537. "My revenue growth is flat, but my profit margins are up. How can I make $1 million and not burn out?" | Coaching Session
The Product Boss with Jacqueline Snyder
Jacqueline Snyder
4.8 • 961 Ratings
🗓️ 7 December 2023
⏱️ 71 minutes
🧾️ Download transcript
Summary
Welcome, Product Bosses! In today's one-on-one strategy session, we're diving deep with Eileen, the founder of Old Millhouse Coffee. Join us as we explore her journey from running a multi-six-figure business with slim profit margins to aiming for a million-dollar venture. Eileen's story might sound familiar to many of you – a business owner striving for growth but caught up in the nitty-gritty of daily operations.
Eileen's situation is a classic case of balancing growth with sustainability. Initially, her coffee shop was thriving in sales but struggled with profitability, limiting her ability to expand and hire more staff. However, with strategic changes like raising prices, she's seen a significant profit increase on the coffee shop side of her business. But that's not all – Eileen also runs popular local vendor events in her community, which, despite their popularity, have yet to see substantial profits.
The big question now is, can Eileen transform both aspects of her business into million-dollar revenue streams without burning out? Or will she have to sacrifice one to focus on the other? Our goal for Eileen is ambitious yet attainable – turning each side of her business into a $1 million revenue generator. That's a combined target of $2 million! Stay tuned as we unravel the strategies and insights to help Eileen reach this incredible milestone. Let's embark on this journey together and discover the path to a dual million-dollar business.
Resources:
- Learn more at oldmillhousecoffee.com, and if you’re in Massachusetts make sure you drop by – and bring your dog!
- Follow Old Mill House Coffee on Instagram: @oldmillhousecoffee
- The doors to my Inner Circle Mastermind are now open! Join a supportive group of product-based business owners making over six figures to help you take your business to the next level. Find out more at theproductbossmastermind.com.
Connect:
- Website: theproductboss.com
- Instagram: @theproductboss
Transcript
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| 0:00.0 | I think I'm the mayor and I want to help everybody like there was you know during |
| 0:03.9 | COVID everything was closing and all the businesses were closing and that you know it |
| 0:08.1 | kind of went through a lot of changes even without COVID in our little downtown and it was kind of desolate and now |
| 0:15.0 | businesses are coming back and people are looking to us oh okay Eileen what are you |
| 0:18.6 | going to do next what are you going to do next and I was like I don't know |
| 0:21.6 | what are you guys going to do? Can we all do this together? So you know I'm trying to work on monetizing it |
| 0:29.2 | working on trying to profit with all of these things and still helping community helping all of the artisans, all the cool product bosses that I have, and sell coffee and you know, maybe buy new pair of shoes for myself. |
| 0:43.0 | Hi, I'm Jacqueline Snyder and this is the Product Boss podcast. |
| 0:51.0 | I've helped launch and grow thousands of product-based |
| 0:54.4 | businesses, even one of my own. And over the last 20 years I've seen behind the |
| 0:59.3 | scenes of businesses just like yours. Whether they are makers, manufacturers, artists, or food and beverage businesses, |
| 1:06.0 | I have spent so many hours studying it all. |
| 1:10.0 | I've discovered what makes them successful. |
| 1:12.0 | What are mistakes they could avoid? |
| 1:14.3 | How did they turn an idea into successful business? |
| 1:17.1 | And what are strategies they have used |
| 1:19.3 | to make more sales and be discovered by more customers? This is what this show is all about. |
| 1:25.0 | Whether you're just starting out or you're looking to become a million dollar product boss, |
| 1:29.0 | I'm here to give you the permission to chase your dreams, |
| 1:32.0 | no matter how big or small all you need |
| 1:35.2 | is the right mindset a little courage strategy and support and you too can be the |
| 1:40.6 | next million dollar product loss. Let's do this. |
... |
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