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 Profit in 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.
February is the month of love. It is a time when relationships are highlighted and connections are celebrated. It is a time when great emphasis is placed on self-care and emotional well-being. Is all this love manifesting in your business? If not, it’s time to learn how to make love to your business.
How to Make Love to Your Business
- Revisit your mission and vision. When you first start up your business, most business owners spend a little time hashing out a solid mission and vision statement. Unfortunately, as you begin working in your business, the original business plan (or battered napkin) is usually where those statements are left unless required to input on some random application form. Time to dust off those statements to determine if they’re still meaningful. Your mission and vision should relay the passion and purpose of your business. You should be able to easily commit them to memory and rattle them off to any and everybody who will listen. These statements should convey some emotion that readily identifies and attracts your target market. If this isn’t happening, either you’re in the wrong business or it’s time to rework your message.
- Review your technology. Is your website still working or does it need a little maintenance? Does your Facebook fan page need a face lift? Are you taking advantage of the newest advertising features on Twitter? Does your sales funnel need some tweaking and automation? Look at what you’re doing and how you’re doing it. Can anything be done more efficiently? Upgrade software to be more productive and redesign your online image with a fresher look.
- Reconnect with your customers. In business, your existing customers are often the source of your most revenue. It is so much easier to sell to someone who has already purchased in the past. When was the last time you reached out to current and past customers to provide them with something useful or fresh? Have you offered any incentives or loyalty programs for being valued customers? Do you have a referral mechanism to reward customers who send you new business? Have you asked a former client out for coffee? Take time to strengthen relationships with your existing customers and watch your profits grow.
A little TLC, Tender Loving Care, goes a long way. Spend some effort reviving your business this month, and every month. Any time is a great time to show your business some love. When you make love to your business, it reflects back that love tenfold with an increased return on investment (ROI). That’s more money in your pockets!
How are you making love to your business this month? Please let us know in the comments below. If you found this post helpful, please do share it with your networks.
One of the best ways to prove you are an authority is to write a book. You’re immediately seen as a go-to person in your industry. Your name or your company’s name will gain exposure. You will gain more visibility for your brand among your target customers. Writing a book differentiates you from competitors and adds an additional income stream. It also allows you to create a legacy for your family and, of course, to get more clients.
A book can become your business card. You can leave it behind with prospects who will never throw it away unlike other forms of marketing collateral. Whether you sell products or services this rings true. If you write a book, you will always be prepared to communicate your value. You can reuse the material over and over again too. Turn a book into a blog post, article, speech or even another product format like a video (DVD), audio (podcast or CD), training program, etc. The possibilities are endless.
Writing a book has so many amazing benefits and, yet, too many small business owners and aspiring entrepreneurs fail to utilize this powerful marketing medium. You don’t write because you think it’s too hard, takes too much time, or that you’re not good enough. Writing doesn’t have to be difficult and you don’t have to be a celebrity to achieve success. The hardest part is just to start.
You can write a book that helps support your business mission and vision using a very simple process. It is the same process that I used to put together my book, Why YOU SUCK at Network Marketing. It is the same process that I am using for my next title, LIE Your Way to the Top as well. You truly can follow this process and write a book in as little as thirty days.
7 Simple Steps to Write a Book
- Identify a big problem. Think about your target customer. Ideally, the problem you identify should be something that your products or services will solve. The big problem you define may become the title of your book. It should speak to either decreasing a pain or increasing a pleasure strongly desired by your dream customer. For example, if your target market is “young adults” and you sell motor oil, a problem you identify may be “how to maintain a vehicle on a shoestring budget.” Budgeting is definitely a big problem for many young adults. Not only is this a problem but your solution, motor oil, absolutely helps provide a relevant solution as proper vehicle maintenance does save time and money in the long run.
- Aggravate the problem in the mind of your reader. A good transformational book takes the reader on a journey. It uses what I refer to as the “dip theory” in which you take the reader through a series of emotional highs and lows to get them to buy into your theories, concepts, and solutions. You are shifting the way they think by pulling at their mind and heart. This step requires you to escalate the problem by showing your readers that the problem is even worse than they originally thought. Focus on how the big problem is affecting the reader’s life. What is it costing them in terms of time, money, and resources? How much more could they stand to lose if they don’t change things now?
- Tell a relevant story that highlights how you dealt with the problem. Personal stories are great at demonstrating value. The story you tell should reflect on a real life experience that either you, or someone close to you (even one of your customers), has dealt with then overcame the problem at hand. The story should explain, in good detail, what happened, why you think it happened, how you felt and were affected by it happening, and the eventual outcome of the ordeal. Use descriptive language to guide your reader on the journey with you.
- Identify the solution, or specific steps, you took to solve the problem. The next step requires you to fully explain how you overcame the problem. This is the wrap-up of the story you began in Step 3 above. Provide your reader with a step-by-step guide to solve the problem. Your product or service should be part of this solution.
