277: Building a business with high profit, not just revenue

Building a High-Profit Business in the Online World

Welcome to the world of business strategy where the real question isn't just about how much you make but how much you keep! In this week's episode of Her Empire Builder Show, Tina Tower dives into the crucial distinctions between revenue and profit.

Revenues for Vanity, Profit for Sanity

In today's digital age, we often hear about six and seven-figure launches. But how beneficial are those impressive revenue figures if they don't translate into profit? Tina reminds us that cash flow is the vitality of your business, focusing on profit ensures sustainability, freedom, and resilience.

Top Strategies for Maintaining High Profit Margins:

1. Profit Goals First: Set a profit goal before revenue goals to have a clear path in building your offers and strategies.

2. Control Hiring Spree: Don’t hire too early. Use contractors initially to avoid bloated expenses, and ensure your revenue can support new hires.

3. Be Subscription Savvy: Stay vigilant about subscriptions. Regularly review your expenses to cut unnecessary costs.

4. Strategic Marketing Spend: Make sure every marketing dollar generates a positive ROI.

5. Avoid Underpricing: Your offers should reflect the value and transformation you provide. Avoid undervaluing your services due to fear.

Tina reflects on her journey, sharing the growth lessons and the shift from bigger being better to smarter being the focus. Real growth means creating a truly sustainable, profitable business that supports not just your financial goals but your lifestyle too.

What's your profit goal? How are you ensuring your business isn't just big but is, most importantly, sustainable?