Is Your Business Profitable?

Episode 56: Is Your Business Profitable?This week I give you the tools to figure out if your business is profitable or not. We talk about the difference between gross revenue (the big number everyone is talking about) and profit. Because if your business is not profitable, and you can't pay yourself what you're worth, you won't have a business for very long. I review the differences between service-based, product-based and brick and mortar businesses. There are equal amounts of opportunities and pitfalls to watch for in each type of business from a profit margin perspective.  I speak openly about which revenue streams in my own business are more profitable, and which ones are less profitable and why I'm OK with that. Lastly, I go into the three main ways you can make your business more profitable.  Make more moneySpend less money Make more/Spend less simultaneously! I also list a few of my past episodes that might help you understand these concepts even better while sharing the personal stories of some of my amazing clients.If you feel you are ready for the next step in understanding the numbers side of your business, then I invite you to sign up for my free Mini-Course "Profit Year!" In this course I will help you get clear on what is working on your business and where your focus should be. I'll help you set specific, tangible goals for the year ahead, map out your individual sales targets and give you a road map to take you from where you are to where you want to be.  I hope to see you there!Links mentioned in this episode:Mamas & Co. https://www.mamasandco.ca/Your online community of passionate mama entrepreneurs Save the Date for Business Bootcamp!April 18, 2020, Toronto, Ontario CanadaGroup Coaching Program https://www.mamasandco.ca/coachingForces of NatureRetreat for Remarkable Womenhttps://www.liannekim.com/retreatThe Business of Thinking Big PodcastEpisode#4 - Simple Money Habits https://www.liannekim.com/blog/5Episode #5 - Taking Control of Your Business Financeshttps://www.liannekim.com/blog/4Episode #55 – Getting Intentional About Money https://www.liannekim.com/blog/55Free Mini Course "Profit Year"https://www.liannekim.com/profit