249 - September Profit Report

On today's episode of the podcast I'm sharing my September profit report to review last month's goals and set new goals for next month.  If you missed my August profit report you can listen to it here. 

One of my focuses this year has been consistency. I feel I have been very successful with my revenue consistency. My expenses consistency, not so much.

My highest revenue month had been $14,700 in January, replaced last month by August with $14,900 (so close to $15,000). My lowest month of the year was February with $9,400.

For expenses, my highest spend month was July with $10,000 (a lot of Drag Tax bookings were made during this month for my brand photo shoot and lowest was $2,000 in January).

January to May was between $2,000 and $4,000 each month. $3,000 was kind of my baseline and June, July, August was between $7,000 and $10,000. September dipped back down to $5,000. I'm ideally looking for at 66-70% profit margins in Q4 with hopefully $25k revenue months during my launch.

September Goals - Projected vs. Actual

Profit Rx: $6,700 / $9,000 (This increase was due to a last minute promotion of my VIP tier annual plan which helped me onboard my new bookkeepers who will help create systems and do bookkeeping office hours)
Contract Vault: $3,000 (100) → $1,400
Book: $200. → $410 (I ran a promotion for my August 31st birthday but hit my bank account in September)
1-on-1: $1,000. → $1,000

Other: $2,500. → $1,000 (mostly affiliate income, more of the payments will be hitting my bank account next month)

Total: $13,500 → $12,825, so about $600 off on the goal, but we had about a couple thousand that deposited on October 1st

Expenses

1. $1,500 to team contractors, 11.7% down from 18% last month. I like this number to be under 15%

2. $1,500 to hiring program

3. $300 for hotel reimbursement for my photographer

4. $400 for small branding project

5. $300 for Wedding MBA promo materials

Total expenses: $5,399

Owner Profit: $7,169 (Profit before my own salary). This was 56% profit margin, 67% without the $1,500 expense for my hiring course so that's more like what I'm expecting in the coming months. 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

October Projects

Upcoming one-off expenses:

1. September: Hotel for Vegas

2. October: Models for photoshoot

YTD totals → see photo attached

October Projections
Profit Rx: $12,000
Vault: $1,000
Book: $200 (Typical sales without marketing)
1-on-1: $1,500 (Already booked)
Other: $2,500 (affiliate payouts)

= $17,200

Also, what's on the horizon...

1. Hiring

2. Fall Launch

If you're interested in joining as part of our promotion, reach on out in my DMs. At the time of recording this we still have available spots. If we're out of spots, message us about Profit Rx VIP.