My husband and I started our business nine years ago. That meant there was no Friday paycheck rolling in. Either I made a sale or we had no money in the bank account.
At first this terrified me, and then I decided to let it fuel me.
I always believed I could do anything I put my mind to, so I decided not only would I make sales every month, I would create stable and recurring income in our business. Every morning before I did any work in my business, I sat with a notebook and I would write what was on my heart and mind. I made the conscious decision to look at my business from a holistic point of view.
Over the course of the first year there were specific themes that kept coming up over and over again. I have returned to that wisdom regularly. Now these same themes are the foundational principles that I teach all of my clients.
Can you make a profit quickly in your own business?
Can you create sustainability doing what you love?
Absolutely. Here are seven solid principles you can use at any stage in business.
1. Get personal clarity
Get quiet and ask yourself who you would love to serve and how. Create a list of all the things you want to love about your business. Knowing what your ideal client wants is important, however, it’s not the first step. What are your preferences? How can you weave them into your business? Your business must bring you satisfaction in addition to value to those you serve.
2. Practice the art of energetic exchange
Growing up watching my mom run a retail business, I witnessed this exchange every day. Even when we are not exchanging money, we are always exchanging energy. Make it your practice to give and receive daily. Be mindful of relationships where you give and don’t receive back in a way that feels good. You may have to redesign the structure of some relationships.
3. Build relationships that matter
Most people are terrified of truly connecting with another person. This fear of intimacy is what holds many women back in business. One mantra I have for myself is, “Connection is key. Intimacy is golden.” Create a circle of entrepreneurs you trust and believe in. Find ways to collaborate and network with them on a regular basis. This not only provides support, accountability, and community, it will help you practice connection so it comes more naturally with clients.
4. Commit to communication
One of the most challenging components of business is repeating our message. Being able to clearly communicate who we are, who we serve, and how we serve them is the way to becoming known for what we do. Share your previous experiences, your education, and talk about the benefits of your services or products. How often and how long do you need to say this? Until your dream clients show up.
5. Advertise wisely
My roots are in offline business. One of the most interesting things I see online is a desire for instant sales. It’s common for new entrepreneurs to throw money at a problem and expect it to be solved instantly. Advertising online doesn’t guarantee immediate sales. In many cases you are actually paying for is branding, email addresses, and the opportunity to communicate with ideal clients in the future. Make sure you have a strategy when you invest money in advertising, otherwise it will lead to disappointment.
6. Focus on money making activities
If you don’t already have them, set up regular business hours and stick to them. Train the people in your life to respect the time you set aside to grow your business. Create a daily, weekly, and monthly plan of action that focuses on the activities that are directly related to making money. For example, make sure you are networking, sharing your message, putting out offers, and getting on sales calls.
7. Profit multiple times on one sale
Serving on a high level means that you know what your clients actually want as a result of working with you. To give you an example, when I started my marketing company, I knew my clients wanted to establish themselves online and generate new clients. So, I created a proposal and contract that required clients to work with me for a minimum of six months. I knew there was a process I needed to take them through in order to get the results they desired. This led to repeat sales and high quality referrals. Look at how you package your offerings and make sure you can make money more than once with each client.
Consistent income is the stuff entrepreneurs dream of. Take this tried and true wisdom, apply it to your business and watch your bank account grow.
This article has been edited.
Monique Alvarez uses her 30+ years experience of entrepreneurship and leadership to help women around the world become powerful business women as an international business consultant. She’s on a mission to help women grow and scale successful businesses that give them freedom and fulfillment. Three near death experiences later, Monique lives life to the fullest as a digital nomad, traveling full time with her husband and two toddlers. Connect with @Monique_Alvarez on Twitter.