In this episode, the hosts discuss the difference between generating revenue and generating revenue that produces a profit. They emphasize the importance of understanding pricing and value in relation to profit. They share examples of businesses that struggle to make a profit despite generating high revenue and offer advice on how to adapt and make changes to improve profitability. They also highlight the significance of focusing on the right clients and not trying to be everything to everyone.

Takeaways

• Generating revenue does not necessarily mean generating profit.
• Understanding pricing and value is crucial for profitability.
• Adapting and making changes to improve profitability is necessary.
• Focusing on the right clients and not trying to be everything to everyone is important.

#businessofbusiness
#twodaughters
#thedad
#entrepreneur
#thedempseys
#businesspodcast
#nuggetalert

Email us at: TwoDaughtersAndTheirDad@gmail.com

Please download our Best of Nuggets eBook here.

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Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.

In this episode, Jennifer and her dad discuss the topic of leases and share their experiences and insights. Jennifer talks about her first lease negotiation and how she would have signed anything just to get a space. She also highlights the importance of seeking advice from someone experienced in contracts. They discuss the impact of COVID-19 on lease agreements and how Jennifer's decision to pay her rent during the shutdown helped her in future negotiations. They also provide tips for negotiating leases, such as negotiating for the lease to have lower payments in the beginning and understanding CAM charges.

Takeaways

• Seek advice from someone experienced in contracts when negotiating a lease.
• Paying rent during difficult times can help build trust and leverage in future negotiations.
• Negotiate the lease terms to have lower payments in the beginning to allow for ramp-up time for the business.
• Understand the responsibilities and CAM charges associated with the lease.
• Be a good tenant by paying rent on time, maintaining the property, and being a good neighbor.

#businessofbusiness
#twodaughters
#thedad
#entrepreneur
#thedempseys
#businesspodcast

Email us at: TwoDaughtersAndTheirDad@gmail.com

Please download our Best of Nuggets eBook here.

Like and follow us on Facebook

Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.

In this episode, the hosts and their guest, Emily, discuss Women's History Month and the achievements of women throughout history. They also delve into Emily's transition from being an employee to becoming an entrepreneur. They highlight the importance of mindset shifts, budgeting, and seeking support from mentors and coaches. The conversation concludes with a celebration of Emily's achievement as the recipient of the New Agent of the Year award.

Takeaways

• Women's History Month celebrates the achievements of women throughout history and their contributions to various fields.
• Transitioning from being an employee to becoming an entrepreneur can be both exciting and challenging, requiring a shift in mindset and a willingness to take risks.
• Budgeting is crucial for entrepreneurs, as income can fluctuate, and it's important to prioritize business investments and personal financial stability.
• Seeking support from mentors, coaches, and experienced individuals can provide valuable guidance and help navigate the entrepreneurial journey.
• Recognizing and celebrating achievements, such as winning awards, can be a source of motivation and inspiration for entrepreneurs.

#businessofbusiness
#twodaughters
#thedad
#entrepreneur
#thedempseys
#businesspodcast
#nuggetalert

Email us at: TwoDaughtersAndTheirDad@gmail.com

Please download our Best of Nuggets eBook here.

Like and follow us on Facebook

Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.