So many of my clients think that their number one problem in business is that they aren’t turning a profit. I totally get that. You need money to fund your operations, grow, hire good people, fire bad people, purchase inventory, and maintain equipment. Having good cash flow is necessary to your long-term success and sustainability but what if you’re not making any sales? What if you have no clue how to make any significant money to turn a profit?
You can absolutely make money and succeed in entrepreneurship as long as you have the 4 P’s of Profitin place. I discuss this topic in great detail in my training programs for aspiring entrepreneurs and small business owners; however, here is a brief overview to get you started.
Maximize Your Profit Potential with the 4 P’s of Profit
Passion – This is “what” you do. Missing the mark on this is the number one reason why small business owners and aspiring entrepreneurs fail to turn a profit. You think you can startup a get-rich quick company because you see the glitz and the glam of a potentially wealthy lifestyle rather than actually being passionate about the products and services you offer. You have to have passion to start any business, even those that are considered multi-level marketing. The bottom line is entrepreneurship is difficult and especially in the very beginning while you’re building your business. There is no magic bullet that will make you rich quick but there are proven steps that you can implement to help you succeed in business faster. Make sure that whatever venture you are embarking on is driven by your passion for the products and services you offer or no amount of education, wishing nor hoping will help you succeed.
Purpose – You have to have a why, whether this is a personal mission or a business mission. Your passion is the “what” you do but your purpose is the “why” you do it. What do you hope to accomplish as a result of your hard work. What is the end game? What is your vision? What impact do you want to have? Starting a business without a clear purpose in mind, even an already set-up business such as multi-level marketing, will leave you drowning in mindless activity. It’s like getting in a car without knowing where you want to go. If you don’t have a clue where you’re going, how can you plan for gas, driving time, budget needed, rest stops, etc.? You will succeed in turning a profit if you have a purpose (end goal) to focus you.
People – These are your customers who not only buy your products and services but also clue you in on their needs and interests so you can serve them better. You cannot succeed in entrepreneurship without a solid team around you. This also includes those who will support you and your business. This is everyone including your partners, vendors, immediate family and best friends (who by the way are not always your customers), business consultants and coaches like myself, accountants, attorneys and other service providers.
Processes – These are the tried and true, proven best practices, automated tools and duplicable activities that you strategically and intentionally implement to build and sustain your business. The more efficient your operations, the easier and faster you will generate a profit. I also sometimes refer to this P as “Productivity” because with adequate processes in place, you will be more productive.
Incorporate the 4 P’s of Profit into your marketing plan and you absolutely will be successful in turning a profit. For additional support on how to succeed in maximizing your profit potential, request a free Business Breakthrough Strategy Session. During the session, you will gain more clarity, identify goals, uncover hidden challenges, and leave feeling confident in your next steps.
Have you found success in network marketing? If so, tell us how you did it in the comments below and, if you found this post helpful, please share it to your networks.
Do you have an entrepreneurial mindset? Entrepreneurs are some of the coolest people on the planet. Entrepreneurship, on the other hand, can be a difficult journey. It takes a certain type of person to become a successful entrepreneur.
After over 20 years of partnering with small business owners and aspiring entrepreneurs, we have observed many of the common traits shared by the entrepreneurial mindsets of the clients we serve. We have outlined the top ten traits of the entrepreneurial mindset below for you to determine if you have what it takes to become a successful entrepreneur.
10 Traits of the Entrepreneurial Mindset
Unique – Entrepreneurs have a different perspective of looking at the world around them. They tend to march to the beat of their own drummer. For this reason, many entrepreneurs may feel alone and like most people don’t get them. Successful entrepreneurs make sure they seek out like-minded individuals who will celebrate their uniqueness.
Creative – Entrepreneurs are highly imaginative and often get inspired by even the most minute things. Often, entrepreneurial pursuits are an artistic expression of the ideas flooding one’s thoughts. Entrepreneurship serves as a creative outlet for these overflowing thoughts.
Innovative – Due to their massive creativity, entrepreneurs are responsible for many of the ground-breaking concepts that have emerged throughout time. They are pioneers of their craft often discovering new ways to tackle everyday problems.
Bold – Entrepreneurs are some of the bravest people you will ever encounter. Their courageousness emboldens them to face challenges head on despite the negative noise of naysayers.
