566: July 2021 Profit Report: Our Business Model is a MaaS & Why Yours Might Be Too

We are back here with another fan favorite: profit reports! Let's talk about all the things we did in July and how much money our products made. We love the profit reports because they are such a great opportunity to break down what’s been successful in our business. They also give us a chance to reflect on the things we did, the things we worked on, what we would do differently, and how it would ultimately affect the bottom line because that’s what this is all about. It's not revenue or how much income we generated; it’s about the profit we make in our business.

For a while now, Abagail has been talking about using percentages to divide up your profits, and recently, she had a question about a line item. So, she asked our bookkeeping company what some of their recommendations are. They work with hundreds of online businesses in the space we are in, and they have an understanding of the breakdown of things. What made her so happy is that the things we have been working so hard on are the top amounts we should be searching for. This isn’t arbitrary and doesn’t just apply to our business; it’s applicable across the board! And we take a lot of pride in setting our business up in this way.

That is also why we share these as percentages because the amount can throw people off if their businesses are not in the same arena or do not have the same goals. But there are percentages that literal professionals recommend businesses are at in terms of profit, or team, or education, or advertising. So, knowing when you’re in that ballpark is really, really reassuring as you continue to make a decision.  

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