Steps to take when your cash flow is running low

Not enough money what to do how to make money

The psychology of making money.

Entrepreneurs are driven by ideas they believe in so strongly that they often give up steady jobs, hours of sleep, and any sense of security. And yet, most of us are striving for some financial reward or at least stabilityinspired by billionaire heroes like Richard Branson, Mark Cuban, or Oprah Winfrey.

What happens when every day is a struggle to make sales and the thought of looking at your financial reports makes you want to cringe? It could be many different things.

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How did you come up with the prices you charge for your product or service? This is a flawed approach because your pricing needs to take into consideration what it takes to make your business profitable.

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To do this, you need to know what your business expenses are, what your tax liability is, any debt your business owes, and how much you as a founder want to take home as your salary. The reason your pricing is wrong is from bad maths! The desired salary is how much you want to take out of the business to pay yourself. Tax liability percentage expressed as decimal refers to the percentage of your business revenue that will go to paying taxes. You need to express this as a decimal for the formula to work.

Then subtract it from 1.

How to Deal With Your Income Problem.

Need an example of this formula in action? Now that she knows that number, she not enough money what to do how to make money work backward and structure her prices and services in a way that helps her meet her income goal.

Brace yourself, because this one can be a bit of a harsh reality check. Some of the most famous and successful companies today pivoted from their original business ideas: YouTube, Twitter, and Instagram to name a few. Want a real-life example? Gretta Rose van Riel, a founder of a suite of multimillion-dollar companies, did exactly this when she launched Drop Bottle. Van Riel had built up an engaged Instagram following with thousands of people interested in detox waters and then started brainstorming ways she could bring a valuable product to them.

The result?

1. Money-making strategy: Drive for Uber or Lyft

Drop Bottle, a glass water bottle in which you can infuse fresh fruits so you can create your own detox water. Should I close my business or should I pivot? Some questions to ask yourself: Do I have a loyal base of customers? Do I have the cash to continue? Are you getting a lot of difficult clients or dissatisfied customers?

  • Yes, send me my Budget Binder!
  • Income Problem: What to Do When You Don’t Make Enough Money. - The Busy Budgeter

You, my friend, may not be attracting the right people to your business. You need to revisit your customer avatar.

Reason #2: Your Product Isn’t Viable

Never created one? A customer avatar is also known as your buyer persona or ideal customer. One way to find them is to look at who praises your business on social media. Do a quick search on Twitter of people who mentioned your business handle. Who sent you emails thanking you for what you do?

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Search your inbox. These are your ideal customers. Learn more about them. Conduct customer interviews.

32 Proven Ways to Make Money Fast

All of your marketing communications should flow from your customer avatar. Who are the customers who rave about my product without prompting? How old are they?

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What are their job title and income level? What do they worry about? What were the latest purchases they made? Which brands do they love?

How to Be Happy if You don't Have Enough Money - How to Have a Positive Mindset in Life

How does my product or service solve a specific problem they have? Not sure how to do that? Find Your Customer Go where your ideal customer binary options reversal strategy out.

  • In a bind?
  • 7 Signs You Don't Make Enough Money

This includes both virtual and physical places. You want to go where your ideal customer will see you. Now that you know what kind of customer would need and love your product, you can go to Facebook Ads Manager and target them better.

Note that cash flow and profit are not the same things: Cash flow shows the cash coming into and flowing out of your business each month, while profit includes revenue earned but not necessarily received that month. Ignoring the problems will not make them go away.

You need to face them head on to track your progress.

Reason #1: Your Pricing Strategy is Wrong

Every Monday, set aside time to update your business cash flow statement and income statement. Often, once you have a lot of money, a whole new set of problems develops, as one study by Boston College revealed. And get this—most reported that they did not consider themselves to be financially secure.

So how do we as business owners lose the fear of losing money? The key is to approach this issue from a logical perspective by considering these five common problems that keep businesses operating in the red: Your pricing strategy is wrong.

Defining your ideal customer will drive all your marketing going forward. Ultimately, it will lead to increased customer satisfaction, retention, and sales. To get a grip on your finances, you need to be tracking them.

Getting the Dishes and Laundry Under Control.

Your relationship with money is flawed. Gaining understanding and practicing new techniques will help. And remember, as entrepreneurs, we are risk-takers. And for me? Have you encountered any of these financial roadblocks in your business?

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In the comments below, tell us how you handled it!