Visionary – Entrepreneurs are big-picture thinkers. They can see beyond what’s readily visible by most people. Entrepreneurs dream constantly, day and night. If you have an entrepreneurial mindset, you may be regularly accused of always having your head in the clouds.
Curious – Entrepreneurs possess a natural interest in everything around them. They question societal norms and the traditional way of doing things. This curiosity often leads to a new understanding of complex concepts, patterns and much more.
Flexible – The most successful entrepreneurs understand that they have to be willing to change at a moment’s notice. The world is constantly evolving all around us, especially in terms of technological advances. Entrepreneurs must be willing to adapt to sudden shifts in their industry, political climate or even in themselves as they learn and grow as a business owner.
Resilient – Entrepreneurs must be able to bounce back from failures quickly. Fail fast and often is a reoccurring them in the successful entrepreneurial mindset. Successful entrepreneurs not only face obstacles head-on, but overcome them through perseverance.
Servant Leader – The number one reason most businesses are started is because an entrepreneur had a vision to serve or help others to address a particular problem or concern. Successful entrepreneurs are natural leaders who inspire and motivate through their service.
Coachable – The most successful entrepreneurs don’t waste time trying to reinvent the wheel. They recruit partners, consultants and coaches who can help them become better decision-makers and direct their time on mission-critical, income-producing activities. These entrepreneurs understand how important it is to be open to different perspectives, best practices and industry trends to sustain and grow their businesses.
Do you have what it takes to become a successful entrepreneur? Tell us in the comments below if you agree with these top ten traits of the entrepreneurial mindset or if there are other characteristics that should be included. Should you have found value in this post, please do share it with your networks to help others learn if they have an entrepreneurial mindset too.
By now, I’m sure you’ve heard it before. Content is king! You absolutely have to have quality content, not only to attract and engage your dream customers, but also to perform higher in search engine results for your targeted keywords and phrases. This content can be blogs, social media posts, articles, video or even books and eBooks.
Let’s face the facts – most aspiring entrepreneurs and small business owners have very little time nor energy to create quality content on a consistent basis. How then do you create a content schedule that will allow you to take advantage of content creation without spending a whole lot of time trying to create content? No worries! We’re revealing our top 3 dirty little secrets for fast content creation.
Our Dirty Little Secrets for Fast Content Creation
Reuse content. This is the golden rule of fast content creation. You don’t have to reinvent the wheel every time. Take something you have already created and put a different spin on it. You do the real work one time, then transform that one piece of content into multiple different new pieces. At Building Bridges Consulting, we do this all the time! We write a Facebook post that gets high levels of interest and engagement. Then that Facebook post gets expounded on and becomes a blog post. That blog post might garner additional interest from other websites who will request that this same blog post be revised and published on their own sites for their audiences. If you ever attend any of our live training and networking events, you may hear our CEO, Coach Niquenya speak about the same content. One time creation, multiple formats and delivery methods!
Use PLR. PLR stands for Private Label Rights. This method allows for super fast content creation because you don’t even have to come up with any of the material on your own. PLR refers to articles, eBooks and even full-length books that have already been researched and written by authors who are willing to share this content through special licensing with publishers who can then call the works their own. Although the content is written for you, a best practice is to make sure that the PLR comes from a reputable sources and is truthful in its research and conclusions. You should also put your own special spin on the material and revise it to read like your voice. Using PLR is a great way to develop a quick lead generator for your mailing list!
Outsource. If you really don’t have time to create your own content, why not have someone else write it for you? Hire guest bloggers, ghost writers and other freelancers who specialize in fast content creation. Seek out content creators who are reputable, easy to work with and who are experts in the topics relevant to your niche and target market. You can utilize websites such as Fiverr and Upwork to find freelancers willing to write on your behalf. Outsourcing is something we stress as a must-do to our JumpStart members who are seeking to build their businesses to profitability as fast as possible.
Easy, right? You can become a master of super fast content creation when you incorporate one or more of the above strategies. Just remember above all else that your content should always be relevant, quality and engaging to your target market and niche.
Have you used any of these strategies to create quality content quickly? Do you have any other fast content creation methods that you would like to share? Please tell us in the comments below and if you found this post valuable, please do post it to your networks.
Aspiring entrepreneurs often ask our consulting firm how to make the best use of their startup investment. During the startup phase while budgets are tight and there are many unknowns, your best use of available funding will always be wherever you will receive the highest return on your investment (ROI). You have to ask yourself which strategy(ies) will yield the most bang for your buck and lead you to generating revenue the fastest.
