231. [Q4 2023 Income Report] $200K PROFIT Despite Pausing Evergreen Products For 1 Year
Cubicle to CEO
Ellen Yin
5.0 • 580 Ratings
🗓️ 29 January 2024
⏱️ 6 minutes
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| 0:00.0 | The following teaser is pulled from Revenue Report files, an audio archive of five years of Cubicle to CEO's quarterly revenue reports from 2020 through 2024. Each episode breaks down our company's profit and loss numbers, along with the context, decisions, and lessons from that quarter. Full episodes can be found at cubicle to CEO.co slash revenue report. |
| 0:29.5 | Hey friends, it's your host, Ellen Yin. |
| 0:35.3 | Just like that, another 90 days has sped past in our business, so we're back for another quarterly income reports. |
| 0:37.0 | All right, so this income report covers the |
| 0:38.9 | months of October, November, and December, 2023. Our income for these 90 days totaled just over |
| 0:46.9 | $149,000. And of the three months, the highest revenue month was December. And our profit was just over $51,000. |
| 0:57.6 | So that leaves us with a profit margin of 34%. Now, if you've been following our income reports for a long time, then you know as a company, we aim for a 30% pre-tax profit margin throughout the year. And I do also want to clarify that when I say |
| 1:13.8 | pre-tax profit margin, that is our net income as a business that we keep after all expenses are |
| 1:21.2 | paid. So that includes payroll, our W-2 wages that we pay our employees as well as myself as an owner of the business |
| 1:29.3 | and then also anything we pay to our contractors. So I know when some people share income reports, |
| 1:34.8 | if they're a solopreneur especially, they may treat profit or take-home pay as the same as |
| 1:41.9 | owners pay. But within our business, payroll is, you know, labor, I should say as a |
| 1:47.4 | whole, is counted as part of our expenses. So profit is actually accounting for what our business |
| 1:52.9 | keeps after we have paid our payroll costs and any other wages that we're paying for |
| 1:59.2 | labor on our team. |
| 2:08.1 | Also in October was our 10th cohort of pay to create. And we really wanted to celebrate by doing something a little bit different than what we have done in the past. So for the first time |
| 2:12.1 | ever as a company, but also for this offer, we decided to test a pay what you want price model. |
| 2:19.4 | So what this means essentially is, so we host everything on Qaabi. |
| 2:23.6 | That's also where we host our checkout cart system. |
| 2:26.8 | And Qajabi in 2023 released QaJabi payments, which has been such a godsend because now we |
| 2:33.6 | have so many more flexible payment |
| 2:35.5 | options. We've been able to incorporate Apple Pay, Google Pay, after pay for people who want to use |
... |
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