Income update: May – August 2011
I’ve been slacking on posting my income reports lately, but am getting back into the swing of things.
Anywho, below is the breakdown of the past few months:
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From the numbers, you can see that my average hourly rate went up in July; this was followed by an increase in the amount I billed in August. Since I bill at the beginning of the month for the prior month’s work, those increases are essentially the same thing, and were due to a couple days of on-site training/consulting.
I actually didn’t do the on-site work, but outsourced it to an associate whom I’ve worked with for many years and trust, and whose expertise compliments my own. In addition, my rate for on-site days is a bit higher ($1,500/day + travel expenses) compared to my standard hourly rate ($150/hour). Since I bill out my associate at a higher rate than I pay her, I pocket the difference, so I get a bit more revenue than what I personally worked. These types of arrangements are nice, since it can be relatively passive income. However, you just want to make sure that you trust your associates if they have any contact with your clients, since you don’t want them to steal your clients.
You might have also noticed that my average hourly rate is under $150/hour. That’s due to a project which I agreed to cap the project cost for a client (which isn’t something I’m in the habit of doing), and, of course, which has exceeded the hours I estimated. As a result, I’m writing off the additional hours, although I’m still tracking them. As a result, my average hourly rate suffers…
Aside from that on-site boost, the rest of the months are pretty average, and it feels good that I’m able to keep a fairly consistent income despite the dire stories in the media about the shaky economy.
Let me know if you want any additional info included in these income reports.