240 - July Profit Report

On today’s episode of the Unf*ck Your Biz with Braden podcast I share my July profit report and let you know if I hit my monthly goals. Check out episode 236 where I give June's profit report and share my July goals.

This episode is going to be a bit juicier than past ones because I had been behind on my bookkeeping. Oops. I spent about two full days revamping it all. I pull my profit report data from my payment processor, but I hadn't sat down to do full book keeping in awhile.

I have a few big takeaways from the last year and a half of my business. One of my big focuses this year has been consistency. Last year I launched several cycles of my signature program, Unf*ck Your Biz, a $2,000 program and I did not have the 6 figure launch I had expected. While I still do launches, I now have Profit Rx as a membership with recurring revenue. This past spring I launched a new tier to the membership for $30 a month with just content and no live support in response to members' requests which led to more consistent revenue.

This year:

1. Highest month: $14,700 (January)

2. Lowest month: $9,400 (February)

3. Each month since has been between $9,800 and $11,800, so a $2k range

58% of revenue has come from the membership. I would like to continue to grow this and see this go to 70-75% of my monthly revenue. One way to do this is to offer a free trial. You can get the free trial here. By next profit report I hope to have conversion metrics to give you.

My average revenue per month was also higher than I expected. I figured between $10k and $11k, but kind of forgot about January, which brought up the average. This brought the average to $11.600.

Last month, I don't think I shared a goal for July. I didn't have any big plans.

Here's the breakdown of what happened this month:

Profit Rx: $6,800 (down from the previous month)
Contract Vault: $1,290 (43 sales this month)
Book sales: $140
1:1 work: $2,000 (2 calls)
Affiliate sales: $1,600 (Launch with the Abundance Group Hiring Intensive)
July total: $11,800 ($200 above monthly average)

I view my business as:

Gross Revenue - Business Expenses = Owner Profit (How Much I made from the business

Wages: How much I paid my team

Owner Profit - Wages = Business Profit

July Expenses:

1. $470 to my Contract Vault affiliates

2. $314 Cost of Goods from my books and PRofit Rx books

3. $326 monthly tools

4. $1,346 team contractors (virtual assistants)

5. $4,400 (outside contractors for one-off projects)

6. $428 in marketing i.e domains, web hosting, etc.

7. $2,500 other

8. $360 Stripe processing fees

Revenue: $11,800

Expenses: $11,200 not including my owner's salary

Owner profit: $1,526

My S Corp payroll: $6,400

Business Profit: -$4,800 (part of this is because I ran one of my payments to myself late so I had an extra in July.

I showed an owner profit of about $1,000. Not great, but here's what my additional non-routine expenses included this month:

1. $3,000 to photographer for Drag Tax photoshoot

2.  

   $1,500 to designer for Drag Tax and new book

3. $1,300 to Airbnb for photoshoot

So that's almost $6,000 in non-routine expenses. Recall, this is why I did a push in June. I also have about $3,000 in remaining expenses for this project including Peerspace, models and props for the shoot.

Year-to-date:

Revenue: $81,500, of which 58% is Profit Rx, 19% Contract Vault, 1% Book Sales, 9% 1:1 work (will increase in August), 6% affiliate sales

Expenses: ~$356/month for auto-pay monthly/annual payments (Asana, Zoom, Kajabi, etc.), $1,300 on team contractors which is 8.5% of revenue and my goal is always to keep it down beneath 15% on the high end but ideally 10%. The dollar amount might go up but we don't want the percentage to go up because we want revenue to go up in proportion.

View my Profit Margin pie chart here.

Here are my August goals:

Profit Rx: $6,700
Vault: $1,500
Book: $300
1-on-1: $4,000
Other: $1,000
Total: $13,500

My August promotion is for Amy Porterfield's Digital Course Academy (DCA) however those affiliate payments will not come until September which is why it is not reflected in my goals. I took DCA in January 2019 and I built my business off of this program for all of my course launches.

Over the next few weeks I'll be sharing my course creation journey and if courses are or are not a good next step for you for additional revenue. I don't want you to buy this if it is not a good fit for you. If you're unsure, check out the Discover Your Ambition Archetype quiz and learn more about DCA here.

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.