It’s Okay to Make Money Doing What You Love: Five Keys to Profitability
There are many reasons why people become entrepreneurs: to follow their passion, make a difference, have freedom from a “9 to 5” job. But another reason that should also be on that list is “make a profit”. But often that part is overlooked in our zeal to conquer the world.
In this week’s guest blog, a woman who learned this lesson the hard way after her Dad asked her “But Are You Making Any Money?” shares her tips on doing just that – making money. I met Marley Majcher five years ago when we were both featured speakers on Tory Johnson’s Spark & Hustle tour for small business owners and entrepreneurs. Marley is a successful event planner who owns LA-based firm “The Party Goddess. She is also a business coach and through her other business, “The Profit Goddess”, she teaches small business owners how to make money doing what they love. Enjoy!
“The Profit: Five Ways to Grab it in Your Business” – By Marley Majcher
So you own and/or manage a business. And it’s your responsibility to make sure that business is profitable. Remember that annual sales does not equal profit. To turn a profit, you need to do some very specific actions that will send you down the road of making the money that you’re working so hard to earn.
The more you grow the profit, the more successful you’ll be! Here are my five key tips.
Key #1: If you suspect that you are leaving money on the table or working for less than you’re worth, it’s time to do something.
Key #2: Hiring a bookkeeper is important because even if they only come in once a week for a few hours, they will keep you on track.
Key #3: Through expense coding, you can calculate the profit percentage of each job.
Key #4: Gather a think tank of like-minded business owners to brainstorm ways to reduce overhead and become more efficient.
Key #5: You’ve got to know (by tracking) the results of your networking so you can choose where best to put your networking time.
You can find more tips and tricks here.
Marley Majcher, CEO of The Party Goddess! and The Profit Goddess!, has planned events for A-list celebs such as Pierce Brosnan, Sofia Vergara, Britney Spears and Gwyneth Paltrow and now, with her book, “But Are You Making Any Money?” Marley has become a sought-after expert on issues and trends facing entrepreneurs and small business owners. Her business savvy has been cited in The Wall Street Journal, BusinessWeek, Entrepreneur magazine and more. For more information, please visit www.marleymajcher.com, or follow @ThePartyGoddess on Twitter and Instagram.
Shannon Wilburn is the CEO & Co-founder of Just Between Friends Franchise Systems, Inc. (JBF), North America’s leading children’s & maternity consignment event. JBF has 150 franchises in 28 states and Canada. JBF is actively seeking franchisees throughout North America. Click here to learn more about owning a franchise.