Top 5 Business Problems Keeping You Stuck in 5 Figures!
- Rock Solid Niche:
As a business coach I know that there are business problems that can keep you in an early stage of business. I can tell you first hand that if you are not making six figures yet in your small business, you most likely have a niche problem. If you are just starting your coaching practice and you want to make 6 figures you need a Rock Solid Niche. So what does a rock solid niche include: Your business niche includes – WHO you serve, what their PROBLEM is, and what RESULT you will get for them. Poorly defined clarity in one or more of these areas is the number one mistake most solopreneurs make and it keeps them stuck in 5 figures. As The Business Firestarter, I know there are several other elements that go into creating a Rock Solid Niche. If you are interested email me firstname.lastname@example.org and we can chat further about it!
- Getting off the Revenue Roller Coaster: The struggling to make money” problem:
If you are a one person, small business struggling to make 6 figures, don’t feel bad. You are in good company! Most Entrepreneurs way under-price their services in an effort to get clients, and they end up using short term thinking. If you are still charging by the hour, or you are thinking of charging by the hour, then you have fallen into this trap. Pricing and Packaging is crucial to get you off of the Revenue Roller Coaster. Lots of entrepreneurs start to panic when they first start out and either charge by the hour, the fast track to burnout, or they dramatically lower prices which devalues the entire market and they still won’t make enough money to sustain themselves.
What they need to understand is that at least 50% of their time will be spent on Marketing and Business Development to keep the client flow moving. Don’t price your services so that you will starve. There is a systematic way to price your services so that you have great cash flow and are not starving while you wait for your next client payment to arrive. So here is the next thing that I hear all the time. “Well the only way I can get clients is to lower my price”. Wrong – limited belief thinking! Wrong marketing strategy and most importantly wrong pricing strategy. And that leads us straight into the next point.
- Getting New Clients or Being Client Attractive or The “I need clients” problem:
Most of my clients are really good at their craft, and are passionate about making the world a better place. However, most of them are really scared of selling and don’t know how to keep their business filled with clients. This is sad, because it is a skill you only need to learn once, and you MUST learn it if you are going to run a successful business. You need to develop the skills required to run an effective business. A lot of my clients are terrified of the words sales or selling. It brings to mind used car salesman and pushy telemarketers and just generally makes them feel uncomfortable. So to be client attractive, think of not selling something but helping your clients solve something. Use a client attraction formula, study it, use it, and implement it.
- The overwhelmed and stuck problem:
Being a Solopreneur is hard! There are so many things to do, all of a sudden you need to be a social media expert, a web expert, meet with clients, write a blog, sell, create offerings, know how to price, etc. The learning curve is steep and most one person, small business owners get so overwhelmed and distracted they can’t focus on result producing actions. 3 Things often happen:
- They try to do way too much and focus on what they like to do not what they need to do.
- They are paralyzed by being overwhelmed and go into paralysis analysis, where they do and accomplish nothing.
- They waste time doing things that don’t work because they really don’t know what they should be doing. Hint: the kind of Marketing that you are doing should be based on the current stage of your business.
ADVICE: Focus on Building relationships – Call 2 people you don’t know very well every day!
- The isolated and lonely problem:
Nobody ever talks about this, but if you are a one person business, you will know what I am talking about. You may well be dying of isolation and loneliness. It is hard enough being a Solopreneur and as The Business Firestarter, I know that isolation is not conducive to getting fast, excellent results. Instead it breeds fear and lack of confidence. Solopreneurs need strong support systems to succeed. Get out and connect with other likeminded entrepreneurs. Network, join meet ups, leads groups or a mastermind, the most important thing is not to work in a vacuum.