Business Mindset

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Profitable Business Ideas That Increase Profit Margins

Profit Margin is a commonly used profitability ratio for measuring a business’s financial health or its ability to make money used by creditors, investors, and business owners. It is also used as an indicator of the management’s skill and the business’s growth potential. A business arrives at the Profit Margin by dividing its income by its …

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a blog featured image with a topic title about I Have Paid For Things Personally For My Business - What Happens With Those

I Have Paid For Things Personally For My Business – What Happens With Those?

Before starting your small venture, you may have heard countless times how important it is to separate your personal and business finances. It is one of the good practices to remember before carving out your brand name in the business industry. Whether you are managing a growing side hustle or a sole proprietor of a …

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If Your Take-Home Has Changed – Your Personal Spending Needs To As Well

The last pandemic that resulted in a worldwide lockdown was ages ago. It ended by wiping out half of the population, leaving countries in tatters. With all the technological advancements, you would think that pandemics were now just a story of the olden days. A story that exists to serve as a lesson for human …

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How Much Should I Spend On Team?

Whether you have a growing enterprise or a barely starting small company, every business operation boils down to one thing: money. Budget planning and allocation are vital tasks in every business activity. No project, production, or strategy is complete without a reasonable budget backing it up. No matter the nature of your business, monetary resources …

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What To Do When You Are Becoming Fully Booked?

Every business in existence has one primary goal: To reach success. But if you really think about it, “success” is a very vague term. You can’t help but ask what exactly it means exactly. Does it pertain to profits? Is it the realization of an ambition? Is it about finding your purpose? Well, we like …

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a blog featured image Why It’s The Best Time To Focus On Your Side Hustle?

Why It’s The Best Time To Focus On Your Side Hustle?

Side hustles and extra jobs seemed like a mere fringe idea for some people. However, for 37% of the American population, it is a way of living and surviving the capitalistic economy. Because let’s face it, our wages are not growing; the only thing that does is the cost of living. Coupled with the endless …

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How Much Should A Director Pay Themselves?

For many people, the term “board of directors” sounds so ominous. Some might picture a group of faceless people ready to rule the world. Others might see a team of individuals who always wore white and talked in riddles and complicated jargon.    It can also conjure a portrait of a group of super-rich executives …

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a blog featured image with a topic about Organising Your Mind and Your Business for the Success You Want to Achieve

Organising Your Mind and Your Business for the Success You Want to Achieve

One of the essential things to keep your business running smoothly is being organised. In order to achieve the success that you want for your business, it is necessary to start with organising your mind. Thoughts become feelings, become actions, become results, so you want to be mindful of the ideas that come out of …

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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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Startup Marketing Guide: Some Important Things To Have For Your Business!

Do you want to start an online marketing business but don’t know where to start? Are you having trouble managing it? Well, you have come to the right place as I am about to show you some things that would greatly help you grow your business, as well as help you manage it!   In …

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