[00:00:00] Welcome back to another episode of the If She Did It podcast, I am, as always, super excited to be here. Today’s episode is about how to guarantee a profitable first year in business. Now, what a good episode, right? Like, who doesn’t want to guarantee that another way other than everything I’m going to talk to you about?
[00:00:20] To guarantee a profitable first year in business is to apply for the upcoming round of the Abundant Business Academy, so make sure to head to the show notes where you can learn all about ABA and also get your application sent in. The investment is insane for 10 weeks at $997. You can’t beat it. Live coaching, amazing opportunity, and access to me, and you are going to walk away with everything you need to massively build profit in your first year in business. Or maybe you’ve been in business for a couple of years, but you haven’t ever really built the foundations and you’re still struggling. And that’s what this program is for, and I’m so excited about it. But I’ll talk about it more throughout the program, throughout the program, throughout the episode, obviously. But I just want to remind you of that.
[00:01:08] And again, as always, leave a review and share on Instagram Stories tag us that you’re listening to the podcast and you’ll be entered to win a coffee on me this week. So without further ado, let’s dive in.
[00:01:21] Welcome to the If She Did It Podcast with your host, business coach, and business bestie Becky Feigin.
[00:01:27] This is your one-stop-shop for all things business growth, energetic alignment, strategy mindset, and a fun touch of spirituality. Nothing is off-limits here, and you’re bound to lead every single episode inspired, excited, and ready to take massive action in your business. This podcast was created to help create more badass female CEOs and help you see that business gets to be simple, strategic, and fun. Now let’s dive in.
[00:01:54] Ok, y’all today’s episode, as always, is juicy. I’m going to apologize in advance. You might hear Sage barking in the background. We are back at my apartment after a long stay with my parents out in the wilderness. So she’s barking quite a bit. She’s getting acclimated. You might hear a little bit of train noise. Things happen.
[00:02:14] Ok, so let’s dive into it. How to guarantee a profitable first year in business now. I’m not going to lie. The title of this episode is how to guarantee a profitable first year in business. It’s a little gimmicky. Of course, there are no guarantees, right? But we can get pretty damn close to a guarantee. So, you know, having profit in your first year in business, being in the green after your first year in business is actually insane, right? I want to make the disclaimer that this is definitely focused on online businesses. It’s very, very hard to come in the green after one year as a brick and mortar, you know, it’s typically a typical thing to know that it takes about three years to really start maximizing profit in a business.
[00:03:02] The online space has changed that right? Like there is, it’s insane what you can do with the online space. The opportunities are endless. The profit is endless as long as you believe. So that kind of takes us into the first way to guarantee a profitable first year in business. Now again, I’m saying guarantee, but you stick with me. We’re not guaranteeing anything right. So it’s trust.
[00:03:28] You need to trust that it gets to happen for you. We often get really hung up with the how in business, how does this happen for us? How can I make this work? How am I going to find the clients? How, how, how? And that doesn’t serve us. We need to trust that it gets to happen for us. Of course, we have a strategy to support it when we get to trust. Ok, so that’s the very first piece. Now that was a simple one, not diving too deep into that.
[00:03:52] The next thing that we need to consider when it comes to having a profitable first year in business, right? So having a profitable first year in business really comes down to what are your monthly expenses, right? What are your monthly expenses and what are you making each month, right? It’s just numbers.
[00:04:13] So how much money are you putting into your business each month and how much money are you bringing into your business each month? So let’s say you’re investing a thousand dollars a month to have a profit each month. You need to make two thousand each month, right? And then you have in a thousand dollar profit. So we need to look at that. That’s a really basic breakdown.
[00:04:31] So example things that we need to consider what costs are necessary and you can’t do anything about in your business, right? So maybe you had to purchase Zoom, maybe you had to purchase a platform like Calendly. Maybe you had to purchase a platform like ClickUp or a sauna, write different purchases like that are necessities in business. By the way, the link to my freebie How To Slay Your First Year in Business is going to be the show notes, and there are discounts, discount codes for a lot of those platforms that you do really need to invest in your first year of business, so don’t miss that opportunity. But anyway, so we need to look at those costs, right?
[00:05:11] And then on top of that, we need to look at our, you know, at our other investments. We need to make smart investments. So when you invest in a coach, when you invest in a service provider, is this a smart investment? A lot of the time we go investment crazy and we invest more than we like, kind of like, we bite off more than we can chew.
