Summary: When we talk about business, profitability becomes the most important thing because all businesses would want to make some profits. However, making your business profitable is not as easy as you would think. There are various factors that are playing the roles in determining whether your business will become profitable or not, and sometimes business owners have difficulty in making decisions that can make or break the survival of their business. This is where the personal profitability consulting is needed, as this service can help teach your business to be profitable and keep it that way. Introducing: Eric Rosenberg!
Running a business has its own challenges. There are times when business owners need to make an important decision that will decide the fate of their business. Most of the time, business owners have the difficulty in making decisions, especially those that are important for the survival of their business. It’s the same whether you are running a conventional business or an online business.
If you want to run a successful business, it is very important for you to understand about how to make profits in your business. In fact, your business decisions need to be made around the profitability factor for each decision. You might need to use a certain type of marketing strategy in order to generate more profits for your business, or you might need to stay away from a certain type of promotion method because you know that it is not profitable for your business.
The important thing is for you to recognize the profitability of each decision that you need to take and then weigh them all down. Unfortunately, not all business owners have the good sense of determining the profitability of their actions or decisions. This can be a problem because once a wrong decision is made, your business might be failing badly, and it will be costly for you to recover it. This is why you might need a personal profitability consultant like Eric Rosenberg to teach and guide you about how to make steady profits for your business and how to keep your business profitable. We have interviewed Eric Rosenberg, Personal Profitability Consultant, to explain to us about the benefits of having this type of consulting service in your business.
The Background Story of Eric Rosenberg and Why He Became a Personal Profitability Consultant
Eric Rosenberg is a well-known finance writer in various online publications such as Forbes, Business Insider, Entrepreneur, and more. He has been writing about finances for more than eight years, and he has built a good reputation in this niche. Not only that, Eric has been working as a bank manager, as well as at a corporate finance and accounting as his full-time job for almost a decade.
But, his passion in writing led him to shift his full focus toward his online business. After some time, he decided to provide business owners with the personal profitability consulting services to help them keep their company in the path to profitability. This way, Eric can share his years of expertise on financial matters as a personal profitability consultant, teaching his clients about how to keep their business profitable despite the challenges that they face. Eric Rosenberg shared with us about his background story and why he decided to become a personal profitability consultant,
“I grew up in Denver, have two finance degrees, and have experience as a bank manager and nearly a decade in corporate finance and accounting before taking my online side hustle full-time. After eight years of side hustling and writing about personal finance online, I was able to quit my day job for six-figure self-employment. Personal Profitability coaching is a way for hustlers and entrepreneurs to learn from my years of experience without spending long years I did learning how it all works.”
The Common Mistakes People Do When It Comes to Online Businesses
Many people want to have their own online business, and many people think that building an online business is a simple thing to do. Thus, they tend to underestimate the importance of hard work and perseverance when dealing with their online business. The truth is that just like any other type of businesses, online business is something that most people need to take seriously. This is because there are too many people treating their online business like a hobby which is the biggest reason why they have failed in it.
This simple mistake can determine your online success. So, if you want to build a successful online business, you need to be ready to take the necessary time and effort into it. You have to track everything that you do for your online business and see whether your actions bring profits to it or not. Then, you have to stick with what’s working best for your online business in order to keep it profitable. Eric Rosenberg explained to us about the common mistakes people do when it comes to online business,
“Many people treat their online business like a hobby. If you put in a low level of effort, you’re going to get a corresponding result. Treat your money-making projects seriously from day one, track your revenue and expenses, and focus on the part of your online business that is working best. I thought I would have a huge website with hundreds of thousands of monthly visitors, but it turns out freelance writing was a more solid route to growth for my online business. By objectively looking at what’s working and what isn’t, you can focus on the best successes and repeat.”
Unsecured or Payday Loans – Are They the Reason People Trapped into Debt?
One of the most common things that might decrease your profitability is unsecured or payday loans. When you take this type of loans, you will need to pay it back, even with large interests. If you don’t, you will usually face bad consequences because of it, which can affect your financial future negatively. Yes, payday loans are the reason most people got trapped in debt. These are the loans people usually take when they were young and careless about their financial matters. But, when they get older and become more understanding of their financial responsibilities, people usually realize the danger of taking payday loans, and they will avoid them at all costs.
Other types of debt trap that people usually succumb into are credit cards and personal loans. It is advisable that you should avoid these debt traps at all costs, since it can deter your financial future if you can’t manage your finances very well. Even businesses usually succumb into these types of debt trap, which can affect their business operations negatively. Many companies even go bankrupt because of these debt traps. Eric Rosenberg explained about whether payday loans become the reason people trapped into debt,
“Yes! Credit cards, personal loans, and payday loans may look like an easy path to quick cash, but you’ll have to pay it back someday or face serious consequences. Many people make spending mistakes at a young age and later find themselves with bad credit unable to buy a home and paying a lot more for credit when they do borrow. Avoid payday loans at all costs. Only use credit cards when you can afford to pay them off in full every month by the due date.”
The Millennial Lifestyle and Debt Trap – Good Advice for Millennials to Secure Their Financial Future
The Millennial generation is the youngest generation today that embraces the work environment. However, they are known to have a bad lifestyle habit that could bring them into a debt trap easily. One bad habit of millennials is consumerism, which is the need to buy the newest things for the sake of keeping themselves up to date or just following the trend. This habit can have a devastating effect for their financial future, especially during their retirement, if they can’t manage their finances well.
The habit of consumerism is also the habit that often succumb millennials into a deep debt trap, which they have difficulty to get out of. Without an additional income, more things to buy means more debts for them. This is why the millennial generation is advised to take care of their finances even more responsibly because it can save their financial future later. They should have some kind of financial strategies to get out of debt, such as by improving their earnings and creating a budget for their expenses. Concluding our interview, Eric Rosenberg explained about the good advice for millennials to secure their financial future,
“It’s easy to get into a cycle of debt, but anyone can overcome it with a combination of good budgeting habits and a focus on income as well. Remember that you can only save so much each month, but you’ll still need a place to live and food to eat. But your income can grow forever. There is no limit to what you can earn. If you’re in a financial jam, consider ways to grow your income to help you pay off debt, save and invest more, and reach your financial goals.”
As a personal profitability consultant, Eric Rosenberg teaches entrepreneurs to get their finances under control and keep their company profitable. Running a business needs to be done carefully, as any decision you make can affect the profitability of your business in the long term. Eric allows entrepreneurs learn from his 10-year expertise in financial matters so that they don’t need to learn about it the hard way.
On his official website at https://ericrosenberg.com/, you can find the link to download his free Personal Profitability Playbook. It can give you some insights regarding what Eric can teach you, as well as some tips to keep your business profitable for the long term.