From the course: Finance Foundations for Solopreneurs
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It's not what you make, it's what you keep
From the course: Finance Foundations for Solopreneurs
It's not what you make, it's what you keep
- For some solopreneurs, the concept of business value is lost. You might be doing a side hustle or a short term project and not think of yourself as a business that has a value, because you're not going to sell it. But let's talk about three concepts that can help you determine if your business is actually worth your time. Profitability, EBITDA, and Business Valuation. Let's break down Profitability and the common oversight made by solopreneurs. Some solopreneurs think that revenue and profitability are the same. After all, the revenue comes in and the expenses are low right? And that's what you think. But you haven't considered all the costs. There's nothing that a solopreneur does that is without cost. As that old saying goes, time is money. Take for example, doing your own bookkeeping. While there are tools out there to help you do it, how much are you actually saving or maybe even losing, by doing it yourself. The cost to hire a bookkeeper might be around 60 dollars per hour…
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