[00:05:34] We invest more than we can handle. We don’t want to do that. So that being said, I am a firm believer in investing when you maybe don’t really have the money to invest. I am the queen of zero percent interest credit cards to make pay in full business investments. It is a thing that I love and then I can pay it back on my own time between 12 and 21 months. That doesn’t align for everyone.
[00:05:54] .And of course, there are certain people that can only make investments based on the money they have in their bank account. That being said, when you have the privilege of taking advantage of using somebody else’s money, right, like a credit card, especially when it’s zero percent interest. I’m a firm believer that you do it because you are taking a chance on yourself. You are taking a chance on yourself.
[00:06:15] You are betting on yourself to see what happens even if it’s not through a credit card. There’s an element of needing to be willing to take a chance on yourself. Now, something like the Abundant B0usiness Academy, my goal of shortening it, shifting the program was to make it more affordable. So it’s not as scary of a bet that you need to take on yourself, right? Like $997 for the support and the transformation you’re going to receive is so easy.
[00:06:36] But in the grand scheme of things, but at the end of the day, you need to be willing to take some level of a bet on yourself. Now, that is the first piece of making smart investments, side note I know you’re getting the real and raw today, it’s a little over place. Thank you, Sage, I appreciate it. But what I mean by that’s the first step of making an investment because somebody might be listening and being like, Becky, you’re telling me to take a chance on myself. That’s really risky. How is that smart?
[00:06:59] It’s smart because you are worth taking a chance on. You need to be willing to take some level of a chance on yourself to make your business succeed when you don’t have any background in business, any business knowledge, right? Like. And even if you do have business knowledge, if you do not know how to build a profitable online business leaning into and leveraging social media platforms, then you still need support, right? You still need guidance. You still need to learn that.
[00:07:23] So being willing to make that level of investment is really important and being willing to take a bet on yourself. That being said, not all investments are created equal, so you need to do your due diligence and do your research to make sure that the investment you make is worth your while right.
[00:07:41] You need to make sure that whoever you’re thinking about investing in can actually support you and your needs. That is so important, so you need to make sure to make smart investments. You don’t need two business coaches at the same time. I’m sorry, you don’t if you have the money for it, and that’s what you really want. Like, go for it, but you don’t need that. So don’t put that pressure on yourself. Be smart with your investments. We’re trying to make a profit here.
[00:08:04] If you’re investing ten thousand dollars a month and you have five thousand dollar months, you’re coming up red each month, right? We don’t want that. It’s OK every once in a while to take a chance on yourself. You deserve that, but be smart about it. Don’t take too many chances on yourself. Don’t overwhelm yourself with information. Take it one step at a time. So second step to being profitable in your first year is to make smart investment decisions. The first step was to trust that it’s possible.
[00:08:34] The next piece. I don’t really know what I’m saying steps. It’s not really steps. It’s just different things is to actually sell. A lot of the time business owners are actually selling the fact that you have an offer that you can provide to somebody isn’t enough.
[00:08:49] You need to talk about that offer. You need to promote that offer. You need to sell that offer. You need to offer that offer to people. Otherwise, nobody’s going to know about it. You can’t expect people to go searching and to flip pages, to dig the internet just to find a way to work with you. You can’t expect that you need to make it so, so obvious.
[00:09:12] You need to be willing to talk about your offer all of the time and sell it consistently every single day in order to make sales. That is such an important thing. I actually have a challenge for you, and I want you to DM me if this sounds fun for you. A challenge of selling every single day for 30 days and what I want you to DM me to tell me if this sounds fun is if I hosted a 30-day challenge where you sold every single day in the challenge and I taught you techniques to sell. Would that be of interest to you?
[00:09:41] So let me know, but you need to make sure that you are selling all of the time. Of course, there are different periods, but as you know, your warm-up period and different things like that. But this isn’t about strategy right now. That’s not what this episode is really about. This episode is about different things you need to keep in mind to have a profitable first year, right? We can go more in-depth in other episodes, so that’s a really important piece.
[00:10:04] Now, another thing that I think is important to keep in mind for having a profitable first year is creating a mindset practice because you can have the best strategy in the world. But if you don’t believe that you’re going to have a profitable year, how are you going to have a profitable year?
[00:10:18] You need to believe it with every ounce of your being that this is going to work out for you and everything is going to be good and you’re going to make so much cash money. So important, so important.
