So I did a thing….. I published my first income report.  Talk about scary!

I hesitated and wasn’t sure if I wanted to do them, but after polling my audience, you all said you wanted them, so here we are!   

This is a replay of a recent Facebook Live I did breaking down my business and how I generated over $101,000 in January.  Listen in as I go over exactly what my expenses are, the revenue I generated, and what worked and what didn’t.

This is a behind the scenes look into my business.  I am dedicated to doing these reports each month as we track a million-dollar year.  I am excited for each of you to be a part of my journey!

Value Bombs:

 

  • Revenue generated vs. cash flow: what’s the difference?
  • Breaking down my new course launch: Conversions for Clients and how I generated over $64,000 without running any ads
  • Why I think you should wait to create something until someone wants to pay you for it
  • How the Serve Scale Soar Membership generated over $18,000 this month
  • Affiliate marketing totals and why I LOVE it as a way for service providers to bring in additional streams of income 
  • What my expenses look like and why I believe in running a lean business 

January was a month full of travel, my daughter’s birthday, launching a new course, starting a mastermind, and running my membership.  I worked a lot and it wasn’t always easy, but one of the biggest lessons I learned was just how healthy my business is. 

One of the main things that has allowed me to scale my business has to do with the fact that money management has been a priority since day one.  I have been focused on getting better systems in place and also asking for help when I need it.  

I hope you all enjoyed this episode.  It isn’t easy to share all of this and be so open and honest, but I want to show up for you guys in the most authentic way possible.

DM me on Instagram @brandiandcompany and let me know what you thought of this episode.  Did you find it helpful and encouraging? What other topics would you love for me to cover?  Let me know!


Until next week, go out there and serve your clients, scale your business and soar into that six figure year you deserve. 

 

Resources Mentioned: 

 

Episode 22:  Amber Dugger:  Transforming Your Business Finances to Set Yourself Up for Massive Success in Your Business and Life

 

Additional Resources:

Don’t forget to sign up for my free training >> How to Scale to Consistent 10K Months Without Hiring a Team 

Subscribe to the Podcast

Follow Brandi on Instagram 

Follow Brandi on Facebook

Listener Shoutout

Read Full Transcript

[00:00:00] Hey, Serve scale soar family. OK. So I did a thing and I actually published my very first income report. Because here's the thing. I've always been so nervous about doing things like this because I don't really know if they're helpful or not. But I pulled the audience. You all said you wanted them. So I'm giving it to you. And I did this on a Facebook live, and I was so nervous. But we're turning it into a podcast episode. So in this podcast episode, I'm breaking down exactly what my expenses are, exactly the revenue generated and exactly what the money through the bank was. And I'm telling you what that look like, what my expenses were, the setbacks, the behind the scenes and all of that and more. And I'm dedicated to doing this each month as we track a million dollar a year and what that will look like and you will be part of the journey. So let's tune on in.

[00:00:58] Welcome to the Serve Scale Soar podcast. The podcast dedicated to helping service based entrepreneurs scale their online business to five figure months so they can soar into six figure years. Your host, Brandi is a wife and mom. And in less than one year created a six figure business. And now she is spilling all her secrets so you can too.

[00:01:24] So before we jump in to this month's January 2020 income report, I do want to spotlight one of our listeners because y'all are the ones that show up every week and just make this podcast possible. So Illustrator One says five stars soaring with Brandi. I love the innovation Brandi has. It makes me feel like I've stumbled on Steve Jobs in his twenties. And I don't know if I'm Steve Jobs, but I so appreciate the comment so much. Illustrator One, and I so appreciate you leaving an honest review. And so if you like to be spotlighted, is one of our spotlight listeners of the week. Just make sure to go. Leave us an honest review and you may be our next Spotlight Listener of the week. So let's go in and jump into this January. Twenty twenty income report.

[00:02:19] Hello Brandi and Co. family. I'm so excited because I'm some of the little scary. I ask your on what your opinions were on income reports because I've always had mixed feelings about them. And so it was an overwhelming response that you all like them, but you want transparency and to see the actual numbers and they're inspiring. And so I am one that likes to give you what you want. But I will just tell you, I'm sitting here a little uncomfortable. So just in all honesty, I am just a little uncomfortable with this. But I wrote down all my numbers. I went in where my bookkeeper does all of our tracking. Hey, Autumn and I went into where my bookkeeper does all of her tracking. And I pulled all the numbers so I can be really, really honest and transparent with you through this process. January twenty twenty was a heck of a month. We had a lot of travel going on. We had launches going on. There was a lot of stuff going on in brandi and company as a whole. And so I want to break down some of these numbers and I want to talk about revenue generated between actual cash flow in the bank, because I think sometimes we hear like six figure launches and we hear like million dollar business. But no one's really clear on what that is. Is that actually money that's went through your bank account? Is that just like, hey, I had a six for your launch, but we saw our payments and payments fell like people default on their courses all the time.

