7-figure business

a blog featured image entitled Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the day – is still a business. You need to make money out of it. Otherwise, it’ll be hard to stay afloat. So before even investing a good amount of money on marketing and branding activities, you first need to focus on pricing your services right. Are There Laws About Service Pricing? Yes, there are. There are regulatory laws that aim to standardise the price of goods in the market. And, believe it or not, it’s a much graver offence to “under-price” than to overprice. The term used is Predatory Pricing. It refers to selling goods at a loss to disrupt the status quo in the market, leading other businesses to ruin. The Competition and Markets Authority or CMA largely regulates market competition in the United Kingdom. They protect consumers and businesses from possibly fraudulent and unfair market practices by conducting market investigations to reduce or prevent any breach in anti-competitive laws. Then again, this often pertains to tangible goods. So, how about services? Service-based businesses, on the other hand, have a bit more leeway when it comes to pricing. Online companies, especially, have a lot of grey areas because many B2B industries are relatively new and therefore, there isn’t much historical market data to go around to be used as a reference for pricing purposes. Some service ideas are so new that there are only a handful of competitors in the market. If you belong to this kind of industry, one that’s really new it’s confusing, there are still some ways to determine the right price for your services. By right, I mean a price that’s fair to both you and the customer – a price which you can profit from. With that said, we can essentially break down the “pricing process” to four steps: Determine Who Your Customers Are Study The Competition Self-Evaluate The Value Your Services Bring To Consumers Listen To Feedback A Penny For Your Thoughts With all that said, you have to think about how you can make your business “profit-first.” Actually, there’s a really great book written around it that you can check out. If you’re too preoccupied with more pressing matters that it’s hard to find the time to read, just let me know. I’m a Profit-First Certified Chartered Accountant and I’d be happy to give you some advice when it comes to pricing your product.

How To Price Your Services To Make A Profit? : Service Pricing

Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause, and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the …

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a blog featured image entitled 10 Tips for Establishing a Successful Online Business

10 Tips for Establishing a Successful Online Business

There’s no better time than now to start an online business. As we know it, life has now adapted to this new normal of social distancing and staying indoors. With the Coronavirus crisis affecting the whole world, human behaviour has drastically changed towards an online presence instead of a physical one. E-commerce websites are fast …

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Can I Employ People as a Sole Trader?

A sole trader is a self-employed and legally recognized sole owner of a business. It is the simplest and most popular business structure in the UK, making up almost 60% of businesses in 2019. Sole traders might be the sole owner of the business, but it doesn’t mean they have to work alone. They can …

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7 Steps to Making a Profit First Instant Assessment

The traditional way of accounting for profit is using the formula: sales – expenses = profit. Mike Michalowicz, the author of First Profit, introduced a new method, which flips this method of thinking. It uses the formula: sales – profit = expenses. One of the tools he gives is the Profit First Instant Assessment which …

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a blog featured image entitled Profit First for UK Online Businesses

Profit First for UK Online Businesses

You may think that running an online business is a lot easier than managing a physical store. However, a lot is going on behind a virtual or digital operation. Even when you don’t retail physical goods but rather sell digital services, you might still find yourself stuck with the question: I know I’m earning a …

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a blog featured image about amazon entitled how to create profit like jeff bezos

How to Create Profit Like Jeff Bezos: Three Things to Do Today

In an unprecedented surge of revenue during the Coronavirus crisis last year, Amazon owner Jeff Bezos is now gaining more attention and attracting more followers. Following the 2020 Q1 release of the retail giant’s earnings, Bezos said in a statement that even with at least 30% revenue increase across all brands, investors should not expect …

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a blog featured with annete entitled How to Legally Take Money Out of Your Limited Company?

How to Legally Take Money Out of Your Limited Company?

It is so easy to think that, just because you have your own business, you can have access to your business’s money anytime you want and need to. One of the most common concerns small business owners have is how they can take out money from the business since they practically own and run the …

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Eleven Profitable Business Strategies You Can Consider

Well-planned business strategies are important for an entrepreneur to ensure success and profitability. They act as roadmaps to your business goals so long as they are effectively executed. Here are profitable business strategies. Profitable Business Strategies for 2021 Like all strategies, you need to take into consideration the many factors that are affecting the market, …

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a blog featured iamge entitled 7 Steps to Making a Profit First Instant Assessment with VAT

7 Steps to Making a Profit First Instant Assessment with VAT

In the book Profit First, Mike Michalowicz innovates the way cash flow is looked at by turning the traditional formula of sales – expenses = profit into sales – profit = expenses. This simple change reframes the thinking of individuals when it comes to spending habits. Michalowicz also introduces the Profit First Instant Assessment, which …

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a blog featured image entitled How to Sell in Economic Crisis

How to Sell in Economic Crisis

So many efforts have been put forth to stave off the economic effects of the coronavirus pandemic lockdown. The government has been increasing business and employment grants. The Bank of England has already injected 100 billion pounds to the UK economy in hopes that quantitative easing would help markets whirl and churn. Even private organisations and non-profits have banded together to help …

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