335 - April Profit Report

Unf*ck Your Biz With Braden

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

If you enjoy the profit report episodes, send us a DM @notavglaw and let us know what you think!

As we kick off every episode, let's recap my 2024 goals.

• 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 despite the setbacks in the first quarter that I've talked about on previous episodes. I've now shifted them to $300k, $350k and $400k. What I'm not doing is any rushed promotions to try to hit these, I'm focusing on slow, steady growth to end the year strong.

• Hit 60% in profit

• Book 4 stage 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.

Projections vs. Actual:

1. Unf*ck Your Biz- $4,000 → $2,500 (A caveat to this is we had two more $1,000 payments that went through on the 30th but won't hit my account until May meaning we didn't hit the goal).
2. Contract Club - $1,000 → $1,140
3. Legally Launched - $500 → 0
4. Monthly Recurring Revenue - $7,000 → $7,500
5. Tax - $4,000 → $2,250
6. Trademark clients- $1,250 → $0
7. Other - $1,000 → $3,200
Total revenue: $17,000 → $15,000

Expenses

Employee wages (this does not include myself): $4,000

Contractor expenses: $3,000

Owner wages (after my taxes):

Monthly tools: $400

Affiliate payouts: $370

Marketing: $400

Client fees: $500

Other: $1800

Total expenses: $16,000 (we were in the negative by $1,000)

A lot of this stems still from Unf*ck Your Biz clients because we are going back and doing several years of reconciliation for some clients.

Profit

(- $1,000)

If you’re wondering how I'm doing this the answer is I don't have great business savings which we wiped in the month of March (yikes) and the business credit card is maxed. I'm not too stressed about it, I'm expecting expenses to go down and revenue to go up in May and it should start to even out.

KPIs

I want to start talking more about the KPI we track each month in Enji. We track:

Sales (revenue): Tracked in our profit report

Audience growth (Facebook group members and Instagram, TikTok and Threads followers): A lot of people call these vanity metrics and I don't get too into these numbers, it's just helpful to see trends in respect to how active and engaging we're being. Are we continuing to see growth even if it's steady.

PR touchpoints: We track the number of podcast guest spots, summits, in-person speaking, bundles, etc. we do each month. This impacts our follower count and number of email subscribers and shows how our KPIs are all connected.

Contract Club and Contract Bot Sales: I track this separately in Enji so I can have a line graph to see growth. December through April each month we had: 37, 38, 36, 32, 38 and it's interesting to watch it stay so consistent without promotion. For the Bot upsell we had 4 sales in February, 1 in March, and 7 in April (an 18% conversion rate is pretty good for a $70 upsell).

May Projections

1. Unf*ck Your Biz- $6,000 We had 5 new clients sign up in April who are all on payment plans. Our goal is to bring in 4 new UYB clients every month to guarantee that revenue and then if half those clients continue to sign up for our monthly services we'll continue to increase our baseline revenue.
2. Contract Club - $5,000 I'm expecting a big increase because of our current affiliate promotion. May is the last chance to get the Contract Club at $30 before it increases to $50. If you aren't already an affiliate, you can sign up here to become one. We are paying out 100% affiliate commissions on Contract Club sales in May.
3. Legally Launched - $250
4. Monthly Recurring Revenue - $7,500
5. Tax - $0
6. Trademark clients- $1,250
7. Other - $9,000 (I've been hinting on social media that we might be doing a mastermind retreat in August).

Total: $29,000, $20,000 if we don't launch the retreat sign-up this month.

What's Coming Up in May

No big promotions coming up so I may need to adjust our revenue goals for the summer months. Right now the goal is to get people into the Contract Club and get people into our quiz funnel (notavglaw.com/quiz) to determine how we can best help you and your business.