1 / 10

Let’s Get Real About Money!!

Let’s Get Real About Money!!. www.MakeMoreMoneyMakingJewelry.com. What is the Purpose of your Business?. Your Business is a Tool to help you get what you want in life. What you “want” can consist of things, services, experiences, but also emotional desires as well.

eileen
Download Presentation

Let’s Get Real About Money!!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Let’s Get RealAboutMoney!! www.MakeMoreMoneyMakingJewelry.com

  2. What is the Purpose of your Business? • Your Business is a Tool to help you get what you want in life. • What you “want” can consist of things, services, experiences, but also emotional desires as well. • Either way, to grow your business effectively you must learn to speak the language of business….

  3. And That’s Numbers! • Specifically, MONEY • And even more specifically, PROFITS. • And even more specifically than that CASH IN YOUR POCKET. • It is critical that you understand that PROFITS (in the form of CASH), money left over at the end of the month after all your expenses are paid, are the fruits of your business efforts that provide the means to help you get what you want.

  4. But How Much Profit?? • The answer to that depends on the role you want you business to play in helping you get what you want. • The answer will be different for everyone • Supplemental Income to support Primary Income • A little extra spending money • Become Wealthy • The number you come up with needs to be….

  5. SPECIFIC! • “A little extra,” “some,” “as much as I can,” “truckloads,”… these are NOT specific enough to help you. • You need to come up with a specific profit number (e.g. $500, $1,000, $10,000). • Specific numbers “force” you to critically evaluate all the key money and time components that impact your profit.

  6. Key Profit Factors • Money Factors • Sales Revenue (Money coming in) • Business Expenses (Money going out) • Time Factors • How much time you spend working on your business • How efficient you are at making jewelry pieces • How you leverage Other People’s Time (OPT) in service of your business

  7. Profit Per Minute Calculator • We developed a tool to help you determine your Required Profit Per Minute. • Watch video which introduces the Required Profit Per Minute concept and walks you through how to generate your own Required Profit Per Minute numbers for your business. • After you watch the video once through, download the Profit Per Minute calculator and fill it out. You may need to watch the video again and follow steps. • A warning….

  8. Do NOT Panic when you see the results • Results will be different for everyone, but in all likelihood the numbers generated by the Required Profit Per Minute calculator will be very different than the reality of your current business. • That’s OK. Don’t worry. • The point of the calculator is for you to see, probably for the first time, the reality of what it takes in terms of MONEY and TIME for your business to generate the PROFITS you need to get what you want.

  9. Remember, the numbers are a benchmark, not reality • The calculator is to make you aware of the value of your time creating jewelry, and how that time is related to the PRICE of your jewelry. • The calculator can help you avoid making too many “statement” pieces that may look beautiful, but will not generate the profit you require from your business.

  10. Use This Calculator to Help Build Your Business • The key is to start working on areas that improve…. • Your use of TIME • Producing jewelry that can sell • Production efficiency (make more jewelry per minute worked) • Your cost structure (lowering expenses) • Your ability to increase your GROSS PROFIT MARGIN (Lower Material Cost, Increase Price)

More Related