I have some friends who say profit is all that matters, and they have no interest in the revenue numbers of a business.
There’s a big difference between profit and revenue, obviously. A company can have huge revenue numbers and very small profit. So, how do we know if revenue is important or not.
Let’s imagine there are two coaching businesses. Business #1 has $100,000 in monthly revenue, and Business #2 has $25,000 in monthly revenue. Which of those do you think is better off?
It’s hard to say for sure. Business #1 is most likely spending money on ads to bring in customers, paying salespeople commission, etc. It’s probably a business that doesn’t depend on one person to run. Let’s say this business is bringing in $20,000 of profit.
Business #2 is a solopreneur coaching business that’s also bringing in $20,000 of profit, but this business depends on one person to run. They might be working 80 hours a week, and as soon as they stop, no money is being made.
In my eyes, Business #1 is clearly superior. Any person that says revenue doesn’t matter is missing the whole point of a business. We need revenues to support the business and scale it.
Business #2 probably can’t scale very much at all next month, but Business #1 can probably double their revenue and profit. See the difference?
Revenue matters more than most people think. If you think that profit is all that matters, remember that the order matters. If you want a sustainable business, you need to reinvest your profits into the business.
If you want to learn more about getting your business to work for you, visit https://www.digitalnomad.com/Podcast/
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.