Each month, I (Ryan) = publish an income report from my various businesses and income sources. As you know, I generate cash from online businesses, and then I invest the profits into both other businesses and more traditional “investments”, and these reports record the results of my income sources and the investments.
Why share numbers and specifics?
In my years of teaching and practicing entrepreneurship, the most educational pieces have always been examples and follow along reports. Sharing the details of business seems to transfers theory into reality, and it is my hope that this will inspire you and educate you to be more free and more fulfilled.
There are a few things that you should know while reading these income reports:
1) I am terrified of details. Numbers are not my strength – creating new things is. Reporting every dollar and expense would drive me crazy, so I often round or provide estimates; this is not to mislead or stretch the truth, it is because my brain is trained to get an overall picture, and then measure progress. The exact numbers often escape me, and I do not care to get them exactly right every time.
2) Only a portion of this revenue goes into my pocket. These reports are not intended to show you how much money I am personally making, they are to report on growth, challenges, and the things that affect both. I have business expenses, a handful of great employees, and wonderful partners who share in the workload and in the profits. If these reports were an attempt to brag about how much *I* make, I would have absolutely zero interest in doing them. Truth be told, I live on a very modest salary and invest the rest.
3) Both the highs and the challenges are shared. Wealth and freedom is not a straight line up – you will have bumps and setbacks along the way. If ever there is a reduction in the results that are being realized, it does not mean that something “does not work” or has failed, it is simply a reflection of the current marketplace. I will do my best to report on why certain numbers are up or down in a given month.
Why not share all of your business names and websites?
Sometimes, I will share the specifics of the businesses that I own, along with the products and services that they offer, but this (for now) will be the exception, rather than the rule. While I would happily share the details of everything that I do, I often protect certain details out of respect for my partners and for the protection of certain creative endeavors.
How are all of your businesses structured?
God bless my accountant, because it is a mess! My central business is called Ryan Moran Inc, and it is an S-Corporation incorporated in Ohio (my birth state – I now live in Texas). That S-Corp owns several other businesses, which are usually LLCs. My Men’s Health and Fitness company runs through my personal name, but I honestly don’t remember why we structured it that way (I’m not a detail guy). All of my consulting revenue comes through my S-Corp.
It looks something like this:
Now, let’s get to the breakdown for April, 2014:
Men’s Health And Fitness Company – $130,000
I think the appropriate word here is “whoa.”
I expected growth, but to have 50% growth from the previous month… that was a shocker.
The big difference maker? Our biggest competitor caught got cheating, and he got shut down. We picked up a lot of the extra business.
The men’s health and fitness company provides products to men who actively develop and maintain peak performance, and it currently serves as my primary work project. Most of our sales are generated from Amazon.com right now.
In addition, we had exactly zero inventory problems, which makes selling stuff a heck of a lot easier. We’re seeing a lot of repeat customers now.
April was 100% good news for the men’s health and fitness company. I guess when you sell $130,000 worth of products at a 50% profit margin, it’s hard to complain.
There’s nothing major to report here, except that we keep serving our customers and keep improving our systems.
Next move: roll out more products. It’s as simple as that.
Zen Active Sports – $8,000
Zen Active Sports (www.ZenActiveSports.com) is a sports products business that currently specializes in yoga products. I am the investor and the advisor, while my partner runs the operations.
And the word that describes April for Zen is “bummer.”
Zen continues to have lingering inventory issues, mostly because the products have to sit on a boat in the ocean for eight weeks before we can sell them. It’s unbelievably frustrating. Because of this, building up momentum has been really difficult.
Thankfully, we *think* we have all of our systems improved from this point forward, and more growth should be on track for future months.
Next move: with the investment that I made into the company last month, we’ll be rolling out yoga blocks and yoga towels, which will really help the company to grow.
Supplement and Nutrition Company – $16,000
My supplement and nutrition company is a small venture with a friend of mine that provides high quality supplements in mainstream markets, and sells on Amazon. I am the investor and the advisor, while my partner runs the operations.
The supplement company had nice growth this month, with increased revenues of about 22%. They were enough to take a little bit of money off of the table.
The company is finally starting to show life, especially now that we’ve rolled out our second product. Although it hasn’t caught fire yet, I’ve found that additional products grow a company exponentially faster than the first product, because your systems are in place, and you have a customer base that is ready to buy more.
Next move: with the second product now being rolled out, I expect the company to start growing very quickly. In fact, we’re already looking for product number three, but that is a bit premature to consider. I expect this company to have exponential growth throughout the summer.
Consulting and Coaching – $18,000
Although not my primary business, I do keep two regular consulting clients for whom I write some copy and provide marketing strategy, and this is the income that I usually live off of, while I invest the money from other ventures. I partner with well-qualified clients on a project basis to increase their business and generate new cash. The results are almost always extraordinary, and I take a small portion of the profits.
This month, I picked up one copywriting client for $5,000 (my base rate), and one Amazon client. I am considering winding down the consulting side of my business, because I am more passionate about the other income streams. I really do enjoy working with my clients, though.
Stock Portfolio Value: $20,400
I benefitted from a nice little rebound in my portfolio this month. Half of my portfolio is reserved for trading, while the other half is reserved for long-term investments. I add $500 per month to the long term investments.
I thought about investing a lot more into stocks recently, but I am very leery of the stock market right now, so I have kept most of my cash on the sidelines, while continuing my long term plan of steady investing into dividend and growth stocks.
I expect a market correction on the horizon, and at that time I will consider investing a lot more into high dividend yielding stocks.
Real Estate Income:
I currently own just one single family house, while actively looking for more. This month, This month, I made an offer on a second house, but I was outbid by another buyer.
House Equity: $81,000 (according to Zillow)
Monthly Rent: $950.00
Until last year, most of my income came from my personal brand and the products that I sold under that umbrella. I was not happy with the direction that that was heading, so I completely shut it down. However, some income still finds its way to me through old affiliate sites or old autoresponders. The amount of income is not significant enough for me to report or worry about losing. Instead, my focus is on building Freedom Fast Lane in a way that truly represents my core values and makes the world a better place.
Total April Revenue: $170,000 (ish)
My time is currently spent on my three primary projects: my men’s health and fitness company, my personal brand (this blog), and Losing My Religion (my personal passion project).
This month I reflected on what is going well, and what is struggling, and I can honestly say that business has never been better. It was a great month, and it paved the way for an even more successful month of May. Part of me wants to work even harder as a result of this, and the other part wants to enjoy more leisure. Funny how that works…
Overall, I’ve concluded that I just need to focus on tending to the field and growing what is in front of me. The Freedom Fast Lane podcast is growing and starting to open doors for more of the things that I want to do with my time, like speaking and inspiring people to live extraordinary lives. I also currently feel a very strong desire to do conferences.
Finally, I launched my passion project, Losing My Religion, this month. You can join all the controversial banter at LosingMyReligion.tv. The goal here is to elevate the intelligence of the conversations that we have about religion and spirituality.
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