357 - September Profit Report
On today's episode of the podcast I'm taking you through my September revenue, expenses, profit and goals. I'm using my downloadable guide, How To Conduct a Profit Report for Your Business, to record this episode.
Get your free copy of How to Conduct a Profit Report for Your Business at www.notavglaw.com/355 and listen to episode 355 to hear me break down step-by-step how I structure my own profit reports.
September Projections vs. Actual
• Monthly Clients: $7,000 → $8,050
• UYB: $20,000 → $4,375 (I pivoted our post-summit launch from a signature service to group coaching based on the attendees of the summit)
• Contract Club: $1,500 → $1,660
• 1:1 Services: $1,250 → $2,250
• Other: $1,250 → $4,900
Total revenue: $31,000 → $24,000
Profit
Total revenue: $24,000
Expenses: $13,500
Profit: $10,200
Owner's salary: $1,000 (I only paid myself $1,000 last month, $800 of that goes to taxes but the reason for this was because we were quite in the hole from previous summer months)
Total profit: $9,000
Annual Goal Review
• Annual revenue: $300k. This might be a stretch, because we'd need to exceed October, November and December's projections
- Profit: 20% margins. I used to have a goal of 50% but I'm spending a lot more now on team expenses.
Expenses
• Employee wages: $7,500
• Contractors: $4,000
This brings my team expenses to $11,500 (I expect this to be much lower in October)
• Monthly tools: $335
• Marketing: $781 (I lowered my Facebook ad spend from $20/day to $5/day because they were not converting how I wanted.
• Client fees: $500 (a variable expense for trademark clients. We include the filing fee in the price we charge the client)
• Other: $290
Total: ~$13,000
Current Project Plans
• Deliver Unf*ck Your Biz group coaching
• Wedding MBA Prep
• Launch of low-ticket offer
• Big launch in December for Unf*ck Your Biz
Key Performance Indicators
Instagram: 30 new followers
Facebook group: 70 new members
TikTok: 9 new followers
Threads 70 new followers
Website traffic: 30,000 (a huge spike)
October Projections
• Monthly Clients: $9,000
• UYB: $750 (no new students as doors are closed, but we do have some students on payment plans)
• Contract Club: $1,250
• 1:1 Services: $2,500
• Other: $4,000
Total revenue: $17,500 (need to do closer to $20,000 to match last year's October but ideally we want to do $25,000 as our best goal)
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