Tag Archives: Successful Business

Are You Making This Mistake With Your Small Business?

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Okay, I am a little ashamed to admit this but I made one of the biggest mistakes that most small business owners make. The thing that bugs me even more about making this mistake is that in business school this is taught almost day one and I still did it. Well, lucky for me I decided to start working with a business coach to help me through some of the struggles I am facing with my business. More on that later, but have I got your curiosity to see if you are making that mistake in your small business? Alright, I won’t keep you waiting any longer. The biggest mistake most small business owners make is that when it comes to figuring out their Break Even Analysis they forget to include into the fixed costs section a line item that has the owner’s salary!

Yes, you heard me correct. Most small business owners when starting out figure that as long as they calcualte and cover all the fixed costs, which typically include things like rent, operations, marketing, employee payroll, etc. that the business can survive and they are making it. Well, after going back and seeing that for the past year all my calculations have been based entirely on just having enough members of my Working Mom Workouts site to cover all the fixed costs minus a salary for me has made me realize that my entire marketing and advertising strategy needs to change. Once I added in a monthly salary for me the number of clients I ned to have paying me a monthly subscription has gone up 2-3x of what I originally projected. So, let me ask you again, “Are you making this mistake in your small business?” If so, don’t beat yourself up over it, in a follow up post to this one I am going to show you how easy it is to calculate your Break Even Analysis with your salary in it, so that you have a true picture of what it takes to have a successful business!

To your success,
Coach Dave

The Decade That Was!

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A couple of weeks ago I wrote a post titled the Ten Great Happenings from Last Year and I briefly mentioned that this past year was unique because it wraps up the first decade in the new millennium. That realization got me to think about the ups and downs that have occurred in the past ten years. Upon that reflection no matter how bad things seemed at times (Y2K, 911, brother passing away, father passing away, stock market crash 1, housing bust, and stock market crash 2) I still have way more positive things that have occurred that outweigh the negative. Trust me, I have had my dark moments. My brother and father passing away was the hardest thing I have ever had to endure but my faith and my attitude has always helped me when times get tough. I am very blessed to have those strengths within me, and I know for some of you it is not always easy to believe or stay positive. However, if there is one thing that you need to start working on is having the right attitude! So, start off the next decade with the right attitude. Here are some questions to ask yourself in order to start planning your next ten years.

The first thing you need to do is start a “Life List.” Several years ago I came across an article that mentioned a guy by the name of John Goddard. John at the age of fifteen created a list of 127 goals he wanted to achieve in his life. What an inspiration to us all.

The second thing you must do is find your purpose in life. When I was young I never thought about that and had I at least put those thoughts into my head earlier in my life I would have had an easier time with the path I have carved out for myself.

The final thing that you need to do is to act. So many years all I did was read and think about how I wanted to be a successful business person. It wasn’t until the death of my father that I realized I needed to start doing the things I have dreamed about doing all these years.

So, as the next decade approaches make sure you start off strong by implementing these simple tips into your planning process. The past is the past and whether or not it was a bad ten years or a great ten years the next decade can be what you want it to be by using these three tips. I wish you a Happy New Year and a Happy New Decade!!