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February 2016 Monthly Income Report

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Monthly Income Report February 2016

February was another relatively good month in terms of sales, but slow in terms of the time and work that I invested in my t-shirt business. I was on annual leave for more then 3 weeks, which was obviously very long and also well-deserved. We actually went back to Cape Town again for some proper nostalgia. After more than a year without proper leave, we simply wanted something more relaxing and easy. We had the strong urge to return to South Africa after having lived there for almost two years. We didn’t want to pressure ourselves with sightseeing or any other unnecessary commitments. We simply wanted to have a good time and enjoy the amazing food, wine, weather and friends.

However, it also meant that I couldn’t focus as much on my t-shirt business as I would have like to. Furthermore, Tina and I came to the conclusion that her own little project (not t-shirt related) bore significant potential and needed a proper push from both of us. I therefore decided to commit myself to her project full-time for the time-being (full-time = all my spare time outside of work). Even though this has little to do with The T-Shirt Academy, I’m sure I share some details with all of you in due time.

Year-on-Year Performance

February finally provided some important confirmation with regards to the hard work I put in the last year. January and February both showed a performance slightly higher than the same months in 2015. Now some of you might say: So what? But when you’ve been looking at these numbers for several years and for 3 consecutive year they’ve gone down, then managing to maintain a certain (and even selling a bit more) is a good achievement.

Obviously it’s still far from where I would like to be, but I’m happy with the performance so far. It will be interesting to see how this progresses in the coming months before summer because I expect this summer to be quite profitable with the EURO 2016 coming up this year 🙂

My First Redbubble Payout

Yep, I finally made it. At just over 30€ the payout obviously wasn’t particularly high, but it’s a tremendously important and good sign. It means that despite having deleted ALL my designs and completely starting from scratch, you can still start to generate some income on Redubble fairly quickly. And bear in mind that I’ve only uploaded about 35% of my designs. I expect sales to increase continuously from this point onwards.

What’s Laracasts?

This is a brand new cost that I’ll be incurring on a monthly basis from now on. This is mostly related to the other project that Tina and I are working on. The project requires quite a bit of coding and I decided it was time to build it on top of a proper PHP framework. Laravel seems to be one of the most popular ones out there and it’s taking the web by storm. However, although I’ve done quite a bit of PHP coding, Laravel (or any other framework for that matter) has a bit of a steep learning curve. Laracasts is the online video training platform that goes with it. It’s worth every dime, so I don’t mind. If you’re keen to know more, feel free to drop me a line and I’ll be happy to share my experiences.

Monthly T-Shirt Income Report

I’m looking forward to reading your questions and comments. If there’s any particular position that you would like to know more about, then let me know and I will try to clarify.

Income Positions EUR USD Last Month
Spreadshirt Marketplace EU 2,324.33 2,578.38 5,106.05
Spreadshirt Marketplace US 567.61 629.65 491.86
Redbubble Commissions 32.15 35.66
Miscellaneous Hosting Services to 3rd Parties 84.87
Expense Positions EUR USD Last Month
Apple Keynote (Mac OSX Software) 16.80 18.64
Apex Pro by Compete Themes (WordPress Plugin) 73.50
Bootstrap Bay (Nifty Admin Template) 18.03 20.00
Laracasts (Monthly Subscription) 9.01 9.99
Google API Services (mostly translation) 7.91
HostGator (Web Hosting Services) 10.77 11.95 11.95
Shopify Basic Subscription (for www.gocaptain.com) 26.14 29.00 29.00
Namecheap (Domain Name Registration Fees) 64.22
The Noun Project (NounPro Subscription) 9.01 9.99 9.99
Dropscan (Mail Scanning Service) 22.26 24.69 9.11
Xing (Quarterly Subscription)
Tax Adviser (Quarterly Booking) 162.90
Net Operating Profit (excl. all taxes) 2,812.07 3,119.43 5,477.10
Tax Elements EUR USD Last Month
VAT on Income 441.62 489.89 986.27
VAT on Expenses 4.23 8.23 32.68
Net VAT to be paid to the Tax Man 434.20 481.66 953.59

*EUR/USD Exchange Rate for February 2016: 1.1093

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