Melvin Feller MA Discusses the Startup Entrepreneur and Profits
Melvin Feller MA Discusses the Startup Entrepreneur and Profits
Melvin Feller is known as “The Entrepreneur’s Mentor” because Melvin walks his talk. Melvin Feller has been there and done that and more importantly, Melvin Feller knows how to transfer the skill set for success.  This is main reason that he has been the sought after coach to hundreds of small business owners, entrepreneurs, Realtors, Real estate investors and service professional internationally. Melvin Feller’s main talent is to show you how the step by step process to build and enjoy a successful 6-figure plus business while having a balanced life.  Melvin Feller maintains offices in Texas and Oklahoma. Â
If you are a small business startup, how do you know if you are going to make it financially?
How do you figure out how much money you need to make in order to survive past the first couple of start-up years?
This is one of the hardest things to determine for small business startups.
The thing that makes this so hard for startups is because startups are operating from projections. In addition, the greatest unknown is your income!
You can typically come up with an accurate account of your estimated expenses, including product cost, overhead expenses (office, rent, utilities, and vehicle), professional services (accountant, attorney, and business coach), etc. However, your income amount is tricky.Â
Many startups ignore projections. They would rather focus on getting their great product or service out there instead of running the numbers and seeing what their projected profit margin will be. Unless you have a sizable bankroll, this is a mistake.
Why? Because if you know your projected cash profit or loss for the year, then you can make informed financial decisions about how to spend the money you currently have. Knowing now what you are willing to liquidate, where you can tighten your belt, how much debt you are willing to incur, and where your breaking point is, means you will make intelligent (rather than emotional) decisions throughout your startup and for years to come.
Basic formula for anticipated cash profit:
1. Take your projected income for the year. 2. Subtract all anticipated expenses for the business year. 3. This equals your anticipated cash profit 4. Overarching question: Can you survive on that profit and for how long?
 So, before you rush to get your product out there, do your homework. Be sure to take the time to do projections for your business so you can determine whether you will have enough cash to sustain you and your business for your first couple of startup years.
Melvin Feller MA is in Texas and in Oklahoma. Melvin Feller founded Melvin Feller Business Group and Melvin Feller Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.
