2. (MONEY MATTERS) HOW DO I TURN MY SERVICE BASED COMPANY INTO A PRODUCT? - KASFIA RASHID
- S4E32
- 14:59
- February 27th 2021
Being an Entrepreneur can be a lucrative career with the right skills, marketing, and branding. Many freelance professionals earn six figure incomes and together with the benefits of working for yourself, a freelance lifestyle is not one to complain about.
One potential drawback is, your income is highly dependent on time. When you’re not working, you’re not earning. On average a typical business owner works upwards of 65 hours a week, a third of which is spent actually doing the work they are passionate about. The rest of the time is spent running the business : managing finances takes about 20% of the remaining time, while sales and customer service combined only account for 15% or about 10 hours a week. Sadly, there are only 24 hours a day and it becomes pivotal to spend your time more wisely than you spend your money since you can only take on so many clients at a time. Sure, you can raise your rates, but , there is eventually going to be an income ceiling you can’t break through.
So what can you do? One solution is to turn your services into products!
A great way to supplement, or even replace, your services is to create related products targeting the same customers.
Productizing your service business allows you to earn money 24 hours a day, even when you’re sleeping. When you transform some of your services into products, you not only gain unlimited income potential but also, in the long-term, free up more of your time. Creating products needn’t be difficult either. You’re taking the skills, knowledge, and experience you already use in your services to deliver similar value in product form. You’re basically teaching people how to do some of the things you can do, so they can do these things themselves, although perhaps not as well.
Unlike with your billable hours, once you’ve created a product, it can then be sold an infinite number of times. A well-developed product might sell for the same amount of money you normally charge a client per day.
As the famous saying goes: Give enough people what they want, and you will eventually get what you want. The demand for knowledge, ability, skills, or habits is what creating products allows a business owner to take advantage of.
MONEY MATTERS WITH KASH THE BOOKKEEPER
“Making good judgements when one has complete data, facts, and knowledge is not leadership- it’s bookkeeping.”-Dee Hock FOUNDER AND CEO EMERITUS VISA USA AND VISA INTERNATIONAL, NOW VISA INC
My name is Kasfia Rashid but you can call me Kash. It is my job to prepare you to understand the language of business AKA accounting. Think about it, what is the first thing you learn when you decide to travel to a foreign country? The language, of course! Warren Buffett, said that accounting is the language of business. So who better to learn from than an accountant with over 16 years worth of experience!
My mission is to repair the gap between small business owners and their bookkeeping processes. Take back control of your business and leave the bookkeeping to me. I am not your average bookkeeper. I understand that discussing money is difficult, my no-nonsense attitude combined with a no-judgement approach creates a safe environment. Ready to add the expertise of a corporate back office accounting manager to your small business?
- Accounting Coach
- Quickbooks Online
- Monthly Bookkeeping Maintenance
“Money matters-Ask the Bookkeeper” is all about answering burning accounting questions! You know, the ones you would only ask your best bookkeeping buddy. Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up. We will follow the same path as last season with two shows on each of the main concepts of accounting and one show for each financial statement!
Each episode has additional written information your might find helpful. Here is a complete listing of Show Notes. Want to continue the conversation? Add your thoughts in the comments section available at the bottom of each page of notes on the site. Simply click "read more" and let's get the conversations started!
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Kash grew up in Brooklyn, NY and is a proud only child of a single mother who immigrated from Bangladesh.
Her accounting career started at age 8 when it was discovered that someone was skimming from her piggy back. After a careful audit of her records (kept in a little pink book) she confronted her mother about the missing funds.
In 2003 (12 years later-finally allowed out again) she started working in a Manhattan CPA firm while earning her degree in accounting with a double major in finance and economics.
Her corporate career ended in the hedge fund industry in 2014. She is a QuickBooks Online certified pro, and excel wizard and an automation expert. By having Kash as your bookkeeper you gain a partner, who acts as an extension of your C-class executive team, bringing the expertise of a corporate back office accounting manager to your small business.
When she is not managing small business’s books and records, Kash can be found networking at her BNI meeting on Tuesdays, attending monthly WHIMBY events, and other various networking organizations around town.
Kash broadcasts from Richmond, VA