American US Flag, USA Flag, – (Photo credit: JeepersMedia)
News – Welcome to July. How’s your summer going? I hope whatever that you’ve been doing, it has been fun. A reminder we start back on our every Thursday schedule in August. Today’s issue we will be talking some about reviewing your business. Most of our clients run tutor businesses that are related to schools. If you don’t, that’s fine. We also have clients that teach people how to speak English and even how to do woodworking (and many things in between that). The summer is normally a slow time as students are on vacation from school and test and homework slows down (or stops). Now is a wonderful to take stock of your business and to figure out some goals for the coming year.
We hope you have a wonderful fourth of July full of friends, family and fun.
A Business Checkup
How much money did you make last year tutoring?
[Pretty simple, how much did you make, total].
My expenses were?
My total profit – Total minus expenses?
How many students did you tutor last year.
[Even if you only tutored them for a few sessions.]
How many hours total did you tutor last year?
[Include the hours tutored by your employees – if you aren’t keeping track of this number you should be.]
How much money did you make per student?
[Divide your total profit by the number of students]
How much money did you make per hour.
[Total / Hours worked]
How did you get most of your new students?
How many tutor sessions does an average new student have with you?
How many employees do you have?
How much did you pay your employees?
How many students did they tutor?
How many sessions did they tutor?
How much money did they make for you?
List your top five expenses and the amount spent on them.
1.
2.
3.
4.
5.
Did you make any additional money (besides tutoring).
You should have a pretty good snap shot of your business. Now use the same list and make some goals. In August we’ll be talking some more about how you can achieve them (and you can achieve them).
Useful URLs – More about the health of your business.
Quote – “Whatever you can do, or dream you can, begin it. Boldness has genius, magic, and power in it.” –Johann Wolfgang Von Goethe
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