Do you know what it costs to run your business? Perhaps you earn enough, you do all right, and don’t think it’s right or possible to charge a higher fee than you already do. Either way, every business has an ebb and flow when it comes to money. Whether you do project work and have a plan and budget, or you work harder some months of the year, make hay while the sun shines as they say.
Balancing cash flow in your business isn’t always easy. If you haven’t come across the Profit First method, then do your research. In many ways, making a profit is not rocket science. You just need to earn more money than you’re spending. If you’re not, there are two ways to tackle it: cut back to become more efficient or make more money through doing more or charging more.
What It Costs to Run Your Business
Before you quit or go bust, I’d urge you to take a deep dive into your business and finances. It starts with making the time in your working day to work on your business. Evening admin is not a badge of honour nor should be seen as an afterthought. It is a crucial function.
As a business owner, no matter what size you are, you must know what it costs to run your business. You need to know all the outgoing mileage and if you’ve got a system that you pay for that service. In this situation, professional insurance is really important to all of those costs.
It is absolutely possible to do work you love for people you like, who pay you what you’re worth. You just might not have found the right combination to achieve it yet. You also need to rethink your money mindset.
Deciding your Work Hours and Earnings for Profit
Start with taking some time to detail everything you’re spending in your business, and also log what is coming in, and how long jobs are really taking you to do. You need to decide how many hours you want to work and how much you want or need to earn each month. This is often where the first signs of money mindset challenges come in because we don’t think it’s possible or realistic.
Take the time to really think about what you want to achieve in your business and what earning more money enables you to do. Don’t guess track it from start to finish. And I’ll wager it will take you much longer than you think. Make sure you include the sales conversations, collecting the terms, the pre-inspection, prep travel time to and from, the inspection and reporting, but also the queries and closing off the file.
Pricing Yourself as an Expert
The second part, though, is knowing what to charge and this is where the money mindset challenges rear their head. Position yourself as the expert. If you’re known for particular projects, then get out there as niching is often a way to charge more. People are prepared to pay more for that sort of thing because they know they’ve got to get through all the planning and you know all the hoops.
Being known as an expert and getting great testimonials can really boost not only your profile but also your profit. Getting your messaging marketing and social media profile to reflect who you want to work with means that when people reach out to you, most of the hard work is done. If it’s not and sales conversations are not converting then that’s where you then need to concentrate on.
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