A woman who left her $500,000-a-year job to work for herself says too many entrepreneurs start off thinking about money all wrong
In 2013, Susie Moore left a sales job where she was
earning $500,000 a year at age 30 in order to start her own business after building up her company on the side to the point where she was earning up to $4,000 a month.
Now, she encourages others to pursue entrepreneurship through Side Hustle Academy.
Moore says one of the most common mistakes she sees among entrepreneurs who are just starting out is a skewed view of the role money will play in their success.
"Sometimes where there's a challenge is there's a misunderstanding of sales versus profit," Moore said in a Facebook Live interview with Business Insider. "You need to have profit clarity in terms of what it is that you're doing, including your time. That's an investment. Even if you're not investing in physical products that you're selling, your time itself is a valuable commodity. It's very important to understand what your product clarity is, how you're going to be making money, and then have an idea of how that is going to scale and be possible for you to continue with it and grow over time."
Often, Moore said, people will start making sales "but they charge too low, they kind of start cheap because they don't feel confident, and then they stay there. And then the side hustle gets tiring, because it really does take your energy, it takes your creativity, and when you don't get the financial support, you just don't feel supported. Then, you're not really in a position to want to continue."
She says that she sees this pattern among many of the women she works with in particular. "We have a lot of problems receiving and challenges receiving and commanding what it is that we're worth," she said. "So it's very important to have an understanding of the type of money you would like to make, especially over time as your business evolves, and to be ok to receive it, and to keep growing it."
And what about figuring out how much you should be charging? Here's Moore:
"It really comes down to the research. Google is everything. You have a personal assistant at your disposal constantly. Whatever you want to do — let's say you want to cook healthy meals in San Francisco — there are already people doing that. So look it up! Understand at least 3-5 people in your space, how they're doing it, how they're packaging it, what you like about it, how you'll add your unique flair, and really just ascertain what's going to work for you based on your resources, your time, your means, and then just pull the trigger.