If you’re new to our profit reports, start with this introduction. It covers the purpose behind the profit reports, some basic frameworks I use, and an overview of our core offers.
The Profit Report follows a step-by-step process. You can learn how to do your own with this guide.
steps 1-3 — The initial steps
First, I track my income each week in my Finance Friday routine. Second, I track and log all my expenses at the close of the month. Third, I wrap up my bookkeeping. There’s really nothing to discuss here.
Step 4 — Compare actuals to projections
Our big promo for October, was the very first launch of Besties HQ, my new mastermind. The founding member rate was $1,500 for the year or $150/month. We had a reduced rate of $1,000 or $100/month for folks that joined during our pre-registration.
My good, better, best goals were 18/30/40, and we ended up welcoming 38 besties! That brought almost $12,000 of revenue. Everything else was pretty routine.
A table showing projected revenue by offer.
Step 5 - review profit & expenses
Oh wow I spent so much money in October, but it all makes sense.
Every November, I speak at Wedding MBA. It’s our biggest event of the year, and I always have a booth in the expo hall. A lot of our expenses are in preparation for that event. Just in October, I spent:
$1,700 on hotel deposits
$1,200 on new signage for our booths
$700 for copies of our books we will take to sell
About $1,000 for custom branded jackets and shirts for our team
$300 for stickers and things to hand out
I’m also planning our first Besties HQ retreat. It’ll be in Savannah, Georgia in February, and I spent $5,000 on the VRBO. I still have to book travel for me, my husband, and my team members for both events.
The good news is that each of these events should bring in good income. The expenses are just front loaded. Profit looks terrible in October, but in November, I’ll bring in a lot of revenue for both while the expenses have largely been covered, so it all balances.
A chart showing revenue, cost of goods, expenses, profit, and salary.
Marketing costs were also up. I signed up to sponsor several events and launched a new Besties HQ website.
A chart showing a breakdown of business expenses.
STEP 6 — REVIEW ANNUAL GOALS
My big goal this year was to $500,000 in revenue. That’s almost certainly not going to happen. It’s been a bit of a bumpy year. I’ve discussed the whys for that in prior reports. However, last year’s revenue was $379,000. It is possible we could pass that, which would be huge as I’ve increased revenue in each of the last 4 years.
To make it happen, I’ll need to earn about $111,000 in revenue over the last two months. 🫣
STEP 7 - REVIEW ROCKS/PROJECT PLANS
We have some big stuff happening in November. Here’s the project plan:
Record and launch new trademark course. This will mostly be offered in bundles and such, but folks who sign-up for our trademark services will also get free access.
Finish blog revamp project on this website
Finish planning Besties HQ retreat
Promote Black Friday Contract Club® price increase
STEP 8 - TRACK AND REVIEW KPIS
The KPIs looked pretty good for October. I got about 250 new Threads followers! And our two new core freebies here got about 100 total opt-ins. Check those out with the freebie headers up top.
A chart showing month-to-month instagram and treads followers.
STEP 9 - DO NEXT MONTH’S PROJECTIONS
November is really all about our Contract Club® promotion. We are doubling the price from $200 to $400 after Black Friday weekend. With that I hope to welcome in at least 150 new Clubbers, but 200 will be our stretch goal. 🤞 I break this down into a few different phases:
Pre-black Friday — I’ll be sending about 1 promo email a week
Wedding MBA - the third week of the month, I’ll be promoting the Club at our Wedding MBA booth
Black Friday — this is where our affiliates shine during our affiliate promo contest
A chart showing our projected revenue by offer.
