14 Things Small Businesses Need to Earn Big
According to the Small Business Administration, of the 22 million non-employer businesses, only about 11 percent ever make six figures. To earn six figures in a year, you need to earn $8,333.33 a month or$1,923.07 a week. And more importantly, you have to have a clear and concise plan of how you’re going to generate that new revenue each week (and month) in your business.
If your business isn’t hitting that six-figure mark, it’s easy to get caught in the trap of thinking you’ve simply got a marketing problem. However, marketing is just one step of a bigger process. Think of it this way: branding is how you get known, marketing is how you get found, sales is how you get paid and operations is how you build a business. In fact, operations and systems are extremely important forensuring you have a systematic approach to building a business that generates revenue.
So before you can even create marketing material, you need to have:
A clearly defined Audience of One – An Audience of One is one type of person with one distinct problem that you offer one complete and robust solution for via your products and services. In other words, who are you wanting to serve with your solutions?
A compelling top of mind problem – what is the top of mind problem that this audience has that they are ready to pay for a solution to?
A proven solution – what is the solution that you’ve created and validated to truly solve their problem?
A plan to reach them – what is your plan to get in front of those you desire to serve? Once you have that, you can proceed to these additional 10 must-haves for building a six-figure business:
Higher rates – unless you plan to work like a proverbial slave, you need to charge rates that will help you to achieve your goal of $8,333.33 as well as allow time for marketing. You can’t spend all of your time performing the service and expect to make a six-figure income for your business. Success stories – client testimonials speak volumes more than you can speak for yourself. Without testimonials, it may be challenging toget a new prospect to take a chance on you.
A marketing system that makes you magnetic – for instance, teaching clients a step-by-step automated marketing formula. Having a proven system to build your marketing strategy from will make it easier for you to achieve your six-figure goal.
A follow up system to stay in touch with prospects – it is statistically proven the fortune is in the follow up! Know how will you stay on top of all of the additional work that may be necessary beyond the initial call or meeting.
A signature system – when you have a signature way of creating results for your clients, success becomes predictable. When success is predictable, you build your expert status. Bonus: people with signature systems can charge more for their services.
A signature talk – speaking is by far one of THE best ways to attract new clients. Are you prepared with a signature speech that you couldgive at the drop of a dime to a room full of your Audience of One?
An unpaid sales force – who do you have who is out there singing your praises and bringing new prospects into your funnel?
A way to stay connected with your clients, community and those considering working with you. This is known as, “Top of Mind Marketing.” How are you making sure you remain relevant even when they’re not buying? You need to have a way to stay in front of your community at all times, giving you omnipresence.
A client management plan – once you start getting clients, if you don’t have a way to manage them, you won’t have clients for long. You must be clear on exactly what you will do to service them in excellence so they stay and tell others about you.
A personal belief that you can do it – if you don’t have a mindset that supports your goal, you’ll likely stall before a month is up. Building a business is not easy and more importantly, it’s not for everyone. If you want to be a business owner, you have to think like a business owner. You have to give your business the same respect you gave your job and you have to know that your business will be a success (and then do the work to make that a reality).
The key to making this formula work is to take what you’ve seen here and act upon it. A vision without a plan and action is just a well thought out dream. I95