Kevon Cheung: Income Report
Kevon wrote income reports between May 2021 and November 2021. He did this because:
- it helped him think clearly from the lens of numbers
- numbers give context to people who are reading his reports.
- he loves radical transparency
He was inspired by Monica Lent. He shared details about his active projects, revenue, expenses and net profit. He also shared information about the projects he was working on and lessons learned.
He stopped writing them because he wasn’t seeing much return from the reports revenue-wise.
He still continues to build in public and share his lessons learned. However, these are done via retrospectives and case studies.
Monica Lent Income Report
Monica Lent published income reports on her personal website from January to November in 2021. These started as a way to check-in and examine her progress on a monthly basis. She was inspired by Pat Flynn’s income reports.
Each month, Monica would share her net profile, total revenue, expenses and an overview of what had happened that month.
She stopped publishing her income reports in November, 2021.
She listed three reasons for stopping her income reports:
- She had reached her goal of earning $10k/month
- Her target customer didn’t read the reports
- She didn’t want to help her competitors.
She is still building in public and sharing content about her business, however won’t be sharing the same level of financial detail.
Pat Flynn Income Report
Pat published his first income report on Smart Passive Income in October, 2008. At that point, very few people were publishing income reports. These initially reports were about businesses separate to the Smart Passive Income brand. The focus of the first income report was a niche site titled GreenExamAcademy.com.
He got a very strong response and expanded on the content by including lessons in his posts. His business grew rapidly, and the income reports started to focus more on products that launched as a result of the Smart Passive Income brand. These included courses, books and physical products.
In December, 2017, he started getting feedback from peers and readers that his numbers weren’t as relatable anymore. It was more about the numbers and less about building the business. He realised that his time would be better spent finding different ways to serve his audience.
He stopped publishing the reports. Instead, he shared behind-the-scenes details of specific campaigns and business functions.
In the following 10 months, he didn’t see many changes. The blog continued to grow. He shared more about the experience stopping the income reports at What REALLY Happened to My Income Reports.