Taking a business to the point where it turns over £100k is a big achievement. But there is no need to stop there, with the right approach you can earn a lot more than that. In this episode, Jo & Vicky explain how.
They cover, changing up your strategy, pushing past the VAT threshold, why you shouldn't be afraid of paying more tax, when to take on employees, building assets separately so that you can sell them on, and making a lot of extra money from your knowledge.
KEY TAKEAWAYS
The strategy that got you to a turnover of £100k per annum is not the same one you will need to use to earn even more next year.
When it comes to strategy, you need to know what to implement at the right time for the stage your business is at.
If your goal is to earn £50k to £100k niching down and providing one, maybe two products, is the right strategy.
Don’t fall into the trap of creating a business that has a huge turnover but has such high overheads that you still cannot take out a decent income for yourself. Many owners of big training centres have this issue.
Don´t let the idea of paying more tax when you grow beyond a certain point hold you back. But do fully factor it into your pricing.
Pushing past the VAT threshold is not easy, but necessary. Otherwise, your business will be forever held back.
Regularly reviewing where you are and where you want to go ensures you are always striving for the right things.
Keep your accounts up to date and do the analysis.
Every time you put out an ad or post, track how well it works.
If a marketing method is working, double down on it. Don´t be afraid of spending money on advertising that provides good ROI.
There’s a lot of profit potential wrapped up in your brand and expertise. Continually nurture them so you can use them to generate more income over the long term, e.g. Sell coaching or a book.
Create other related assets that you could potentially sell off at a later date. Jo & Vicky share several examples.
Be careful about employing people. A lot of businesses do this too soon.
BEST MOMENTS
“As soon as you start pushing past that 100k mark, that's when the strategy needs to change.”
“You have to reassess as you start to grow.”
“So many businesses purposely cap their earnings so they don't go over that VAT.”
“Start building up a bank of assets.”
“You need to have multiple sources of income.”
“They all supplement and support one another, whilst being a standalone product in their own right.”
“It´s all about knowing who you are as a business.”
“Really look at the data. Look at what your customers are saying.”
“Get all of the knowledge that's in your head down onto something.”
SOCIALS AND IMPORTANT LINKS
https://www.tiktok.com/@letstalkdogbusiness
https://www.youtube.com/@LetsTalkDogBusiness
Website www.caninebusinessacademy.com
Community Facebook Group: https://www.facebook.com/groups/caninebusinessacademycommunity/
Let´s Talk Dog Business Strategy Book - https://www.amazon.co.uk/Lets-Talk-Dog-Business-Strategy/dp/1068791705
ABOUT THE HOSTS
Meet Jo and Vicky! They bring a combined 25 years of expertise in the canine industry. Jo, with a background in corporate business, and Vicky, a dedicated advocate for rescue organisations, form an unstoppable team. Beyond the mic, their lives are a whirlwind – managing two successful businesses, pursuing a full-time university degree, and parenting two little ones under four. Each of their homes combined is a lively menagerie, housing five dogs and an abundance of chickens.