It’s pretty easy to panic. (And, no one would blame you for that!) But, here’s the deal — Criminals are quick, so you are going to need to panic later and act quickly. And, here is what you should do.
Not too long ago, a fellow entrepreneur asked me about credit card processing fees. She heard so many different opinions about them and she wanted to know my thoughts.
Not too long ago, I gave a presentation to a room of entrepreneurs. During my presentation, I mentioned the small profit margin that some new entrepreneurs may have during the first year or two of their business. After my presentation, I received several questions about an entrepreneur’s profit margin, so I provided a video below detailing “4 Key Things to Know About Your Company’s Profit Margin.”
But, here is the deal — You cannot make money if you don’t understand your money. And one of the things you need to understand is your company’s Burn Rate.
No matter what you choose to do (defer payment, cancel the contract, or set-up a new payment plan), consider following through on the five (5) steps below to protect your business; to maintain your customer care; and to keep the lines of communication open.
All new business owners want to know how to keep the cash flowing. Just in case you were wondering what the answers are, they are listed below.
Since I was very new to the wedding industry, I needed to figure out how to compete with the more established planning companies. So, I charged less than ½ of what my competition charged. If you combine that unreasonably low fee with the ridiculous amount of work I put into my 2008 wedding season, I can assure you I made NO PROFIT that year.
I have learned over the years that this task requires more than asking a girlfriend (or my trusty ol’ husband) to be my sidekick for the day, so I have listed below eight (8) tips for securing an amazing team of additional on-site assistants.
So, what’s a businessperson to do? There are numerous industry experts sharing feedback and wise counsel, so I am not going to cover that today. Instead, I am going to play a little “Monday Morning Quarterback” and provide you with some advice for minimizing challenges similar to this as you register for future professional conferences.
Hey there trailblazer!
I’m Kawania (kuh won nee ah) and I own and lead two successful businesses in the creative industry. Welcome! I created this blog as a resource that you can reference as you launch, run, and scale your own successful (and sustainable) business. There’s lots of information in this blog, so bookmark it and hit me up if you have any questions. We all need a little guidance every now and then, right? Take care friend. Keep shining! Love and Soul Always, Kawania
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