Let's talk about a topic that's hopefully at the top of your mind - profitability.
Since we're well into February (and the trees are starting to bloom in Charlotte, I see you spring!), I feel like I'm settling into 2023. One of my Q1 goals was to do nothing new in my business, and instead just keep doing what works and keep improving all our processes.
And that's got me thinking about what my core content pillars are. You probably noticed I've been talking a lot lately about wealth creation - because it's really important to me that business owners learn how to build wealth. But I've been feeling a pull to go back to basics a bit.
Enter: My new Profit Series on the Profit + Prosper podcast! Over the next 4 weeks, I'll be doing a deep dive into the 4 key elements of a profitable business.
These key elements align with the four stages of business that I see most business owners go through - stabilization, protection, growth, and wealth creation.
The four stages don't necessarily align with the length of time you've been in business - I view them as cyclical. I've seen plenty of multi-seven figure businesses who need to revisit the stability stage 👀
In the first stage of business, your focus needs to be on consistent cash flow.
Instead of constantly shifting between feast and famine mode, we need to figure out how to keep things steady. Get off the hamster wheel, and on a path to predictable profits.
How do you do that? Profitable Offers.
Creating a business that is more profitable starts with offers that are streamlined and efficient to deliver. In this episode, I’m sharing everything you need to know about crafting highly profitable offers that you’re actually excited to deliver while adding more cash flow to your bottom line. I’ve seen the strategies I’m sharing in this episode bring mid-six-figure clients to the seven-figure level, and I know they’ll be just as transformational for your business. Be sure to subscribe to my podcast to follow along with this profitability series!
Are you ready to pay yourself a 6-figure salary and build a 7-figure wealth portfolio? My Millionaire CEO Incubator program empowers six-figure entrepreneurs to get off the cash flow hamster wheel and start making wealth-building investments in business and in life. Visit Millionaire CEO Incubator to apply for my signature 6 month profit coaching and wealth-building program!
Listen to Episode 15: Calculate Your Baseline Revenue
Listen to Episode 16: Crafting High-Ticket Offers
Listen to Episode 17: What No One Tells You About Raising Your Prices
In this episode, you’ll learn:
2:40 The four elements of a profitable business
5:41 What is a profitable offer?
12:30 Figuring out the cost of your offers
17:54 Revenue vs. gross profit vs. net profit
21:41 How to make your offers more profitable
29:56 Creating Different Tiers of Offers
33:25 Creating Offers for Repeat Customers
If you love the podcast, please leave me a review on Apple podcasts and share with a friend! This helps me share more knowledge with people like you so they can become more financially literate, create more profit in their business, and feel more financially stable and secure. Click here and scroll to the bottom to leave a review and make sure to let me know what you're finding the most helpful!
Do you have a question or topic you’d like me to cover on the show? Click here to send us your submission!
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 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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