Have you ever wondered how much money a business needs to make? Even though there is no general rule that could be applied to all the businesses out there, we can still analyse a few different perspectives.
You will learn about the notion of money. What does money mean for your business? Is it how you measure success or is it the result of the value you create? How relevant is the amount you make for your business?
I draw a line between two main things that I compare in this episode: the business where you sell your service and the business where you sell your product. The former one is usually related to freelancing and having a rate based on your time. I also touch upon running an online business and how it differs from these other two.
This episode is your chance to learn about calculating the cost of running a business. How much money should you put aside for yourself? How much money should you expect to make during the first year? How much does it cost to hire an employee? How to choose the right location for your business? Should you buy or lease the equipment? How long does it take until you turn a profit? These are just some of the questions I tackle here.
Finally, I explain the important difference between running a business and doing a business. That’s something most people overlook when they consider starting a business.
I hope you pick up a lot of useful information from today’s episode and that it encourages you to step into running a business prepared and confident. What was your experience like? Share your story in the comments, I would love to read it.