Profit First Series Part 3, Interview with Jos Willard (ep 121)
Mar 29, 2023As we continue in the Profit First series, I'm talking with Profit First coach, Jos Willard. Jos is a business coach who works specifically with...other coaches!
Jos' story is fascinating. After working as a counselor in the army and as a guide in the VA for retired military personnel interested in entrepreneurialism, he decided to start coaching business owners in how to build and grow profitable businesses.
What's Jos' advice on adding a service component to an inventory based business?
First, know who are you going to help. Have a targeted market and customer.
Then, be sure to treat your time the same way Profit First treats money. Pre-allocate your time. If you're adding a service-based component, know how much time you'll invest in that portion of your business.
It's really important to put boundaries in place and to honor them. Don't borrow time from anywhere else to focus on this additional piece of your business.
Be specific and focused on what you're going to do. This will really help with profitability.
And prioritize in investing in help. Get a coach and someone who knows and understands what you're getting into.
How could Profit First help when making a move like this?
One option would be to treat the new branch as a separate company. Set up new accounts specific to the new component you're creating
Another route would be to create a set sub-account for the new piece of the business.
Here's a glance at the episode:
[2:42] Jos shares his story and how he became a business coach.
[12:05] What does Jos recommend when adding a service component to an inventory based business?
[15:25] How would Profit First act as a guardrail when adding a service component to an inventory based business?
[18:00] Jos shares success stories.
Click here to listen to the episode.
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