Let's Talk Money 💸 : 24 year old from Portugal profited €14K last year and has no living expenses
Welcome to Let's Talk Money, a newsletter dedicated to showing creative entrepreneurs what's actually happening behind the scenes of their peer's businesses.
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Let's get into this week’s entry:Â
What do you specialize in: Brand Design & Strategy
How long have you been in business? 3 years
Age: 24
Location: Porto, Portugal
Debt: No debt.
Saving: No savings account.
Degrees: Bachelor's Degree in Communication Design by Faculty of Fine Arts of University of Porto
Do you have a partner, family, or anyone else that helps you financially?Â
Both my parents.
If you do have someone that helps you financially, what does that look like for you?Â
At the moment, I usually spend one week at my parent's house and another week with my partner at his parent's house. This means I have no living expenses like bills, food or rent. Neither I nor my partner have the possibility to buy our own place for now, and renting is too expensive as well.
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
No one to take care of.
Are you full-time or part-time in your business? Do you have another job along with this one?Â
Full-time self-employed.
What was your revenue last year (before taxes)?Â
Revenue — €28,725.74
NET (after taxes) — €25,439.49
Profit (after taxes + expenses) — €14,019.43
How much did you bring home after taxes & expenses last year (profit)?
€14,019.43
What's your average monthly revenue? How much of that do you actually pay yourself?
2021 average monthly profit — €1168.29
I've only just separated my business from personal accounts so it's hard to say what I'm paying myself.Â
How many employees/contractors do you have including yourself? What do they do?Â
I'm a one-woman show!
How much do you pay your contractors or employees?Â
N/A
What are your services and their average price?Â
I currently offer Custom Branding & Strategy (starts at €3000), 1:1 Strategy Sessions (€285), and the odd small graphic design job for past branding clients. The average project price last year was €2285.
How many clients do you take on during a month?Â
Usually, around 2 at the same time.
How many hours are you working per week?
Between 30-40 hours a week.
How often do you take time off during the year? Does this affect your income?Â
In total, I take around 1 month of time of off per year divided into Summer & Christmas vacations plus the odd weekend away. It does not impact my income.
In the last month, what type of expenses did you have and what did they cost?Â
Business expenses (software), gym membership, phone bill, business coach, event — €640
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