I understand where the hesitancy comes from I suggest a lot of families think to themselves whose I don’t need to go into extra debt to begin a business as well as it’s very dangerous 8 out of 10 small businesses fail right well here’s the thing how to start a business in 2020 is easier than it’s ever been before you see back in the day you would have to go out and get a loan so you can get retail space.
- The office space just to set up your foundation so you needed thousands and thousands of dollars. Just to get started and you need to hope and pray that someone buys your products and your services.
- Share with you exactly what we learned about how to start a business in 2020. I’m Sean with life accounting the accounting company that saves you from bad financial decisions and low profitability.
- So today we’re going to make it super easy for you and break down what you need to think about step by step but before I dive in make sure you like this video and you subscribe to learn more about business and financial.
Make More Money by Getting More from Your Assets
Let’s get into the when people ask you about to cost the answer that you’re giving them may not be. Whatever it costs you to make for producing any product or service okay it is the make money in business spent by the company the company is you in the manufacturing of a product or creation of a service does that make sense.
Add Value-added Services or Products.
Your creative cloud subscription your work the rent that you’re paying to be able to do the work. There’s a lot of things that you are the leading off the table when i was younger. I think I was 16 or 17 years old I started a design firm making t-shirts I was working at a six-screening company, and I wanted to sell my services to people.
Increase Profits by Cutting Expenses
I basically charge people what it cost me to make thinking that i had profit and quickly after a couple of transactions thinking it should have money in my checking account. The caused some grief between my mom and it because she was the one who opened the bank account.
If you want to grow your business, then you need to increase your profits. Sounds simple, right? But how do you do that without cutting expenses? This is where it gets tricky. Let’s look at an example. If you own a business, you may be tempted to hire more employees in order to grow your profits. But, the fact is that hiring more employees may not lead to a higher profit at all. In fact, hiring more employees will increase your expenses. And the more employees you hire, the more expensive it will become. This is why it is so important to cut expenses. If you can cut expenses and keep your business profitable, you will be able to increase your profits.
