Have you ever felt bummed out about an off month in your business? Guess what? We all have them!
Let’s talk about why lower-income months are nothing to stress about and what they might be gearing you up for.
This week we’re here for my July income report, and in this one I’m going behind the scenes of what it looks like when I have an off month, what four major things happened in the month of July, and why I didn’t freak out when I saw my revenue-generated number for the month of July.
- Why I like to talk about income openly
- Keeping things simple in your business and in your life
- The value of human connection
- Navigating a Mastermind live event during COVID
- Why I decided to rent an office
- Investing in a fellow female entrepreneur
- What I like to spend money on….and, more importantly, what I don’t
- Most importantly, remember that whatever you decide is best for your family, IS best for your family
- Breaking down my July income report
At first, the July income report came as a little bit of a shock, but I’m so excited to still be on track for our million-dollar year. Ultimately, I’m grateful for the knowledge that it’s okay if some months are lower than others. That’s life, right? Plus, I know what I have planned for the remainder of the year and that July was gearing up for some big things to come!
Don’t forget that my free training is happening next week and this only goes live twice a year so you do not want to miss it. If you are a service provider looking to scale to consistent $10,000 months without hiring a team, go to www.servescalesoar.com/free to get signed up so you don’t miss it!
Don’t forget to sign up for my free training >> How to Scale to Consistent 10K Months Without Hiring a Team
July 20, 20 income report, I'm coming at you with another income report, and this one is pretty good because I'm going behind the scenes of what it looks like on off months, what four major things happen in the month of July and how I didn't freak out when I saw my revenue generated number for the month of July. So let's jump on in to this week's episode of the Serve Scale Soar podcast.
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, mom and in less than one year created a six figure business. And now she is spilling all her secrets. So you can to.
Before we jump into this week's episode of the Serve Scale Soar podcast, I have to let you in on something that's happening right now, and that is you need to head over to ServeScaleSoar.com/free and get registered for my free training. That is happening next week, because here's the thing. I only do this training twice a year. Leive, you do not want to miss it because I'm going to be training on how to scale to consistent ten thousand dollars months without hiring a team live. You're going to get my 4 Step framework. We're going to go over the mistakes that you may be making in your service based business. And the best part about it is I'm doing a live Q&A at the end, so I'm answering all your questions about scaling your service based business so you do not want to miss out on it. So head over to Serve Scale Soar dot com forward, slash free and get registered today. Remember, I only do this training twice a year. Do not want to miss it and I'm doing that Q&A, so go get registered and I can't wait to see you in the chat. OK, so one more thing before we jump into this week's episode is I want to read off one of our Spotlight listeners, and this one is coming from Chris Logi. I hope I pronounce that right. And she has given us five stars. I love Chris. Keeping it simple. I'm so glad I found Brandi through another podcast. She is just what my busy mommy life needs. Keep it simple with four steps, actionable advice, tips that are easy to apply. I am just getting started and all this information is extremely valuable.
I can't wait to hear more. Keep it coming. No problem, Chris. I'm keeping it coming your way each and every week and talking about that as you're listening to this. It is September and September is when we launched the podcast, which means I have been delivering free content every single week without missing a beat or one year, which is crazy to think about. I love this podcast. Probably one of my favorite things. And I got to give a big shout out to Stephanie Judice, which is the best podcast manager in the world, and she is the one that keeps the show running. So thank you, Stephanie, and thank you, Chris, for the five star review. If you have not listened to the podcast before, I am Brandi Mowles. I am helping you serve your service based business. But also, if you are a listener of the podcast, I would love if you could go on and leave us a review. If you haven't, that truly keeps the podcast going and it gives Stephanie major kudos because she gets to put your review inside our fabulous Airtable chart. So go on and leave us a review. Truly appreciate it if you are loving this free content. So without further ado, I know that you're waiting for all the goods of this month's income report. OK, so July twenty twenty, we are now in the second half of the year and I talk to all about June and where we were with our numbers and last month's income report. So if you didn't listen, we'll link that up in the show notes so you can check it out.
But this month of July was kind of a little shocker for me. And I'll go over the numbers with you once we get to the end. But there is four main things that happen in. The first one was the mastermind.
