You’re Working Hard, But Are You Making Any Money?
In today’s world we’re all crazy busy, working super long hours, and still barely scraping by. As entrepreneurs, we spend hours networking, marketing, and gaining clients, but the bank account just isn’t looking so rosy. So what’s up? Here are a few of my helpful tips to decode the mystery.
Get the Facts – As with any part of business, you have to know the facts before you can fix the problem. I call it getting your longitude and latitude. Where are you on the financial map? How much do you owe? How much are you expecting to take in? Want to run for cover just having this convo? I get it, but you’ve still got to dig in if you want to make the big bucks.
Document Your Spending – Living in a plastic world we rarely document where every dollar is going. And if we do, we don’t know how effective it is. For example, you may know that you spend $5,000 on advertising every year, but do you follow up to track how effective your current marketing is? And do you somehow include the price of advertising (and all of those other big expenses) when you price your goods and services or do you just hope that they’ll get worked in there somehow?
Track Your Time – In theory, we set our prices based on how many hours we spend producing a given product or service, but we forget about the amount of time we spend on the millions of emails it takes to actually manage the piece of business or the time it takes us to “seal the deal” by taking the client out to lunch or for coffee. By tracking your time you suddenly find out that you’re making less than $5 a hour and that job burger flipping at Mickey D’s isn’t looking so bad after all.
If any of this sounds familiar, you’re not alone and help is out there! Join Marley Majcher, on Monday, January 10 from 7pm to 9pm at The Party Goddess! in Los Angeles, California. Learn more and register here.