245 - August Profit Report
On today's episode of the profit report I'm sharing my August numbers to see if I hit last month's goals and setting new goals for next month. If you missed the July profit report you can listen to it here.
One of my big focuses this year has been consistency. So far this year, my
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
On the previous profit report, I projected my August goals. Below you'll find my projection side-by-side with the actual number I hit.
Total: $13,500 / $15,000 (technically $14,926.30) making this my highest revenue month of the year.
The differences in my projections versus my actual can be explained by the addition of one VIP day. In July I had booked two VIP days at the end of the month so the payment for those hit in August which made projections even easier. There was also one additional Profit Rx Live payment that fit into the monthly window. My other income came from affiliate sales including three $200 gift cards from Gusto's referral programs.
Now let's talk about expenses:
1. $2,765 to team contractors (18% of my revenue. I typically want this to be 15%). $1,000 of this went to YouTube, I expect this is about $600 more than what I expect moving forward
3. $1,500 to hiring program
4. $1,300 to Peerspace place
5. $2,195 other expenses
Total expenses: $7,760
Owner Profit (profit before paying my own salary): $7,165 (a little less than 50%. I'm typically looking for this to be about 70%)
Without those 1 offs like YouTube editing, Peerspace and the Hiring Program I would have had: $10,565 → 70%. I always expect to have some one off expenses, but I still like to do this exercise to see how I'm doing with routine operating expenses.
Upcoming one-off expenses:
1. September: Hotel for Vegas + second payment of $1,500 for hiring program
2. October: Models for Drag Tax photoshoot
Hoping to offset these with one-off income:
YTD totals → see pie chart here.
Digital Course Academy is launching this week! To learn more about Digital Course Academy check out Amy's free Masterclass here.