20 min listen
051: 5 Ways to Reinvest In Your Business in the New Year
FromLaunch Your Box Podcast with Sarah Williams | Start, Launch, and Grow Your Subscription Box
051: 5 Ways to Reinvest In Your Business in the New Year
FromLaunch Your Box Podcast with Sarah Williams | Start, Launch, and Grow Your Subscription Box
ratings:
Length:
17 minutes
Released:
Jan 5, 2022
Format:
Podcast episode
Description
I heard a twist on the old saying, “When life gives you lemons, make lemonade,” and thought it was perfect for subscription box business owners. It goes like this: When life gives you lemons, make lemonade. Then sell the lemonade. With the profits, buy more lemons and make more lemonade. Sell that, too. Then buy a bigger lemonade stand! Why am I talking about lemons and lemonade on today’s podcast episode? I’m not, actually. The point is, as a business owner, you need to reinvest in your business. This doesn’t have to mean spending thousands of dollars. It does mean making smart purchases that will allow you to grow your business. Reinvest some of your holiday profits in one (or more) of these four areas: Marketing - Consider paid ads, an affiliate program, or paying an influencer or blogger to review or promote your subscription box. Technology - Is it time to upgrade your website? An improved customer experience will deliver a big ROI! People - Hire your first VA or in-person help. Get someone to help with social media posts or give a deserved raise to a current employee. Equipment - My Rollo printer saves me SO MUCH time and money! From an industrial printer to a t-shirt folder, any equipment purchase that helps you gain efficiency and save time delivers major ROI. Remember, we’re talking about reinvesting profits. After you’ve paid all your expenses AND paid yourself, take what’s left and invest it back into your business. A bonus? Any asset you buy also reduces the amount of tax you’ll pay! Join me for this episode as I talk about how reinvesting in your subscription box business makes the GROW stage in Start, Launch, and Grow your Subscription Box possible - and how using “subscription box math” helps you figure out how much to invest. Important Links: Links to Subscription Box Equipment: Rollo Printer Industrial Printer T-shirt Folder Join me in all the places: Facebook Instagram Launch Your Box with Sarah Website Are you ready for Launch Your Box? Our complete training program walks you step by step through how to start, launch, and grow your subscription box business. Join the waitlist today!
Released:
Jan 5, 2022
Format:
Podcast episode
Titles in the series (100)
010:From One-Time Boxes to Quarterly Subscriptions with Stacey Collins of Wilshire Collections: This week I’m joined by Stacey Collins, owner of Wilshire Collections and founder of the Décor at your Door Seasonal Subscription box to talk about what release schedule works best for your box? Deciding how many boxes and how frequently you want... by Launch Your Box Podcast with Sarah Williams | Start, Launch, and Grow Your Subscription Box