Let's Talk Money 💸 : A 32 year old in Phoenix made $12K 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.
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Let's get into this week’s entry:Â
What do you specialize in: Branding + Web Design
How long have you been in business? 6 years
Age: 32
Location: Phoenix, AZ
Debt: ~ $45,000
Saving: $45
Degrees: Yes - Agricultural Communications
Do you have a partner, family, or anyone else that helps you financially?Â
Significant Other
If you have someone who helps you financially, what does that look like for you?Â
Split rent/groceries/entertainment with Sig Other
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
Nope, just the two of us
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
$62K
How much did you bring home after taxes & expenses last year (profit)?
LMFAO $12K
What's your average monthly revenue? How much of that do you actually pay yourself?Â
~ $5K monthly revenue, pay myself $1K/month
How many employees/contractors do you have including yourself? What do they do?
n/a
How much do you pay your contractors or employees?Â
n/a
What are your services and their average price?Â
Branding $2.5K, Web Design $3.5-5K, Video $2K
How many clients do you take on during a month?Â
3-5
How many hours are you working per week?Â
Feels like I never stop, but probably ~40
How often do you take time off during the year? Does this affect your income?Â
I had to take unexpected time off this year and it really slowed down my TIT which I do think affected income. Even the best processes get put on hold when emergencies happen.
In the last month, what type of expenses did you have and what did they cost?Â
Business ~$1,000 Rent ~ $1,200 Bills/groceries/etc. ~ $2,000
Anything else you'd like to add?Â
n/a
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