Let's Talk Money 💸 : A 30 year old Canadian made a $68K profit last year
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.
As a reminder, this newsletter will only stay alive for as long as I receive entries. I won't ask your name, business name, or email when you submit so if you want to share what's happening behind the scenes fill this out.Â
Let's get into this week’s entry:Â
What do you specialize in? Brand strategy and design
How long have you been in business? 5 years
Age: 30
Location: Ontario Canada
Debt: Oh fuck. Prob $15-20K Canadian (mostly taxes, it's been a YEAR)
Saving: 0
Degrees: 3/4 of a Bachelors of Design
Do you have a partner, family, or anyone else that helps you financially?Â
Partner yes.
If you have someone who helps you financially, what does that look like for you?Â
Share expenses with husband
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
2 kids and a dog
Are you full-time or part-time in your business? Do you have another job along with this one?Â
Full Time
What was your revenue last year (before taxes)? Â
$76k
How much did you bring home after taxes & expenses last year (profit)?
$68k
What's your average monthly revenue? How much of that do you actually pay yourself?Â
~$5k as an average based on all months, but in reality I've had like $0 months then two $14k months, so not really accurate
How many employees/contractors do you have including yourself? What do they do?
Just me
What are your services and their average price?Â
Consulting @ $150/hr, Branding $3-9k, Web $4-9k
How many clients do you take on during a month?Â
1 to 3
How many hours are you working per week?Â
10
How often do you take time off during the year? Does this affect your income?Â
No actual thought out time ie vacations, just parenting... Yes.
In the last month, what type of expenses did you have and what did they cost?Â
Business expenses ~$2000
Personal expenses ~ $5000
Anything else you'd like to add?Â
Save for your taxes LOL, and price yourself accordingly
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