On today’s episode of the Unf*ck Your Biz with Braden podcast I share my May profit report, breaking down my revenue, expenses, and if I hit my monthly goals. If you haven't already, check out episode 225 where I give April's profit report and share my May goals.
My goal for the year was to hit $15,000 a month in revenue. I hit that goal in January and have not hit it since. Doing these profit reports not only, hopefully, provide you insight into the profit of a fellow business owner, they also help me review my own profit and also get me a better understanding of my baseline revenue. To me, baseline revenue is the number we can hit by doing whatever it is we do consistently every week. I encourage every business owner to learn and track their baseline number. For me, these consistent tasks are putting out a podcast episode each week, sending out a weekly email, posting a social post for the podcast, a mild average amount of Facebook interaction, one speaking...
On today’s episode of the Unf*ck Your Biz with Braden podcast I share my April profit report and break down my revenue, expenses, and if I hit my monthly goals. If you’re new to the podcast, check out episode 186 where I reintroduced Profit Reports back to the podcast.
My goal for this year is to have $15,000 months, and my goal for April was to have an $18,000 month. So far, I only hit $15,000 in January, and $9,000 months seems to be my baseline each month that I can hit by doing what I do every week.
Each week I release and promote one podcast episode, I post in my Facebook group a few times a week, post to Instagram stories daily and on the feed 1-3 times a week, and average about one guest speaking assignment a week. From there, to increase revenue I can send an additional promotional email, offer a flash promotion, pay my contractors to do more work on my behalf, or offer 1:1 services.
On around the 20th of each month is when I run an...
On today’s episode of the podcast I chat with Joey Vitale, trademark lawyer and owner of Indie Law.
Copyrights vs trademarks
Copyrights protect your content, trademarks protect your brand. For example, when you walk down the cereal aisle of your business, the trademarks are the packaging (things like business name, logo, slogan, title of your podcast, etc.) and the stuff inside the cereal box (the content you’re taking, the posts on your website, etc.) and that’s where the copyrights come in.
Trademarks are not to protect you, they’re to protect consumers. For example, imagine there was no rule and any tech company could call themselves Apple, consumers wouldn’t know who they could trust.
The sign of a trademark, lawyers refer to it as source identification, when a name or phrase is mentioned and people can automatically identify the source behind that. For example, Disney having the trademark behind Hakuna Matata.
On today’s episode of the podcast I chat with Parker Stevenson, co-owner and Chief Business Officer of Evolved Finance, a bookkeeping business for online business owners.
To hear Parker’s previous episode, check out Episode 130 - Your Tax Write-Off and Bookkeeping Questions Answered
Look for a bookkeeping service that focuses on online business owners and knows the ins-and-outs of online business and can work with you to help keep you profitable. If you focus on building your profit you can get paid easier, you can focus on stabilizing the business,you can have cash to invest back into the business without going into debt, and more. If your books aren’t accurate and timely, you will have a difficult time being able to track this growth and be more profitable. It’s Parker’s passion to help business owners see the importance of tracking where your money is coming from, where it’s going, and what’s left over.
On today's episode of the podcast I continue the Hiring Series with a case study focusing on my own latest hiring process.
Last year I did Part 1 of the Hiring Series (start with the first episode of Part 1 here) and now I am continuing my Hiring Series Part 2. If you missed the start of Part 2 last week, go back and check out Contractor Laws State-By-State. Today I am diving into Module 7, Lesson 5 of Profit Rx with info on Contractor Onboarding and my own personal experience with hiring my latest contractor.
Recently I was following a discussion on Facebook of an interior designer who hired a photographer for photos of their designs. The photographer asked why the designer wanted to send her a 1099, and the majority of photographers in the comments said no, she shouldn't get one because...
On today's episode of the Unf*ck Your Biz podcast I review my February profit report. If you’re new to the podcast, check out episode 186 where I reintroduced Profit Reports back to the podcast.
Coming up on March 14th at 9am PST I am hosting an Open House. I'm calling it the anti-webinar and if you've been curious about how to get access to all my resources or work with, I'm going to be sharing a new offer in order for you to have me as your tax and legal friend on demand. Unlike 1:1 legal services, you'll have all the tools and resources you need at your fingertips at an extremely accessible price point. Click here to register for the Open House.
Spoiler alert, this was not my best profit month. In fact, I didn't even come close to my February profit goal, but that's business.
On January's profit report (listen here) I talked about my goals for 2022. We are trying to book 25 PR spots each quarter. I have a goal for downloads of my own podcast so...
On today’s episode of the Unf*ck Your Biz podcast I discuss bookkeeping basics and how your bookkeeping can set you up for tax season success.
It’s not too late to register for the Tax Season Playbook! Sign up at www.bradendrake.com/playbook to finalize your books, organize your tax documents and get ready to file your 2021 taxes.
On last week’s episode we discussed tax deductions. In order to get these deductions you must have record of them, and be able to provide proof of them if you are audited. That’s where bookkeeping comes in. Your books must show your gross income, expenses, deductions, credits, and a record of your business transactions. You can use any record keeping system. You don’t need anything fancy or paid, a spreadsheet works great. Certain business entities require more specifics. For example, a partnership agreement or operating agreement, this is especially important if you plan to offer stock in your...
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...
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...
Today on the podcast I'm diving into why you should treat your business like an asset.
According to Investopedia, an asset is anything of value or a resource of value that can be converted into cash. Essentially, it's anything that you can sell or something you can hold on to build wealth.
Treating your business like an asset is like raising a child. You need to put in a certain amount of time nurturing the business, just like you would a child. When your business is an infant, it needs constant care and attention. This is usually when you are running the business solely on your own. As the business grows, we often bring in more people to help us nurture it, the same way we bring in teachers and caretakers for our children. It takes a village. The end goal is to build a business that can leave the nest and flourish without us. And sure the business may need to call home to ask you to schedule their dentist appointment or drop some wisdom and you can spoil your...