I recommend completing a comprehensive cost-benefit analysis before you spend a dime of your startup investment. A cost-benefit analysis is a systematic, quantitative approach that helps you to weigh the pros and cons (benefits vs. costs) of a particular transaction. In your case, I would create a chart with at least 3 columns.
How to Evaluate the Best Use of Your Startup Investment
The first column of each row will indicate the action being evaluated. You would list your options – website, SEO, packaging/branding
The second column lists the costs of the action as close to the actual dollar amount as is possible to achieve. Request quotes from vendors or perform a little research if you aren’t sure of exact costs. Make sure to consider resources available for successful implementation of the intended action as there are costs associated with this as well.
The third column should identify the expected results or outcomes (the benefits) of implementing the action. Again, it is important to be as concise and specific here as possible. Focus on how much revenue will be generated (or even costs reduced if that’s a factor) as a result of taking this action. Create a sum total of all benefits associated with any action taken.
Now, review your completed chart and determine which solution will be a) cost the least to implement yet b) generate the most benefits in terms of revenue earned. Since every business model is a little different, without knowing more about your specific situation, performing a comprehensive cost-benefit analysis is my best recommendation to determine the best use of any startup investment. If you want additional assistance with this process, I highly recommend requesting an Emergency Biz Boom Session via Skype to really tackle this decision head-on.
How did you decide how to make the best use of your startup investment? Did you have a plan? Let us know in the comments below and if you found value in this post, please share it with your networks.
Many bloggers struggle with how they can find time to blog. This is because bloggers are often juggling full-time jobs, kids and other priorities that make it difficult to add blogging to the top of their priority list. Having raised two children of my own, both with special needs, as a full-time student with a full-time job, I totally get it!
My small business clients, especially those participating in my JumpStart program, understand how important it is to blog in order to showcase your expertise, build a relationship with your dream customers and to positively impact SEO. Still, they ask me time and again how it is possible to fit creating quality, engaging content into their already packed schedules. In order to find time to blog, let’s take it back to the basics.
5 Ways to Find Time to Blog
First, set boundaries between time you work and time you blog and time for personalstuff. Say “no” to things that don’t fall under the category scheduled during the time you’ve set aside for them. Schedule the time accordingly using technology like Google Calendar alerts or even your smartphone alarm.
Second, determine how much time is required to realistically research, write and publish each post. It used to take me hours but now it takes me only a half hour to publish a solid post. How? I reuse content! I also don’t worry about making mistakes along the way because I can always go back and correct them later, even AFTER the post has been published.
Third, set a goal for how often you realistically need/want to post to stay engaged with your audience. At a minimum, you most likely will want to post at least once a week to keep fresh content on your site to feed the search engines as well as interest among your readers.
Fourth, take advantage of scheduled posts features if you have time to write multiple posts in one sitting. For instance, say I want to post once each week but I find myself engrossed in a topic and whip out 3 posts in one sitting. I schedule those 3 to publish each in its own week but maintain my original schedule so I’m actually ahead. Also, using PLR as a starting point can reduce writing time, just be sure to communicate and tweak in your own voice suitable to your audience.
Lastly, hire a coach who can help hold you accountable to your writing goals. Sometimes we just can’t do it alone. Until you have the discipline in place, it is beneficial to have an impartial, nonjudgmental person help rear you in and identify any time wasters. You would be surprised at home much time you’re probably allowing to get away.
That’s all you have to do to find time to blog. Do you have any other helpful tips you want to add? Drop them in the comments below and if you found value in this post, please share with your networks.
Many of my clients get their first taste of business ownership in multi-level marketing companies. Unfortunately, this type of business model often gets a bad rap because so many aspiring entrepreneurs have absolutely no idea how to succeed in multi-level marketing and fail miserably. You can absolutely succeed in a multi-level marketing (MLM) business and do so pretty quickly as long as you have the 4 P’s of Profitin place, which I often discuss in my training programs for aspiring entrepreneurs and small business owners.
Succeed in Multi-Level Marketing with the 4 P’s of Profit
Passion – This is the number one reason why multi-level marketers fail. You sign up because you see the glitz and the glam of the promised wealthy lifestyle rather than actually being passionate about the products and services you offer. You have to have passion to start any business, multi-level marketing included. The bottom line is entrepreneurship is difficult and especially in the very beginning while you’re building your business. There is no magic bullet that will make you rich quick but there are proven steps that you can implement to help you succeed in multi-level marketing faster. Make sure that whatever venture you are embarking on is driven by your passion for the products and services you offer or no amount of education nor processes will help you succeed.
