There are 3 Business Choices that led me to creating a profitable business!

You can make money, even really good money in your business!

But if you want to leave a legacy, then you need to become more profitable so your business can last for a long time!

Last time I checked, you most likely started your business for time or money freedom due to a circumstance that triggered a need for security in one or both of those areas of your life!

So you jumped into entrepreneurship with both feet ready to do whatever it takes to secure your future!

The problem is, by now you have invested a lot of time and probably money too in making it work, and you don’t want all that to go to waste, because you have not established a solid business foundation!

So that is why today I am sharing with you the 3 essentials in building a business that is profitable! 

When you listen to people speak about money they use terms like revenue, income, and profit.  If you didn't know it prior to this video, there is a HUGE difference between income and revenue AND profit!

You may have sold $100,000 in products or services last year, but if you did not make a profit, what was the point?

Now this does not mean, you were unsuccessful, you totally were, you just need to adjust your strategy so your business is working for you!

Essential Step #1

Is knowing your numbers!  Where did the $100,000 in revenue come from and where did all your expenses go?

And I am talking line by line!  There is no guessing with numbers if you want to truly make enough money to support yourself and your family!

So get out your receipts, spreadsheets, QuickBooks etc and start looking at everything!

Put your products or services into categories and figure out which one brought in the most revenue and which one brought in the most profit which is revenue minus expenses.  Do the same on the other end and figure out which one sold the least!

Then look at your expenses!

You should begin to see patterns, like 20% of your revenue went into marketing or advertising or 50% went to salaries and 10% went to office supplies etc.

Once you get an idea of where the money went, you need to add in a percentage of your revenue that is directed to your “salary”. Then figure out where you can make cuts to make that happen for this year!

A big lesson in business is to pay yourself first, which was super hard for me to learn but once I did, no matter what we had for income, I always got paid!

Now that you know where the money is coming from and where it is going we can move to:

Essential Step #2 -

How can you make more without spending more?

This step takes some practice because pivoting your business is not an easy thing if you have clients who are benefiting from your low profit products or services!

After reviewing your numbers, if you realize that a certain product or service has a super low profit margin, that has your mouth hanging open in disbelief, it's time to adjust!  

You have 2 options: You can stop offering it immediately or you can stop adding any new clients or customers immediately and finish up with your current ones.  It's your choice but you need to weigh your options!

Guaranteed there will be some unhappy customers or clients when they find out you are no longer selling XYZ so make sure you have a plan.  Which could be a few different options. Let me give you some examples:

1. You continue to offer their favorite mug for sale but they can no longer buy it alone, it now comes with another product and when paired together it has increased your profit margin.
2. You no longer offer XYZ service because you lose money every single time, or you can increase the cost of it so it becomes profitable and let your clients know your rates have increased.
3. You no longer offer XYZ, but grandfather your current clients until they terminate service or you give them a timeframe of how long you will offer it at their current price point.

Once you know your pivot strategy, you can move your business model toward offerings that actually make you money and not drain your bank account.

Finally the:

Essential last Step #3

Is maybe the hardest!  Building a business and making it profitable is not easy, so you have to learn to take the emotion out of it!

Yes you want to be generous and help lots of people but if your business does not become profitable, there will be no business for the long term!

It's a hard lesson to learn and we as women sometimes struggle with this one!  But I can tell you, it is possible!

You can be a leader, be kind to your team and clients, and make enough money to support you and your family!

If you are truly struggling with this, get some help from a professional who you can blame the changes on like a coach or accountant.  It's so much easier to deliver bad news to a client when you can say something like “I hate to make this change for you but my coach or accountant says it is a must for my business if I am going to be able to sustain and continue offering services for the community.” For some reason, passing the buck or blame to someone else is always easier and us professionals are used to it and I know myself, I recommend it!

In Summary,

You are amazing!  You are a woman, in business and having success!  That is something to be truly proud of!  With a few tweaks, we can shift your business into a profitable money making machine that will make you even more proud because you will be able to help more people!

If you need some help with this topic, I have a FREE resource that is perfect!

The Legacy Business Blueprint Masterclass is a FREE must watch webinar that shares 3 Key Shifts Smart Entrepreneurs Are Making That Will help You Increase Your Profit WITHOUT Working More Hours or Having to Find More Customers!

This is the exact strategy I used to shift from those 80+ hour work weeks to building a multi-million-dollar business in just 16 hours weekly ! It’s your time to earn more and work less! 

And I don’t want you to have to check your calendar and then wait for some scheduled presentation to get this transformative info, so I made it available for you to stream on-demand right now at https://www.passionpurposeposture.com/legacybusinessblueprint and I have linked it below for you!

And that’s a wrap on this week’s episode! Remember to live this one life you were given!

Life is a Journey and I am so glad you are on it with me!

xoxo Sailynn...

Let's Connect!!!

Every single week I get messages from friends who have found value in my videos, I would love to hear from you what you loved the best about this weeks video, so let's connect🙋‍

Facebook - https://www.facebook.com/sailynn.doyle/

Instagram - https://www.instagram.com/sailynndoyle/

DM Me on Messenger - http://m.me/sailynn.doyle

Valuable Content Schedule

Every Tuesday morning, a new YouTube training video will be posted!  You can subscribe here to get notified: https://www.youtube.com/c/SailynnDoyle

Join me Live on Facebook for more training & tips, every Monday at 7pm eastern in my Facebook Group, so make sure you are a part of the Free Community - https://www.facebook.com/groups/passionpurposeposture

If you want it delivered directly to your email inbox, you can subscribe below👇👇👇