There’s a simple saying that goes a little something like this, “If your business isn’t making a profit, it isn’t a business, its an expensive hobby.”
Too many entrepreneurs are in this position at this very moment. They have created an expensive hobby and they desperately trying to convince others that its worth a try to invest, that it’s worth a try.
They are spending time, money, and lots of energy on all the wrong things while waiting for all the right things to simply fall into place.
To get from zero to profit takes strategy, time, focus, and deep level of commitment. While nothing happens overnight, however when you align your actions and revenue to a desired outcome it won’t take very long before you are seeing real results.
Here are 3 of the most common reasons you are not making money in your business and how you can change all of that.
- You don’t have a unique perspective – You have a book, a coaching business, a makeup line, a boutique, a dog walking service and the list goes on and on. So do thousands of other businesses who are doing exactly what you do. The problem isn’t what you are doing, its how, why, and what value you provide. In order to be desired in the marketplace you have to offer unique solutions to your customer base. Solutions go far beyond the mediocre by line “I just want to help people” and digs into a place where they not only want you, they need you. Think about all the products or services you can’t simply can’t live without. What makes them unique, how are they different from their competitors, how do they provide you with uncompromising value that keeps you returning over and over again? Do your customers see you in that way? If not, why? Find your edge and allow it to be the cornerstone of your business to truly set you apart.
2. You don’t spend enough time on marketing and sales – When you are in the startup phase of your business nothing and I mean nothing is more important than marketing and sales. This really never changes but is especially true in the beginning. No one can buy from you if they don’t know who you are and they won’t know if you don’t tell them. The one who screams the loudest wins, its really that simple. I often hear people say the marketplace is saturated, there is all this noise, people are inundated with information. While portions of that may be true that never stops Apple from sending me emails, running commercials, and having signs on every corner. The truth is even with the right message and audience you will have to knock several times before the door opens. You can’t build a successful business on hope and miracles. You have to get in front of people, perfect your pitch and push through some rejection. The beautiful thing about today’s market is getting in front of your ideal customer is easier than ever. With social media advertising and the ability to market online you have opportunity to play with the big boys, maybe not with the same budget but you can be GREAT on your level!!! Come out of the corners with your biz and start telling people about the greatness, value, and purpose your company possess. I promise it will begin to pay off for you BIG TIME!!!
3. You don’t have a Central Focus – Too many entrepreneurs today are completely unfocused! They bought into the seven different streams of income ideology but they aren’t making money doing one. Listen, you can be good at other things but FIRST it requires you to be GREAT at one thing. Your inability to focus has cost you valuable time, resources, and is a huge energy drain. When you focus your efforts on what works in your business it will yield a greater degree of growth. It will also give you immense clarity about what’s not working and how to best use your time. Spending more time on revenue generating strategies will up-level your business immediately. When you focus all of our efforts in one place and at one time you have no choice but to improve. I liken this to an athlete who is apart of a team sport. Rather than focusing on their weaknesses they focus on and improve their strengths in turn expanding the strength of the team. They play their role best and give others the opportunity to do the same. This is the model you need to use in your business. When you focus on your strengths, you can begin to easily outsource your weaknesses increasing your substance and enriching your impact. There is a time to broaden your wealth accumulation by having different streams of income but first you must build a foundation of revenue. When you skip the foundation the entire system begins to fall apart. Focus on your strengths, hire your weaknesses, and watch your efforts multiply.
Profiting in your business doesn’t have to be hard but it does have to be strategic. Focus on what works, forget the rest and watch your business go from surviving to thriving.