Money, money, money….money! Today we’re getting real about the cash, the green, the dolla dolla bills and answering the question how much money do you need to make? Money is a hot topic and with good reason as you need money to have a sustainable and successful business. Let’s break down the rice and beans budget and more.
Here’s the scoop from episode #33:
- To have a viable and sustainable business, you need to be making money; otherwise it’s a hobby
- Knowing how much you need to be making is a very subjective question; there is no right or wrong answer
- We talk about the rice and beans budget number: what is it and what does it mean for your business revenue?
- We don’t talk about this number because we want you to stay there, we’re talking about how to use it as your baseline and get past it
- What is your happy number and how do you reach it?
- After you have these baseline numbers, it’s time to look back on your past numbers and see where you are; we talk about why
- There are always things that are going to be a cost of doing business: we talk about why this time isn’t billable and you can’t count it as hourly income
- If you’re not happy where you are once you break down your numbers, we talk some strategy to work on getting there
- If you have people paying your current prices and they’re happy with the work you’re doing, you can probably increase this for future clients and future work
- We talk about taking on employees in order to scale your business and why and how you should or shouldn’t do it
