In any company, you’re saying “We’re making money.” That’s nice, but it not enough. You can make money and go out of business if you’re spending more than your making. Let me explain, and show you how to make ten-thousand dollars guaranteed.
Go out and get yourself $20,000 in 100 dollar bills. Now sell those bills for fifty bucks each. You make $10,000, but also lose $10,000. Do you see that making money is not enough.
You’ve got to make margin.
You’ve got to make back the cost of your product(s), overhead, salary, retirement, transportation, everything that it costs you to stay in business. So, when we say making money is not enough we mean you can make money and still go broke.
Here’s how to stay in business
- Adequately capitalize your company so you’ve got the funds to pay for advertising, social media, rent, products, your living expenses, insurance, utilities, web site, transportation – all of it.
- Be prepared to pay for the unexpected.
- Know who will buy your products and how to reach those people online, in print, on TV, radio, newspapers, magazines. Your success depends on reaching these people and getting them to purchase your products. Do this and your goose lays golden eggs, don’t and your goose is cooked. Simple as that.
Now get out there and hustle.
Oh, one last thing, “Follow-up ruthlessly.”