Episode #2 - What Every Business Owner Should Know By Dan Olson from The Focus Factory

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Episode #2 - What Every Business Owner Should Know By Dan Olson

34 minutes Posted Apr 1, 2019 at 7:59 pm.

When should a business owner get serious about their finances?  The best time is now. To avoid debt and to show you have skin in the game, save up before starting up your business.

There is no silver bullet - you have to find out what works best for you.

Common mistakes that business owners make. If you build it they will come is wrong. In addition focusing purely on gross sales is also a bad habit owners make. Profitability is the true metric.

How many years will you invest your time and energy and pursue that dream before you move on and never get profitable? Be optimistic, but be realistic.

Increase your profitability instantly.

Pricing strategies to become more profitable.

Tips to make your business more sustainable.

Have an exit strategy for your business and avoid an emotional attachment for your business.

What is the best mindset shift a business owner can make?

Are you willing to struggle for your business to keep it afloat?

Be wary of pride as a business owner.

Make better purchases that merit financial gain in the long run.

There’s no replacement for hard work, no matter the age.

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Show notes

In Episode #2, we speak with Dan Olson, owner of StonePoint Financial.

As a seasoned financial investor and planner, Dan speaks to today’s business owner about the potential hazards associated with owning a business and the plans one should keep in mind to stay financially viable.

Important Points

If you start a business and you’re making money, that’s a business. If you start a business and you’re not making money, that’s a hobby.

Links

Stone Point Financial’s website

← See all 12 episodes of The Focus Factory