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Why Your Profit Model Might Be Broken (And How To Fix It)

Peter Kozodoy logo Posted Wednesday February 26th, 2020 Why Your Profit Model Might Be Broken (And How To Fix It)

Do you want to be a millionaire?

If so, that’s cool.

So, ask yourself: If you stay on the path you’re currently on, selling what you’re currently selling, how many sales will it take to get you there?

If I had asked this question four years before I did, I wouldn't have wasted four years wondering why I was broke as $hit.

See, when we start a business and we get super excited about what we’re doing, we forget to be strategic.

We forget that, if you want to build a multimillion-dollar company, you have to build a profit model that will sustain that size of business.

It’s like laying a great foundation. You can lay a foundation for a house, or you can lay a foundation for a skyscraper.

But sadly, most entrepreneurs lay a foundation for a house, thinking they’re going to build a skyscraper, and then they get frustrated when they can’t build past the third floor.

Most often when I work with clients, they ask for sales help, marketing assistance or operations advice.

But what they really need is to rethink their business model, repackage their offering and create a profitable foundation from the ground up.

Unfortunately, there’s no magic way to go about this, because each situation and business is different. But, being aware that your profit model is broken in the first place is a HUGE step to becoming successful – and in my experience, that awareness makes the difference between owners that stall and owners that scale.

What about you? Is your profit model broken, or is it going to help you build the skyscraper you want?

Here are some things to remember about profit models:

  • Business models are like foundations. If you want to build a skyscraper (a big business), then build the right foundation (the right profit model) from the start.
  • If you’re looking to just sell more in order to get rich, you may be on the wrong path. Instead, make sure your profit model is correct from the beginning.
  • If your profit model is right, you’ll find that selling is easier, marketing is easier, operations is easier, and making a $hit ton of money is WAY easier, all because you laid the right foundation.
  • While there’s no absolute way to test your model, being aware that there might be a fundamental issue is step #1 to building a sustainable, profitable business.
  • Get a mentor to help you solve this!!