Evolved Finance

Bookkeeping and business education company dedicated to helping online entrepreneurs create profitable and healthy businesses.

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TBL Episode 9: A different perspective on turning your passion into a business

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The internet has made starting a business more accessible than ever. That’s why many coaches and gurus urge aspiring entrepreneurs looking for a business idea to start with their passion. Pursuing your passion isn’t bad advice, but that doesn’t mean it’s good advice for everyone. Building a business around an opportunity can be more financially lucrative while still being fulfilling and fun. That’s why in this episode, we discuss the difference between a “passion” based business and an “opportunity” based business and why both of them have their own unique merits. Parker also shares his experience working in two industries he was extremely passionate about and why he’s far more fulfilled working at Evolved Finance.

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One of the first monthly software subscriptions that online entrepreneurs invest in is their email marketing software. For a large portion of online businesses, growing an email list is their best option for connecting with a targeted audience and generating sales. This can make deciding on the right email marketing software for your own business seem very daunting, no matter your experience level with email marketing. So for this episode, we wanted to share the most popular email marketing software we see our clients using and explain why certain platforms are more popular than others depending on the size of the business.

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Facebook ads have been a hot topic for online entrepreneurs for quite a while now. Marketing gurus all over the web tout Facebook ads as the best way to scale any type of online business. We’re not saying Facebook advertising isn’t a valuable marketing tool, but if it’s such a fantastic way to skyrocket your revenue to new heights, then why don’t we see all of our clients spending thousands of dollars on Facebook ads every day? That’s why in this episode, we take a closer look at the cost of Facebooks ads and the reason our clients aren’t dumping every dime they have into Facebook advertising

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Online businesses are typically pretty inexpensive to get started. While brick and mortar businesses take tens (and sometimes hundreds) of thousands of dollars in capital to get started, an online business can get going for a couple hundred bucks. But the one expense online entrepreneurs cannot escape are merchant fees. That’s why in this episode, we examine what most online businesses should expect to pay in regards to merchant fees, who the most popular merchant providers are, and how to take action to insure you’re getting the lowest merchant rates possible.

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Affiliate partnerships are a powerful way to generate revenue with relatively little financial risk. They can also be a ton of work to manage and support. That’s why in this episode, we examine how common it is for online businesses to work with affiliates, how affiliate payouts can affect the profitability of an online business, why certain business models gravitate towards affiliate partnerships and others don’t, and why we (Evolved Finance) relied heavily on affiliate partners for our first product launch.

Links: Get access to the free video lesson mentioned in the show

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You can’t run an online business without software. Period. It’s typically the first monthly reoccurring expense a new online business will take on. It’s also an expense category that can get out of control really quickly. That’s why in this episode, we look at the software almost every online business needs to invest in, how much you should expect to be spending on software each month, why smaller businesses tend to spend a larger portion of their revenue on software, why it’s ok to wait to upgrade to more sophisticated applications, and why email marketing software and CRM’s can be so expensive.

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Refunds happen. It’s inevitable. One of your current or future customers is going to want their money back, and you’re going to hear a thousand different reasons as to why. That’s why in this episode, we look at the rarely talked about topic of refunds. We share why it’s important to keep track of refunds, what a healthy refund rate might look like for an online business, and what you should expect in regards to refunds as your revenue grows.

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Online entrepreneurs love to focus on how much revenue their businesses generate, but in the end, what truly matters is profit. That’s why in this episode, we talk about what profit looks like for an online business, how to calculate the profit margin in your own business, why some online businesses have so much potential for huge profit margin, what the ideal profit margin is for the clients we work with, and why owner benefits should be taken into consideration when analyzing the profitability of your business.

Links: Get access to the free video lesson mentioned in the show

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Ever wonder how much earning potential your online business has? Every business owner does, but in the online space, it’s hard to know what’s really possible, especially if you’re selling to a niche market. Not every online business needs to be a multi-million dollar enterprise, which is why in this episode, we examine what an average “successful” online business looks like in terms of revenue, expenses and profit. You might be surprised to learn that you don’t need your business to be a seven figure monster to make a good living from it. Link mentioned in the podcast https://evolvedfinance.com/sixandsevenfigurebusiness

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When you run a serviced based business like we do, it’s easy to get stuck in the daily grind. Don’t get me wrong, we love what we do, but between servicing our awesome clients and supporting our rock-star bookkeeping team, things like content marketing can fall through the cracks.

That changes next week. We are excited to announce that on Tuesday, we’ll be posting the first episode of our podcast to our blog. You know…that place on our website where we’re supposed to share content with everyone.

Check out the video for more details.

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