017: Understanding the Money Side of Business Ownership

Get a handle on the money. Entrepreneurs who know their numbers have a much better chance for sustained business success. Do you charge the right rate per hour or per project?
And does this rate check out against your real costs?
In this episode of The 10 Factor find out?
  1. Preliminary money research to do before starting a business.
  2. Answers you should already know if your business is existing.
  3. Is your breakeven point more or less than the rates you charge.
  4. How do you assess cash on hand.
  5. How do you figure out cash reserves.

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UNTIL NEXT TIME: Tim Meuchel – The 10 Factor, signing off

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Tim Meuchel
 

Tim Meuchel is the bestselling author and podcast host of The 10 Factor: From Struggling to Thriving Business in 10 Months. Like many successful entrepreneurs, Tim failed his way to success. He gave up $334,200 in 2008 after resigning from a twelve-year corporate management career to pursue his side business full-time. The business quickly grew 8X and within four months Tim's wife quit her job as well. Several years later a bad business deal left Tim's company almost bankrupt. Tapping into emergency funds, he fought back and restructured the business; resulting in a new profit producing model requiring less than 40% effort. Seeing an opportunity to give back and help other struggling entrepreneurs Tim reverse engineered his process, validated it with top entrepreneurs, and created a ten-month roadmap - The 10 Factor.