been giving it the old “college try” yet are still unable to really make money from your business. What do you do? Decide to fold and get a job? Keep limping along, blaming the economy? Or do you choose different?
Many of the businesses I work with find themselves in this situation more often than not. They come to me seeking help because they are frustrated, overwhelmed and tired of struggling. In my experience the solution is staring them in the face, but they can’t see it because they are too close to it. That said, here are some tricks of the trade that will help you get a little perspective to move forward.
First, you want to assess if it is a target market problem. We often feel our services or products can help ANYONE. Though this may be true, to stand out from the crowd and really dominate a market, you must niche down. The more you niche, meaning the more specific you are with a targeted audience, the quicker your business grows. Consider this, who makes more money, a general practitioner or a brain surgeon? The brain surgeon of course, and that’s who you want to become – well at least in theory!
Second, you will want to take a look at your marketing strategies. Below is a quick way I use to help my clients assess what’s working and what’s not working.
- Make a list of each individual marketing strategy you are currently doing – networking groups, ads, PR, referral partners, etc.
- Then write down how many potential clients you got nolvadex online from each strategy
- Next write down how many paying clients you got from each strategy
- Take a look at your numbers
- What should you stop doing?
- What should you do more of?
By doing this quick assessment, you will be able to cut back in costs and time. I did this with one client of mine and we saved her $1500 a month. That alone got her closer to drawing a salary!
Third, it might be time for a raise. There are many statistics out there that show, if you increase your rates by 20-30% you end up making more money even if some clients decide to leave. I personally do this every year, and find a nice bump in salary, while maintaining the time spent in my business consistent. Some clients that have been with me for more than two years are used to it and now budget for the increase.
Bottom line is you need to take a moment to assess where you really are, before you throw in the towel! And if you are still unsure, get some help – from a coach or mastermind.