5 Questions for Your Input, please!
I’m curious… last week, did you calculate your Labor Real Revenue? Even if not, did anything in the blog post surprise you? Resonate? Sting? For example, sometimes when I tell people this, it can feel sting-y:
If you’re an interior designer, the total revenue on your P&L may show $1M. But after you pay your subs and purchase furnishings you’ve procured for clients, your Real Revenue is likely $250K – $400K. This means that you really have a $250K- $400K business, not a $1M business.
Please be assured: this message isn’t to make anyone feel badly or deflated. It’s another angle to look at one’s business. It’s a different viewpoint to help one become stronger. More resilient.
Figuring out the right prices for what you sell (whether a service or product) is one of my favorite modules in the Ellevated Outcomes Framework. The reason is: finding the right price is a blend of art and science. It’s not 100% gut, nor is it 100% math. It’s how you marry the two. Hint: the psychology is probably the most important ingredient.
After 14 years of developing a curriculum on this topic… and 6 years of teaching it to creative small business owners, I’m still not done. The learning and leveling-up never ends!
For me, this looks like simplifying my teachings and making them more impactful, and even more customized to our target market, as well as incorporating the threats and opportunities on the horizon for creative small businesses in 2024.
I just love teaching this content because it makes the difference in a small business’s (financial) future. The difference feels like simplicity. Like clarity. Like you have the confidence that you’re focusing on the right things and making the money your work deserves.
I’m finishing the final touches for this semester’s Simplify Your Business course and want to know what’s on your (business) mind. After all, each of our businesses are living, breathing, and changing each year.
Would you do me the favor of answering these 5 questions to make sure I don’t miss anything? Thank you!