Purpose – You have to have a why, whether this is a personal mission or a business mission. Your passion is the what you do but your purpose is the why you do it. What do you hope to accomplish as a result of your hard work. What is the end game? What is your vision? What impact do you want to have? Starting a business without a clear purpose in mind, even an already set-up business such as multi-level marketing, will leave you drowning in mindless activity. It’s like getting in a car without knowing where you want to go. If you don’t have a clue where you’re going, how can you plan for gas, driving time, budget needed, rest stops, etc.? You will succeed in multi-level marketing if you have a purpose to focus you.
Partners – These are the people who will support you and your business. This is everyone including your upline, downline, immediate family and best friends (who by the way are not always your customers), business consultants and coaches like myself, accountants, attorneys and other service providers. This also includes your customers who not only buy your products and services but also clue you in on their needs and interests so you can serve them better. You cannot succeed in multi-level marketing without a solid team around you.
Processes – These are the tried and true, proven best practices, automated tools and duplicable activities that you strategically and intentionally implement to build and sustain your business. The more efficient your operations, the easier and faster you will earn money. I also sometimes refer to this P as “Productivity” because with adequate processes in place, you will be more productive.
Incorporate the 4 P’s of Profit into your marketing plan and you absolutely will be successful in multi-level marketing. For more information about how to succeed in multi-level marketing businesses, check out my book, Why YOU SUCK at Network Marketing. You will find out how to avoid many of the pitfalls most multi-level marketers make that keep them broke and broken.
Have you found success in network marketing? If so, tell us how you did it in the comments below and, if you found this post helpful, please share it to your networks.
Small business owners and aspiring entrepreneurs have it pretty easy in today’s global economy. The internet allows a level playing for entrepreneurs to easily connect to potential customers through multiple channels. Webinars provide one of the highest returns on investment for business owners who want to expand your brand. There are many different types of web conferencing software to choose from; however, this post provides a quick overview of three of the best webinar platforms for entrepreneurs.
First, let’s get a basic understanding of what we’re dealing with. Webinars are a type of class that is delivered online through web conferencing software. The software allows attendees to participate from anywhere in the world by logging into a specific webinar platform. Users can then hear, see and interact with the webinar host and other webinar participants.
Although there are many webinar platforms to choose from, they are definitely not all created equal. Webinar platforms for entrepreneurs vary by maximum number of attendees allowed, ability to brand or co-brand, ability to save and record sessions and, of course, cost. Bootstrapping business owners on a budget can save money and still take advantage of some of the best available features with these easy-to-use webinar platforms for entrepreneurs.
3 Webinar Platforms for Entrepreneurs
Bigmarkerboasts itself as being one of the world’s largest webinar networks. The platforms is fairly simple to use and they have several live and recorded webinar trainings to help you master its robust technology. You can host any type of webinar, class, presentation, live streaming or even a private session that you want. Unlike some platforms, you don’t have to waste space downloading the software to your hard drive and you have the option to monetize your events. There is a free trial and actual pricing is as low as $19 per month (billed annually) for up to 25 participants. Paid subscriptions allow you to record, store, download, and publish webinars on your channel, website, and YouTube
Freeconferencecallhas been around for years and is an industry leader in voice conferencing; however, the company has quite recently rolled out its own webinar platform for entrepreneurs. The service allows you to have completely free online meetings, save and record them for later playback, and easily collaborate with audio, screen sharing and video conferencing tools for up to 1,000 participants. One caveat; however, is that the phone conference lines are not always reliable so webinar participants using phone lines for audio may be disappointed. Businesses who want to custom brand their webinars and gain access to powerful analytics can request a quote to upgrade service.
Zoom Conferencingprovides a little bit more flexibility on its free program that allows for up to 50 participants and most of the bells and whistles that come with traditional webinar platforms for entrepreneurs. Paid programs offer a higher level of customization and additional methods to join into the webinars; however, much of what most entrepreneurs will want to do can easily be accomplished in the free version.
What webinar platforms for entrepreneurs are you using in your business? Do you have any experience working in any of these web conferencing solutions? Let us know in the comments below and if you found value in this post, please share it with your networks.