[00:03:54] So I want to be really transparent for you. So I am talking about revenue generated. So and I'll go over. So revenue generated. We had one hundred and one and some change of revenue generated. Actual cash flow through the bank was a little over seventy five thousand dollars. So you'll see others like a twenty five thousand dollar difference between those and the differences. Revenue generated doesn't include the payments for people who are already paying monthly payments for serve scale soar or the mastermind or any of that. It's just the revenue activities that we generated that month. And what that created. So that's the difference. But just so you know, cash flow coming in was just over seventy five thousand. Some change and revenue generated was just over one hundred and one thousand. So that's the big difference between revenue generated and actual cash flow. And I think that it would be really important for I would love the online space to be more transparent and clear about that, because when we have 6 figure launches, it doesn't mean you actually had six figures in the bank. Most of the time. So I want to break down what these numbers look like, where they came from. So we did launch conversions for clients. That was our brand new course that teaches you how to go from clueless about Facebook ads to a rock star Facebook ad manager that your clients can't stop raving about.

[00:05:21] And so that one was brand new. I didn't run any ads to it. It was just really to my email list and the membership and people asking for that program. And we didn't even have it built out. We had a sales page in the emails, in the checkout pages, and that was pretty much ad and then building it out with them, which has been super fun. So it's six weeks through the whole process. They get coaching calls and all that. So that generated over sixty four thousand dollars. Half of that actually came in paid actually more than half. It was like thirty six thousand dollars. People paid in full. So that was actually there. So that's part of that. Seventy five thousand. And so that was part of that number but generated which adds up to that hundred and one was just over sixty four thousand. So that was the big chunk. And we were in launch and so it was great because no ads were spent. That's always exciting. And this is one of those things if you are looking to create a course membership. Don't create anything till you sell it. So we had very minimal assets created for conversions for clients because who knows if it's actually going to sell. This one I kind of did know because people have been asking me for it.

[00:06:38] And so that's one of the things that people are asking you for something. Then create a forum and sell this one, even though we had an idea. I've been tweaking the lesson like I had the outline and everything done, but if they've been tweaking it based on the feedback. So I highly encourage you if you want to create something, don't create it until someone actually pays you. That's a big learning lesson. And so I would think that out of that, that would be my biggest lesson from January. I did travel a lot in January, which we'll talk about, but then I want to talk about the other one. So the membership serve scale soar is close, but we do have a back and funnel that lets people in with five days just like the launch if they are just now finding me. I don't want them to be penalized if we're not opening the doors for another six months or something. So we do have what we call a back end funnel running and that generated eighteen thousand one hundred dollars of the revenue generated. The membership brings in about thirteen thousand dollars per month. Re-occurring but generated it was eighteen thousand one hundred. And now the funnel is turned off. So the doors open. The serve scale soar February 18. We have free training coming up and all that. But now those doors are closed for February.

[00:07:54] And so that funnel is no longer on. But January, it did bring in eighteen thousand one hundred. I'm super fan of affiliates. I think everyone should be using affiliate marketing in some way or another. And if you're a service provider, I have a whole podcast episode on that that you can check out and it's how to use affiliate marketing. I was also recently on Casey Morse's. She spoke at Kajabi Summit and her podcast is the CEO teacher. And I was just recently on that and talking about affiliate marketing as well. It's something that I think is so under utilized by a service providers and something that makes extra money that can pay for your expenses for a long time. Affiliate income paid for my expenses, which meant more profit in my pocket and made me run a lean business. So the affiliate pay out I had for this month was three thousand eight hundred and thirty seven dollars and that came from courses, software kajabi, convert kit, click funnels, some courses I've promoted a little bit of everywhere that came from. And so then last but not least, my services. So even with all this, I am still a service provider. I'm still in the trenches with you. And that brought in fourteen thousand for a while. I was at 20 to 30 and it got to be a lot. With everything else going on. So with that, I have been letting go of some clients.

