Launching Your Own Business? 9 Terms you Need to Know!

Launching Your Own Business? 9 Terms you Need to Know!


We love to see inspiring Muslim women doing their thing – and that includes being CEOs! Thinking of starting your own business can be overwhelming, but thankfully there’s lots of information available for free online for those who are industrious self-starters. There are some basic terms that every potential business owner should familiarize themselves with. Let’s review!

launching your own business

Liabilities Launching Your Own Business? 9 Terms you Need to Know!


Liabilities are debts your business owes. These must be defined as short-term or long-term. Short-term would be things like invoices you owe contractors; long-term would be things like a business loan.


Assets


This term references the things your business holds that are of value. Assets can be classified as current or fixed. Current, or short-term assets, would include inventory or the money in a bank account. Fixed or long-term assets include real estate or equipment.


KPI


KPI stands for “key performance indicator.” This measures how your business is performing over time, and it’s an important data point to keep track of if you want to be profitable.

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Revenue


Your revenue is your income from earnings. This can be calculated by subtracting your expenses (i.e., cost of goods or services) from the total sales.


Webinar


A webinar is an online seminar that provides your target audience with information. You can use a webinar to provide a free training or info about your product or service, and then tell your audience about paid goods/services and how they can benefit.


Launch


A launch is when you introduce a new product or service for sale. The purpose of launches is to generate revenue for your business.


Conversion Rate


The conversion rate would be the percentage of people who heeded your call to action, whether it’s attending your webinar or buying your products/services.
launching your own

Sales Funnel Launching Your Own Business


The sales funnel is the stages your customer will go through in order to get them across the finish line to buying. A sales funnel may look like: collecting email addresses, sending marketing emails, having a client sign up for a webinar, and then having them sign up or buy your product or service.


Network Launching Your Own Business


You may hear the term “network” a lot. Network can be a verb (the act of networking) or a noun (a group of like-minded people). Building a network can help you get to know others in your industry so that you can help each other out and build together.

There’s a lot to learn when you start your own business. You don’t have to know everything to get started. In fact – start before you’re ready, because if you wait for the perfect time to launch, you may be waiting forever and never get your business off the ground. There will always be something you can improve, but you shouldn’t delay starting your business because of that. Many successful business owners wish they would have started their businesses sooner. So get out there and go for it!

May your business be successful, and your manicure always on point! Be sure to shop our halal nail polish, makeup, and skincare offerings so you can look the part and show up in your business ready to slay and make sales! Do you have any advice for business owners? Drop a comment and let us know. Be sure to follow us on Instagram at @tuesdayinlove.

Launching Your Own Business? 9 Terms you Need to Know!

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