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.
If you are like most aspiring entrepreneurs, you often feel stressed and overwhelmed by the entire business start-up process. You have a great idea, a big dream, you want to see realized but it’s just taking so long to get there. You want to see your amazing vision come to life now, and right now, because everybody needs your products and services today as in yesterday.
The urgency you feel is not uncommon. In fact, these are the exact feelings most of our small business clients have experienced during the initial start-up phase of their own business development. Just like you, they wanted to know how to manage their time effectively to achieve quick start-up success.
After over 15 years’ of partnering with small business owners and aspiring entrepreneurs, we have observed 3 common traits that are shared by every one of our clients who has experienced quick start-up success.
Strategies for Quick Start-up Success
- Retrain. Aspiring entrepreneurs are usually pulled in many different directions. You often still have several responsibilities and obligations to meet outside of establishing your business start-up. Parents, friends, spouses, kids, and even your church rarely understand your new priorities. You will need to educate them that you no longer have the time and resources to be available as you may once have had. Quick start-up success requires you to retrain those around you to respect the time you now have to redirect to your business. You may need to have several hard conversations with loved ones to relay this message and you most likely will need to remind them often. The faster you can set boundaries, the faster you will realize start-up success.
- Recruit. One way to gain the respect and support you need from those around you is to include them in your plans. You will need all the help you can get. As a bootstrapping entrepreneur, you are probably doing a lot by yourself and have very little capital to hire help. Ask your loved ones to pitch in on business activities. Small kids can hand out flyers. Teens can file paperwork, do internet research, and make phone calls on your behalf. College students can assist with website development, marketing, and even operations. Spouses and friends can be put to work as your sales force. In order to remain competitive and prosper, you will need to hire help for your growing business as soon as possible. Recruiting from your pool of loved ones is surefire way to achieve quick start-up success.
- Recharge. As I said earlier, you are probably doing a lot on your own. You are being pulled in many different directions. You still have commitments and responsibilities outside of your start-up company and you probably have a lot of new, innovative, and amazing ideas running through your mind all the time. This level of activity takes a lot of stamina and can take down even the most gifted athletes among us. What you need is good old-fashioned rest and relaxation. Take the time to take a purposeful pause. A little bit of rest goes a long way. Rediscover the proverbial “me” time by doing something you love and enjoy for at least thirty minutes every day. You can meditate, take a bath, read a good book, or even take a nap! I personally try to take at least 3 unscheduled naps every week and it does wonders for my clarity and creativity. Recharging is really necessary to keep your sanity while building your start-up success.
Are you feeling stuck, overwhelmed or out of balance in your business? Building Bridges Consulting transforms dreamers into successful entrepreneurs by partnering with you to bridge the gap between where you are now and where you need to be to build a successful, sustainable, and profitable business model. If you are seeking to realize your small business success dream and make money faster than you could on your own, book your FREE strategy session and get started on the right path to quick start-up success today.
We’d also love to hear your thoughts and comments on this article. Please let us know in the comments below if you have used these or any other strategies to achieve quick start-up success.