Own a business? What your net profit / year?

List of Forums + New Post Recipe Box Usergroups Following Log in

Join Now

| | | | |

1, 2, 3 Next Last >>

Forum -> Working Women

View latest: 24h 48h 72h

amother

Tue, Jan 17 2023, 6:38 am

I'm a mom who opened a business 2 years ago and my net profit is 100k for year 2022.
I would like to hear from women who built their own business how much their business nets and what's their main marketing technique, if anything at all, to market their audiences.

amother

Lotus

Tue, Jan 17 2023, 6:43 am

What’s your business? I don’t mean the actual name just the type

amother

Tue, Jan 17 2023, 6:49 am

Custom jewelry

amother

Dahlia

Tue, Jan 17 2023, 6:49 am

Including the salary you pull or in addition?

amother

Tue, Jan 17 2023, 7:02 am

No salary.

That's why I opened the thread to see if own start ups can profit more and how to target the audience correctly.

amother

Lotus

Tue, Jan 17 2023, 7:06 am

A proper business model should have a salary included.

amother

DarkRed

Tue, Jan 17 2023, 7:18 am

amother OP wrote:

That's great for a new business! Most businesses do not earn 100k profit after being open for just 2 years.

I have a business for 8 years, and for the first few years it was breaking even, barely. Currently, it nets around 300-350k. We went thru ups and downs and we tweaked our strategies again and again, until it BH took off.

We can definitely expand, but taking it slowly, as I don't want to be in over my head.

We do minimal advertising at this point, and have no social media presence. It's repeat customers and word of mouth. (But that's only because we are high in demand).

amother

Tue, Jan 17 2023, 7:27 am

Thanks DarkRed! That so encouraging.
We are also taking it slowly because we are raising a family in the same time Wink

Did you use any consultants or it you tweaked according to the feedback and made your own decisions?

amother

Begonia

Tue, Jan 17 2023, 7:33 am

amother OP wrote:

No salary.

That's why I opened the thread to see if own start ups can profit more and how to target the audience correctly.

What did the actually business profit? I don’t know my 2022 but my 2021 was about $120,000 in salary and $45,000 net for the business. My marketing is mainly doing a good job and word of mouth.

amother

DarkRed

Tue, Jan 17 2023, 7:33 am

amother OP wrote:

Thanks DarkRed! That so encouraging.
We are also taking it slowly because we are raising a family in the same time Wink

Did you use any consultants or it you tweaked according to the feedback and made your own decisions?

I didn't use an official consultant, though I did (and continue to) speak to businesspeople, and made decisions based on our previous mistakes and experiences. I find that ultimately it's all up to Hashem, because we can be doing everything right, and it still doesn't pan out as planned...

amother

NeonPink

Tue, Jan 17 2023, 7:36 am

Wow! I own two businesses. People think I rake it in because I’m very high end and I charge a lot, and I’m usually fully booked, but I actually only make about 40k net a year
I do not have a business head and I would prob do better with a consultant. I am very creative and do an excellent job at what I do. I am considered top in my industry. But I still net very very little

amother

Bone

Tue, Jan 17 2023, 7:42 am

Dh has a business for a good number of years, puts in a ton of hours, has a great reputation, has spoken to a consultant a number of times, and nets probably 24k a year (about what he takes). Lol. But Hashem send us money in other ways.

amother

Maize

Tue, Jan 17 2023, 8:07 am

I’d be more concerned about making sure you have the basics down before you try to expand. What business structure do you have?

Like others said 100k net is quite good for a 2 year old business. Do you sell online?

amother

Tue, Jan 17 2023, 8:19 am

its mainly wholesale. directly to retailers in the frum community.

We have a website but thats just a fraction of the sales.

you have a point. My business has no structure. I know that the business can expand in so many directions but I dont have the resources for it.
somehow I dont believe in consultants since they are here for their money too.

some years ago I worked for a construction company which was worth a couple of million dollars. They used consultants which some of them were a total waste of money while others made some great profitable changes. But all of them costed bucket loads of money, which I can not risk at this point at all.

amother

Pewter

Tue, Jan 17 2023, 8:22 am

amother OP wrote:

For structuring your business, step 1 is to make yourself salaried. Step 2 is to figure out what portion of your profits you want to reinvest in your business, that could mean either hiring a consultant to teach you what to do or just straight out hiring someone part time to take over some of the operations that are your weaker points

amother

Maize

Tue, Jan 17 2023, 8:27 am

To grow you would probably want to optimize your website to sell to those outside the frum community. Or are your designs frum specific?

But you need to get the structure down. How is your business registered? Do you have an LLC?

amother

Ginger

Tue, Jan 17 2023, 8:28 am

To all of you owning Frum businesses have you been affected by inflation recently? With so many people having less spending power and more focused on the basics.

amother

Tue, Jan 17 2023, 8:31 am

Absolutelyy!!
I thought I was the only one but after inquiring by me fellow retailers they all came back with the same responses.
business is was way slower in 22 then in 21...
people dont have the extra cash they had with all those stimulus and child tax credit money.

business owners: come in with your story.

amother

Tue, Jan 17 2023, 6:17 pm

amother Maize wrote:

Styles are unique for frum community but it can be tweaked for the general public. That's again is lots of capital in inventory which is too of a great risk
Yes. It's is incorporated.

amother

Arcticblue

Tue, Jan 17 2023, 6:33 pm

Do any of you have business partners?

Are these businesses run by you imas only or your husbands are involved?

Page 1 of 3

1, 2, 3 Next Last >>