I have a mastermind, the soaring inner circle. And it is twelve amazing women who are just either scaling their services past the ten thousand dollars a month or they're creating courses and memberships, which a lot of them are doing both. And they just want to build connection and really get inside scoop and get to pick my brain more than any other group that I have. And so I love the mastermind so much. I love chatting about launches. I love helping people launch their products to the world. And I love seeing people just take their business to the next level. We have some people who are growing agencies. A lot of people are launching brand new programs, which is so fun to watch, but they get to live events a year. Well, the live event was coming up and we all know covid happened. We pivoted and I was like, we're going to postpone it, see what happens. Well, Florida's pretty much open up except for our bars. We're pretty much open up. And we're I live in St. Pete Beach. Our case numbers are like super low, like super, super low. And so for anyone who's listening to this and you may not agree with us holding an in-person event, I want to just preface this by please do not message my team. If that's how you feel, then I totally respect that. And that is your option. So please don't mess with my team.
That's the big thing. Just don't I appreciate your opinion, but it's already happened, so there's no reason to get. Said about it, so I gave them the option, if they wanted to come, they could come. And if they wanted to watch from at home, then we would do a virtual event as well. So we had six people also under the age for social distancing and we have them in my house. We stream the rest of it. And it was so amazing. We had people who chose to wear masks. We were in my house super clean. We had all the hand sanitizer in the world. If people didn't feel good, they were instructed not to come. So we followed the CDC guidelines and we just there's nothing like an in-person event. Like there is just something about connecting with people. And it makes me really sad with covid happening that we're losing that we're losing that connection in person and we're trying to do the best virtually. And I'm so glad that these six people were able to come and get together. And I just saw the relationships that were built. And I'm so grateful for the people who couldn't come because we do have people from Canada inside the mastermind said they were unable to, but they were such great troopers on the virtual. And we tried to do our best that we could to accommodate virtual and in person, which became a challenge in itself.
The experiences are just so different. But what I saw is just so many connections, so many bonds being built in that moment that can't be built online. Like it just it's harder. And people just opening up and getting the biggest AHA's and going away with a whole new idea or really knowing how to move forward with their business. And there's so much power in that. And we talked about things that I don't always get to talk about. We really drove into launching. And, you know, just all the fun marketing stuff that I geek out about that is service providers we don't necessarily need. But its course creators you do need. And I just geek out over that stuff. I love launching. I love marketing. I love creating courses and memberships because of the impact that they can have in the results we can get for our students. It was a really special time. We also talked about money management and running your business like a business and not a hobby. And that's why I bring these income reports to you, because I want more of us to talk about money openly. I want us to be real and authentic and transparent about what income is and what income isn't. And when we hear these big numbers like. But what does that mean? Like how much do they spend on ads? Are they even making money is their business and it's debt.
And that's why I do these income reports and we really broke down the numbers and how to track that in the mastermind. And that was super powerful. And I took them back to the basics. Even if you're a course creator, scale with simplicity is what I teach. And that's the framework I teach inside of Serve Scale Soar membership. It's how I teach inside the soaring inner circle. Mastermind on how to run a course or membership business still is through scaling with simplicity, and I like to keep my business simple. I think that's one of the reasons we've been able to grow like we have is because we just keep things simple. We don't overcomplicate them. Those are really fun experience and it just made me miss what was like what we've not been able to experience this year, which is real human connection in person. And there's so much power in that. And I truly hope that once we get into twenty, twenty one, we can get back to that because there's nothing like it. Like virtual cannot replace what happens when we're together in a room and sharing those emotions. So I just love that. I thought it was like the best event and it was small and intimate and there are so many relationships being formed and I'm just so grateful for those who were able to make it. But I'm also grateful for those in the mastermind who couldn't.
And they were so patient with the tech and everything that was happening with the live streaming because we were doing our best. And it takes a village to put on a live event and it takes a bigger village to also do a virtual one. And I'm just so grateful for everyone that helped a big shout out to Tia McCarthy, which was on the podcast last week or two weeks ago because she volunteered her time to come and support us and pick up lunch and do all those amazing things to make sure that I could be present for the mastermind. So I'm so grateful for her. So the mastermind live event was a big one. And of course, I got to see my best friend Emily, which will link up her podcast episode. And she is launching an amazing program. And she and her husband got to stay with my family for several days after. And it's just so nice to have just a space for people to come and to spend time together and just get connections. So even if you're just getting together with. One or two friends, and you are taking the CDC guidelines and just trying to get coffee with each other and trying to get as much human connection as you can, because we need that in the online space, does not replace that like it just doesn't.
