When I started The Social Icing a few years ago, I had no idea how other virtual assistants were making each month working with clients, how they were making that money, and what was possible within the virtual assistant industry. I hope by pulling the curtain back on my business and sharing what The Social Icing makes each month and how we make it, you’re able to see what’s possible for your virtual assistant business.
Influencer Virtual Assistant 2022 Income Report
In 2022, The Social Icing rounded out the year making $108,000 in revenue and this is a number I’m really happy with. I didn’t set any monetary goals for last year and to be honest, I’m not planning on setting one for this year either. Last year, my main goal was to make more consistent income across the board because I started The Social Icing in April 2021 so this was my first full calendar year, and wanted to be as consistent as possible. We absolutely did this last year, averaging around $8,900 each month throughout the year. November was our highest month which was to be expected as Q4 is always the best quarter for us. We hit $12,000 in November and then our lowest month was in June, which was around $4,800.
The J months are never good for us, June, July, and January but for the most part, we averaged around $8,900 and with the exception of June and January, we hit around $8,000 a month at the minimum.
Let’s Break Down the Numbers
I pulled our numbers from both Quickbooks and Honeybook! I used a combination of both as we use Quickbooks for our bookkeeping and Honeybook as our CRM. Honeybook is truly seamless when it comes to contracts, invoicing, client management and so much more so if you’re looking for a reliable software for client management, I can’t recommend it enough! Get 20% off your first year here.
- LTK Management – Our LTK management services brought in 65% of our revenue for the year! This equals to about $70,000, which is so crazy to think about.
- Social Media Management – Working with clients on social media management brought in around 13% of our income for 2022.
- Blog Post Writing – Blog post writing, graphic creation, linking, and everything else that goes into creating blog content brought in 9% of our revenue.
- Hourly Packages – Our hourly packages brought in 8% of our revenue
- Email Marketing – Creating email newsletters for clients brought in about 4% of our revenue
- Other – For other, I lumped together the numbers from some random revenue streams. This includes late fees, prorated fees, and money made from one-off miscellaneous tasks.
I do want to point out that 92% of that $108,000 came from package rates and only 8% came from hourly rates. Our hourly rates still come in package form, but this is the only time we track hours for client work completed. Hourly packages are a service we only recently introduced over the last six months and we usually only offer them to clients that already have some sort of package with us. Honestly, I don’t like to track our hours, I find it to be a pain, so we try to only keep this service for current clients that want to add some extra time and support on. Outside of that, we try not to off them too much unless the situation is right.
If you do offer hourly services, I do recommend packaging them together if you can to keep things easier, as we have ours. Our hourly packages are only available for 10, 15, or 20 hours every month, and I highly recommend packaging your hours together if possible.
How I Pay Myself
It’s important to note that The Social Icing made $108,000 this last year, this isn’t money that I took home with me. We operate at about a 60-70% profit margin which means that 30-40% of our income goes toward our expenses. This can include paying contractors like our bookkeeper and lawyer if we need support with anything and to software including Honeybook and Quickbooks. I also like to purchase courses to hone in on a skill or learn something new each month.
We also don’t currently have anyone on payroll and I pay myself via an owner’s drawer since we are an LLC. Once I’ve paid for any expenses and our contractors, I’ll pay myself directly from our business checking account. We also put away money each month for taxes, which is about 30%.
What I Want to Do Differently in 2023
What I Want to Do Differently in 2023
As I mentioned before, 65% of our revenue came from LTK management which I don’t love. I hate having such a large portion of my business built on one area. If LTK was to shut down tomorrow, I’d lose $70,000 of our yearly income and I don’t love that. This year, even though I don’t love setting monetary goals because I tend to fixate on them too much and don’t think big picture so this year, I’m going to focus on diversifying. Diversifying my services, and diversifying our income (starting our YouTube channel is part of this) with digital products, affiliate links, and different things like that.
I do want to continue focusing on service-based income but I want to diversify streams of revenue in general because another big goal of mine is to create more work-life balance. For that to happen, I need to take on less client work and focus on outside passive income. I’m not 100% sure what this will look like as of now, but I’m excited to explore it and can’t wait to take you along for the ride!
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