[00:09:19] I don't plan on dropping below the ten thousand dollar mark. I think that that something super manageable and something that I teach service providers how to do. And I'm committed to staying in the trenches with you. But in January, it was fourteen thousand. So all that together generated over one hundred and one in revenue generated cash flow, over 75000. And so in that cash flow isn't including these numbers necessarily. It is like reoccurring payments and everything. So that's why I just want to make that distinction with that. So now let's get into the expenses, because I know this is what I really want to know, like how much of my paying and expenses. So I broke this down. So my total expenses, I'll go through taxes, but not with taxes. My total expenses were ten thousand two hundred and seventy one. So even if we're looking at cash flow, it's seventy five thousand and my expenses were ten thousand two hundred and seventy one. I am so passionate about running a lean, profitable business because I don't think that all of our money should be going to expenses. If I want something that creates a life that I love, it creates a life that gives me options to give back options to go to Disney. Like I'm all about creating a business that runs lean, smart and creates the lifestyle I want. So I'll break down these expenses for you.

[00:10:46] I have affiliates that promoted sort of scale saw in October, so I paid out a hundred and forty four dollars to them. My team, which is incredible. I love my team. I paid them out two thousand two hundred and seventy dollars. I did spend twelve hundred dollars on ads. It was actually a little less than twelve hundred but twelve hundred dollars in ads. And that ran to the evergreen funnel that I said is now turned off. Software was only four hundred and forty nine. So that's like kajabi. Convert Kit. dubsado, I don't pay anything for because of affiliate, but those softwares that I use that was included in there. Education was two thousand two hundred and eleven. I am super passionate about always learning, always getting better at my craft. This also includes money that we put away from my master mind that I'm in. And so setting that money back. So when I go to pay for it in full, then it's not just like pulling money. I actually have it set back. And so two thousand two hundred and eleven. And besides my team, my two biggest expenses were my team and my education. And I will I do want to clarify that my team has nothing to do with my Facebook ads that are my business, my Facebook ads the business runs solely with me. I am the only person on that side of the business.

[00:12:05] The courses, the memberships, all of that. That is my podcast manager, my bookkeeper and Janessa, my right hand person that helps run. They run all of that stuff, but no one is on the side. I have no team for the Facebook ad business because I really think that with our services, if we're super smart, we're super strategic. We get our systems down. We niche down. You honestly don't need a team. If you don't want one. But I do have a team that supports me on the other side of the business, OK. So then education, I tell people not like if you're just buying courses to fix something. Then don't buy the course. I love just up leveling my skill, getting better and a large portion of that in the two thousand is ones that we set back. So come July, when I sign up for my mastermind again, I'd like to pay him full and it's a big chunk that I'm paying in full. And so we like to have that set aside so we put money back each month. So that's actually included in that number. My travel was one thousand four hundred and twenty nine. I went to San Diego and Canada Toronto this month. That does not include plane tickets and stuff because that was purchased in December. But that's a light hotel. Both of them are for hotel food, Lyft, that kind of stuff. And then my fees, which are what comes out of stripe and square.

[00:13:25] So those processing fees, bank fees. That was one thousand eight hundred and sixty eight. So my biggest expenses were my team. Then education and then my fees. So those were the biggest ones. Those three. And if you're complaining of how the service fees, like they're just part of running a business, it's totally OK. We all have them. I have a was $2000 phase, so it's totally part of working the business. They become a tax deduction and all that stuff. So don't fret over those fees. And then. Now let's talk about taxes. So this January, I had to pay quarter fees for taxes for twenty nineteen. So this month we did have a bigger tax bill and my tax bill was sixty two hundred dollars, so six thousand two hundred I paid out in taxes and then my owner drawl. So how much I paid myself was eleven thousand. So all of that being said in the south. But let's add this up really quick. So to ten thousand two hundred and seventy one for expenses, six thousand two hundred for taxes and then my pay was twenty seven thousand four hundred and seventy one and the business brought in over seventy five thousand. So you can see that I am all about running a super profitable business. And I will tell you the reason we have that big gap and I don't take more as we said. So go check out Amber Duggar's podcast.

[00:15:00] Amber Duggar was just on our podcast on the set of skills, our podcasts and that podcast. She really talks about having profit. We talk about planning out the future of your business. And so when working with my bookkeeper, we do use YNAB? So I have no idea what it stands for, but we use it for a business sense. So right now with my business, I could bring in zero dollars for two months and the business would still run. It would still run. I would still get paid. The government would still get paid. Everything would still get paid. So we're working on getting that to three to six months. So that's why there's there. There's also because we use part of profit first we take out what we call profit, and that goes into a savings account. We also take out taxes. So we're planning for this stuff and then that part of profit is a bonus. So each quarter I take a bonus. And so it could be fifteen thousand twenty thousand dollars bonus, but that is also in there. So that's why you see a big gap. And so the business is super healthy, because I think one of the biggest things is really having a healthy business because it takes the stress off you when you're not focused on the money, the cash flow. All of that. You can work in your zone. You can be more confident in what you do if you lose a client. It's not a big deal. If you spend some money in your ads, don't perform. It's not a big. Well, I mean, it's still a big deal, but it's not the end of the world because the business is healthy. And so I think that was one of my biggest lessons in January is just how healthy the businesses. And I know that a lot of being able to scale has to do with the fact that money management has been a priority since day one. I talk about this in pretty much every episode of the serve scale soar podcasts.

