353 - August Profit Report

Unf*ck Your Biz With Braden

On today's episode of the podcast I'm reviewing my August profit report and September projections.

Not Your Average Summit kicks off on Tuesday, September 10, a free online summit focused on the legal and tax side of your business. Sign up for the summit at NotAVGSummit.com.

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. We'll head into 2025 with the information we need to set more realistic expectations.

Trademark Shout Outs

While client shout outs can be tricky due to proprietary information, trademarks are publicly published so I want to share any new trademarks that we've gotten for our clients.

Sandra - Dom Sub Living
Anna - Eyes Rock
Cindy - CM Promotions
Michelle - Walk the Path Within

Want a trademark for your business? Start with our trademark quickie search and leave the research to us. This $100 search allows us to determine the trademark-ability of your business so you aren't wasting all your money on a trademark attorney only to determine you won't be able to get a trademark. After we determine if there's any glaring issues, if you wish to move forward we can book the next step to strategize, file and prepare your trademark application. https://notavglaw.com/trademarks

Projections vs. Actual

• UYB - $4,000 → 5,250
• Contract Club - $2,000 → $1,350
• Legally Launched - $250 → 0
• Profit Rx - $500 → 0
• Monthly Clients - $9,000 → $6,910 (a little lower than expected due to a cancellation, a delayed payment going through and I'm looking into the rest of the discrepancy)
• 1:1 Services/trademarks - $1,250 → $4,250
• Other: $2,000 → $350

Total revenue: $19,000 → $18,500

Expenses

• Employee wages: $6,000 (does not include my own salary)
• Contractors: $6,500 (a combined $12,500 makes this a high percentage when we didn't hit $19,000 in revenue. Ideally I'd like this to be 25% or less)
• Monthly tools: $450
• Affiliate payout: $200
• Marketing: $1,000 (I lowered my Facebook ad spend from $20/day to $5/day because they were not converting how I wanted.
• Client fees: $1,750 (a variable expense for trademark clients. We include the filing fee in the price we charge the client)
• Other: $1,000

Total: ~$16,500

Profit

Profit: $1,900 (before my salary)

Owner salary: $4,500

Business profit: -$2,700

Year to Date

This is where we look at our annual goal of $300,000. Q4 is always our biggest quarter and we have one month left in Q3 so year-to-date we have $183,000. We need to average about $29,300 in revenue for each month of the rest of the year to hit our $300k mark. That's pretty ambitious but I think it could be possible. I'm not going to do anything outrageous to hit it, I'd rather focus on setting us up for success in 2025 instead of burn us out this year to hit this.

Key Performance Indicators

Our social metrics were up a noticeable amount in August on Instagram and Threads.

For our intake quiz we had a dip in July and then a bit of a bump back in August and this is verified by our website traffic numbers.

What's Coming Up in September

1. Opening up Unf*ck Your Biz. Now is the time to get rolling if you really want things tidy for tax season.

2. Working on determining profit margins by client/offer with the goal of doing more dynamic pricing

September Projections

• UYB - $20,000 (goal - 7 new clients)
• Contract Club - $1,500
• Courses - $750
• Monthly Clients - $7,000
• 1:1 Services/trademarks - $1,250
• Other: $500

Total revenue: $31,000