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.
La’kamaro Johnson
Oh man, don’t get me started. The biggest issue I run into is the honesty of some customers. They take advantage of my kindness and mistake it for vulnerability and weakness. When all I’m trying to do is change their ways and their perspective on my craft. I have done a few jobs already and I still haven’t received payment. I’ve called, send messages, even emails and nothing! It truly makes this job really difficult to want to continue. But every time I think about giving up and walking away from it all, I get flash of my little girl and the reason why I’m doing this. And! I somehow get calls from other clients to to fixe their vehicles, so it’s not all bad. I learned that the way I do things need to change, and I am in the process of doing that. Read more>>
Lewy Bluestrips
In the music industry, one of the biggest challenges to profitability is knowing how to properly collect all your royalties. New and old artists deal with this issue everyday due to lack of information and how quick the industry evolves. Read more>>
Jonathan Westall
Insurance costs remain uncheck. Insurance in the transportation industry is a single option marketplace with no caps on price or run rate affordability. Even with no incidents or claims it is not uncommon for policies to incur increases north of 10% per year. In addition the mandated requirements of multimillion dollar limits on both a large bus or SUV or even for hire sedan don’t make much sense as the liability and podetial for issue is much different. This is effectively putting operators out of business, or forcing them to create separate companies to mange each vehicle type. Read more>>
Shamara Miller
The biggest challenge to profitability in the baking industry is multifaceted. On one hand, scaling materials to a reasonable cost while ensuring clients see the value in creative baking techniques is crucial. There is a broad spectrum of cakes, from $15 sheet cakes at local grocers to intricate designs costing thousands of dollars. The key is to balance the time and effort put into each creation, keeping costs low while ensuring you’re compensated fairly. This often involves finding more efficient ways to complete the work so that custom cakes can be accessible to more people without compromising on quality. On the other hand, standing out among the competition is equally challenging. The baking industry is brimming with talented individuals who transform baked goods into works of art, whether it’s custom cakes or decorative cookies. It’s vital to carve out your niche and excel so that you’re the go-to for events and celebrations. In today’s digital age, having a strong social media presence is essential. Every time I scroll through my feed, I see amazing creations from fellow bakers, which inspires and motivates me to elevate my craft. To be profitable, it’s not just about baking delicious treats but also about being visible and recognized in a crowded market. Read more>>
Christopher Coderre
Changes in new marketing strategies heavily leaning on non professional Social Media as a company’s public presence because of the new generations not wanting to be “sold” and “marketed to”, but are okay with watching some quick tik tok video of the staff dancing in the place of business. Covid also changed society and marketing has been fickle to make any moves for fear of losing more money instead of putting money into video and commercial marketing to generate more awareness of their product or service. Read more>>
DJ KO
The biggest challenge to profitability in the DJ industry is learning when to stand firm on your price versus compromising for an opportunity that might not immediately pay off. A lot of times, as an outsider, it might seem like DJs are constantly in demand and making a lot of money, but the reality is that you have to navigate when to value yourself financially and when to play the long game for career growth. Personally, my biggest opportunity came when I started working with Ayra Starr. In the beginning, the money wasn’t what I would have ideally asked for, but I saw potential in the connection and the future work we could build together. Fast forward, and we now have a great working relationship, which has opened doors to more gigs, tours, and experiences that have been way more rewarding in the long run. Read more>>
Tyrese Martinez
A photographer may find themselves competing with hobbyists or even people using affordable equipment (smartphones, entry-level cameras) and post-processing software. This has made it harder for many professionals to maintain pricing power, especially when consumers may not see the difference in quality between a high-end camera shot and a photo from a smartphone. It’s very hard making your business profitable without the proper training from a business perspective there is alot that goes behind being a entrepreneur and doing business alone and trying to gain recognition. Read more>>