The Women’s Business Development Council (WBDC) recently hosted the webinar “Financial Foundations: Pricing, Profitability, Projections” to provide small business owners — particularly those who are new to entrepreneurship — with guidance and advice on how to set pricing and properly balance and consider associated costs with running a business.
WBDC Business Adviser Sherry Konwerski’s presentation focused first on goals and costs small businesses must take into consideration. This included setting a desired profit and keeping in mind overhead expenses such as rent, utilities, insurance, and office supplies. She also stressed the importance in setting how many hours new business owners would like to work in their business and figuring out what tasks they perform that are or should be billable.
“Let’s say the average person wants 40 hours a week they want to put in their business,” Konwerski said. “How much of that time are you making money? For most of us, at least 25% is not paid time. That’s when we’re doing our marketing, that’s when we’re doing our accounting, that’s when we’re returning emails. It’s the things that we just don’t get paid for as business owners, so you need to know what percentage of the time is billable or money-making, versus working in your business.”
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