315 - November Profit Report

On today's episode of the podcast we're doing the last profit report of 2023. While the year isn't over, my December profit report/year in review won't come out until January so while it seems like I'm wrapping up the year, there's still a month and the end of my current Unf*ck Your Biz launch left to go. Like I start every profit report, we're recapping our 2023 goals which we've moved further away from as the year goes on. I think it's pretty common for us to drift from our goals as the year goes on and I'm pretty proud of myself that I've stuck to the goal to hit consistent $20k months by Q3.

Big goals for 2023

1. Consistent $20,000 months by Q3. → I'm pretty confident that we will end the year hitting it 9/12 months. 75%, I'm pretty stoked about that

2. Get MRR to $20,000 by end of year. → Not even close. As I've talked about in previous episode, we scrapped this one early into the year due to changing business models.

3. Get expenses under 35%, bringing up to 65% profit. → We updated this to a more reasonable 40%. Year-to-date we're at 43%. Probably going to finish there so not close but we've invested in a lot of good stuff but I don't think I spent money this year on anything big that I regret. Been noodling on 2024 goals.

Right now I'm thinking...

1. $25k months

2. $15k MRR - a stretch goal I hope to reach by end of 2024

3. 60% Profit - Get down to 40% from 43% I've been going back and forth on if we do profit reports in 2024. If you enjoy these episodes, let us know or tag us on Instagram. If we do them, I'm going to share our business promise on each episode.

What Happened in November This was an expensive travel/promotion month.

• Puerto Rico - I ended October/started November speaking at the Association of Bridal Consultant Conference in San Juan. I loved the vibe of this event and recommend wedding pros check out ABC. It was a really intimate event and I really enjoyed it.
• Wedding MBA - A much larger scale than ABC. It's now become our annual event to see almost everyone we know in the industry. I'm hoping to go to more events each year and not just wedding industry, I'd love to meet all of you.

November Projections vs. Actual

• Low Ticket Items: $6,000 → $8,000 (We did a Wedding MBA bundle of the Contract Club, Tax Toolbox and my book, regularly $90, for $75. We did about 70 bundles)
• UYB: $3,800 (3 pre-registrations) → $1,000 (I anticipated more pre-registrations than we got)
• PRx: $4,000 → $4,750
• Legal: $4,000 (3ish trademarks and a couple LLCs) → $3,000
• Tax: $4000 →. $3,000
• Consults: $0 →. $0

Total: $21,800 → $21,600 (some projections were higher, some were lower and it all balanced out. I consider anything within $1,500 I consider to be spot-on.) Let's go through the expenses and talk profit...

Expenses

Team contractors - $320

Employee wages (not including mine) - $5,100 (almost double some months because I had a couple employees with me working our booth at Wedding MBA)

Wages (mine) - $2,900

Taxes - $2,000 Monthly tools - $500 (I'm really hoping to cut this down in 2024) Insurance - $45 Marketing - $260 (pretty low) Meals - $500 (a lot higher than normal since we were traveling and picking up the tab for some meals with team members) Online programs - $256 Other expenses - $3,000 (mostly hotels from travel) I also have some other things coming up I paid for, like a quiz we hired Ava and the Bee to create for us. Total: $11,000 Owner profit: $10,300 Profit: $5,300 after salaries I primarily look at owner profit when I look at my own profit so we were at about 50% so not great but on big travel months I aim to break even, which we did at Wedding MBA. At big conferences like that KPIs are not always trackable because you never know if someone will join our Unf*ck Your Biz launch, hire us for a tax return down the line, or become a trademark client two years from now.

What's happening in December... We're wrapping up our Unf*ck Your Biz launch so I won't talk about it too much on this episode, I'll debrief it more in the December profit report. But we have some other exciting stuff coming up in January and February.

December Projections: Giving you a sneak peek at our 2024 offers and our new mantra, "No new offers in 2024." I've created a game plan for 2024 and what we'll launch and when and I plan to not deviate off of that. The way I've structured our December projections is a bit different, it's how it will be set up in 2024.

• UYB - $17,000 (usually our biggest launch of the year. This is a huge question mark since it's launched as a done-for-you service for the first time. This includes some paid in full payments and the first $1,000 payment of the other payment plan purchases,
• Contract Club - $1,000 (My average month-to-month)
• Low Ticket - $200
• Legally Launched - $400 (I wasn't planning on announcing this but here's a sneak peek for my listeners. We're changing this from a $10 course to a new course with a new course promise and objective for $250. It essentially will be our alternative to Legal Zoom. We'll roll in out in January with a launch but I plan to offer it as a downsell to folks who don't buy Unf*ck Your Biz).
• Profit Rx - $3,800
• Legal Rx - $2,000
• Tax services - $2,200 (locked in for monthly bookkeeping clients, I'm not expecting to get new clients for this in December)
• Trademark - $0
• Other - $1,000

Total - $27,600 If we hit this projects, that would put us at $262,600 YTD which I would be ecstatic about because our original good, better, best goals for the year were $200k, $250k, and $300k so we have a pretty good cushion to hit our better goal. I'm really proud of the consistency in revenue this year.

Our lowest month was January with $12,600 and then we had a big spike February - May when the law firm started offering 1:1 services. It took off a lot faster than I thought it would and then things started to level off in the summer. September was our second lowest month of the year at $16,600. October went back up to $20k and November was $21k. If we hit $27k in December it will tie with March and May for highest revenue months. Two years ago when I was primarily doing course launches I would see like two $20k months and then every other months would be at like $4k and we were struggling to meet expenses. It was my goal to level out that bar graph so super happy about that.

What's happening in January and February...

• January - We're doing either a little or big launch of Legally Launched. How big will depend on how things are going in the business but this will give you a chance to file your LLC or S Corp at a more accessible price point compared to Unf*ck Your Biz.
• In early February we tend to open up Profit Rx again. Not ready to announce all of the big things coming with that that yet, but know that if you didn't join Unf*ck Your Biz you'll have an opportunity to work with us at a much more accessible price point to help you wrap up your 2023 bookkeeping so stay tuned. Don't go elsewhere, we'll be there to help you and get it wrapped up with us in plenty of time for tax season.

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