Retailers Forum Magazine July 2020 EMAG

Deduct from that salary figure your estimated
value of “amenities.” Is managing your own
time, working your own hours, taking Monday
off, having a no-smoking office worth something
to you? Probably. Put a dollar amount on that
and subtract it from what you feel you must
earn. You will pay a price when you are self-employed:
insecurity, long hours, high Social Security
taxes. Put a dollar amount on those too,
and decide how much you must earn to make
it worth your while to be in business for yourself.
Then set a deadline by which you expect
to earn that amount. It is unlikely that you will
earn what you want – what you are worth –
soon. Starting a new business requires an investment
in both money and time. No formula
exists to help you know how long it will take to
earn what you want, if your business succeeds.
But you can take an educated guess.
Page 32 JULY 2020 | RETAILERS FORUM MAGAZINE
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FORUM WORKSHOP
This educated guess is part of the research you
should do before you start your business. Now
that you have decided what you are worth, itʼs
time to take a look at the product or service you
intend to sell to the public. You must determine
if it has a value. You must find out if people are
willing to buy what you want to sell, and if you
can make money selling it for that price.
What are
you worth?
continued...
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