You have already read that having a business is not a simple project, but it is much more difficult to generate money with it, that is, to make it a profitable business. Although it is totally true that the beginnings of a business are hard and it may take several months to achieve your first income, if you have been a few years and still have no results, it is clear that something does not work well. And by now you should know, if your business is not giving you income it is not a business, it is a recreational activity or a hobby.
If you follow me for a while or at least have read a half dozen of my articles, you will know that I have a style of frank honesty. It is not that I like to hurt sensibilities, but I believe that, in life as in business, many things do not work because there is no clear and direct communication to accompany it. So today, true to my style, I am about to tell you what are the 3 crude truths why you are not making money with your business. I assure you, that although some of them may make you uneasy or make you feel uncomfortable, many times that discomfort is what will help you to get out of this comfort zone you are in and move into action to obtain different results.
Crude truth 1 - You spend many hours a day on social media
At this point I have to tell you my opinion about it, and yes, it will be controversial. If you sell professional services, social media will not bring you new clients. I understand that it is different when you sell products (goods) because an image is worth a thousand words, and because advertising on the networks can help you reach the mass market (which otherwise would be very difficult for you to reach). But if you dedicate yourself to professional services, you are not going to close a sale any longer you spend on social networks.
And I can almost hear you say: "But, let's see Gabriela… you are also on social networks!" Of course I do, but I'm not out there looking for clients. On the contrary. I use social networks to connect with my community and to get closer to my followers. How else could I reach the thousands of people who follow me if I didn't? So I take fantastic advantage of this tool, but I do not ask for results that, again in my opinion, will not give me.
If you do not agree with me, do not continue reading this and go directly to the next harsh truth. But if you are thinking that this new perspective that I give you is the one that suits your business, I give you a simple key to take advantage of social networks: set a time limit every day (1 hour would be great, and if you divide it into 2 or 3 blocks, much better) and pursue the objective of connecting, show what you are doing, get to know your audience and do not try to sell (or reduce it to the minimum possible). You will see how you will have very good results in much less time invested.
Crude truth 2 - You are not positioned as an expert in the market
It is a good time to admit this: if you are not "the" person to choose, your customers will not choose you. What I mean by this? As much as you seem a serious, responsible person, have a lot of experience, a vast curriculum of courses and seminars, and know that you are the best on the market, that is not enough. Your client must feel that you are perfect or perfect for him / her. This is achieved when that person perceives you as the expert in the field to which you dedicate yourself. When she sees that, of all the people on the market who could help her solve her problem, you are the one who would do it best.
At this point you will be thinking… "but, this is very subjective!". Yes, exactly. After all, it is your client who will pay you and who will follow your advice, and it is up to him / her to express his / her opinion and respect you as “the expert” and not to a third party panel as if it were a talent show. I am sure that here it is becoming clear to you, that no matter how good you are, the most important thing is that your client sees how good you are to him / her.
There are several ways to position yourself as an expert and make your client see you as such. I remind you of 3 strategies that I have talked about in other articles that you can use and implement:
1. - A professional website and a good online reputation
2. - Professional rates at the height of what you offer
3. - Services that your client perceives to have a high added value
Crude truth 3 - You don't focus on what makes you money
This is one of my favorites and I also think it is one of the deadliest. It often happens that a professional running your business has a great list of things to do that would definitely improve your business. Now, which of them are a priority? Where to start? Most of their own business owners are easily distracted, and that makes them focus on many goals at the same time, losing sight of which one could be more profitable.
You already know that the scarcest resource that an entrepreneur can have is their time (not money, as many think, since money can always be invested, reproduced, lost, recovered, borrowed, etc., and time, unfortunately a Once it happens… it doesn't come back any more), so determining how you are going to invest it is really one of the most important activities of your business. At this point, I suggest that you make your list of priorities based on the answer to a question "what is the economic benefit that will bring you in the short term?"
Why in the short term? Because if you do not solve the economic situation of your business, there will not be a "long term" for you to consider. The most frequent cases I come across, for example, making modifications on the website. Of course it is important that the web is professional and other features that you can find in the article I mentioned before, but there are certain things you can really do in a second stage (at least until you have the income you need). Changing colors, styles, certain images, etc., will surely cause a better or greater impact on your visitors, but I am not of the idea that this per se puts money in your pocket in the short term. Another interesting example is wanting to make an ebook to sell. It is a wonderful strategy and personally I love it, but it takes a long time.It is most recommended for those entrepreneurs who already have their income stabilized, and can afford to spend several hours each week for several months to have this job.
The key is to focus on one or two goals at a time, and to be assured that these are the most profitable that can put money in your pocket in the short term. And stay focused, don't be distracted!
While there are at least a dozen other reasons your business might not be making money, I think these are not only the most basic but also the most commonly occurring ones. So now you are on notice and I am sure you will not make these mistakes again without at least stopping to think about what you are doing.
Do you want me to help you design and implement strategies that put money in your pocket in the short term so that you can build a profitable business model? Visit my section Coaching & Professional Advice and let me tell you how I can help you.
What do you think of these 3 crude truths? Which of them has resonated the most with you and caused you one of those moments of “aha! This was!"?
