you need to charge enough for your
products or services so that you could
take yourself out of running your
business and focus your time on building
your business hi I’m Evan Carmichael
your friend and all things
entrepreneurship and today i’m answering
a question from one of my readers a bell
who’s in the private education business
and has been teaching people with her
business in September of 1998 and wrote
in asking how she can get more money to
grow her business thanks for the
question of Bell I know with this kind
of business it’s very time intensive
right it’s you going in and teaching and
I know what can feel like you’re
spending all your time in the business
and teaching and not able to do things
to to grow the company and money would
solve a lot of that problem this kind of
business can be bootstrapped and you’ve
been doing it and you’ve been surviving
since 98 so congrats to you but really
if you go out and try to find money for
this business it’s going to be your
full-time job it’s going to be hard to
do you’re not going to get the terms
that you want and your best bet is to
try to do it yourself and I really feel
with this company you’re not charging
enough you’re not charging enough for
the value that you’re providing and if
you’re going into these you know
classrooms or homes and doing your
teaching you need to find a way that you
can make enough money charge more so you
can afford to hire instructors to go in
reduce how much time you have to spend
on it so you can actually focus on
building the business I want to give you
a quick example the salsa dance school
that I’m involved in here in Toronto
it’s kind of similar its private
education we’re not teaching kids but
it’s teaching adults how to dance salsa
and when I first met the owner she was
doing almost everything herself
choosing all the admin work almost all
the teaching seven days a week she was
teaching and you can imagine you can
only do that for so long before you go
crazy and you burn out and you start to
hate your business and so I helped her
delegate that work automate some of that
work we’re now she’s teaching three days
a week and hand it off a lot of you had
been tasks and she loves it a lot more
and the business has been able to grow
when she first started she had 300
students every semester which would be
every three or four months 300 students
she was rented from different locations
and now should get up to 5,000 students
and has her own central location as well
as satellite locations that she rents
from and the business keeps growing and
she’s able to spend more time building
the business instead of being in the
business teaching and it comes from
making sure that you have a model with
your company that you can afford to
spend that time growing your business
you have to be able to charge enough for
whatever you’re selling so you can
afford to hire people to go in and do
the work you can’t do all the work
yourself if you want to grow a
successful enterprise you’ve got to find
people to help you and you’ve got to
make sure that you’re paying them
appropriate real wages and that comes
from having higher prices for your
business most entrepreneurs don’t charge
enough you got to test your pricing you
could probably increase your prices
thirty percent without having a massive
impact on your business from losing
customers but it’ll definitely help your
top line
so encourage you to try to check that
out increase your prices look at ways to
delegate some of the work look at ways
to automate some of the work so you
could spend your time working how to
grow your business and running it
instead of just spending all your time
in it I know it’s hard and it’s not
going to happen overnight it is a
process it could take a little bit of
time to get going but start start small
test it out try one thing and then try
another one thing and another one thing
and eventually you’ll start finding you
have more time to keep doing these
things as you build your team around you
good luck keep me posted I want to hear
about your progress for those of you
watching if you like the video if you
agree please give it a thumbs up below I
always love seeing those come in and I’d
love to hear what you have to think
about this video or question for your
own business feel free to leave it in
the comment section below I always read
those one of the first things I do when
I open my computer see those comments
come in so I appreciate it and I’ll see
you on the next episode
you
products or services so that you could
take yourself out of running your
business and focus your time on building
your business hi I’m Evan Carmichael
your friend and all things
entrepreneurship and today i’m answering
a question from one of my readers a bell
who’s in the private education business
and has been teaching people with her
business in September of 1998 and wrote
in asking how she can get more money to
grow her business thanks for the
question of Bell I know with this kind
of business it’s very time intensive
right it’s you going in and teaching and
I know what can feel like you’re
spending all your time in the business
and teaching and not able to do things
to to grow the company and money would
solve a lot of that problem this kind of
business can be bootstrapped and you’ve
been doing it and you’ve been surviving
since 98 so congrats to you but really
if you go out and try to find money for
this business it’s going to be your
full-time job it’s going to be hard to
do you’re not going to get the terms
that you want and your best bet is to
try to do it yourself and I really feel
with this company you’re not charging
enough you’re not charging enough for
the value that you’re providing and if
you’re going into these you know
classrooms or homes and doing your
teaching you need to find a way that you
can make enough money charge more so you
can afford to hire instructors to go in
reduce how much time you have to spend
on it so you can actually focus on
building the business I want to give you
a quick example the salsa dance school
that I’m involved in here in Toronto
it’s kind of similar its private
education we’re not teaching kids but
it’s teaching adults how to dance salsa
and when I first met the owner she was
doing almost everything herself
choosing all the admin work almost all
the teaching seven days a week she was
teaching and you can imagine you can
only do that for so long before you go
crazy and you burn out and you start to
hate your business and so I helped her
delegate that work automate some of that
work we’re now she’s teaching three days
a week and hand it off a lot of you had
been tasks and she loves it a lot more
and the business has been able to grow
when she first started she had 300
students every semester which would be
every three or four months 300 students
she was rented from different locations
and now should get up to 5,000 students
and has her own central location as well
as satellite locations that she rents
from and the business keeps growing and
she’s able to spend more time building
the business instead of being in the
business teaching and it comes from
making sure that you have a model with
your company that you can afford to
spend that time growing your business
you have to be able to charge enough for
whatever you’re selling so you can
afford to hire people to go in and do
the work you can’t do all the work
yourself if you want to grow a
successful enterprise you’ve got to find
people to help you and you’ve got to
make sure that you’re paying them
appropriate real wages and that comes
from having higher prices for your
business most entrepreneurs don’t charge
enough you got to test your pricing you
could probably increase your prices
thirty percent without having a massive
impact on your business from losing
customers but it’ll definitely help your
top line
so encourage you to try to check that
out increase your prices look at ways to
delegate some of the work look at ways
to automate some of the work so you
could spend your time working how to
grow your business and running it
instead of just spending all your time
in it I know it’s hard and it’s not
going to happen overnight it is a
process it could take a little bit of
time to get going but start start small
test it out try one thing and then try
another one thing and another one thing
and eventually you’ll start finding you
have more time to keep doing these
things as you build your team around you
good luck keep me posted I want to hear
about your progress for those of you
watching if you like the video if you
agree please give it a thumbs up below I
always love seeing those come in and I’d
love to hear what you have to think
about this video or question for your
own business feel free to leave it in
the comment section below I always read
those one of the first things I do when
I open my computer see those comments
come in so I appreciate it and I’ll see
you on the next episode
you
Please follow and like us: