Hard to believe it, but 2016 is more than half over already! In this bonus session, Tyler peels back the curtain and reviews ComixLaunch’s progress towards its yearly goals. He also opens the books and breaks down every dollar that came in and went out for the ComixLaunch business in Q1 and Q2 2016.
Also covered: the 3 levers any creative business can play with to improve profitability. Finally, he shares his action plan for making Q3 &Q4 even more successful, and a bonus featured resource creators should check out.
Why share these income reports?
Embracing transparency is a core principle of ComixLaunch… and being a creator in today’s landscape.
See our previous income report here — Session 32: Embracing Transparency
I know I appreciate looking at real numbers, opening up the books, and seeing how other businesses work… and I know creators do too. What you measure you manage…and what you manage you can improve. Doing this keeps me accountable…
Sometimes it’s easy to keep hopping a long head in the clouds, not paying attention to numbers… But that’s not the way to be a responsible business person.
I’m sharing these without attaching a value judgment to them… numbers and metrics aren’t inherently bad or good… they’re just what they are.
Progress Toward ComixLaunch 2016 Goals
Remember the difference between Outcome Based Goals (the specific measurable result, not 200% in your control) and Performance Based Goals (Actions that lead to the result, 100% in your control).
- Green Light (Achieved)
- Yellow Light (Not Achieved, but Progress on Track)
- Red Light (Warning Not on Track)
Outcome Based Goals 2016. By December 31, 2016…
20K Downloads (16,729 – Yellow Light)
1K Subscribers on our Mailing List (431 – Yellow Light)
35 Students (25 – Yellow Light)
20 Successful Projects Launched — Most important one (4 – Red Light. *However, if you count ComixLaunch listeners… probably already hit 20.)
Performance Based Goals
Record and release 52 episodes of ComixLaunch (28 – Yellow Light)
Bring on at least 20 new guests. (50+ Thanks to Episode 50 – GREEN Light)
Create at least 4 great offers to incentivize email list sign-ups
KrakenPrint Guide – www.comixlaunch.com/printchecklist/
50 Tips – ComixLaunch.com/50tips
SuperShow Bundle Giveaway – comixlaunch.com/supershowbundle
Run The ComixLaunch Course at least 3 times in 2016. (1 of 3 Red Light Only going to do it 2 times.)
However, I will teach 3 courses this year. More on that later…
What about you?
Did you set goals for 2016?
Did you set outcome based goals? How are you doing?
Dig you set performance based goals? More important.
Are you on track?
If so, congratulations.
If not, what’s one new habit or routine or action that you can add to your Performance based goals in order to hit it?
Not too late! A ton of time on the clock in 2016.
Month by Month Events on the Inside of ComixLaunch
- Launched the ComixLaunch Course
- ComixLaunch Course underway
Added the ComixLaunch Voicemail service – ComixLaunch.com/voicemail
- ComixLaunch Course Wraps
- First Course project launches – Gamer Girl and Vixen by Kristi McDowell
- ComixLaunch Workshop
- ComixLaunch Live Talk at Haverhill Comic Con
- Gamer Girl & Vixen Funded – $11,430
- Lost Dogs MC Launches by Joshua Janes
- Lost Dogs MC Funded $3,500
- Meraki by Michelle Palmer launches
- Margo Intergalactic trash collector launches
- Tyler Launchs Pilot for a New Course with 17 Students
- ComixLaunch 50 Milestone – 50 Tips from 50 Creators
ComixLaunch Income Report 2016 Q1 & Q2
Income Breakdown (Jan 2016-June 2016)
2016 Gross Income YTD: $1,881
Product Sales – The ComixLaunch Course: $1,536 (81%)*
Sponsorship: $160.00 (9%)
Affiliate Income : $185 (10%)*
KrakenPrint Credits Coming
Andrew Taylor – Galaxy girl
Magnis Aspli – Spiral
A whole lot more in the hopper.
Expenses Breakdown (May 2015-December 2015)
2016 Total Expenses YTD: $1,948
Website/ Hosting: $12 (<1%)
ComixLaunch.com Domain renewal: $12
LibsynPodcast Media Hosting: $105 (5%)
April – Costs rose from $15/month to $20/month based on audience growth and download volume
VA: Editing: $1,170.00 (60%)
Advertising: $40 (20%)
Refunds: $576 (30%)
30 day money back guarantee
Two creators requested refunds prior to course starting.
Were able to fill those spots with people on the waiting list.
0% refund rate for people who actually take the course so far.
Transaction Fees (Stripe): $45.11 (2%)
Net Income (Profit) 2016 YTD: -$67
I’ll have some closing thoughts after our sponsor.
