A plethora of new small business owners believe they can turn a profit in 30 days, 90 days or the first year of business. To be honest, companies such as; Twitter has not turned a profit yet and Ashley Stewart took twenty years to turn one. I am not writing this blog post to diminish your goals of being a successful small business owner. It is truly possible to do so, but we must first be realistic when it comes to this. Today, I wanted to provide some real insight on increasing your small business chance of becoming profitable this year.
Last month, I shared six creative ways to save in order to fund your small business. Today, I want to focus on low-cost tools and resources to help you build your business and not break your bank account at the same time. These are just not resources for those launching a business, they are great tools and resources for those who are wanting to scale their business. My first company was started with $400 from my savings account and by year five I was making $10,000 a month in digital sales and making six figures income level. Trust me, when I say these are the same resources I use on a daily for my business.
To be honest, if you asked me eight years ago what my company’s business model was or let alone my sales funnel, I would’ve had a funny look on my face. This is probably the same facial expression you would receive from thousands or more entrepreneurs springing up all over the global. In the last four years, of consulting it has been my goal to have not only solid sales funnel for my business model, but for my clients also. Scaling your company is not just staying out the red, it takes understanding the elements of your business sales funnel.
There must be a secretive excuse manual for those looking to start a business, but don’t want to commit to making their vision, dream or empire happen. One of the first excuses people tend to tell me is “I do not have extra income or money in general to fund my business.” Today, I want to share six creative ways to save money in order to fund your small business. What’s great about this advice and a majority of the advice, I provide is, I used it myself for my small business.
There are a plethora of things I have learned in the last decade of my life. I would say in the last three years, I have learned even more about myself when it comes to growing and becoming a better person. Adulting is a real thing that when we were kids were completely obviously too. Our parents were the glue that held everything together for us making sure that all the bills were paid, a roof over our heads and other things were taken care of. Today, I want to share five investments you need to make monthly for yourself.
People ask me often how I am able to do so much in such a short period of time. Truth be told my schedule is not as hectic as creative business owners because I am not a fan of celebrating faux busy or anything of that other mess to be truthful. Outside of that the reason I am able to achieve so many of my goals is because of my mind frame and this breakdown I personally created. In recent months, I have given my one on one clients the breakdown too and it changes everything.
One of the hardest things about having an online business is finding customers to shop or support your business. We all know there are millions of companies like yours or similar. However, most times small business owners are looking at the same marketing playbook that other ones are looking at too. Instead, I want you to tap into your local community to turn those people into customers for your business. Last month, I talked about obtaining one percent of the local community as a revenue stream, but today I want to go even further on how to find these local customers.
The other day, while talking to a former client D’Cher of Shop Love Peridot, we were discussing a website and other things. I had mentioned on twitter I was looking for a particular style necklace and she sent me a couple companies to check out. During the browsing of their websites, I had a complete aha moment. I know several successful companies that most of my followers do not know of because they are Texas based. The owners are billionaires, millionaires and high earning six figure companies. They have four key elements that make their company successful.
Okay, the hardest part of this writing this article was coming up with a title that resonated with you my audience, but also conveyed what I was going to talk about. Last week, I mentioned the importance of landing one percent of the local community as customers or clients for your business. Sharing how that could positively change the trajectory of your companies revenue stream. Today, I want to go even further in detail regarding one percent rule that I have created.
In all honesty, running a business is extremely hard on its own. This is why I am focused on maintaining the clients I have and hosting workshops. I don’t want to add more work to my plate than needs be. However, there was a time when I believed that for a small business to be successful the owner must blog, social media and email marketing. Since then, my mainframe has completely changed. It was not because of the burnout that happened when trying to do all those things in more. I actually became really smart about my business and other people’s business. Today, I want to breakdown what your business needs to do when it comes to blogging, social media and email marketing.
Running a small business can be extremely hard and lonely at times. This is one of the reasons for establishing Business Bestie. Allowing business owners to connect all over the world, but bring it local when they need a friend who understands and more. Last year, I wrote and shared video content on how if your small business obtains 1% of your local towns support what it could do for your company. I am working on a really cool project that solely focuses on obtaining 1% of my local market to grow my business. One percent of my local market is 1,360 people. Take the average sales order and multiple it by your cities one percent. Let me give you a quick example if your city population is 500,000, one percent is 5000 and your shirt company average sales order is $50 that equates $250,000 solely focusing on your local presence. Now, let’s break down how you can establish a local presence for your online business.
There are a couple times I believe in competition, running a small business isn’t one of them. I do believe that an industry can be super swamped causing problems for growth when business owners first launch. However, after almost eight years of business, I have learned a thing or five tips that can help you stand out in a swamped industry.