On today's episode of the Unf*ck Your Biz podcast I break down profit margins and how to use your marginal profit information to guide your business decisions.
This episode of the Unf*ck Your Biz with Braden podcast is sponsored by my program, The Profit Rx.
Profit margin is the percentage of your revenue, that is profit. We calculate this by taking your profit in dividing it by revenue.
On today's episode of the podcast I chat with Claire Pelletreau, Facebook and Instagram ads expert, about her company's profit report.
This episode of the Unf*ck Your Biz with Braden podcast is sponsored by The Get Paid Podcast, hosted by Claire Pelletreau. If you enjoy today's episode on profit reports, you'll love The Get Paid Podcast where Claire dives into companies' profits, income and how they run their business.
Claire's business is to help clients see a return on investment on their Facebook ads and she offers ridiculously easy trainings to set up your own Facebook ads (I can attest to this myself). She started her
Year-to-date (though the end of October as this podcast was recorded in early November) Claire's revenue was $263,000. To look at Claire's growth trajectory, the first year of her business she made $18,000 in the six months of that year she had her business. The next year she made $80,000. The year after that was between $150,000 and...
This episode is brought to you by my new program The Profit Rx. If you've been following along here on the podcast, you know that the doors opened to the Profit Rx officially, a couple of weeks ago. The Profit Rx is your prescription to help you build a healthy and wealthy business. Help you avoid that financial anxiety. pay yourself more. tackle your taxes. All of these good things. For all of the information you can go to theprofitrx.com. You can join us on our twice weekly Co-working calls, Finance Fridays, get all of the good stuff, so go check it out.
In today's episode. I am going to be explaining to you all about the profit and loss statement, so what a P&L is, Um, how they work and in order to do that, I'm actually going to be walking you through an excerpt of our Profit Rx textbook.
So a P&L, or a profit and loss is also often referred to as an income statement. That's like the more official term for most accountants, but I like P&L, because it's...
In this episode I am going to tell you more about The Profit Rx and why you should join, but I'm also sharing with you why I've made the change.
I had previous programs. One of my programs was called Fundamentals. It was a monthly membership. I also had Unf*ck Your Biz, the course which has now been retired. Both of these programs have been retired. Fundamentals, Fundamentals, Um, I initially created. It was supposed to be a program more for newer business owners. It didn't really turn out that way, like my goal was to create Fundamentals, a monthly program that then prepared people to join Unf*ck Your Biz. But what ended up happening was that I drastically changed the Fundamentals content last year I would say during COVID but that's still a thing at the time of recording this podcast.
But once we went on lockdown in the wedding industry in particular, the events industry was dealing with all of the Um, COVID-related contract cancellations, postponements, refunds, and all of that,...
On today's episode of the podcast we discuss the building blocks to building a profitable business.
Sign up for "Turn Your Business Into a Wealth Generating Machine in 2022" my free training on November 15 where we'll focus on making three key decisions to streamline your business finances.
One of our building blocks is the layers of protection (more on this in episode 197). All of these legalities, like insurance, contracts, and business entities, to protect ourselves and our money.
The next block is tax systems, these are in place to keep us up-to-date with taxes and the IRS off our backs. You don't want to deal with audits, back taxes, or any of that. Tax systems include book keeping and having the correct business entity.
Another block is good financial systems. These are here to serve the decisions that impact our personal finances and determine how much and how frequently we pay ourselves. Good financial systems help you to reach target profit...
On today's episode of the podcast I talk about hiring a team and why it's never too early to think about hiring, even if you aren't ready.
I've previously spoken about hiring a team, for example when I interviewed Ashley Ebert on episode 178 of the podcast. While it may be too early to build a team, it is never too early to think and plan for that day. The first question is what that team will look like. It's not several full-time employees, it can be just one contractor, and those contractors can be broken down into two types of contractors - internal and external.
An internal contractor is someone I'm working with on a regular basis and I pay them monthly for an indefinite period of time. I have weekly meetings with them and treat them as a member of my team. I also have external contractors, which are contractors that I'm hiring on a project-basis such as redoing your website or setting up your Pinterest account. When we talk about building a team, we're talking...
On today's episode of the podcast I talk about how legalities can help protect your bank account.
I always talk about these things in a vacuum, for example how an LLC helps protect your personal assets, I chat about how insurance can help defend you in the case of a lawsuit, and I've noticed these are the topics people are not always as interested in as tax topics, I think because our fear of the IRS often seems to outweigh our fear of legal repercussions. I'd love to hear your thoughts on this in my Facebook group.
Beyond contract templates and starting an LLC, why should you care? The reason is because it all comes down to our finances. Assume you have a client problem that ends up in court, aside from being anxiety producing, we could have a judgement against us. A lot of our legal protections are to give us financial security. This is where our legal layers of protection come in, including liability layers and intellectual property layers.