225 - April Profit Report
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 additional promotion if I feel I am too far from my goal for the month. My friend, and former podcast guest, Claire Pelletreau, asked me if in doing this, I felt I was harming my long-term by focusing on my short-term. I said I do a little bit, but that I balance big promotions that I have planned and make sure to give breathing room after a big push. So with that in mind, I kept things pretty chill in April. I sent one bonus email and it didn't really yield much, so I opted to just not push it.
To recap my 2022 revenue so far:
January - $16,000
February - $9,000
March - $13,000
April - $10,000
We’re on an up and down trajectory. Hopefully that means May will mean big things.
My goals for April were:
- $18,000 in revenue
- $6,435 in Monthly Recurring Revenue (MRR)
- 3-5 Profit Rx new member sign-ups per week (15 people at our monthly fee and about 5 people on our annual fee) (had about 10 total - one annual)
- 50 Contract Vault sales $1,500. After Q1 my goals was to sell 30 Contract Vaults per month. I then moved my goal up to 50 though it keeps out performing so we will see.
- 2 Speaking Engagements totaling $600 (I had booked these before April)
- Profit Rx Textbook sales - $2,500 for a promotional push we did. These are low profit item, we profit about $20 if people want them to go along with Profit Rx
- More affiliate sales
- Make up the $6,500 that I was behind on my goal in Q1
Here’s where I ended up in April:
- $10,000 in revenue
- $6,000 in MRR
- 10 new members this month, one at the annual fee
- 30 Contract Vault sales, averaging one per day
- 2 Speaking Engagements totaling $600 (I had booked these before April)
- $600 in Profit Rx Textbook sales
- Affiliate sales
- I did not promote and 1:1 work this month which also led to the discrepancy
I was aiming for $18,000 in April, however it becomes a slippery slope trying to make up for what I didn’t hit the month before and I have decided I will not be trying to overdo it to make up for previous months’ missed targets moving forward.
Now my goal is to increase my baseline over the next several months and do an end of quarter push for 1:1 work so if you are in the market for 1:1 services, send me a message.
To adapt the increasing your baseline idea to your business, that might look like doing $14,000 a month baseline (this is probably not realistic for me until next year) and then an extra $8,000, so $24,000 on the last month of each quarter. Or $32,000 in a single month with one big launch a year.
My current MRR is $6,000. I have about 60 folks from bundles who will have free trials end this month, so that could potentially add $1,800 to my MRR if all of them became paying members, but I'm hoping about half of that will actually stick around, but that won't fully hit until May.
May goals:
- $6,300 MRR
- $400 in Speaking fees
- $2,000 in affiliate commissions from my sales of The Abundance Group
- $900 in 30 Contract Vault sales. I contemplated a price increase promotion, but decided against it.
These are the things I'm like 80% confident in, give or take $800ish on the commission and vault sales, that's $9,600, so close to my baseline.
- 10 new folks into Profit Rx, which would put us over $10,000 for the baseline for the month.
Instead of increasing the Contract Vault price, I'll be rolling out an affiliate and a referral program. The referral program is for those who have bought the vault or Profit Rx and want to refer it to their friends and the affiliate program is for people who want to promote it to their email list.
With this and maybe a couple other small pushes, I still want to shoot for $15,000. I'd be happy with $12,000, but my May baseline should be $9,000. In other words, my good, better, best for May will be $9k, $12k, and $15k.
This helps me with the client to piggy bank pipeline. We need to really think about how we’re getting money from clients and how it’s being spent and how it’s getting to our personal bank account. Last month I bought a new car and now have a new car payment, my goal is to keep my credit card balance at $0 which can be hard, and my short/mid-term goal is to build out 3 months of operating expenses in the business for emergencies, something I should probably already have, and a $5,000 slush fund in the business which is for big purchases so $14,000 in total savings. I also want to put my SEP IRA on autopilot. My personal salary is $5,000 a month and that is all needed for bills, and my overhead is about $2,500 so $7,500 is what I have to make per month. Hitting my better/best goal is going to help me hit these goals for May.
I'd love to hear what you think about the profit reports. Send me a DM on Instagram or post them in my Facebook Group, Braden's Besties.
To get the Contract Vault, click here.
Watch the free training , "How to Turn Your Business into a Wealth Generating Machine" and learn how to become a member of Profit Rx at a reduced rate, here.