- Explain your transformation, or how life changed, as a result of applying the solution. What was different in your life? What were you able to do that you couldn’t do before? Did you save time, money, resources? Did you achieve an increase in pleasure or a decrease in pain? Again, be as descriptive as possible.
- Demonstrate the value, or benefits, your readers will achieve by applying the solution too. This is all about good feelings. You want to show you readers that they too can achieve these outcomes. Just as you aggravated the problem in Step 2, you now want to move your reader into the opposite direction by escalating the emotional high of what would happen if the problem was solved. You can ask the reader to “imagine” a world where the problem was solved and take them on a journey showing how they would be different.
- End with a strong call-to-action by providing your readers with a next-step action plan. No transformational book would be complete without giving your readers something to do. When you write a book to support your business, the call-to-action should require the reader to connect with you somehow. This could be by joining a mailing list, contacting you for a free consultation, or buying a product or program. It can also help to give the reader at least one helpful to-do that is immediately implementable without your assistance. This could look like a worksheet, a template, or even asking them to brainstorm a few goals around the problem area. The options are limitless.
Writing a book doesn’t have to be hard at all. You can follow this process and have your book done within as little as 30 days! The sooner you write a book, the sooner your business can reap the benefits. Want to write a book to catapult your business success? Apply for a FREE Business Breakthrough Strategy Session to get going today! If you happen to be in the Chicagoland area, consider joining me for my next Get Your Book Done Workshop.
Have you written a book? What process did you use? I would love to hear your thoughts so please comment below. If you found value in this post, please consider sharing with your networks.
Coaching can be a very rewarding and profitable enterprise; however, many would-be successful coaches make one or more massive mistakes during the free introductory coaching call that prevent them from ever earning a livable wage. There are 5 serious missteps the average coach makes. I felt it was important to highlight these mistakes coaches make here so you can acknowledge them and make the necessary shift in your process.
Top 5 Mistakes Coaches Make
- Fail to pre-qualify prospects. You can’t serve anybody and everybody. As a coach, the most important step to build your business is to carve out your target audience. You must define a niche in order to achieve clarity and focus in your marketing communications. Once your niche is identified, you can use this information to assess prospects. Create a form or survey to match prospects to the attributes that make up your target market. Make sure that one of these attributes is related to income or ability to pay your prices.
- Fail to demonstrate value. More often than not, coaches fail to get out of industry speak to remember why they sought to become coaches in the first place. Your clients have needs and interests. It is your job, as the coach, to tap into and leverage these needs and interests to help them to move closer to their goals. Using coaching buzzwords and phrases like “create balance” and “remove roadblocks” do nothing to show prospects the benefits of coaching. These are features of the coaching process. You must connect your client’s needs to the benefits of the coaching process in order to get paid what you’re worth.
- You give away the farm. Equally as detrimental as showing too little value is giving away too much value for free. A surefire way to decrease the value of your offering is to charge little or nothing for it. Many newbie and seasoned coaches alike make the mistake of trying to compete in the marketplace with low fees. This effectively reduces the value of the coaching industry as a whole and leaves you stuck unsure how to raise prices without losing clients once you realize the mistake. The free introductory session, when conducted properly, demonstrates the value of the coaching process without giving away the farm. Your client shouldn’t feel that they received so much value during the free session that they no longer need coaching because their problems have been solved. The free session should only be a “taste” of the process.
- You try to sell. Selling is the number one mistake coaches make that prevents them from making any money. Nobody wants to be sold to. Instead, you should be sharing solutions once you have made the connections between prospective clients’ needs and the benefits you have to offer. People don’t buy coaching. They buy solutions. The top salespeople understand how to apply consultative skills to the sales process to offer solutions to problems. I discuss this topic thoroughly in my eBook, Why YOU SUCK at Network Marketing. All business owners, including coaches, are network marketers. This means the focus of your marketing communications should be on building relationships, not selling.
- You don’t ask for a commitment. This is the part that trips many coaches up during the free coaching session. You might have done a tremendous job of demonstrating value and establishing how well coaching will fit within your prospective client’s overarching personal and professional development plan yet you have absolutely no clue how to close the deal. You have to ask for the commitment to the coaching process in an authentic but firm way. How do you transition smoothly from the free coaching process into asking for the sale without selling? A thorough explanation of how to do exactly this is covered in this training.
You have to have paying clients in order to sustain and grow your coaching practice. Without a healthy caseload of paying clients, your coaching practice will be incapable of helping you to realize your own dreams of prosperity. For additional help, you’re invited to check out my Easily Capture & Convert Coaching Clients with FREE Intro Calls training program in which I will teach you how to avoid these 5 mistakes coaches make that lead to no or low-paying clients and how you can effectively turn it around to get paid what you’re worth. Click here to learn more about this home study program.