I have a creative client- she is a cook who is making and selling fabulous chocolate- who was searching for some direction on next steps. She knows her product costs and she knows her retail sales price and she knows customers love her candy. But, should she expand? Should she market through stores instead of just in person and on the web? Help!
Turns out she is a baby boomer whose professional work has gone away in the Great Recession and she wants the candy to supplement her retirement. We figured out exactly how much money she can make if she continues to make her product at home and sell it at retail, and compared it to how much extra money she really needs each month and Eureka! Selling the candy herself and making it herself on a non-commercial basis can give her more than enough money each month.
It had never occurred to her to “do the math” after all, she is a creative! Now, she knows exactly what she needs and that small bit of business knowledge will influence her next choices. Sometimes the business knowledge we need is not at all as complex as we make it out to be. If YOU shy away from the business side of your business, ask someone for some help and see if some quick figuring can make a big difference for you in setting goals and making decisions.
Do you naturally have a business mind set? What have you done to develop your business mind set? Share your ideas!