We've created such an amazing community inside Serve Scale Soar, and I'm so grateful for those relationships and what people have got. But remember, we need a human connection. So that just reminded me of that. And I'm so grateful for the mastermind. It was such a fun experience. I love talking launches and all those fun things. OK, so the second thing that happened was I use my business as a savings account. We put money back each month for different things like donations I want to make. We also do what's called like the profit first. And it's kind of like a bonus for me that I can take it the half year mark or any time I want or need. And it's just money that we're putting back that is my profit to take. So my best friend, Emily, she always thinks it's so funny because she can never figure out my spending habits. She says I'm really frugal, but I'm not frugal. And it took her a long time to figure out what I will and will not spend money on. And it's really easy. I will spend money on experiences. So like a nice restaurant, that's like a fun experience. I will spend money on getting my nails done. I will not spend money on I will spend money on a really nice vacation. I will not spend money on going to like like a fancy hotel that's for work.
Like I'm not going to spend money on that. But if it's a really nice vacation for my family, I will spend money all day long. So it took her a really long time to figure out my spending habits. But it really comes down to if this is going to create a memory with my family or if this is going to be something that is an experience that we're going to remember. I will spend money on it. One thing since COVID we've missed is Disney. Disney's been closed, Disney's back open. But as pass holders, it's really hard to get reservations into the park. So because of everything, we decided to give up our Disney passes. They are doing like a refund thing. Don't even get me started on it because the refund thing is like garbage. And we asked for a refund back in July and we're not even supposed to get one till September. But not bashing Disney. They're doing what they can. But needless to say, we don't have Disney passes anymore, which if you're a fan of the podcast, you know that we love Disney and we love going to Disney World. So since those memories, we're not going to happen. For right now, we are trying to figure out what can we do to right now during COVID to still have time with our family. And I had this bonus that I was going to take. And so we decided to buy a boat and my husband's wanted a boat and we rented a boat when Emily and Brian were here.
And it was great. We have a fun time every time we go out on a boat. And so I was like, you know what? Let's just buy a boat. And y'all I've never bought a boat before. Now, boat buying is a whole different experience than buying a car. Anyways, I won't bore you with the details, but it's like closer to buying a house, like you have to go through brokerage and all this kind of stuff. Well, when we go to decide that we're going to buy a boat, they're not even open like they're not available. Boat sales are through the roof. The Marine, Max, they're amazing. They told us that they have done the one here in St. Pete has done more so far this year and six months. And they did all of last year, which is bananas. So we had to wait for it for four weeks. And I don't know how many of you know this, but I'm extremely impatient when I decided on something. I want it now. We're going to get it now. So they told us is going to be four weeks. So this is four weeks of patiently waiting, but also hoping to hear my husband talk all about this boat for four weeks nonstop. And we got it. And in July and we paid cash for it because of the business and because of that savings that we put back each month.
And it was so cool. Now we go out on the boat. We're having so much fun as a family. And I just love when we can create memories. Riley thinks it's like the best thing in the world. We go out to the sandbar, she gets in the water because of my business. Even if we can't travel as much or anything like that, we can still create those memories. And now we just have a way to do that. That's not Disney. And so I'm so grateful for creating the memories because that was always one of the reasons I started my business. One, because we need to put food on the table, but also because I wanted to be able to vacation and create memories. Without the stress financially of doing so, and this is just another one of those times where I'm so grateful for my business and the memories that we will create with our family and friends because we were able to purchase a boat and it makes my husband happy. So he does so much to keep this business running because he is Riley's primary caregiver Monday through Thursday now. And so he's just so incredible. And I was so happy that I could give this to him. So that was special. So the mastermind happened. The boat happened.
