344 - June Profit Report
On today's episode of the podcast I'm reviewing my June profit report and sharing my July projections.
Looking back at the year, it's hard to believe we're already in Q3. As I've talked about on previous episodes, the end of Q1/Q2 was a struggle which also means I haven't hit the goals that I set out for this year but it is what it is and we're just going to keep the ball rolling on this year and focus on what we can control in the business.
2024 Adjusted Goals Recap
- Annual revenue: $300kis now a reasonable but ambitious marker to hit
- Profit: I started the year with a goal of 50% but then I unintentionally built an agency model and now if I can get to 10% for the year, that would be fabulous because YTD this year's profit is barely even positive
June Projections vs. Actuals
• UYB - $8,000 → $4,250 (not sure what the disconnect was on my projection. What I really need to do is log what month all our clients start their payment plans and then what month they're projected to finish so I can do this projection more accurately. Payment plans are not MRR and should )
• Contract Club - $1,750 → $ 1,350 (We did raise the price to $50 this month but we lowered the price of the Contract Bot upsell and we sold to 14 people this month which is a much higher conversion on the upsell).
• Legally Launched - $250 → $250
• Profit Rx - $500 → $500
• Monthly Clients - $7,500 → $7,500
• Tax Services - $0 → $0
• Trademarks/VIP Days - $15,000 → $4,500
• Other - $2,000→ $1,250
Total: $30,000 → $20,000
Expenses
Employee wages: $3.500
Team contractors: $4,700
Owner wages: $5,000
Owner taxes: $2,200
Monthly tools: $500
Marketing expenses: $860 (I started running Facebook ads which has been working really well)
Client fees: $1,800
Other: $350
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: $20,000
Expenses: $17,000
Owner profit: $2,500
Business profit: -$2,500
Key Performance Indicators
• Audience growth: 15 new followers on Instagram, 80 new Facebook group members, 4 new TikTok followers, 56 new Threads followers (this is where I've been most active)
• Web traffic: 31,000 (This is a big, unexplainable jump)
• Quiz data: 49 starts, 33 completions
• Email list subscribers: steady increase
What's Coming Up in July
• I'm going to scrap promotions. We may do a couple things in emails we send but other than our routine stuff we don't be doing anything super special, we'll just be hitting our baseline revenue
• Our focus is on planning our summit coming up likely in the end of August and working on backend systems to streamline processes for our clients and revamping our email templates
July Projections
• UYB - $6,000
• Contract Club - $2,000
• Legally Launched - $250
• Profit Rx - $500
• Monthly Clients - $8,000
• 1:1 Services/trademarks - $3,750
• Other: $2,000
Total revenue: $22,500
Over/Under
To more accurately measure growth, I like to look back at my numbers for the same month in years prior to see if we are over or under that month in the previous year. In June 2023 we did $21,500 in revenue and $20,000 in revenue this year for June.
YTD we are $650 ahead of where we were last year which isn't terrible, but based on January and February I anticipated being about $20,000 higher year-to-date which means we are trending downward but I am confident we will turn this around by the end of the year.
Our focus for the rest of this year is to really dial in our offer structure.