340 - May Profit Report

Unf*ck Your Biz With Braden

On today's episode of the podcast I'm recapping my May profit report.

I'm bringing back VIP days. The point of a VIP Day is to take super quick action to knock out a big task on your to-do list without all the email back-and-forth. I'm booking 5 slots a week in June and you can get an LLC-in-a-Day, S-Corp-in-a-Day, Bookkeeping-in-a-Day, or Trademark-in-a-Day. Interested? Send us an email at [e-mail] or DM us at @notavglaw

Profit reports allow me to assess my goals and revisit projections. I find that nothing ever goes fully according to plan based on the goals I set in the beginning of the year. Usually Q2 is where things start to change. I made a plan this hear that we've mostly stuck to but I think a lot of the time while we may not be hitting our goals in relation to a plan we set in months past, pivoting may actually be detrimental to the longterm success of the business even if it's beneficial to bring in revenue in the short term. For example, if we're not making a lot of money now, that's still okay if we're warming up our audience to buy for a launch in August. Instead, if we do a promo now, it may bring in some clients now, but to the detriment of our launch down the line. But sometimes you need money now.

Adjusted 2024 Goals

• Good, Better, Best Revenue: $300k, $350k, $400k
• Ideally 40% profit but that's looking dicey
• Over/under - I encourage you to look at your monthly numbers year-over-year to compare. Are you doing over or under for year-to-date and also month to month

May Projections vs. Actuals

• UYB - $6,000 → $8,500
• Contract Club - $5,000 → $8,750
• Legally Launched - $250 → $0
• Profit Rx - $0 → $500
• Monthly Clients - $7,500 → $8,000
• Tax - 0 → 0
• Trademark - 1,250 → 1,250
• Other - $9,000 → $2,250 We planned to promote a retreat and this number was going to account for ticket sales but the interest didn't work for the date available so since no one was ready to sign up after one email I was going to scrap it for another time.

Total: $29,000 → $27,500

Key Performance Indicators

• We have an email funnel set up that you enter in when you buy a low ticket offer to lead you to our quiz that determines your next best business step. The funnel is working because we saw an increase in people taking the quiz in correlation to our huge spike in Contract Club sales
• List growth: 300 subscribers added
• Web traffic: 22,000, a huge spike from the already high 9k the month before
• Social media: Slow and steady, but Threads got the most new followers (60) because I'm putting in the most effort there

Profit

While it was a fairly profitable month on paper, I talked last month about how our credit cards were pretty maxed so we used a lot of that profit to pay off debt. We're still playing catchup and still behind on some expenses from our negative profit in March, which means less profit in future months when we have the money to pay those.

Revenue: $27,500
Expenses: ~$17,000
Owner profit: $10,162
Salary: $1500
Business profit: $8500

Expenses

Employee wages: $7,000
Team contractors: $4500
Other contractors: $1000
Monthly tools: This is a lot higher than I'd like due to some software we've been using that's been more expensive than I anticipated so we will need to cut some monthly expenses next month.

June Projections

• UYB - $8,000
• Club - $1,750 (35 sales since we increased the price to $50 this year)
• LL - $250
• PRx - $500
• Monthly - $7,500
• Tax - 0
• TM - 0
• VIP Days - $15,000 (this is a big question mark. I think we can definitely get to at least half of this with a few email promotions, I already have had two sign ups this month)

• Other - $2,000

Total: $35,000 (a big, big goal). I'd be pretty happy with $27,500

Back to the over/under:

Last year, we did $21,500 in June. To hit the $300k goal, we need to average about $4,300 over prior year revenues in that month. So this month, we need about $25,000 to be on track.

If we consistently did $10k over like I'm projecting this month, then we could be on track for the $350k.

I think it might make sense for me to start talking about monthly projections as good/ better/ best because to me a projection is what we can hit with little to no effort, it's kind of our baseline vs a goal is a projection with additional marketing and promotion behind it.

Sometimes we need to accelerate our revenue and that's what we're doing with VIP days and then in July we'll be back to our slow and steady revenue goals.