And then I've been struggling with this for a while is do I get in office? Do I not? What's the best solution for our family? And so I went and toured some coworking spaces that had private offices. And until I decided to invest in renting out a private office in a coworking space. And I had a lot of guilt around this because I thought that because I am a work from home mom and that's what I hope other people do, is be at home with their families. And part of me is like being able to have the freedom to have, you know, both parents at home and everything. I really struggled with getting this not from almost like our family perspective, but what people would think of me if I did it. And I just came to terms with I still get to be at home. Like I get to choose when I work from home, when I don't work from home, I get to still get my daughter up every morning. I still get to take vacations whenever I want. But for my family, the best thing for me to do was get an office, because what would happen is I would go to my office in the mornings and we would have to say, like, Mommy's got to go to work, like in our house. And I would say, like, Mommy's going to go to work. I would be upset, no work, Mommy and all this stuff.
But we'd get to a point where, like, she's finally fine, I'm in my office working, and then I would have to, like, pee. So then I'd have to walk out of my office. She would hear me, and then we start the whole process over again. So it was just constantly disruptions in the terms of me being, like, struggling to get back to work and then like getting back in the mindset of I'm not a bad mom because after work. But then also it was a disruption for my husband because then it was a whole he was having to go and comfort her and then get her preoccupied with something else. And so we went and looked. We found me one and I quickly got moved in. And it's seriously been so good for our family. I get to the office pretty much around 8:00 a.m. leave at like two thirty or three, which has been fantastic. And it's just really cut down on the disruptions from my standpoint, from my daughter and for my husbands. It's been so good for us. I'm so productive and I'm really, really enjoying it. But what I love most is I can decide, am I going to work at home today? Am I going to go in the office if I need to really focus? And now that we have that, it has been so amazing for the business, for our family.
And I think that's what's important is when we make business decisions, does it align with our family goals? Does it align with what we want most? And also we have to do what's right for us in our family, not for what other people may think of us. So I still want as many families as possible to have both parents home, if that's what they choose. If maybe you don't want to be at home, that's OK. But what I know is whatever you decide is best for your family, is best for your family. And right now at the season that we're in, it's best for me to have an office that I can go to every now. And it's not every now and then. It's like three days a week, three days a week. So I can get work done. And then the best thing is I don't have to like it's an easier way for me to turn off work because I have that fifteen minute drive home where I can decompress and everything, and then I come home to my daughter and I'm not thinking about work. I'm not on my laptop. I am one hundred percent in the moment with her, my husband, and that is a game changer for us. So always remember what you do for your family and what you think is perfect is perfect for your family and don't let other people judge you if it's not how they would run their family.
OK, so for all of us, the boat, the mastermind and the last thing I did was invest in as you know, I finished up with my coach in June. I always think that we should be growing learning. And so I was in a mastermind, a high priced mastermind for one year. And I got to a point where I just needed a fresh set of eyes. I didn't really know what I wanted, but we're at such a different place in our business that I was a year ago. Oh, my gosh. A year ago, we were starting the podcast, we had just finished up our very first launch of Serve Scale Soar and now we're on track for over a million or so in a year. So many things can change. And so I knew that I just needed something else. And with covid Black Lives Matter and just everything that's going on in the country, it really gave me time to evaluate and reflect. And also August, we're talking about July, but in August I turned 30. So it just gave me I was reflecting on turning 30 and all that fun stuff. And I realized that I have not invested in very many women like course creators or coaches. And so I wanted to find a seven figure businesswoman to learn from someone who was a female.
It was June seven figures and I wanted to really learn from them. And so I found one that I'm super excited, Maya, cause and I love what she stands for. I love her take on business. It's a fresh set of eyes. She is an online groups that I'm not in. And so I am excited about that. And she I'm part of a program where she's helping me craft something super exciting that's coming in November that's going to be so epic. And from the mastermind in July. This has been something that I've wanted to do for a while. But I just was I don't know if I don't think I was scared or I just had got some really bad business advice. But this is something I'm so passionate about and I'll be sharing more information in November. But it's going to be an epic program and she's helping me craft that and make it so it delivers the most amazing results, just like we see inside Serve Scale Soar and conversions for clients. Because any time I launch a program, I always over deliver and I always am looking to get results for my students. And that's going to be no different in this program. So I'm excited about that. But it made me think like, how can I get in different circles so I can expand my knowledge to help my students even more? How can I invest in more women entrepreneurs? Because that's something I'm so passionate about.
