277: Building a business with high profit, not just revenue

In this episode, Tina Tower dives into the vital difference
between revenue and profit in the world of online business. She
emphasizes the importance of focusing on profit to ensure the
sustainability and longevity of a business rather than being
solely impressed by high revenue figures. Tina shares her
favorite saying: "Revenue is for vanity, profit is for sanity,
and cash flow is reality," highlighting her belief that cash flow
is crucial for a business's health.


Key Takeaways:


1. Importance of Profit:
   - Profit creates sustainability and freedom in a
business.
   - High revenue with low profit can lead to burnout
and resentment.


2. Common Profit Killers:
   - Hiring too soon or having bloated expenses.
   - Spending on marketing without seeing a return on
investment (ROI).
   - Underpricing or overpricing offers.


3. Strategies for Profit:
   - Set a profit goal before setting a revenue
goal.
   - Implement a profit-first accounting
strategy.
   - Create high profit offers and monitor your
margins.


4. Mindset and Psychology:
   - Bigger isn't always better.
   - Having a financial buffer provides a psychological
advantage and allows for better decision-making.


Tina also encourages listeners to focus on creating a business
that aligns with their personal goals and provides the life they
want, reminding them not to judge their success by others'
standards.


Where to find Tina Tower:


Her Empire Builder: https://www.herempirebuilder.com/


Instagram: https://www.instagram.com/tina_tower/


YouTube: https://www.youtube.com/@herempirebuilder


Resources mentioned:


Monday.com https://try.monday.com/tinatower88


Profit First
book https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4


AI For Course Creators theaicircle.com