4 Reasons You Aren’t Making Money In Your Business
May 20, 2016
You’ve been at this entrepreneurial thing for a while and the pressure is really on.
Everyone including you, keep asking when you’re ever going to make money in your business.
You’ve tried all sorts of things to make money. Maybe you’ve made a list of 25 or 50 ways to do it and you took the top one from that list and implemented it. Maybe it made some money. Maybe it didn’t. Either way, something has to change.
The first few months you were chalking it up to being new in business. But now it’s been a year, maybe two or more and your business isn’t any close to where you need it to be.
And you wonder…
“Am I really cut out to be an entrepreneur?”
Before you beat yourself up even more, I just want you to know how easy it is to reverse this. There are likely four reasons your business isn’t growing. I’d like to share them with you but don’t worry, I’m going to tell you how to fix this too.
Reason #1: You Can’t Niche Commit
Time and time again I see entrepreneurs struggle because they can’t pin this one done. I get it, I was there once too.
In order to choose a niche you must work with more clients. In order to work with more clients you must decide who you’re going to serve and how you’re going to serve them.
In the end it means if you want more clients, you need to choose a niche.
Guess what folks? The niche you have today doesn’t necessarily mean it will be the niche you have in the long run. Get as close as you can and continue to refine. But commit to a niche.
Reason #2: You’re Overthinking EVERYTHING
I’m guilty of this one too. I get it, we’ve got a lot of decisions to make every day but there’s a little known secret to being successful as an entrepreneurs. Make a decision and if it doesn’t the way you want it to you can always course correct.
Sir Richard Branson has this to say about taking action, “You don’t learn to walk by following the rules. You learn by doing and by falling over”.
So like I tell my clients, make today the day you stop overthinking what you’re doing. Decide on a goal, break down what you need to get yourself there and then every day make a move in that direction.
Reason #3: Reduce Your Time On Social Media
This is going to be a very unpopular statement, but frankly I don’t really care.
Social Media is wonderful. I love that I can connect with classmates I haven’t seen in years. I love that I get to know people I ordinarily wouldn’t know if we didn’t have it. And I love that I’ve been able to to gather my Expansion Coaching Club community in a place that makes it convenient for them.
But what I don’t love is seeing people spend 3/4’s of their day on social media and have nothing to show for it.
Social Media can be either a time suck or a strategic device. I choose to use it strategically and roughly for only 30 minutes a day.
In that time I’m replying to my clients, wishing friends birthdays, popping into groups to network with, sharing a post or picture, retweeting or connecting with people.
My content is being shared strategically during my marketing time one day a week.
Since I’ve adopted this strategy and begun focusing my efforts on speaking, networking and referrals I have gained more time, grow my business faster and made more money.
I suggest you reduce your social media time and develop a strategy to use it.
Reason #4: You’re Not Having Sales Conversations
Obvious as this may be, the truth is that if you want clients you need to have sales conversations.
There are two easy ways to get sales conversations with potential clients.
- Email your existing list and give them an invitation to speak to you
- Go out and deliver your Signature Talk.
I say this over and over again…but as soon as I developed my Signature Talk and started using it as a way to attract and convert clients, my business started to grow.
It worked so well that I taught my 1:1 clients how to use this system. Then I developed my Client Converting Talks Home Study course and people who follow it are closing the room and getting 15, 20 and 45 sales conversations just from one speaking gig.
So if you’re sitting there right now thinking you need more clients and need to make more money, please get out and start speaking.
And if you’d like to learn how you can create a Signature Talk, how to close the room and create the business structure your business needs to thrive, then join me at Talk & Profit LIVE! 2016. You can grab one of the limited Early Bird seats here. But make sure to do so before June 30th – (or before the Early Bird seats disappear)
Now I’d love to hear from you. What would you like to add to this list? Which of the four areas do you think you need to improve on? Let me know in the comments below.
I’m Jeannie Spiro, business coach and strategist for woman coaches and service-providers. Want to make more money in your business? Here’s how I can help.
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