I’m a little embarrassed to share this story but I got evicted. I came home from a late day at the office to find a big yellow notice on the door. The fact is, I had the money but instead of paying my rent on time, I made a decision to listen to some bad advice.
I was a recent grad, there was a really big tech boom going on and I was part of a business incubator. All the popular advice for startup entrepreneurs was to reinvest everything and don’t pay yourself. So I did.
Clearly, the jerks giving out that advice had access to their parent’s credit cards, a trust fund, or a sugar daddy bankrolling their dream, none of which I had. So I learned a very big lesson, be careful who you take advice from.
Not paying myself was a problem. It nearly jeopardized my financial future. There were two things that saved me. First, I priced my services really well which means I had big margins.
So even though I wasn’t paying myself, I had enough cushion in my profit margin, the difference between what it cost me and what I charged clients to have money left over in my business bank account.
The second thing that saved me was my mom. She literally made several calls until she somehow found the owner of the development who lived in New York, obtained his personal cell number, and convinced him to let me back in. Thank God for moms right?
Back to those profit margins. It was my saving grace and allowed me to pay the bill and get back inside of my beautiful penthouse apartment. No courts, dings on my credit report, or long-term financial repercussions.
That’s what I want for you. BIG. FAT. PROFIT MARGINS.
In this special bootcamp podcast episode, I’m going to show you how to get them and share with you The Secret to Pricing your Group Program Profitably. You probably don’t want to miss it because pricing profitability will certainly get you out of your next jam just like it did for me.
Guess what? Now, I never miss paying myself. I get an official payroll check, with taxes taken out, split deposit to my savings account, and everything. Signed by me. #adulting #bossmoves. Now, it’s your turn.
Business Back-Office Bootcamp is a FREE week-long workshop for women who are already running service-based businesses that want to become breadwinners and make serious bank by starting or growing a group program. You’ll learn the step-by-step of a proven, simplified method to automate, streamline, and grow a group program business so you can focus on the work you love.
Don’t worry, registration is still ongoing! Join us here: dailysuccessroutine.com/bootcamp