ComixLaunch Net Income 2015 (Profit): $1,078
ComixLaunch Overall Net Income (Profit): $1,011
No value judgments on numbers. However, when you’re running a creative business, being Profit-minded is key.
Okay to run deficits… put skin in the game, go into the hole, spend money to make money…
But do you have a plan to get an ROI?
In a minute, I’ll share tips to improve the profitability for you creative business, and share the action plan for how ComixLaunch will have a much more profitable second half of 2016 than first half. But first…
ComixLaunch Featured Resource: FreshBooks
Are you keeping good track of the finances for your creative business?
And if so, are you trying to do it with rough spreadsheets you created yourself in Excel that you’re undisciplined about keeping up to date?
Take it from me, who did that for waaay too long, you need to stop wasting time and start using Freshbooks.
Accounting can be frustrating… but FreshBooks makes it EASY.
Freshbooks saves you TIME by letting you Import expenses automatically from linked accounts and attach receipts to invoices so that come tax time, you’ll be organized and ready, not scrambling and in a full on panic.
FreshBooks also makes you look more professional and gets you paid faster with their fast branded invoicing options, and the ability to accept payments online.
FreshBooks keeps you up to date on your numbers, with beautiful automatically generated profit and loss statements, tax summaries, expense reports and more.
If you believe you add the most value to the world when you’re spending your time creating your next masterpiece rather than bean counting, then you owe it to yourself to give Freshbooks a try.
I’ve secured a special offer for ComixLaunch listeners…
Go to ComixLaunch.com/freshbooks and you will enjoy a 30-day free trial—no credit card required to try it out.
To get your time back and take control of your creative business finances once and for all, go to ComixLaunch.com/freshbooks for a free-30 day trial, and I guarantee you’ll be glad you did.
Tips to Improve Profitability in your Creative Business
sales revenue – expenses = profit
Three levers to play with:
Expenses – lower expenses, all things being equal, profit goes up
Sales revenue is a factor of:
Sell more of existing products
Sell new products
Raise your prices
Action Plan for a More Profitable Second Half of 2016 for ComixLaunch
Expenses – Not much to cut. Won’t focus there.
Sell more of existing products:
– The ComixLaunch Course will launch again this fall.
Sell new products:
- ListLaunch Course
A New course launched this summer, going on right now, awesome group of creators
This is a course that’s smaller than the ComixLaunch Course… It’s a primer… I have no doubt every creator will benefit from it, and if they do this course and then upgrade to the CL course, they’ll see maximum returns.
This course is basically about how to figure out how big a fanbase you’ll need to find your next KS project, and then a step by step system to get an Audience of raving fans that’s precisely that size.
Working with 17 creators, all ComixLaunch listeners that I personally invited to join the course for s pilot version.
- Club ComixLaunch on Patreon opening next month
Don’t think of crowdfunding as a product… But maybe you should. Business fundamentals.
ClubMembers will be getting things of vale in exchange for their patronage.
Membership has privileges
Ideally, it brings a bit more consistency to the revenue side…
Doing a podcast, the expenses are very consistent… Monthly recurring expenses.
A best practice is to find a way to get consistency in revenues as well… Monthly patronage through a site like Patreon makes a lot of sense.
Prices will be going up. ComixLaunch course pilot was the cheapest it will ever be when we ran it last year. Course will be better, more material, stronger for having creators gone through it.
We now have success stories.
That said, next time will be a beta… Still pieces that are works in progress, and I’m restructuring it after the first go around. So the price will be higher next time, but again, the best price we’ll ever offer, and it will go up again in January for the winter session.
So, that’s the profitability plan for ComixLaunch in 2016
- Keep expenses stable or raise them slightly for more advertising to grow listenership
- Launch new products
- ListLaunch Course
- the ComixLaunch course beta group
- Club ComixLaunch on Patreon
- Raise prices from pilot group, but still less than where they’ll ultimately go
Take stock of your creative business in 2016.
Are you profitable so far this year?
What can you do to boost profitability in the second half of the year?
Which levers will you focus on?
- Cutting Expenses
- Increase units sold
- Increase Sales of Existing products
- Launch new products
- Increase prices
“Money is a truth serum.”
– Noah Kagen (App Sumo, SumoMe, former Facebook)
Not all about the money… but when it comes to a creative business, money’s the oxygen that keeps things moving.
We’re going to go even deeper into both mindset, strategies and tactics for making KS work for you.
Thank you so much for listening, and for letting me walk with you, as you taken another step forward toward your next successful ComixLaunch.