[00:10:29] So mindset having a mindset practice is really important. This is something you could do every day you could do every week. It’s really up to you. I think every day is really important. You do things like journaling. You could do things like meditating, visualizing different things like that you can read. That might be something that’s helpful for your mindset. It’s really up to you and your needs. But having some kind of mindset practice is going to be really beneficial to have a profitable first year in business.
[00:11:00] My first year in business was profitable, I have not once been in the red since I started my business, which is hella impressive and I’m so proud of it. And one of the biggest things was I took chances on myself.
[00:11:14] I made a five thousand dollar business investment when I didn’t have $5000 to invest, and I ended up making thirteen thousand in the course of the three months and proceeded to have another five-figure launch before the end of that year. So I proved that to myself. So I think I invested around 15 grand that first full year and I brought if even honestly and I brought in around fifty-five thousand my first year in business. So that was pretty freaking dope. And every year I make investments, but I always bring in more cash than I make investments of because that’s really important to me.
[00:11:50] I don’t want to spend more than I can afford, but I still make sure to make investments because investing is really beneficial to your continued growth in business. I see continued growth in my business thanks to the investments that I make, you know, so.
[00:12:07] That being said, I feel like I went off on a little bit of a side tangent there, but I’m sharing all of this because these are things that I did to ensure that I had a profitable first year in business. It’s a lot about trust. It’s a lot about mindset work. The mindset work is what helped me to really have those consistent five-figure launches. So you want to keep that in mind now in twenty twenty-two or going through, we’re going for the six-figure launch.
[00:12:30] So we’ll get there, don’t you worry. But these are really important things to get you started now. The last piece that I really, really, really want to talk to you about today when it comes to making sure that you have a profitable first year in business. Well, the second to last thing is doing the numbers like literally just running the numbers, being really hyper-aware of the money that you’re bringing in in your business and really hyper-aware of the money that you’re like, putting out the money that you’re spending, the money that you’re taking out of your business.
[00:13:00] This is really important because you can review those numbers and identify where can you maybe cut costs, where you can maybe shake things up while also being willing to take risks, right? So there’s like this equal balance, and I also want you to know that there’s no shame in not being profitable in your first year in business. I think that’s a huge thing. It’s like, how much profit can we have in our first year in business? But at the end of the day, there’s no shame around it.
[00:13:29] It’s OK to not make a profit in your first year. There’s nothing wrong with you. I can promise you that there was nothing wrong with you, but these are simple ways to work towards building a profitable first year. Now, when it comes to selling, you can sell and sell and sell.
[00:13:44] But unless you have the right strategy, the right branding behind it, the right marketing behind it, et cetera, et cetera, it’s going to be really hard to sell and you need to be good at selling in order to make a profit in your first year of business. Now that is where my last tip is where the Abundant Business Academy comes in.
[00:14:01] This program is going to help you more than you can imagine when it comes to reaching this goal of having a profitable first year in business, I can venture to say that you can have a hella profitable first year in business. I’m talking consistent mid to high four-figure months, if not up to five-figure months by the end of the year. Assuming that you continue to get support after the abandoned business academy.
[00:14:27] But the Abundant Business Academy will set you up for so much success and so much powerful transformation. You might be listening to this episode being like when one of my one is I going to start making money? Like, Why is this not happening? For me, the abundant business academy is how it’s going to happen for you. I can guarantee it. So the application, the sales page, it’s all in the show notes. I want you to check it out. If you have any questions for me about it, do not hesitate to reach out to me on Instagram at Becky Feigin.
[00:14:55] That’s obviously also always linked in the show notes, and I am just beyond excited to share this program with you and have it revamped and all that wonderful, juicy, fun stuff. So again, reiterating myself, but go apply and remember that the biggest thing to keep in mind when wanting to build a profitable first year in business is to trust the process. Make smart investments. Actually sell, create a mindset practice, and do the damn math, keep track of the math, right?
[00:15:27] And with that, I’m going to let you all go. Remember, leave a review. Share that you’re listening on Instagram. Tag me and you’ll be entered to win a Starbucks or a coffee on me this week. So I will catch you next week on the If She Did It Podcast and cannot wait to see your applications coming through for the Abundant Business Academy.
[00:15:46] Oh, and one last thing PS apply now. Apply now, and as long as you apply before the first week of February, you are going to get a bonus one on one kickoff call with me and we’re going to make some epic plans. That bonus in and of itself. There are also some other bonuses that I mentioned in the application, but that bonus in and of itself literally pays for the program. So I promise, can’t wait to see your application and I’ll see you next week on the If She Did It Podcast.