534. "I'm over two years into my business and I haven't paid myself." | Coaching Session
The Product Boss with Jacqueline Snyder
Jacqueline Snyder
4.8 • 961 Ratings
🗓️ 30 November 2023
⏱️ 75 minutes
🧾️ Download transcript
Summary
Welcome back, Product Bosses! In this episode, we're diving into a unique coaching session with Haley Rose, the dedicated owner of Harborside Bath and Body. What's remarkable about Haley's shop is that instead of crafting her own products, she's chosen a path of empowerment by sourcing primarily from women-owned businesses. This decision not only supports these entrepreneurs but also brings a diverse range of products to her charming brick-and-mortar store in Northern Michigan.
Despite her passion and unique business model, Haley's venture hasn't yet reached the profitability milestone. After two and a half years, she hasn't drawn a salary, but we're here to change that narrative. It's time to transform Haley's labor of love into a thriving, profitable business.
We're going to delve into the nuts and bolts of what it takes to make a small town business flourish. We'll explore strategies to enhance profitability, tactics for effective product sourcing, and ways to build a loyal customer base. This session isn't just for Haley—it's for every entrepreneur who's still waiting for their hard work to pay off.
So, grab your notepad and join us as we journey into turning a passion into a sustainable and rewarding business. Let's get into it!
Resources:
- Shop Harborside Bath & Body at harborsidebathandbody.com
- Follow Harborside Bath & Body on Instagram: @harborsidebathandbody
- Are you making over $100k in your business but struggling to hit that $1 million milestone? Join our FREE masterclass, The Proven Path to a Million Dollar Product-Based Business at theproductboss.com/levelup!
Connect:
- Website: theproductboss.com
- Instagram: @theproductboss
Transcript
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| 0:00.0 | I would tell you your biggest struggle is that you're not profitable more so than |
| 0:04.0 | visibility to start and I want to kind of dig into that a little bit more. |
| 0:07.6 | Okay, sure. |
| 0:08.6 | Okay, so if your cost of goods around 50%, your labor is about 25%, which leaves you 25% for everything else? |
| 0:15.8 | Yes. |
| 0:16.8 | Okay. |
| 0:17.8 | And are you included in your labor? |
| 0:20.8 | I have not paid myself, which just me now I am retired so okay you're |
| 0:26.4 | not really you own a business yes yeah exactly so I had retired from a |
| 0:31.0 | corporate job and took this on, |
| 0:33.7 | but I haven't paid myself. |
| 0:34.9 | And when I hear you say, oh, it's just a hobby, |
| 0:36.6 | I'm like, okay, well, I'm killingeline Snyder, and this is the Product Boss Podcast. I've helped launch and grow |
| 0:49.6 | thousands of product-based businesses, even one of my own. |
| 0:53.0 | And over the last 20 years, I've seen behind the scenes of businesses just like yours. |
| 0:58.0 | Whether they are makers, manufacturers, artists, or food and beverage businesses, |
| 1:02.0 | I have spent so many hours studying it all. I've discovered what makes |
| 1:07.2 | them successful. What are mistakes they could avoid? How did they turn an idea |
| 1:11.9 | into successful business? |
| 1:13.0 | And what are strategies they have used to make more sales and be discovered by more customers? |
| 1:18.0 | This is what this show is all about. |
| 1:21.0 | Whether you're just starting out or you're looking to become a |
... |
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