When will I start making money ?
The most important question you should ask yourself is Why are you in business ? Grant it, you want to make money but also as an entrepreneur, your success depends on the problems you are solving within your community and how receptive.
I think if you are in business just to make money, it is unlikely you are going to be successful and if you are in business because of your passion it is also unlikely you will be able to sustain the business. It has to be a balance of a lot of things.
So, when will you start making money in your business?, it depends on who you are serving, the price point you put in place, the overhead expenses, your cash flow and the market fit of your business and most importantly how you treat your customers..
Some key Takeaways
- Update your menu frequently and have Limited Time Offers – LTO
- How big is the market for your business? and Market doesn’t mean the population of folks in your area
- Your customers will get bored of your business – spice things up
- Disrupt your business. The market is always evolving so your business also has to evolve
- Improve and get better with your product offering – Less is more – Go deeper
- Eliminate underperforming items
- Do an audit of your skills, do you have what it takes to grow THIS business
- Track your expenses – Cut your cost- maximize opportunity for revenue – Build your cash reserve
- Empower your staff. They have a multiplier effect on your business success when they are good employees and good team players
- Partner with all stakeholders in your business- landlords, vendors, employees, local govt. community etc
- Dont divert business cash into other projects or personal expenses
Again, there’s no real answer to when you will start making money but take this away – be passionate, use online resources, interact with experts, have good product and good customer service, hire good staff, know your numbers, know the kind of business and market you are into and be ready to research and experiment with things and you may just achieve your goal of success
Quote by Simon Sinek
“The goal is not is not to beat your competition, your goal is to outlast them” –