building a successful business
DESCRIPTION
#109 - In this episode, Travis interviews successful business owner and empowered woman, Sarah Shaw. Sarah started her entrepreneurial career creating fashionable handbags that quickly gained widespread success. Through her experience of starting her own business and learning everything through experience, she then created Entreprenette a business that gives valuable advice to entrepreneurs desiring to grow a profitable business. Travis and Sarah give the listeners valuable advice on various topics to develop your business and allow it to reach its true potential. Through Sarah’s wisdom and experience, she points out the value of getting a coach or mentor that will help guide you and give you valuable insight on which path to take for your business. She also stressed out the value of pricing your product and knowing its value before placing a price to get the most profit for it. The importance of identifying your target customer and concentrating on that is also the best way to be successful in your business. These and so much more are what’s in store in this episode of the Entrepreneur’s Radio Show.TRANSCRIPT
Building a Successful Business
Common causes of a downfall Discover what creates profit
Podcast available atTheEntrepreneursRadioShow.com
for full interview with Sarah ShawThe Entreprenette
Common Causes Of A Business Downfall
• Failing to understand the difference between margins and cost plus
• not knowing how to price their products
Why build margins? - building margins for your company to keep it
healthy so that it can grow and thrive.
Common Causes Of A Business Downfall
• There are key elements (margins, par and core metrics) to learn in order to build a successful business
• Business experts do not talk about these key elements which are useful in order to grow a business
• Most of them are only focused on sales
Common Causes Of A Business Downfall
• A 10% loss can make a huge difference in your net profit at the end of the year if you're underselling your product by 10%.
• You could sell a thousand of your products and go bankrupt.
Common Causes Of A Business Downfall
• Failure to make strategic planning
• What is the difference between a business plan and a business strategy?
Common Causes Of A Business Downfall
• Not having the right goal.• Why do short term goals work
best?
Why You Need A Business Coach?
• In business there's so many dead end roads that an entrepreneur will find.
• A business coach or mentor can tell you, "Don't even turn down that road."
• In keeping your business going you need people like the PR and the online marketing; these days its social media and blogging and all the different levels of which you need to stay on top of.
• And if you don't know how to do those things it can actually be detrimental to the success of your business
Why You Need A Business Coach?
• Hearing what people have to say and being open to entertaining the idea that they share with you, it's something that can be a key that can lead you to the success that you want.
Why You Need A Business Coach?
Helpful Tips In Building A Successful Business
• Always making sure that you've got something new coming out.
• It's not just creating product and hoping that it sells but you need the PR and the online marketing, social media, and blogging, and all the different levels to stay on top
• You need a coach or mentor if you don't know how to do those things. Without having these can actually be detrimental to the success of your business
• Outward appearance matters in running a business
Helpful Tips In Building A Successful Business
• Hearing what people have to say and being open to entertaining the idea that they share with you, it's something that can be a key that can lead you to the success that you want.
Helpful Tips In Building A Successful Business
THE ENTREPRENEUR’S RADIO SHOW
Conversations with Self-made Millionaires & High-level Entrepreneurs that
Grow Your Business
a production of
Rock Star Entrepreneur Networkwww.rockstarentrepreneurnetwork.com