288 - May Profit Report

On today's episode of the podcast I share my May profit report and goals for June.

You can get access to my books (yes, the actual Google Doc I use to keep books for my entire business) at www.bradendrake.com/bradensbooks

We are back with our monthly profit report but first, let's quickly recap my 2023 goals.

1. Consistent $20,000 months by Q3. We're ahead of schedule for 4 consecutive months now. I am fully expecting a dip in June and July goes as they're typically the slowest months of the year, but we're still going to shoot for $20k in June.

2. Get MRR to $20,000 by end of year. I may be making some sacrifices on this one for the long-term best interests of the business, so we shall see where it goes. To be honest, I think we're still a year/year and a half away from that goal but we're working on it.

3. Get expenses under 35%. YTD, I'm at 37%, so not too shabby. 1% better than last month

Now let's take a look at what happened in May.

1. I finished the 3rd edition of the Unf*ck Your Biz book. I'm still waiting for the proof of it and if they look good I'll be able to fill all the preorders.

2. Unf*ck Your Biz launch. The first one in two years, we had 22 students join and we've been having our student calls each week.

3. DragCon. I went to RuPaul's DragCon with my mom to promote DragTax.

4. Kajabi summit. I went to Austin, TX for their summit to learn and make connections since it's the platform I use for all my programs.

Diving into my May projections, here's how they compared to my actual revenue.

ProfitRx - $7,000 → $6,400

Low Ticket Offers - $1,200 → $1,400

Book sales - $1,000 → $460

Tax Stuff - $4,000 → $4,500

Legal Stuff - $4,000 → $4,000

Consults - $0 → $0

I've gotten pretty good at these projections because if you look at them as a net, I was only off by about $300. The area where I really wasn't sure was the Unf*ck Your Biz launch.

UYB Launch - $16,000 (provided we hit our goal of 30 students, and about 1/3 opt for a pay-in-full plan)

1. Ended at 22 students but eight were rollovers from Profit Rx and they paid the difference between the cost of UYB and how much they'd already paid for UYB so they could get access to the live coaching.

2. Total earned in May was about $10,000 from UYB alone.

Total - $33,200, which was a pretty big goal (I think we did $25,000 in our highest month last year). Ended up doing close to $28,000. Not too mad about that, pretty happy with that.

Now, for a look at the expenses. My big expenses of the month were:

1. $3,300 to team

2. $2,000 to marketing (Facebook ads and DragCon. I spent about $1,000 to make $3,000 on Facebook ads so not too shabby.)

3. $2,500 to mostly travel (to Austin for Kajabi and LA for DragCon).

Total expenses (not including my salary): $9,900 (some of the ig expenses, like hotel for DragCon, were paid in April.

Owner profit: This is the revenue minus expenses (not including my personal salary as owner of the business) $17,500 for a 62.5% profit margin (goal is 65%).

Whenever I look at my recurring expenses I think that 35% expenses should be good. I could probably keep them under 30% but there's always an extra 5-10% for one-off business trips like my time in Austin.

June profit will be down most likely. Payrolls are up, but we're working on some big projects including updating my offers and promoting UYB in an evergreen funnel. One of my lawyers is working on a blog post on sales tax and my law school intern is working on a resource about state-by-state employee classification that will be available inside Unf*ck Your Biz.

Here are my upcomig June projects projections:

1. Creating new funnel

2. Contract Club promotion

3. Affiliate stuff

4. State-by-state sales tax blog

5. State-by-state contractor resource

PRx - $6,000

Low Ticket - $3,000

Book sales - $500

UYB - $3,500

Tax Stuff - $2,000

Legal Stuff - $5,000

Consults - $0 → $0

Total - $20,000 (I didn't plan it to be this way but if I hit this projection I'll continue my $20,000 MRR.