297 - July Profit Report
On today's episode, I share my Profit Report, breaking down how much I earned, what my expenses were, and if I reached my monthly profit projects.
The doors will be opening next week to join a mini cohort of the next round of Unf*ck Your Biz (by mini we mean an intimate group of 10 - 20). Be the first to learn when it opens by visiting unfuckyourbiz.com. The program includes access to the six part framework that covers bookkeeping, saving and paying quarterly taxes, saving and paying for back taxes, sales tax, LLC and S Corp formation and cash flow. It includes group coaching and 1-to-1 elements like bookkeeping office hours.
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. I ran an end-of-the-month promotion. Didn't quite get there this month but hopefully will be get back to it in August and beyond.
2. Get MRR to $20,000 by end of year. We're pivoting that to a 2024 goal. Maybe.
3. Get expenses under 35%. YTD, I'm at 42%. Got some work to do. It's crept up a bit more with some big expenses.
Here's what happened in July
- My team and I had quiet weeks
- All blogs have been moved over from bradendrake.com to notavglaw.com and redirects have been set up
- We wrapped up another round of Unf*ck You Biz
- Opened up access to Profit Rx which is now the alumni program for Unf*ck Your Biz
July projected vs. actual revenue
Low Ticket - $1,500 → $1,420
Book sales - $150 → $120
UYB - $6,000 → $2,700
PRx - $5,000 → $5,200
Tax Stuff - $2,000 → $2,700
Legal Stuff - $6,000 → $4,400
Consults - $0 → $0
Affiliate - $500
Total → $20,650 → $17,100
Expenses
Total → $7,000 (41% of revenue)
Team contractors - $206
Employee wages - $1,600 (We had quiet weeks in July and also worked on a big project in June that accounted for significantly more employee expenses in June)
Contractor expenses - $2500 went to a one-off project with a contractor to create a bookkeeping tracking system for Profit Rx members on AirTable to help us track streaks of weekly bookkeeping
Owner wages - $4,300 (what I paid myself)
Owner tax - $2,600 (goes to the IRS)
Monthly tools - $650
Marketing - $1,000 (a lot went to my Conference Confident sponsorship for Wedding MBA)
Online programs - $364
Affiliate payouts - $338
What we're currently working on
- Revamping our affiliate program
- A potential exciting update with the Contract Club to make it even better
- Re-opening UYB
- Welcoming new Profit Rx members
My projected revenue for August
Low Ticket - $3,000 (we're doing a big affiliate push this month)
Book sales - $150
UYB - $8,000 (My goal this launch is three pay in full students and seven payment plan students)
PRx - $5,000 (This estimate is going up because I think we will get some new members from the most recent round of Unf*ck Your Biz)
Tax Stuff - $1,000
Legal Stuff - $7,000 (I have several trademark clients coming up)
Consults - $0 → $0
Total: $24,150. My goal is $27,000
This is when I typically I ask myself, "Is there anything I can do to make up the difference between my projection and my goal?" I can push my current promotions a bit harder. Because UYB is a mini launch, I'm not going above and beyond on promotion because I don't want to fatigue my audience going all in another launch.
Year to Date (YTD)
Last year we made $168,000 and this year I made my stretch goal to be $300,000 which is 1.7x more so the way I did my goals per month this year was I took my revenue from each month last year and I multiplied it by 1.7. Last year we made roughly $15,000. Multiple that by 1.7 and you get roughly $27,000.
I have an over/under on where we are for the year. YTD we are $4,000 over on those projected goals.
What's coming up
We're launching the next round of Unf*ck Your Biz (learn more at unfuckyourbiz.com)
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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.
