What does less echo and/or reverb do? It improves sound quality within videos, streams and calls.


3. Ceiling Light & Mic Clamp. Another double purchase from Amazon. The ceiling light will be to create a bit more of a style for the livestreams with coloured spotlights added to it. Meanwhile the mic clamp is to enable the use of a shotgun mic instead of a lapel for livestreams. Although I've yet been able to get it to fit on my stand due to poor measuring on my part!


- Link to the ceiling light (Affiliate Link): https://amzn.to/3uJiGru

- Link to the mic clamp (Affiliate Link): https://amzn.to/2Oci50s


4. Website Purchase. While I've produced many websites over the last few years, I can never seem to have enough! So I bought a new one for my piano teaching that will be releasing later this month. It's amazing how much you learn by starting websites from scratch. Highly recommend the learning by doing approach.


5. Tabletop Light Stand. Now this is an interesting one and possibly my favourite purchase. While the name suggests you should be putting a light on it, I've decided to attach my DSLR Camera to it as an easy and functional monopod. It fits snuggly at the back of my desk and takes up a 5x5cm area which is essentially nothing! Love it.


- Link to the tabletop light stand (Affiliate Link): https://amzn.to/3uHGtbf


Affiliate Disclaimer: I only recommend products I use myself and all opinions expressed here are my own. This post may contain affiliate links that at no additional cost to you, may earn me a small commission.


Essentially I like to believe that all my purchases are justified as 'investments'. The ROI on the majority of them isn't calculable however I hope for the website to start paying itself off within 3 months of release. Meanwhile all the other hardware purchases this month will contribute to the potential success of the new website.


Now as for income, it's been low again. But I have 2 very important reasons for this.


The first being that I had forgotten to invoice a student for over 2 months and payment is literally being made today (so March should see a nice boost).

Secondly, I spent a large portion of my time this month producing a music video and I have yet to invoice them either.


The combination of these 2 factors have made my earnings look considerably lower than last month however it should balance out in the March report.




The Coming Month (March)


There is one goal.


Produce 2 books.


What do I mean by produce?


I mean to have both books literally in my hand by the end of the month along with existing online through my new website and Amazon.


Everything else is just a bonus.


As for income, I see it being considerably higher than February due to a couple of invoices coming through but expenses will drag the balance down with the costs of the printing the books and the advertising alongside them.


Let's see how this one goes!



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