EP 191 - Q1 2023 Income Report
EEllen YinApr 21, 2023 at 6:55 pm53min
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00:00Ellen Yin
You're listening to cubicle to CEO, Episode 191. Hi, welcome back to our quarter 1 2023 income report. My name is Ellen Yin, I am the founder of cubicle to CEO. And I have been publicly sharing my income reports for my business since 2019. So this is our fifth year now of reporting exactly what our business makes spends and profits every 90 days. And if you're new here, you can catch up on all of our past income reports at Ellen yin.com/income report. But if you're not new here, then you know, we've been doing this practice for so many years because we really believe that financial transparency is the future and that we all benefit when we collectively share our insights and our data. And we don't gate keep this really important information. So this is part of our advocacy work as a media platform that creates content through a financially transparent lens. So if you have been around for years and listening and following along with the journey, thank you for being here. Thank you for sharing and taking part in this important conversation. And I hope it inspires you to be more transparent in whatever way makes sense for you in terms of money conversations, so let's get into the numbers for quarter 1 2023.
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01:24Ellen Yin
Welcome to cubicle to CEO the podcast. I'm your host Ellen Yin. I quit my job without a backup plan and bootstrapped my first $300 freelance project into $2 million in revenue by age 28. On the show, you'll hear weekly case study interviews with leading entrepreneurs and CEOs who share one specific strategy that successfully grew their business revenue. Skip the expensive and time consuming learning curve of testing everything yourself by borrowing what actually works from the best and brightest mentors. You'll also get a front row seat to my founders journey through transparent income reports and behind the business solo episodes, subscribe now so we can grow together every Monday.
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02:11Ellen Yin
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03:33Ellen Yin
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04:32Ellen Yin
Alright, so this quarterly income report covers the months of January February and March of 2023. And for privacy reasons. As a disclaimer, I will not share the exact dollar amount like down to the dollar. But I will share pretty darn close to that. So we're just going to round up or down to like the nearest 100. Just for again security reasons but overall you're going To get a pretty accurate picture of exactly what our past three months look like. So overall, for revenue in this first quarter, we generated 194,500, and some odd dollars in sales, our expenses were at 9500, and some odd dollars. And then our profit was 104. Actually, if we round up $105,000, we're just shy of that by a couple bucks, really. So our profit, as you can see, is nearly 54%, which I have not seen numbers like this since probably 2019, when I was still providing done for you marketing services, and operating primarily as a service provider with a small agency team of contractors.
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05:52Ellen Yin
So this profit margin is absolutely insane to me, because for the last number of years, our target profit margin has been 30% pre tax profit, and we've more or less stayed around that amount over the course of the year, for the last three or so years. So again, this huge profit margin, I think can really be attributed to one key thing. And it's that our ad costs, the money that we have spent on advertising and marketing. So far this year has been so nominal compared to prior years, just for reference. And you'll know this if you've listened to past income reports. Typically we have spent anywhere between 25-35% of our gross revenue. And we've allocated that percentage amount to our marketing budget. So in the past, we've run a lot of ads for selling courses and our programs. But with the shift to being a media business and having this different business model.
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