Profits differ from net income, and no where is there clearer than for small business owner-operators, artists, and creatives. Just because you have a certain amount of money left over after covering expenses doesn’t mean you’ve made profits. Why? Because you have to factor in the cost of your labor and the risk you took and so after factoring that in, millions of small businesses and artists and creatives are operating with little to no profit. However, it doesn’t have to be this way and so we wanted to create a space where sharp entrepreneurs and creatives could come together and discuss the challenges to profitability and potential solutions. If you have something valuable to add to this conversation that can help others achieve profitability, please reach out to us as we want to get your ideas in front of our readers.

Anil Karakkattu

The SaaS Industry is highly competitive and rapidly evolving. Some of the biggest challenges that SaaS companies face in achieving profitability include: Customer Acquisition Cost (CAC): The cost of acquiring new customers is often high, and it can be challenging to generate enough revenue from these customers to cover the acquisition costs. Churn rate: Churn is the rate at which customers leave a service. High churn rates can make it difficult to sustain profitability, as companies must constantly acquire new customers to replace those who leave. Therefore, reducing churn rate is crucial to long-term profitability. Read more>>

Ricky

Playing music, touring and making money is pretty close to impossible for most bands. I’d say most the tours I’ve done didn’t make enough money to come home in the green. Breaking even was always considered a great success. Profitability can’t really be the driving force or be a requirement if you’re going to have any longevity playing music. I think there are exceptions to this but generally speaking I’d say most would agree with this statement. Read more>>

Gerald-Brandon Bell

The biggest challenges to profitability is trying to maintain a competitive post rate for staff while simultaneously being held in a financial choke hold with many larger companies that we are contracted with that never post on time for services rendered yet are our biggest clients. Causes us to often work in a deficit while we await payment z& can cause disgruntled or distrust with our hardworking, talented staff. Larger companies take huge advantage of smaller businesses. Read more>>

Dehja Ryder

Being a baker comes with challenges. The biggest challenge as of now is the cost of groceries. Inflation has doubled (some tripled) the cost of ingredients. I try not to raise my prices too much because I know everyone is struggling right now. I want to be able to make your special day exactly that…special…but keep it somewhat in your budget. I love seeing the same customers come back to me yearly to help celebrate milestones. Read more>>