5 Keys of Success

Determining Your Overhead

Being in business means having expenses.

That means you automatically have an overhead, whether it’s big or small. But here’s the issue: problems arise when you don’t estimate your overhead accurately.

You have to ensure you’re paying yourself as well as covering all of your business daily expenses (e.g. cell phone bills, etc.) to establish an organized overhead that’ll truly keep you and your business balanced.

The most effective way to keep your business balanced is to determine your overhead from the very start. Ask yourself: What do I need to cover my business on a day-to-day basis? How much will it cost and how much can I spend? How can I organize and plan my overhead?

Wrapping your head around those numbers is critical to launching a successful business.

Pricing Products for Profit

Overpricing or underpricing: the real problem solopreneurs face.

You need to know your numbers!

The tricky formula, “your total cost X3 pricing”, that everyone assumes is the ultimate magic formula that works, actually doesn’t. You need to factor in all your business costs, including the most minimum ones, and then determine your price based on the marketplace and your customer’s specific needs and desires.

If you don’t know your numbers, or if you follow that inaccurate formula of “3X pricing”, you’ll find yourself guessing and fumbling your way through your business.

The 3X pricing is the formula to underprice or overprice your products for financial disaster. Learning how to price your products correctly saves you from dealing with chaos now and in the future.

Workflow and Organization

In the business world, time is money, and efficiency is key.

Becoming more efficient when crafting your business’s products is critical to saving time and making money. When you don’t have an organized process, you can end up jumping from task to task while crafting your brilliant products, losing you valuable time and money.

Establishing an organized workflow helps you become more efficient, make more money and grow your business. Not to mention, it gives you an organized schedule that provides you with more time to spend with your family and friends.

Deliver and Follow-Up

In the business world, time is money, and efficiency is key.

Becoming more efficient when crafting your business’s products is critical to saving time and making money. When you don’t have an organized process, you can end up jumping from task to task while crafting your brilliant products, losing you valuable time and money.

Establishing an organized workflow helps you become more efficient, make more money and grow your business. Not to mention, it gives you an organized schedule that provides you with more time to spend with your family and friends.

Marketing Overview

Ask yourself this: Do I know how to correctly market my business products? Do I know who my target audience is and how to correctly compel them to purchase my products? Do I know where and how to effectively market my products?

Learning the fundamental marketing foundations allows you to market your products the right way, helping your business grow in the right direction with less stress and less work.

Without a strong marketing foundation, you won’t know the most effective ways of attracting customers. But with that knowledge of marketing foundations, you can start attracting new customers, all while retaining your previous customers!