Have you ever had a friend look at a business and randomly throw out numbers that made it seem like that business owner must be making serious bank? We’ve experienced that many times, and know from conversations with operators and owners in those industries that their real profitability is often far, far less. The reason is often that there are unique challenges to profitability in almost every industry and so we wanted to create a space for entrepreneurs from across industries and markets to discuss the challenges to profitability in their industries.

Colleen Simonds

This is a big one. Like a lot of other creative entrepreneurs/business owners, I didn’t get started doing design thinking about how I was going to run a small business and make money. I mean, I assumed I would make money as I charged clients for my services, but it’s just SO much more complicated than that. I love this work because I love the actual WORK and I love design. Having to assign value to the work and to ME as a creative is the absolute worst part – and then you also have to discuss this value with your clients, and basically sell them on it. I don’t really want to be a salesperson, again, I just want to do the design – but unfortunately, these things go hand in hand. Read more>>

Nassir Silwany

In the cannabis industry, one of the most significant challenges to profitability is undoubtedly the intricate web of regulations that envelops the entire business landscape. These regulations stem from the complex dichotomy between state-level legalization and federal illegality of cannabis, creating a unique environment where profitability is perpetually under strain. The contradictory legal status of cannabis at the federal and state levels presents a myriad of hurdles that hinder the industry’s financial growth. The clash between state legality and federal prohibition results in a lack of access to traditional banking services for cannabis businesses. Read more>>

Sheila Torres

One of the biggest challenges to profitability as a realtor can be the unpredictability of the real estate market. Fluctuations in property values and demand can impact the number of transactions and commissions earned. Additionally, the competitive nature of the industry can make it challenging to consistently secure clients and close deals, especially in saturated markets. Read more>>

Ed Mitchell

The biggest challenge to profitability in the photography industry is likely the very device you’re reading this interview on. Smartphones and the hardware they ship with, as you know, do take very nice photos. They are great for sharing on social media and since it is fully integrated in our culture, it’s very easy to underestimate the value of a professional photographer. Many people do not realize there is a significant difference in the quality of images produced by dedicated equipment and professional behind the lens. I think maybe because we are mostly independent contractors, we haven’t been able to unite behind this message in order to restate the very real value of paying someone 300 dollars or more for an hour session. Read more>>

Joi Whitley

In the realm of tax and accounting, turnover rates tend to be elevated. The field of taxes holds a recession-resistant quality, rendering the process of generating income within our sector notably more straightforward in comparison to other industries. In the contemporary landscape, there is a surge in individuals participating in tax-related activities, leading to the facile emergence of tax preparers. Employing strategies that promise optimal refunds often serves as a means to appeal to taxpayers. Specifically targeting taxpayers who anticipate substantial refunds aims at those individuals who possess the inclination to switch tax preparers annually, driven by the pursuit of the most advantageous refund strategy. Read more>>

Tricia Richards

Art is subjective. It’s as easy as that, right? In a perfect world that would be all it took. As a full time photographer, it takes more than the actual art itself to become profitable, you have to sell yourself. You’re offering a service, and the experience. Pictures are the one thing that stand the test of time, once that moment is gone, you’ll never have it back. Our pictures are what we depend on to look back and reminisce. I once thought that going to school and graduating with a degree in photography was the only answer, until I realized that art is subjective and different people appreciate different things. As long as you stay true to yourself and do what makes you the most happy, it’ll reflect in your work, and client experiences. Read more>>

Amelia Trumble

Shipping and Logistics. I know, most DTC companies would say customer acquisition costs but because Retold has basically created a new service or category of consumer goods, acquiring customers profitably isn’t that challenging in our current hyper growth phase. The market forces particularly in 2022 (oil prices, Ukraine etc)that lead to dramatic increases in freight costs, have been the largest challenge to our profitability to date. Unfortunately with our current model, the cost of shipping is built into the retail price and even though we had a cushion, expecting prices to go up, we never predicted the rise of 2022. And unfortunately our growth didnt out-pace the price hikes, so for a while we couldn’t even try and negotiate. Thankfully off the back of our appearance on Shark Tank, our increased exposure and volumes have meant we are in much better shape. Read more>>

Milou Pietersz

Capping out on time is the BIGGEST challenge in the industry of social media management. In my experience, there are two reasons why this happens: First, you might be a solopreneur who has reached the point of being fully booked. This means that you’ve built a reputation for delivering results, and clients are lining up to work with you. However, there’s only so much one person can physically handle. When you’re responsible for managing multiple social media accounts, including tasks like copywriting, strategy development, data tracking, design work, community management, and outbound engagement, it can quickly become overwhelming. It’s a Herculean task to master every aspect of social media management for 10 or more clients. This can lead to burnout, compromised quality of work, and ultimately limit your potential for growth. Read more>>