294 - July Profit Report
On today's episode, it's time for my June Profit Report where I break down how much I earned, what my expenses were, and if I reached my monthly profit projects.
This episode is coming to you a bit after our typical report time as my team and I just wrapped up quiet weeks where we take 2 weeks of no internal or client meetings. Doing it midway through the month means my projects should be pretty spot on, but we will see on next month's episode.
I share my numbers because I think it's important to share our numbers. I'm not saying plaster them all over the internet, but share them with your close friends. Let people know when you're having a down month. It's helpful to get advice and also know we're not alone. Knowing our numbers helps us really know our business, understand highs and lows, understand when we might be struggling during the year, and more.
Let's start by recapping my 2023 goals:
1. Consistent $20,000 months by Q3. We're ahead of schedule! 5 consecutive months now
I shared last month that I was fully expecting a dip in June and July goes as they're typically the slowest months of the year, but I still wanted to shoot for 20k in June (and in this month (July)).
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.4
3. Get expenses under 35%. YTD, I'm at 40%. Got some work to do. Not sure I'll get there so we'll see.
Here's what happened in June
I attended the Kajabi summit in Austin, Texas. This was a last-minute networking/inspiration conference. I walked away with a strategy idea that I've implemented in my business.
We've had extra projects going on around here so a lot of extra payroll expenses.
June projected vs. actual revenue
Low Ticket - $3,000 → $1,700 ($1K was Contract Club. We also launched our Quarterly Quickie last month)
Book sales - $500 → $180
UYB - $3,500 → $3,850
PRx - $6,000 → $5,000
Tax Stuff - $2,000 → $5,375
Legal Stuff - $5,000 → $4,200
Consults - $0 → $0 → $500
Total - $20,000 → $21,500
What we're currently working on
After quiet weeks I'm feeling refreshed, recharged, and excited about what's coming up. Here's what we're working on:
Wrapping up our Spring/Summer cohort of Unf*ck Your Biz (our next big launch is coming in November but if you're ready to do it now, we're doing a mini launch in August so if you're interested, send me a DM on Instagram or an email and we'll get you on the list)
I'm moving our blog posts over to notavglaw.com and wind down bradendrake.com but I'm continuing to analyze that decision.
My projected revenue for July
Low Ticket - $1,500
Book sales - $150
UYB - $6,000
PRx - $5,000 (we might have a spike since our Unf*ck Your Biz members are graduating and will be getting an offer to join)
Tax Stuff - $2,000
Legal Stuff - $6,000 (We're also pre-booking for August now so send me a message if you want trademark formation soon)
Consults - $0 → $0
Total → $20,650
What's coming up:
- Revamping our affiliate program
- Chat bot stuff
- A potential exciting update with the Contract Club to make it even better
- Fine tuning some low ticket offers and big projects. More on that next week.
Want to see my actual books (and maybe even watch me update it live) for free? Head to www.bradendrake.com/bradensbooks to see all of my numbers.
