Is it okay to not be profitable in your business in the first couple years? I got this question a lot during my 5-day challenge last week. In this episode, I’m answering that question and sharing four big reasons why your business is not profitable, and how you can combat them with actionable advice. If you’re struggling to make a profit in your business and you feel overwhelmed and unsure why, this is the episode for you!
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Some key takeaways on what might be keeping you from profitability:
One of the very first things to address is your money mindset. Talking and thinking about money can bring up a lot of emotions like fear of success, self-doubt, and scarcity.
Your prices might be too low. Pricing depends on so many variables, but to put things into perspective, calculate how many clients you need to hit $10K in revenue in a given month or quarter. If the number you get feels overwhelming, it’s time to raise those prices!
Spending all your money in the name of growth. Focus on setting up strong financial habits in your business so you know exactly how much money you have available to invest back into your business after you pay expenses including your salary.
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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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