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lựa chọn môn tất cả Toán đồ vật lý Hóa học sinh học Ngữ văn tiếng anh lịch sử vẻ vang Địa lý Tin học technology Giáo dục công dân Âm nhạc mỹ thuật Tiếng anh thí điểm lịch sử dân tộc và Địa lý thể thao Khoa học tự nhiên và xóm hội Đạo đức thủ công bằng tay Quốc phòng bình yên Tiếng việt Khoa học thoải mái và tự nhiên
tất cả Toán trang bị lý Hóa học sinh học Ngữ văn giờ đồng hồ anh lịch sử vẻ vang Địa lý Tin học technology Giáo dục công dân Âm nhạc thẩm mỹ Tiếng anh thí điểm lịch sử vẻ vang và Địa lý thể thao Khoa học tự nhiên và làng mạc hội Đạo đức bằng tay Quốc phòng bình yên Tiếng việt Khoa học thoải mái và tự nhiên
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Bạn đang xem: 9 reasons to say no to credit
Entrepreneurs are driven by ideas they believe in so strongly that they often give up steady jobs, hours of sleep, và any sense of security. & yet, most of us are striving for some financial reward (or at least stability), inspired by billionaire heroes lượt thích Richard Branson, Mark Cuban, or Oprah Winfrey.
But what happens when instead of making it rain you’re barely making it by? What happens when every day is a struggle lớn make sales and the thought of looking at your financial reports makes you want to lớn cringe?
A common complaint from entrepreneurs is that they don’t feel like their businesses are making enough money. In fact, it seems no one ever feels like they’re making enough money, even if, statistically, they are making a lot. This happened in my own life when I overshot my goal and quadrupled my business revenue, yet still felt like I was floundering.
What’s at the root of this? It could be many different things. Take a close look at the following five common sources of your entrepreneur’s financial problems, và then let’s get started on fixing them.
Why Your Business Is Not Making Enough Money
1. Pricing Strategy is Wrong
2. Sản phẩm Isn’t Viable
3. Not Attracting the Right Kind of Customers
4. Not Tracking Your Revenue
5. Relationship with Money is Flawed
Reason #1: Your Pricing Strategy is Wrong
Solution: Reverse engineer your prices.
How did you come up with the prices you charge for your product or service? Many entrepreneurs make the mistake of basing prices solely on what others are charging or on what they “feel” is fair. This is a flawed approach because your pricing needs khổng lồ take into consideration what it takes to make your business profitable.
To vì this, you need khổng lồ know what your business expenses are, what your tax liability is, any debt your business owes, & how much you as a founder want to lớn take trang chủ as your salary.
This requires a little bit of maths, but don’t let that put you off! The reason your pricing is wrong is from bad maths!
You can use this very basic formula lớn get an idea of what your annual revenue goal should be:
(Business Expenses + Desired Salary)/(1-Tax Liability Percentage Expressed as Decimal) = Minimum Gross Revenue
Business expenses are things like software subscriptions, contractor payments, employee payroll, loan interest payments.
The desired salary is how much you want lớn take out of the business to lớn pay yourself. Although chú ý that it’s common for founders not to pay themselves a salary at all at the start.
Janine Allis, the founder of the Australian juice bar chain Boost Juice, revealed in a happyxoang.com interview that she didn’t take a salary from her business until three years into it.
Tax liability percentage expressed as decimal refers lớn the percentage of your business revenue that will go to lớn paying taxes. You need to lớn express this as a decimal for the formula to work. So, for example, if you know about 30% of your income goes to taxes, you need to lớn put 0.3 in the formula. Then subtract it from 1. So you’d need lớn plug in .7 as the divisor in the above formula.
It’s best khổng lồ speak with your accountant about this because tax liability varies greatly across different businesses.
Need an example of this formula in action? Here’s what it might look like for a sole proprietor who’s a freelance website developer:
($9,000 + $70,000)/.7 = $112,857.14
Based on the above formula, the freelance website developer would need lớn gross $112,857 per year khổng lồ be able khổng lồ pay her business expenses, pay herself a $70,000 salary, and save 30% for income taxes. Now that she knows that number, she can work backward and structure her prices and services in a way that helps her meet her income goal.
Again, that’s just the minimum you need to lớn make lớn break even in your business and be able lớn pay yourself your desired salary. But it’s a great jumping-off point in determining how lớn price your products or services for profitability.
Reason #4: You Have No Idea How Much You’re Making Because You Aren’t Tracking
Solution: Update your cash flow statement và income statement every Monday.
Xem thêm: Ý nghĩa chủ yếu của việc phát triển nuôi trồng thủy sản ở bắc trung bộ là
“What gets measured gets managed,” as the old saying goes. If you have no idea what your business cash flow or income is, then you will never have a good grip on your business’s finances.
Note that cash flow & profit are not the same things: Cash flow shows the cash coming into và flowing out of your business each month, while profit includes revenue earned but not necessarily received that month.
There’s no doubt profitability is important for determining if your business is sustainable in the long-run, but positive cash flow is what keeps it running on a day-to-day basis.
You can have a positive income but a negative cash flow and vice versa. Any service-based creative business owner will understand the importance of this distinction immediately. If I own a design agency and we’ve just landed a $20,000 contract lớn design a client’s website, I might require a 1/2 upfront fee lớn begin work, with the rest being payable upon completion of the project two months later. My cash flow might be negative this month, but my income might be positive; that’s because while I earned $20,000 this month, I only received $10,000 (with the remaining $10,000 not hitting my ngân hàng account until two months from now when I invoice my client for the remaining 50%).
Ideally, you should know both your cash flow & your income, because you want to know if you’ll be able to pay the bills và your employees this month (cash flow statement), but you also need to know if your business is sustainable in the long-run (income statement).
Have your accountant create a cash flow statement & an income statement (also known as a Profit & Loss statement) so you can easily pull reports.
Ignoring the problems will not make them go away. You need to lớn face them head on to lớn track your progress. Every Monday, phối aside time to lớn update your business cash flow statement & income statement. You need that weekly picture of your business’s finances in order lớn feel secure about them.
Keep Learning: 16 Financial Concepts Every Entrepreneur Needs khổng lồ Know
Reason #5: Your Relationship With Money is Flawed
Solution: Reframe the way you think about money.
Let me ask you something: If you had $5 million, would you feel like you’re making enough money?
It’s a common misconception that there’s a certain milestone at which we’ll feel lượt thích we’re making enough money & all our fears will vanish.
Often, once you have a lot of money, a whole new set of problems develops, as one study by Boston College revealed.
Researchers surveyed the super-rich (most respondents had assets exceeding $25 million) & found that with that wealth came feelings of isolation and fears about how being rich would affect their children. Và get this—most reported that they did not consider themselves to be financially secure.
So, if your pricing is on point, your product is viable, you’re attracting your ideal customers, & your business is profitable & has positive cash flow, but you still feel like your business is not making enough money—then your relationship with money is likely flawed.
Finance gurus điện thoại tư vấn this your “money mindset,” or put simply, the way you think about money. If you constantly fear you’re not making enough or if you constantly worry you’ll thua kém money, you will never feel like your business is making enough—even if you become a millionaire.
So how bởi we as business owners lose the fear of losing money? Business expert Marie Forleo uses this simple exercise to calm her financial worries: Every time she spends money on her business, she tells herself, “There’s always more where that came from.” That shifts her focus away from the fear of losing money and toward the fact that she can always make more.
