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5. Focus on profit instead of revenue : 10 Business Tips for New Entrepreneurs

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5. Focus on profit instead of revenue

Most entrepreneurs are obsessed with revenue. “I made $900,000 in eight months,” they claim. And you can’t help but ask, “Did you really though?” Because digging deeper, you’ll often find that profit is much more important than revenue. Sure you made $900,000 in revenue but if your profit after eight months is only $10,000 was it really worth the work? And is that even sustainable? Probably not. Make the switch to transition from thinking about revenue to thinking about profit. The more profit you have, the more money you have to reinvest in your business, employees, and your own success. As an entrepreneur, you get paid last. Your startup expenses need to be paid first. So you’ll want to make sure you’re making more than enough money to treat yourself too. Check out Oberlo’s free Profit Margin Calculator to help you earn a profit. 

oberlo.com

 

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