And really, why haven't I been doing that more? So I had a lot of self reflection. And I'm coming out of July so energized and ready for the next six months of this year and what's to come. And I just know it's going to be epic. I know I'm growing as a person and I know that only means that my students are going to grow as well. So that's kind of the big four points that happened in July. Really quick now, I'm going to go over the numbers. I will tell you, when I was looking at my revenue generated, I bought like cried, ran under like a rock. And then I had to remind myself that this is an amp up month. In September, we will open the doors to Serve Scale Soar again. And I know that when we work from the launch methods that revenue generated, there will be smaller months. And that's just how it is. And I'm OK with that. But part of me at first was like, what the hey, this is like bad, but it's not bad. It's just part of the process. And so my revenue generator was twenty thousand dollars. That is the lowest that we've had all year long. And I was like, oh my gosh, but we're still more than on target for million. And I reminded myself that. But from conversions for clients it is close.
But if you're in Serve Scale Soar, you can join conversions for clients at any time. So that brought in two thousand Serve Scale Soar brought in. And this is new. So remember, there's a difference between cash flow and revenue generated. Revenue generated is new revenue that is going to come into the business. If you're not familiar with this, go back and listen to the first income report I did in January and I explained the difference between cash flow and revenue generated Serve Scale Soar we had fifteen thousand new generated. This was a combination of brand new members joining us. But also it was some of our year. Our year was up in July for our July launchers so they could either pay for the year or they could go to sixty seven dollars per month and cancel any time, which is a different structure than if you come in normally. And that brought in fifteen thousand. My service is brought in to four thousand. So I have two clients and delighted with Dubsado brought in seven thousand sixty seven, so did really well. And so that's a total of twenty eight thousand sixty seven dollars which is so much lower. More than any other month, but I'm not even worried about it, but Cash-Flow, here's the fun part, cash flow. What actually came into the bank was sixty thousand one hundred and seventy nine. And that's what I don't stress about because the cash flow is still super high because of what we've been doing the full year.
So my expenses, one thousand forty was for cost of services. So this was how much I spent for the mastermind. This was dinners, food, books, things like that were included in there. My contractors were fifteen thousand eight hundred and ninety two dollars that that was the largest amount from my expenses plus that my marketing. So how much is spent on Facebook ads was four thousand four hundred and twenty for my office because I had to pay pro-rated rent plus security deposit plus last month rent was four thousand two hundred and eighty two software. It was nine hundred and seventy six merchant fees, two thousand forty five and education was three thousand seven hundred and ninety one. Remember, because I invested in a program usually I pay in full. This time I am paying monthly and so that is two thousand dollars a month and then taxes. I had to pay the feds this quarter because we came up on quarterly taxes, paid eighty five hundred dollars to them, and then I took out that bonus of forty five thousand to purchase the boat and that also include my income. So my expenses, not including my bonus, was thirty two thousand four hundred and fifty, which gave us a profit of fifty percent even in this high month where we had a lot of expenses between my bonus taxes, things like that, the mastermind, my high costs to contractors this month, we still are running at fifty percent profit and that makes me so happy for the whole year.
We're running out of sixty eight percent profit margin right now, which I love. And so I'm super excited. But I'll tell you, seeing the twenty eight thousand revenue generated being significantly lower than any other month, I about had a heart attack. But I am totally OK with where we are because I'm enjoying the journey and y'all are coming along with me on this journey. So this is your sneak peek behind the scenes of a very transparent business owner working her way to her million dollar a year. And I'm glad that y'all are coming along with me on this ride. So remember, that is the end of our income report. But remember, go register for how to sell to consistent 10K months without a team, no subcontractors, no Facebook ads required. And breaking down my four step plan for you system and going over the mistakes. But most importantly, during a live Q&A. And I only do this training twice a year. So this will be your last time in twenty twenty to get this training live and get a sneak peek behind the scenes of Serve Scale Soar. So join me in there. And until next week, go out, serve your clients, scale your business and soar into that six figure year you deserve.
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.
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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.