Summer is in full swing and I am loving it!
For the Stockshop, the summer means changing our pace and taking the time to work ON the business and not just IN the business. That's so hard isn't it!? July marks the midway point in the year and is a great time to stop and take a good honest look at how this year has been going and whether you are headed in the right direction for the second half of the year.
Warning - this takes dedicated time and can be downright painful (when was the last time you actually looked at your monthly operating expenses?) but is absolutely necessary if you are going to run a profitable business that doesn't take over your life or put you into debt!
You are headed in some direction - let's make sure it is the one you want to be going in!
To help with your mid-year business checkup - Here are 15 questions to ask yourself to assess where you have been, where you currently are, and where you are headed!
1. What was my total shop/business gross revenue/sales Jan 1-June 30?
2. What are my real current monthly operating expenses? (Take a good thorough look at EVERYTHING that is going out on a month to month basis - this also helps answer #4 below.)
3. What are my total expenses for the past 6 months and how does this average out monthly? (This will help you make sure that your answer to #2 is an accurate representation)
4. Are there any areas where money is "leaking"? (unused subscriptions, discretionary spending)
5. Have I been paying enough or setting aside enough in taxes? (15%-25% total revenue)
6. Have I been paying myself a set salary? Is it a fair percentage? An ideal benchmark for a small business (up to $250k) is if you are able to pay yourself, the business owner, 30%-50% of your total revenue).
7. Are my operating expenses at or around 30% of my total revenue? If not, where can I cut back?
8. What are my most profitable products or services? (What needs to be cultivated more?)
9. What are my least profitable products or services? (What needs to be cut to redirect time and resources?)
10. What was my year-end financial goal?
11. Are we pacing so far to hit that goal. If not, what do we need to do to hit that goal?
12. Does our year-end goal need to be updated instead?
13. What are my most profitable work week activities? (What is the most profitable use of my time and how can I do more of that to hit by revenue goal?)
14. What are my least profitable work week activities? (How can I delegate or eliminate them?)
15. Do I need to bring in help for some area of my business and if so, can I afford to?
Once you have answered these questions, congratulate yourself! This is truly the nitty gritty hard work that it takes to be a committed, responsible, profitable small business owner and you did it! We are doing the hard work right alongside of you asking ourselves the same exact questions over here.
Tell us one thing below that surprised you by working through these questions!
With this transaction Buyer acknowledges that the purchase comes with a non-exclusive limited use license so that the Purchaser may use the image for personal or professional use in the normal course of Purchaser's business.
Purchaser may crop the image and overlay the image with text or pdfs of product designs as fits Purchaser's needs, but Purchaser may not otherwise alter, edit or manipulate the image.
Shay Cochrane remains the sole and exclusive owner and holder of the copyright in the image and the Purchaser may not sell, lease, loan, transfer, assign, or give away the image or a derivative thereof or otherwise allow a third-party to use the image in any way.
The Purchaser may not use SC Stockshop images to promote styling related workshops, webinars, classes, how-to-style blog posts or newsletters, or any styling related training.
These images have been designed to become a part of your branding just like a logo or font choice.
As an entrepreneur yourself, you know how frustrating and discouraging it can be when people misuse, steal, giveaway or alter your work. With that in mind, please don't change the colors or move the props around - it just doesn't look as good (and infringes on the usage terms)!
Feel free to crop the image any way that you want and overlay it with text or designs to help you to promote your brand and sell more products!
By purchasing the image you are agreeing not to give the image (or a part of the image) away to anyone else in ANY way even if you turned it into a beautiful free e-book cover, or snazzy desktop screen savor.
It would also be just plain wrong to re-sell the image in any form such as turning it into an art print or including it in a website or other template design.
Lastly, using an SC Stockshop image to sell your styling course, webinar or other styling related training is sort of false advertising. Show them the styling that YOU have done so that they know exactly what they are in for and can get excited! This is not meant to scare you.
If you have any questions or concerns about the legal use of our images please don't hesitate to shoot us an e-mail! We don't bite!