In this episode, we’re taking a peek back at our entire 2021 – both the good and bad – for a little introspective business review. From month-to-month projects and tasks to actual numbers and percentages, this is a comprehensive overview of what a year full of pivots looks like for a creative biz!
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CAMI’S INCOME GOALS
So, by the numbers, like the general overview, so the total income that my business made this year was right around $375,000. And I really wanted to hit that bar thousand dollar mark, but it was just short, but my goal this year was 300 K.
So did surpass my goal, which was pretty cool.
And then for revenue (net revenue after expenses), I ended up hitting $97K. My goal originally was $100K. I think I would’ve hit that goal if I hadn’t like opened a storefront, but It’s fine with me. I actually think I could still hit that goal by the end of December anyway [It was November at the time of this recording].
So this year with, hitting at right at $375K total income, that was like almost double what we did last year, which is pretty cool.
So now, for 2022, my goal for total income is going to be half a million!
CAMI’S 2021 REVENUE BREAKDOWN
I didn’t do a full breakdown of where every single thing come from, but every single thing came from in that sense, but I’m pretty sure it’s about 30% Etsy, 30% fair, 30% my website.
And then the rest is like art licensing. Influence her income, that kind of thing. Just like random sales, So it’s pretty evenly spaced in there. Oh, I forgot to count for like wedding stuff. Um, but it’s still, it’s still about that. So probably about 30% wholesale and 60%, 50 or 60% retail, give or take with some other stuff in there.
I saw major growth with my average order value from 2020 to 2021. This year my average order value was $103.65. Last year it was $58 so I’m proud of that growth!
Retail orders: 6,038
Wholesale: not sure, but up 973% in revenue. This was a huge wholesale year for me!
All of my sales channels are about 30% of my income, so pretty evenly split.
Retail shop since opening Nov 17 has done about $7k in revenue, my goal going into this was just to pay off my rent for the shop every month. Considering the numbers, it looks like I’m going to hit that coniststenly for sure!
CAMI’S PRODUCT-BASED BUSINESS EXPENSE BREAKDOWN
My biggest expense was cost of goods sold which was $190k for 2921…In simple terms, that’s basically the money I spent on PRODUCTS and SHIPPING.
My second biggest expense was Etsy ads which ended up costing around 6% of my income, then contractors at 5%, then rent at 2%ish but will be more next year since I only rented half the year.
Overall roughly 10-12% of my business income goes to “operating expenses”: contractors, rent, utilities, taxes, biz meals, office expenses.
ELISABETH’S INCOME GOALS
So my revenue this year, Pretty much, almost exactly 80,000, like a little bit above that. So I was like, okay, okay. Like, that’s good with like cutting weddings out and everything.
I was very happy with my expenses because they were only 19,000 of that, which meant that my profit was 61,000. And this is for Eliza and specifically, so between that and our paychecks and distributions for Biz Birthday Bash, I am still hitting like right where I want to be from an income goal. I’m just like always really happy if I’m making around that like 80 to 90,000 a year is like where I want to be and feel like that covers my living expenses and everything super well. And I don’t know, I feel like I’m like sometimes different in that regard, because I think like everyone has this vision of like wanting to make six figures or take home six figures and I’m like, yeah, if I did that, that would be great.
But that’s never been like. The goal or the end picture for me, cause I just like want to make a living and do what makes me happy. So I was really happy with those numbers.
ELISABETH’S 2021 REVENUE Breakdown
When we break that revenue down, profit-wise, this is crazy. So course management, I made $63,830 of revenue from that alone between my three clients and launching their courses and helping out with some additional projects and things like that, anything for my like three clients, I kind of like booked it under that, um, category specifically.
So that was by far my biggest section. And then second big, this was still wedding. So with like 8,200 ish dollars of income for weddings, because I was still wrapping up a few things that were how higher-paying. So that was kind of now. And then the Glowforge brought in $2,481, which I really wanted to make back what I spent on the Glowforge.
From Live art, I made 1400 and that was just the one Jimmy choo event that I did.
I still make money from YouTube., which is hilarious because I don’t even post anything in there anymore, but I made $646 from ad revenue, um, and YouTube, which is like, Hey, like several hundred dollars for not lifting a finger basically.
And my last category, which is like miscellaneous was $4,000, approximately $4,000 of income. And that mostly has to be like Etsy sales, um, that I’m doing, I think is like a big chunk of that. I didn’t look at Etsy staff specifically because I don’t really live on Etsy and do a ton on there, but there’s, there’s probably just like other small things and an FC orders that contribute to that 4,000 and like my whole clean-out sale, like all the clean-out sales stuff that I did for thank you society and just selling stuff from my.
Office and inventory in general would have fallen under that category. So that’s kind of how all of that breaks down.