The One Big Tip Podcast with Jeff Mendelson
Business:Entrepreneurship
E277 - Focus on cash flow and profitability when building your retail business | with Alvin Narsey
Alvin Narsey is a successful entrepreneur with a strong focus on a freedom-based lifestyle. He created a framework that enables retail business owners to increase revenue while practicing a hands-off approach, with a sharp focus on cash flow and profitability. Today, Alvin spends his days coaching other retail entrepreneurs who want to construct a business that generates cash flow and profits without requiring hands-on involvement. With over 16 plus years of experience as an entrepreneur, Alvin appreciates the difference between working for a living and having a business work for your lifestyle. Today he breaks down the framework he used to become a lifestyle entrepreneur so you can apply it to your business.
The framework that Alvin uses with his clients is multi-step.
This framework applies to all business models, whether in the retail or marketing space. The methods and strategies remain the same. You need to look at the fundamentals of your business model and work through the framework to achieve the desired results.
Pricing and branding are essential components of Alvin’s methods as well. As a business owner, you need to know who your ideal avatar is and how you will attract them. Once you know your target consumer, you need to create a clear message of the value you offer with your product or service. The last step is to figure out your price point. Once you have a price point and a target market, you can manipulate your profit margins.
No matter your industry, the world is large enough for every entrepreneur to attain success. All you need to chase your dreams is to change your mindset. Once you do that, you open yourself to a world of possibilities.
In this episode:
[4:25] Alvin shares how he became an entrepreneur
[7:15] Of all the things you need to focus on to change your life, the primary one is your mindset
[10:56] When you take a step back from the day to day operations you open your time up for new possibilities
[15:00] The three-part framework to scale your business
[20:25] Adopt an abundance mindset
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