330 February Profit Report Unf*ck Your Biz With Braden

On today's episode of the podcast I'm breaking down my February profit report and what's been going on behind the scenes of my business and personal life.

I'm hosting an open house! If you've considered working with me or aren't sure which service is best suited for you, register for the Open House on Tuesday, April 16th at 9am PST. I'd love to answer your questions and share more about the resources I have available to help get your legal and tax shit legit. Register at notavglaw.com/open-house

If you've listened to the podcast, you know I'm all about transparency and while I don't share every detail about my personal life, it felt like I should share what's been going on the last couples months because you'll also see my numbers are down this month and this will inform a lot of that. I took a few weeks out of office when my mom's health began to decline due to the cancer she was diagnosed with in 2020 and it was clear we did not have much time left with her and then a full week completely off from everything including email when she passed. I'm back home and back to work but it's still hard some days knowing I won't have my mom around for more than half my life.

During my time away I've also had a minor business crisis because we had to skip two full launches and I had been planning for March to be our busiest month of the year with people wanting to come and work with us around tax season and everything that comes with that.

Diving into the 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 think the $300k is still doable, the $400k that I really wanted to hit, I think might be a stretch.



Hit 60% in profit



Book 4 state speaking gigs for next year



Consistently hit $25k months. This is going to be a struggle in March when I do my projections



Hit $15k in monthly recurring revenue (MRR) by the end of the year



 

Let's recap what happened in February:



Not a whole lot



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 - $14,000 → $15,000

2. Contract Club - $1,000 → $1,080 (I continue to be surprised how predictably this falls between $900 and $1200 without promotion)

3. Legally Launched - $1,000 → $500

4. Monthly services - $8,700 → ~$4,000

5. Tax - $15,000 → $7,000 This and monthly services are the two biggest places where we missed the mark due to missed launches

6. Trademarks - $2,500 → $2,500

7. Other - $1,000 → $1,850

Total revenue - 4$7,700 (Projected to be our highest revenue month ever but I expected us to at least hit $30,000) → $32,000 I'm pretty happy with this, all things considered.

 

Profit

Cost of Goods: $48 (Our only COGs are the physical copies of my book)

Expenses: $22,600 (very high for me)

Owner profit: $9,300

My salary: $5,500

Profit: $3,900

 

Expenses

Employee wages + team contractors (contractors I work with on a regular basis that don't need to legally be employees): ~$13,000 This is double our average. This is because I'm paying our tax preparer for a lot of tax returns and our bookkeeping team put in a lot of hours in February into March because we have a lot of clients who need 2-3 years of bookkeeping backlog

Owner wages/owner tax (what I pay myself, technically expenses for the S Corp): $5,000

Monthly tools: $400

Affiliate payout: $650

Marketing: $300

Travel: $150

Other: $2,600 (included one large refund, a large office expense, a couple Ubers, couple online filing fees and a few meals).

This came to 70% Expenses (need to work on these numbers)

 

Profit margin: 30%

These expenses are the main