{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Charging What You\u2019re Worth with Liz Szporn","description":"Brian chats with Liz Szporn, an accomplished executive and entrepreneur and current Profit First Professionals Homebase Guide. Through her work with Profit First Professionals, Liz helps to eradicate entrepreneurial poverty by coaching members to build more profitable businesses for themselves and their clients. On the episode, Liz opens up about her successes and struggles with founding a professional development organization for educators. She also digs deep into some of the strategies and tactics she shares with her clients for building a successful, profitable business, including the magic of value pricing. Episode Highlights Mission-driven businesses make the world better. Mission-driven businesses make their slice of the world better in everything they do, according to Liz. At Profit First Professionals, that mission is to eradicate entrepreneurial poverty. \u201cOur decisions are based on this mission,\u201d Liz said. \u201cOur interactions are based on this mission. Our partnerships, opportunities, technology \u2026 is to make sure we\u2019re hitting that mission.\u201d The mission of Profit First Professionals hits home for Liz, who knows entrepreneurial poverty firsthand. She and a few friends started a business but all the money they made went right back into operations. Then, the business went under during the COVID-19 pandemic. Although the experience was difficult, it has made Liz a more empathetic coach. \u201cI read the book and immediately was like \u2018I get this,\u2019\u201d Liz said. \u201c\u2018I get this because I lived it.\u2019\u201d Mission-driven businesses require clarity. In the Profit First model, every dollar has a specific job, and a mission or vision provides clarity on how to assign those dollars. One of the tools Liz uses to get clarity is a profit assessment, which involves reviewing a profit and loss statement to clarify how much a business made last year and analyze how to best divvy up those dollars going forward. \u201cThis is where having a Brian Thompson to work with is so important because you provide clarity very early on,\u201d Liz said. \u201cWhether you\u2019re helping them get clarity of what they actually want out of their business, or what is actually happening in their business currently.\u201d Earn what you\u2019re worth with value pricing. Liz has yet to meet a client who charges what they\u2019re worth from the start. Value pricing is an alternative to hourly billing that helps entrepreneurs choose their fees. It takes into account what income they want to make, what they want to do, and which clients they want to serve. \u201cYou start to see based on your total revenue and clients how much your average client is paying you,\u201d Liz said. \u201cThen we start playing with numbers.\u201d Ultimately, value pricing allows business owners to set different levels of pricing so that they can focus on what they enjoy and what they\u2019re good at. It also provides validation that the entrepreneur is providing a valuable service. \u201cAs soon as you stop saying I have to do this for $12 an hour, it\u2019s so fun,\u201d Liz said.\u201d Resources + Links Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz Episode 6: Eradicating Entrepreneurial Poverty with Ron Saharyan Episode 7: Being Profit First with Mike Michalowicz Liz Szporn: Supporting the Entrepreneur's Journey Liz\u2019s Social Media: Twitter, LinkedIn Brian\u2019s Social Media: Twitter, Instagram, Facebook About Brian and the Mission Driven Business Podcast  Brian Thompson, JD\/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too. ","author_name":"Mission Driven Business","author_url":"https:\/\/btfinancial.com\/podcast","html":"