[00:16:46] Is that knowing your numbers means your numbers can grow if you're hiding from your numbers, your numbers can't grow because you don't even know what they are. And so we want to show the universe that we know our numbers. So the universe can give us more numbers and we can run a really healthy business. And this the biggest thing for me is it's just a stress thing. I'm not stressed about money. And it has to do with the fact that we have good money management systems in place. And I know my numbers and I review my numbers each month with my bookkeeper. And so I think that was the big thing. I will tell you, January was not easy. It was probably besides last September, it was probably one of my most worked months, because January a lot of people launch. I was working with a lot of clients launching. And my client work always ends up going before any of my work. And so client works, they were launching. I traveled twice. And so it was like plus it was Riley's birthday. So we went to Disney. And so there was just like a lot going on. We launch conversions for clients. The mastermind started. So we launched that. And it was a lot. And I like it was not an easy month, but it was such a fun month.

[00:18:00] And definitely learn some lessons. Got some better systems in place and really found working in my zone of Genius figured out what that is and really like embracing that and letting some of the tasks that aren't my zone and genius be for handing those off and being more intentional with telling my husband like Can you do this for me and asking for help from people. I think that's huge. And just showing up in the most authentic way I can. Has been my biggest learning lessons for January. And so the big thing I want to take from this is I'm not sharing these numbers to brag or boast, because I'll tell you all I got on here and I was like, my heart is pounding. It's still pounding. And the thing that I know is that these numbers don't reflect me as a person. They reflect the health of my business. They reflect the impact that I'm able to have on other people's lives. They reflect the impact that I'm able to have on my own family's life, the choices that I'm able to give them. And I think that's the power. And knowing that this didn't happen overnight, like this has been 18 months of being very intentional and taking action and not letting fear hold me back, because conversions for client and listening to my audience conversions for client was not something that I was like. One hundred percent sold out on those people. I love running Facebook ads, but it's a whole other thing teaching it. And I wanted to be adequate enough and make sure that I'm providing the same excellence and conversions for clients as I do and serve scale soar and on the podcast. And I had some self doubt about that. I had some imposter syndrome. And but the biggest thing is not letting that hold you back from serving your audience.

[00:19:48] And so that's kind of a breakdown. That is a very detailed breakdown of everything we talked about. Well, there you have it.

[00:19:55] That was January's 20/20 income report. And month one down towards soaring to a million this year. And I'm all about learning lessons. And this was definitely a amazing month. And I know all month probably won't be like this. And that's what I'm going to take you on through this year, all twelve months of seeing behind the scenes of my business. So let me know if you found this helpful. What else you would like to see. So go on and just screenshot this and tag me on Instagram and let me know your thoughts and DM me and let me know what else you want to see or hear on the podcast. Until next, we go out and serve your clients, scale your business, and soar into that six figure year you deserve.

[00:20:40] Thanks again for tuning in to the serve scale soar podcast with your host, Brandi. If you loved our podcast, please be sure to leave a comment or review. And be sure to tune in next time.

Subscribe & Review on Apple Podcasts

Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today so you don’t miss any future episodes! I already have so many amazing guests and topics lined up, I would hate for you to miss a single one!  Click here to subscribe on Apple Podcasts

Could I ask a big favor? If you are loving the podcast, I would LOVE it if you would leave me a review on Apple Podcasts. I read each and every review.  Plus, you get to pay it forward because it will allow other service providers like you to find the podcast! Wondering how to leave a review? Click here to review, then select “Ratings and Reviews” and “Write a Review”.  So easy and so appreciated!

Meet Brandi

Brandi Mowles is the host of the Serve Scale Soar podcast which is a podcast dedicated to helping service-based entrepreneurs scale their online business to five-figure months so they can soar into six-figure years. Brandi is a wife, mom and in less than one year, created a six-figure business.   Now she is spilling all her secrets so you can too.

Pin It on Pinterest