Entrepreneurs are driven by ideas they believe in so strongly that they often give up not officially make money jobs, hours of sleep, and any sense of security.
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And yet, most of us are striving for some financial reward or at least stabilityinspired by billionaire heroes like Richard Branson, Mark Cuban, or Oprah Winfrey. What happens when every day is a struggle to make sales and the thought of looking at your financial reports makes you want to cringe?
It could be many different things. How did you come up with the prices you charge for your product or service?
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This is a flawed approach because your pricing needs to take into consideration what it takes to make your business profitable. To do this, you need to know what your business expenses are, what your tax liability is, any debt your business robot based on trading volumes, and not officially make money much you as a founder want to take home as your salary.
The reason your pricing is wrong is from bad maths! The desired salary is how much you want to take out of the business to pay yourself. Tax liability percentage expressed as decimal refers to the percentage of your business revenue that will go to paying taxes.
You need to express this as a decimal for the formula to work. Then subtract it from 1. Need an example of this formula in action?
Now that she knows that number, she can work backward and structure her prices and services in a way that helps her meet her income goal. Brace yourself, because this one can be a bit of a harsh reality check. Some of the most famous and successful companies today pivoted from their original business ideas: YouTube, Twitter, and Instagram to name a few. Want a real-life example?
Types of Money What Is Money? Money provides the service of reducing transaction cost, namely the double coincidence of wants. Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange. Understanding Money Money is commonly referred to as currency.
Gretta Rose van Riel, a founder of a suite of multimillion-dollar companies, did exactly this when she launched Drop Bottle. Van Riel had built up an engaged Instagram following with thousands of people interested in detox waters and then started brainstorming ways she could bring a valuable product to them.
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The result? Drop Bottle, a glass water bottle in which you can infuse fresh fruits so you can create your own detox water. Should I close my business or should I pivot? Some questions to ask yourself: Do I have a loyal base of customers? Do I have the cash to continue? Are you getting a lot of difficult clients or dissatisfied customers?
You, my friend, may not be attracting the right people to your business. You need to revisit your customer avatar.
Never created one? A customer avatar is also known as your buyer persona or ideal customer. One way to find them is to look at who praises your business on social media.
Do a quick search on Twitter of people who mentioned your business handle. Who sent you emails thanking you for what you do? Search your inbox. These are your ideal customers. Learn more about them. Conduct customer interviews.
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All of your marketing communications should flow from your customer avatar. Who are the customers who rave about my product without prompting?
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How old are they? What are their job title and income level? What do they worry about?
Bringing in money is vital for you and your team members, who depend on you for their livelihoods. But some things are more important than money and ignoring them will make your money worthless. Here are the top five things that should take priority over the dollar in your day-to-day.
What were the latest purchases they made? Which brands do they love?
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How does my product or service solve a specific problem they have? Not sure how to do that? Find Your Customer Go where your ideal customer hangs out. This includes both virtual and physical places.