Slices Update and Income Report September 2016

Monthly Update & Income Report – September 2016

There’s a lot of BS surrounding entrepreneurship. Launching a startup is sexy. Being an entrepreneur is even sexier. Who wouldn’t want a six-figure salary, a team of minions to execute your idea and an office in San Francisco?

The reality is different from the fiction portrayed out there.

Launching a business is really tough. Running it is a lonely job that only a few can understand.

At Slices, we believe in transparency. We’ve decided to drink our own kool-aid and share the reality behind our bootstrapped and remote business.

Every month, we’re sharing our key numbers, what we did last month and what we’re planning next. We’re sharing our mistakes, our struggles, our lessons learned and our successes with you.

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit

Key Numbers

Situation

We are three people, working with five different clients.

Profits before tax

Profits before tax is the difference between our revenue and our expenses (before tax):

Monthly profits before tax for Slices.
Monthly profits before tax for Slices.

September was a good month with a profit of more than €3,000. We’re expanding the team and we need the cash.

Recurring Expenses

This is the amount of stuff we pay every month. This includes subscriptions like Basecamp, accounting costs, and salaries:

Recurring expenses for Slices.
Recurring expenses for Slices.

It keeps growing and growing.

One-Off Expenses

We call one-off expenses the things we pay for that are difficult to plan. It mostly includes expenses related to client work like user testing, usability tests, development, graphic design, etc…

One off expenses for Slices.
One off expenses for Slices.

We try to keep those expenses under €1,500 a month. As you can see, we reached this milestone only once in the last 7 months.

Taxes

We declared €4,000 in profits for the year 2015 (three months of trading) and paid €500 in tax on profits (at 12.5%).

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit

What we’ve done

The mood has been great this month as we completed most of the tasks we agreed during our latest company retreat. Serina has been travelling to Greece and Marco spent a few days in Berlin with no incident on client work.

Hiring a developer

We’ve been dealing with freelancers and contractors to develop landing pages and websites for our clients. It was a short-term solution with a some drawbacks: we wasted a lot of time finding good freelancers, getting them up to speed and training them in the way we do thing. It was time to have our own developer in the team.

We spent the time crafting a great job application and promoted it on WeWorkRemotely.com and Remoteok.io. We got more than 600 applicants and had to stop promoting the job after only three weeks.

More hours for Serina

Serina, our Experience Designer was working 10 hours a week with us. She made herself indispensable and we decided to increase her number of hours to more than 20 hours per week.

Launched our biggest commission-only project

We finished a big commission-only project with one of our clients. We transformed their Adwords landing pages into a three-step funnel to turn more visitors into leads.

If we reach our conversion objectives, we get paid.

If we don’t, we get nothing.

Rebranding

You might have noticed from the new logo and colours. It was time to turn the branding done by a freelancer for €120 into a branding that represented us and what we believed in.

More on the awesome work done by RichardsDee, our branding agency, very soon.

Slices Consulting
Our new logo. Do you like it? You better like it.

We stopped working with two clients

We stopped working with two of our clients. We chose to refocus on the clients that were the best fit for us. It wasn’t an easy decision financially but we are here for the long run.

I spoke at eir Spiders

I spoke at the eir Spiders Workshop, organised by eir, one of the leading Irish telco providers. There were around 50 people attending. Most of them coming from SMEs. I had a lot of fun!

Planning our next retreat

Serina and Marco have been planning our next company retreat. It seems like Washington DC is the best place for all of us to meet.

Writing more

Our strategy to grow is simple: to spread the word about what we believe in. Writing transparent and valuable content is our top priority.

I’ve published two posts (one about my journey so far and another one about remote working), and this is our third one.

Book chat

We started a book chat. Every month we get together on Hangout to talk about a book we read and what we learned. It forces us to learn new things and keep each other accountable.

Marketing dinner

I don’t remember how I got the idea but I organised a dinner for marketers in Dublin. I contacted my network on Twitter and LinkedIn and a few people showed interest.

11 of us made it in a restaurant in Dublin city centre. I met a few new interesting people and reconnected with acquaintances.

What’s next

More content

We’ll keep writing and promoting no-BS content on our own blog and other publications.

We’ll hire our developer

We’ll hire our first developer, starting part-time. A lot of interesting client projects are coming so we’ll be busy.

We’ll speak at Predict Conference and 3XE

I’ll speak at Predict Conference in Dublin about the future of marketing. Marco and I will speak at 3XE in Dublin about marketing BS and how to fight it to grow.

I’ll have more time to build the business

Hiring a developer will give me more time to build the business and write content. I will be less and less involved in the client side.

It means that our team will have even more responsibility. How exciting!

We’ll officially launch our brand

We’ll keep improving our website and get used to our new branding.

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit

If you liked what you read, please share it to your friends or colleagues. We rely on you to spread the word and grow our business.