Jun 17, 2023

Doubling My Revenue in 5 Days: A Breakdown of My Business in May

Last month, my creator business made $141,092.22 profit. I doubled my revenue in 5 days. Here's a breakdown of how I did it, including revenue, expenses, newsletter, and audience growth. Plus, I set a goal to become more leveraged as a biz in 2023.

BUSINESS ECONOMICS INNOVATION

Kieran Drew

Quit dentistry to become a writer, sharing what I learn as I build my creator business · Come join 22k+ reading my newsletter Digital Freedom

Member of Business & Startups

Last month, my creator business made $141,092.22 profit.

I doubled my revenue in 5 days. But it only happened after a few crucial changes.

Here’s a breakdown of my business in May:

(Revenue, expenses, newsletter, and audience growth)
— Kieran Drew (@ItsKieranDrew) June 17, 2023
The Freedom Metre

In 2023 I set a goal to become more leveraged as a biz.

There was a big dip in earnings when I stopped selling my time. But it also freed me up to build my second product.

In Jan, 43% of my total revenue was ‘low leverage’.

Here’s May’s 👇 pic.twitter.com/UrnBW4gUIi
— Kieran Drew (@ItsKieranDrew) June 17, 2023
May’s revenue

The downside to doubling your revenue is the graph now looks silly.

The plus side, I don’t need to explain lol.

Let’s dive into the sales behind the product. pic.twitter.com/mx7jq1fiWI
— Kieran Drew (@ItsKieranDrew) June 17, 2023
Total product sales: 505.

I used tier pricing for anchoring and a way for my audience to pay more.

The $997 package grossed $10k.

I had a small affiliate team which grossed $15k in sales.

I used my first product as an upsell. This grossed $8.6k.

Small touches add up. pic.twitter.com/vQl55coqnc
— Kieran Drew (@ItsKieranDrew) June 17, 2023
May’s Expenses

The best part about digital products are the margins. There’re very few costs aside from software.

Including courses from previous months High Impact Writing profit margins are around 90-95% so far. pic.twitter.com/2CCsFpjCpR
— Kieran Drew (@ItsKieranDrew) June 17, 2023
Newsletter Growth

I expected this to be the worst month yet.

But @convertkit recently launched their creator network and it’s amazing.

So despite not promoting my newsletter, I’m getting around 1.5k passively. pic.twitter.com/y7BpfzShKE
— Kieran Drew (@ItsKieranDrew) June 17, 2023
Audience Growth

Again, a great result considering content was not a priority.

I promoted my course heavily on Twitter. I rarely do that because I worried it would impact growth and relationships.

But turns out people enjoy seeing someone taking action. pic.twitter.com/XgHrHhFp4n
— Kieran Drew (@ItsKieranDrew) June 17, 2023
Final observation: screw consistency.

I’ve rarely missed a thread or email before this product.

But I decided to go ‘all in’ and it paid off.

Grinding will get you going, but it’s asymmetrical bets that set you apart. So don’t be afraid to throw away the playbook.
— Kieran Drew (@ItsKieranDrew) June 17, 2023
Thanks for reading!

If you enjoyed this, 2 requests:

1. Drop me a follow @itskierandrew for more writing and creator business related content
2. Share the breakdown with your audience so they can read too

Just click below and up you go: https://t.co/0NJLy1YXJl
— Kieran Drew (@ItsKieranDrew) June 17, 2023
P.S.

I do a more in-depth monthly business breakdown in my newsletter Digital Freedom. People often say it’s the best email they’ve read all month.

So if you want to see the next one, come join 22,000+ entrepreneurial creators for free here:

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— Kieran Drew (@ItsKieranDrew) June 17, 2023