333- March Profit Report

Unf*ck Your Biz With Braden

On today's episode of the podcast I'm sharing my March profit report

If you listened to last month's profit report you may have heard me sounding a little bit defeated with my numbers due to some personal stuff going on. If you missed it, go back and listen to episode 330.

Diving into the March profit report, let's revisit the 2024 goals I share at the top of every episode.

• I set good, better, best goals of $300k, $400k and $500k in revenue. I was shooting for $400k, I think the $300k is still doable now. Last year we hit $270k so I'd really like to get that to $300k this year.

• Hit 60% in profit. Probably going to be changing

• Book 4 state speaking gigs for next year

• Consistently hit $25k months. Did this in January and February, not in March, probably not in April

• Hit $15k in monthly recurring revenue (MRR) by the end of the year. This was the big goal to help us get to our revenue goals at the end of the year. We're a little bit less than halfway to this so far. My original goal was to get to 10k by the end of March but that hasn't happened yet.

Let's recap what happened in March:

• I've previously shared that if all things went to plan, March was going to be a $40k month. That's what I was hoping for because of launches we had planned. Those didn't end up happening,

• We had planned a couple of launches and they didn't really end up happening

• We promoted our tax challenge and at the end of that I was planning to promote our services but I ended up doing the challenge while I was out of town, we didn't have many people sign up and I didn't get around to doing too much in terms of promotional emails.

Projections vs. Actual

1. Unf*ck Your Biz - $4,000 → $1,000

2. Contract Club - $1,000 → $1,100

3. Legally Launched - $500 → $250

4. Monthly services - $5,00 → $7,145

5. Tax - $4,000 → $3,000

6. Trademarks - $1,250 → $1,250

7. Other - $1,000 → $1,010

Total revenue - $17,750 → $15,265

Expenses

Employee wages: $5,200 (this does not include myself)

Contractor expenses: $4,700

Owner wages: $2,900 (after my taxes. I paid $2,500 into taxes)

Monthly tools: $500

Affiliate payouts: $650

Total expenses: $17,600

Profit

(- $2,400) While I know a revenue of $15,265 sounds great, when expenses are $17,600, it makes it a lot less exciting.

I then paid myself my salary of $5,300 so the total business profit was about (-$8,000). This is why it's good to have a little bit of cushion in our bank accounts.

In April, I'm hoping to make a little bit more money. We're not really doing any promotions this month to make a lot more, but a lot of the team expenses were for Unf*ck Your Biz clients we were wrapping up and our bookkeepers were working on some clients' books that were several years behind and it's a project to really get them caught up.

I'm probably going to need to readjust my profit goals because it's dawned on me that I've essentially built an agency. It's a law firm, but it's an agency and I may need to hire more bookkeepers to keep up with demand.

Higher profit means more money in my pocket as the business owner, but I also am not looking to work 40-60 hours a week, for me ~30 is the sweet spot so if I can make less profit in order to bring on more people to do more of the client work, then that's okay with me.

Because we weren't able to do our launches in March, my biggest issue right now is MRR (monthly recurring revenue). This is not recurring payments for courses, MRR is something you pay every month for until you cancel, think things like Netflix. My big goal is to hit $15,000 in MRR by the end of the year. If our goal was to get five people at $500/month that's $2,500/month times nine months would be close to $25,000 in revenue that we're now missing out on. If we can bring these clients on in May during our launch, that's two less months compared to if we had gotten in during a March launch. I thought about doing an impromptu emergency launch but I don't want to rush anything. We did do an Open House this week and we have a couple fun things up our sleeve next month, but I'm really thinking about shifting the next couple months to focus on audience growth and continue giving out excellent free resources like we always do.

April Projections

Unf*ck Your Biz- $4,000

Contract Club - $1,000

Legally Launched - $250

Monthly Recurring Revenue - $7,000

Tax - $4,000

TM clients- $2,500

Other - $1,000

Total: $19,750, would really like to hit $20k

What's Coming Up in May

No big promotions in April but we are focusing on more people signing up for our referral program. If you have the Contract Club and you like it and want to share it with friends, if you become an affiliate you can earn money from every sale you refer (and the same goes for most of our products and services, not just the Club). Sign up at notavglaw.com/affiliate