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April 2021 Michelle Hon International Income Report

TOTAL INCOME: $46,683.54

  • Advertising and promotion: $2,028.51
  • Bank service charges: $5.00
  • Miscellaneous expenses: $50.00
  • Meals and entertainment: $150.00
  • Partner’s fee: $6,921.00
  • Payroll and salary: $10,407.00
  • Professional fees: $1,330.00
  • Rent: $1,500.00
  • Softwares: $393.80
  • Stripe fees: $989.50
  • Telephone: $35.35
  • Travel expenses: $180.05

TOTAL EXPENSES: $23,990.21

The month of launching

We had two launches - #MomBossGoal and Digital Startup Academy’s Oversubscribed – in April. Those launches make up for 2/3 of our April’s revenue. 1/3 came from everything else.

These are relaunches for our programs which we have created last year. So besides adding more bonuses, running group coaching and being the support for our students post launch, the launch itself was not too stressful.

For Digital Startup Academy (DSA), we created a whole new funnel which I am finally happy with. Everything was ready and prepared ahead of time. My partner, Edvard and I split and conquered different parts of the business with I – mainly with the message, sales funnel, copywriting and content creation while Ed looks after the community, emails, Facebook messages and keeping us on track for the launch.

The biggest takeaway from this is that I learned how to properly track each step of the launch and knowing exactly where we did well and where we could improve on the next time.

I took what I learned and applied it immediately onto the launch of #MomBossGoal Intake 4. We studied our past launch data and made a few changes. The biggest improvement is that our opt-in conversion rate has gone up to 29% (15-30% is good), and our follow-up emails now have an open rate of between 31% and 53% (18% is industry standard) and our sales conversion rate is 6% (2-5% is industry standard).

And so, where have we dropped the ball? Our show-up rate could be improved. It is 39% compared to 50% industry rate. And I see this a good thing. It means, if we are able to improve our show-up rate next time, the total revenue will be higher.

Facebook Ads

Another way to increase the absolute number of opt-in, show-up and sales would be to increase the number of people coming to our landing pages. April was the first time I spent so much money on ads!

We have engaged a Facebook ad agency to run our ads for DSA. That explains the higher expenditure for the month of April. The results from working with the agency was less than satisfactory (our cost per lead went as high as $35 per lead! 😱). The upside is that I learn how to place Facebook ads from them. Skills that I can use again and again in the future and that totally worth the amount of money we invested.

Another lesson learned from this is that we should hire someone or an ad agency in our own time zone. Because many times, communications took way longer than necessary.

For example, when we noticed that an ad was not working and needed to kill it before it continues to cost us another hundreds of dollars, we had to wait for almost 12 hours before they get the notice. And vice versa, I would be getting messages from them when I am spending time with my family at night. So, save yourself that trouble, pick an ad manager in your own country or time zone.

For now, we are running our own ads. For #MomBossGoal, we manage to keep our cost per lead to under $3. So, with the data from our most recent launch, I am more comfortable adding more budget for social media advertisement to reach more people and drive more eyeballs to our landing page.

In the following months…

After an exciting April of launching, we are “taking a break” at MomBoss Academy. It does not mean we are idle though. We are reviewing our past launches and preparing for our launches later in the year.

As for our students, I will be refining some of our past trainings to keep up with the latest trends and technology. I will be creating more content to support them in their business. I am also working with a couple of experts to help them launch their programs on MomBoss Academy.

If you are eager to learn about launches, online funnels and all things online business, you are welcome to join us at Momentum Coaching – it is the most affordable way to have me as your business coach. 😉

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