Ep 7 – Q &A: How Can I go from $35k to $100k Profit in my local small business?

Episode 7 – Question Episode – How Can I go from $35k to $100k Profit in my Local Small Business?

Welcome back to the Local Small Business Coach Podcast, I am your coach Tammy Adams.

And today, I thought we would go ahead and start our Friday Questions. Eventually I'm hoping we get some great questions and have 1-2 days a week of questions.

I'm a firm believer that we can all learn from others so I'm excited for us to share each of our challenges so we can learn together.

So let's dive into our first question. I grabbed this one since it ties into the theme we have been having on getting your business up to a $100,000 profitable.

This message is from Cliff… Cliff writes…

Hello,

I listened to your 2 episodes on making $100,000 in my business. Last year I only made $35,000 and I worked my tail off just to get to that. How on earth can I realistically get to $100,000? Thanks in advance for any insight on how I can get started.

Cliff

Hey Cliff,

I can totally understand that this might seem like a huge hurdle and currently you just can't see how you are going to make this happen.

Now, you don't mention what type of business you have so I'm going to be a little more generic but you should be able to adapt this to your business.

But first, let's address the elephant in the room. Can ALL local small businesses get to $100,000 profit? I'm not going to pretend that each and every business can. For example, a dog walking business is going to have a tough time as that is a lot of dogs at a low price.

However, with that said, while 90% can't there are probably 10% that can. They will need to scale it using other people. Creating a team of dog walkers and hiring independent contractors to do the work.

Also a dog walker in a city location is going to do much better than a dog walker in the country.

Another great example is, an AC repair tech in Arizona is going to make some serious cash compared to an AC guy in Alaska.

So the key take a way is you must have the right business in the right area. You must set yourself up for a business that has the best potential to grow.

But honestly, the vast majority of local businesses can have a shot at this milestone, you just have to realize you might be building a team vs individual type of business.

So if you have one of these types of businesses, then just think creatively.

Ok, let's get back to Cliff, and let's assume he has a scalable business.

First, please know it is possible. The key to accomplishing this goal is to realize it just can't be "business as usual". If you are like most small business owners, your time is already maxed out and the thought of doubling or tripling your business is not feasible "doing what you are already doing".

The best way to attack this goal is to break it down. Just like we did in episodes 3 & 4. Now, I'm not going to rehash those episodes but if anyone hasn't listened to them yet, just check them out afterwards as I go into more detail.

Cliff,

If you and I were to sit down and go over your business, the first thing we would do is look at your sales, your profit and your expenses. Right away we would be able to identify a potential issue if you didn't have clean books to even have this dialog. There is no way to make that leap if you don't know your current situation.

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Episode Show Notes: Episode 7 - Local Small Business Coach Podcast

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