I spent a lot of time in June mastering reports in Pike13. Today, I ran a report in Pike13 that displayed my revenue by month. I ended up looking up my revenue trends for the month of June, since becoming a franchisee. It felt great to see my progress! I arranged them on simple graphic to share, here are numbers:
Here’s some context:
My goal back then was to reach $3000 a month in gross revenue, as soon as I possibly could. I didn’t reach that goal until month ten of operation. It was such a major milestone! I celebrated by purchasing myself a new pair of shoes. I offered five classes a week and taught three. My average profit margin was 70%.
I set my goal to $5000 a month and was able to reach that goal in month sixteen of ownership. During that time, I was super focused on reaching one hundred recurring members. I launched my first BB session October 2016, which consisted of three participants. I taught the session myself. I offered eight classes a week and taught five of them. I averaged 60% profit margins.
I set my goal for $9,000 in gross revenue and was able to reach that twice in 2017. My focused shifted from reaching a certain member number to revenue. I began offering multiple BB sessions and I taught three at one time. This was primarily due to the training only being held in Hawaii once a year. Since I was teaching so many classes, my profit margins were quite nice. I added on seven new instructors in July of 2017 and my profit margins tanked. I offered twenty weekly classes and taught ten. 2017 was a big year of growth for me, as well as a big year of struggle, challenges, and doubt that this was the right business for me. I averaged 22% profit margins. It was a tough year for me, for multiple reasons.
I’ve set my goal for $15,000 gross revenue with 50% profit margins. I’m realizing I must maintain both a revenue goal as well as a recurring membership goal.