I started every client consultation by saying: 'let's talk about your monthly income and annual income goals.'
You'd be amazed how many business owners say they don't have any.
In this episode, I talk to jewellery school owner Jessica Rose about the importance of tracking the numbers in your business - and how doing just that helps her generate almost 95% profit for her online jewellery school - meaning she can earn more for doing less.
Jess explains how tracking your numbers doesn't need to be complicated or scary and shares the simple financial and budgeting template she uses to keep her focused.
Here’s what you’ll learn in this episode:
- A brief summary of Jessica’s business and her growth (3:27)
- Jessica talks through her business story from the early age of 21 and how she dropped out of university and put her creativity and business acumen together to become an entrepreneur (4:25)
- Jessica’s journey to her first £500k (6:57)
- How to find out what problems your prospective customers need to solve (11:00)
- Turning revenue into profit and the benefits of an online business model (12:21)
- Tips on how to keep costs low in your business (16:01)
- Jessica shares her financial planning tools (19:45)
- Building a team - the importance of hiring and delegation. How to make a start with outsourcing. (25:15)
- Jessica’s experience of being part of a mastermind group (35:23)
Jessica Rose’s Website - Jewellers Academy
Jewellers Academy on Instagram
Jessica’s Forecasting Financial Model and Annual Budget Template (to use this spreadsheet - download and save an editable copy to your own drive)
Video on how to use the Financial Model Template