254 - October Profit Report

On today's episode of the podcast I'm crunching the numbers from my October profit report.

If you missed last month's profit report, check out September's Profit Report here.

Tomorrow is the LAST DAY to get your FREE TRIAL access to the VIP Tier of Profit Rx. I'm not sure when (or even if) I'll do this again, so be sure to get your access now before it goes away on the 11th.

Recording this episode of the November Profit Report is an exciting time for me because Profit Rx, my signature program & monthly membership, turns one year old this month!

At the time you're hearing this I'll be at Wedding MBA, showcasing Profit Rx, the Contract Vault, etc. at my booth, and speaking this year! Wedding MBA last year was when I officially launched Profit Rx.

Now that I have one year of profit report data on how Profit Rx has been performing, I took a listen back to last year's November Profit Report. During that episode I shared that I had gone into $7,000 of business credit card debt to prepare for the launch of Profit Rx. I don't always recommend doing that, it can definitely be scary. If you are thinking of doing it, it's important to focus on ROI. And now that I have a year's worth of data, I can share my ROI with you.

My Year to Date (YTD) Total Revenue from Profit Rx during January to October of 2022 is $70,000. When I launched, it brought in $12,000 in revenue in November during its first month. A big chunk of this money was from annual memberships. December gave me a better look at the monthly recurring revenue I was making on Profit Rx. I brought in $5,000 in December, indicating my MRR would be about $5,000 and that $7,000 of November's revenue was from annual memberships.

While November's revenue was enough to pay off the business credit card debt, I split it between November and December.

From November of last year to October of this year, Profit Rx has generated $87,000 in revenue. That's roughly a 12.5x return on investment (ROI) from my $7,000 investment.

2022 was supposed to be all about profit because Profit Rx was supposed to be my one signature offer. And it has been in almost all respects because it's made up about 56% of total revenue. I've spent the past six months or so thinking about how I really want to grow and scale this business in a variety of ways.

  1. In order to service a broader niche i.e. drag queens (through Drag Tax) and other creatives

  2. In order to bring a higher level of support into the membership with our new bookkeeping team

  3. In order to support folks who have moved passed any form of DIY stages

  4. In order to support folks with their taxes at a higher level

This has meant making even more investments.

October Goals - Projected vs. Actual

Profit Rx: $12,000 → $7,000
Vault: $1,000 → $2,800
Book: $200 → $200
1-on-1: $1,500 → $1,500
Other: $2,500 (affiliate payouts) → $3,700
Then we had other of: $775
Bookkeeping: $400
Template: $410

= $17,200 projected/$16,800 actual

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