Podcast Episode #319: The 6 Questions Every Business Owner Needs to Answer to Be More Profitable

09/05/2023

 

 

These questions came about in the midst of coaching and new client calls – what are the components of a business that you need to have in order to be profitable?

Let's chat about these six things in today's episode.

6 Questions to ask yourself to have a Profitable Business

1. Are you profitable enough to compensate for the time you spend working?
   1. All businesses have some sort of overhead or the cost of doing business. Things to consider would be supplies & equipment, labor cost, travel expenses.
   2. If you're spending more than you're making you're not actually profitable and may just have an expensive hobby.
2. If you have more than 1 offering, do they align with the demand in the market?
   1. Are there people who are actually willing to purchase your product/service?
3. If you offer more than 1 product or service, rank them in order of what you are most passionate about.
   1. For the ones you're less passionate about, how can you pivot them so that they require less of your time?
4. If you offer more than 1 thing, which is most profitable?
5. How are you marketing your offerings?
   1. Paid ads, organic social media, email marketing, flyers in the mail, etc.?
6. Are you showing the positive or results of your business?
   1. Are you giving potential clients and customers visual proof of what your business can do?

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