In this week’s episode of *Earn Your Leisure*, we sit down with entrepreneur David Shands to break down the journey from a 9-to-5 employee to a 6-figure entrepreneur. David shares insights on what it takes to make six figures, defining it as earning between $100,000 and $999,000 annually and examining the difference between gross income and net income.
We dive into the essentials of launching a successful business, covering **Product, Price, and Promotion**:
**Product**: Whether you’re offering a tangible product or a service, it should be easy to produce, deliver, and pay for. More importantly, it must solve a real problem for customers, going beyond just being a good idea.
**Price**: Set a price that provides at least three times the perceived value. Through effective storytelling, position your price at a level that feels comfortable for you, and consider recurring revenue models to reach your income goals.
**Promotion**: Gain visibility through hustle or leverage. From social media strategies to email and text marketing, discover ways to expand your reach and share your offerings with a larger audience.
Don’t miss this comprehensive guide on how to escape the 9-to-5 and start building a business that brings financial freedom!
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0:00 Intro
5:21 David’s Story
9:37 How Much Money Do You Want to Make?
15:53 Learning Skills at your 9-5
17:39 What it Takes to Earn $100,000 / Year
30:53 Diving Into the 3 P’s
40:24 How to Know When it’s Time To Go All In
43:33 Analyzing the Restaurant Business
57:31 Knowing How Much to Charge
1:20:41 How to Promote Your Business
1:36:04 Importance of Client Retention
1:39:55 Why You Need to Just Start
1:45:32 Outro
