Business Lingo 101
Everything you need to know to understand business terminology.
Prospectus • A fancy document filed with the SEC to outline the financial viability of a business. Don't worry about this right now.
Budget • The money plan! If you aren't planning for how money will be spent, you won't have any left. You can't just expense that lunch. Know exactly where you're short, where you're over, and where it's just right. Check out the Basic Business Budget here.
Quarterly Taxes • If you're a freelancer, the government doesn't trust you to save enough money to pay them. So they collect it quarterly. Unless you have been a certified accountant - you need to hire one to help you plan for this.
P&L • This is an overview of your profit and loss for the business. It goes hand in hand with the budget, but it's also how you can tell how the budget will affect your bottom line.
Trello • An amazing tool for organizing thoughts, projects, and ideas in a collaborative way. I'll let them explain themselves.
Sales • To be successful, you don't "make" sales. You market trust and pair services with needs. Sales should be 100% about the customer and never about you.
Start With Why • Before you can bring anything to market - you need to know your Why. Watch this video, it'll all make sense.
Campaigns • This a set amount of time in which you run an initiative. Campaigns have a goal, budget, medium, and an ideal result. Example: We want folks to sign up for our webinar, we're going to spend $50 on Facebook Ads, and the result should be an additional 5 participants. Oftentimes these are managed through a platform like Ontraport.
Funnels • This is the path that a person takes to go from curious interest to "take my money!". Less and less folks stay interested as the funnel goes down, but at the end you will have clients/customers/buyers.
Qualified Lead • This is someone who is ready to buy from you. This doesn't guarantee a sale, but it does mean they're open to hearing from you and you have a way to reach them. (Email, phone, etc)
CPL • This is the Cost Per Lead. The dollar amount you pay for someone to be a qualified lead. Example: If you run an ad campaign for $10, reach 1000 people, 50 people click the link, but only 2 people submit their emails your CPL is $5.
CPC • Cost Per Click. These folks aren't necessarily qualified leads, but they did click your content. In the above scenario your CPC is 20¢.
DPI/PPI • These are terms for resolution. The higher the resolution, the larger the photo or product can be. The explanation would take a while, but most printed materials need to be 300dpi (Dots per inch) and most digital materials need to be 72ppi. (Pixels per inch)
Branding • This is your appearance to the world. It is a broad term that addresses your vibe, voice, character, promises, reputation, and potential. It should not be taken lightly, and it should be preserved at all costs. Without your brand you're just another thing floating around the sun.
MVP • Minimum Viable Product. This is the basic service or product that you will be monetizing. If this sells then you can begin to build more, bigger, then better. It's the essential element in the chemistry experiment of starting a business.
A/B Testing • No idea is ever perfect on the first try. Therefore we test one thing and another that's slightly different at the same time. Then we take that data and revise. This is taken from the optometrist. Do you like A or B? How about now? For example: Do people relate more with "Live your best life" or "Experience your dream life"?
Photoshop • The top tier design software that is more powerful than anyone knows. People get degrees in Photoshop. Oftentimes you can get similar results with much less effort by using tools like Canva.
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Remember, I’m just a human like you. I don’t promise results, but I promise to care. This form is also meant to focus on business challenges. For everything else, I recommend asking Jeeves or Dear Abbey.
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