Weekly show where my featured guests and I explore the financial and business challenges women face on the entrepreneurial journey to success. You'll hear them talk about the money side of their businesses in ways you've always wanted to know about, but wouldn't dare ask. They openly share their disappointments, failures, successes, and everything in-between as they grew sales ranging from 6 to 9 figures. Knowing where your business stands financially helps you make critical decisions with confidence. It's simply the best way to be sure you grow a business that fuels the life you want to live.
https://www.christinasjahli.com/
episode 33: The Foundation of Growth, Bring in Sales and Make Money - The Journey of Sue Monhait (Financial Vision)
Sue Monhait is the CEO of Gift Biz Unwrapped and The Ribbon Printing and host of the Gift Biz Unwrapped Podcast.
She has been working in the retail and online spaces for over 25 years. After 15 years in corporate sales/marketing to both boutique shops and larger brands, she went on to open two profitable businesses of her own.
Today she owns The Ribbon Print Company, a gold-standard business offering custom ribbon printing systems so businesses can provide product personalization right in their store or craft studio. Sue has been identified as an industry leader and trendsetter. She has created her own proprietary software program, Design and Print™, and a specialty brand of ribbon, Pretty Print™ Ribbon, that is sold exclusively through The Ribbon Print Company. Other industry firsts are an online training program supporting customers worldwide as well as a membership Design Vault – again focused on the needs of their customer base.
Recently, Sue identified the need within the gifting, baking, crafting, and designing spaces, for a leader to help entrepreneurs set up their businesses to become profitable and sustainable entities. Pulling from her vast experience, she has started coaching and speaking to guide entrepreneurs who have a hobby or creative passion that they want to turn into a business. She also works with existing business owners who have gotten stuck or are looking for that one thing that’s needed for them to gain traction and move ahead.
As host of the Gift Biz Unwrapped Podcast, she provides free content weekly to assist those searching for answers on how to start and grow their business.
In this episode, Sue shared:
➤ Research, planning and planting the seed (4:17)
➤ The growth of your business depends on your strategy on how to allocate the $$ that you have (10:56)
➤ Profitable from the very first gift basket sold (16:38)
➤ Position yourself to be able to be lucky (18:10)
➤ Built her unique like no other second business with a vision of going global (22:40)
➤ Focus on what she could afford financially without any external funds (25:26)
➤ Held back on multimillion $ revenue opportunities, instead, she chose to have a higher profit margin with lower revenue (35:27)
➤ Building her third business using the same financial concept with the 2 other businesses (42:38)
➤ Why it is important not to commingle financial information between businesses (43:18)
➤ How she manages her 6 figures inventory (49:37)
➤ The juggling acts of managing her cashflow (51:36)
➤ Why Sue started her online course “Makers MBA” (54:33)
➤ Sue’s advice in building a profitable product business (1:02:48)
Connect with Sue:
➤ Website
➤ The Gift Biz Unwrapped Podcast
➤ Free resource: 10 ways on how to make more sales