You started a business to make money.
Not just small money either.
You want to get PAID!
You didn’t become an entrepreneur to generate less money than you did as an employee.
It can even be extremely disappointing when you make the same amount of money you did as an employee because you are working 10x harder.
When you earn such a small amount of money, it defeats the purpose of becoming an entrepreneur.
Sadly, a lot of entrepreneurs aren’t making a lot of money.
Being completely honest, a lot of entrepreneurs are struggling to make ends meet every month.
This can be very sobering if you believed that entrepreneurship would enable you to produce a comfortable lifestyle.
You didn’t think that you would be making Bill Gates money, but you believed earning 6 figures was a reasonable goal that could be accomplished.
The problem is that you aren’t currently earning 6 figures. You’re not making anywhere near that amount of money.
You’re a struggling entrepreneur who is struggling to validate your reason for staying committed to your struggling business.
That’s a lot of struggle to deal with!
Why Entrepreneurs Struggle to Make Money
I know exactly how you feel.
I was once that entrepreneur who wanted to make a lot of money but I could barely get people to take my business serious.
I was frustrated because I couldn’t identify what I was doing wrong.
I was intelligent, understood how to explain entrepreneurship, and knew how to create plans.
In reality, I was lazy, I wasn’t operating as a real entrepreneur, and I did more planning than executing.
I was more concerned about what I wanted personally than on ensuring I built a great business for my customers.
I should have been focused on serving my target market with high-quality products and services.
I wasn’t operating with a business mindset, which meant that I didn’t understand how to explain the value of my business.
How could I possibly explain my business’s value?
- I didn’t define my target market
- I didn’t identify my customer’s pain points
- I didn’t create products/ services that provided very specific solutions
There’s no way that you can create a successful business if it doesn’t provide value to the customers you intend to serve.
Customers don’t care about features or even your low pricing.
They only care about your business’s ability to provide a solution that makes a certain problem they are dealing with no longer exist.
What’s amazing is that so many people who call themselves entrepreneurs completely miss this fact.
I have done it and you probably are guilty of doing it right now in your business.
You’re building a business for yourself and not building a business for your customers.
This makes it hard for your to sell your products or services because you are creating them based upon your viewpoint.
You’re not focused on your customer’s needs. Therefore, you cannot provide a product or service that satisfies their demands.
Selling becomes easy when you completely understand the needs of your customers.
You’re basically counseling them through their problems towards a much-needed resolution.
As I will continue to preach — being an entrepreneur is all about selling.
When you can effectively communicate the value being provided by your offer selling isn’t forced. Selling can be done by just having a conversation to uncover the facts of what is going on.
Selling can be done by just having a conversation to uncover the facts of what is going on.
You need to know the exact value that your business provides to your customers so that you can have a simple conversation that leads to a new customer.
This doesn’t mean that you embellish the capability of your products or services in order to make a sale.
This will only backfire on you, giving you and your business a bad reputation that will be hard to overcome.
Communicating the honest truth about how your product or service makes the customer’s life easier is all that needs to be said in order for a sale to occur.
Therefore, we now need to discuss how you identify the value of your business and how you communicate this value to your customers.
Identifying Your Business’s Value
Value can only be provided to your customers when you identify the current problem happening in their lives that your business is designed to deal with.
You then need to understand the desired quality of life they would like to achieve with the removal of the problem.
If more entrepreneurs focused on these two things their products or services would be in high demand by their customers.
When you invest time in the identification process your sales results will exponentially increase.
This happens because you are building products and services based on facts instead of assumptions.
Assumptions lead to you creating an offer your customers aren’t enthusiastic about.
Facts lead to you creating an offer your customers cannot ignore and must purchase.
Make Your Customer’s Problems Your Priority
Get into the head of your customers.
You need to seek to understand their problems so you can gain insight into why their problems occur.
Ask your customers questions.
Don’t make the mistake of asking broad questions, though.
Ask very specific questions that dig deep into your customer’s problems.
Specific questions help your customers explain their problem and why it is occurring.
You can then immediately identify how to correct their problem since you don’t have to guess the direct cause of their problem.
Here is an example of both a broad and direct question.
Broad question: What problems are you having with your marketing?
Asking this type of question allows the customer to think of so many reasons why believe their marketing efforts are failing.
They will naturally want to place blame on everything because marketing involves so many different activities.
You are then giving a long list of problems instead of one or two issues.
When you get a long list of problems, you focus on creating a marketing strategy that is too broad instead of being very specific.
You then create a solution for your customer that produces minimal results.
This is because your focus is spread too thin trying to fix all their “problems” at one time.
Specific question: Since Facebook Ads are where you invest the majority of your marketing dollars, what is your typical conversion rate?
This question allows you focus on improving one very specific marketing activity.
When just focusing on Facebook Ads, you can dissect their target market, their sales copy, and their offer.
You will be sure to find that they are making a mistake somewhere within one of these categories.
Once you find where the mistake is being made, you can create the absolute solution that improves the performance of their Facebook Ads.
Without asking this specific question, you would have wasted time implementing and testing a new marketing strategy.
Your customer would become frustrated with paying you for minimal results.
This leaves you desperately trying to explain that it takes time for a new strategy to work.
This frustration can be avoided by simply asking specific questions that give you the direction of where to focus your attention.
This allows you to create an absolute solution that creates very happy and loyal customers.
Create the Absolute Solution
Once you fully understand the problem your customers are having, it’s time to create the most effective solution.
You don’t just want to meet your customer’s expectations with your solution. You want to make them ecstatic about the value of your solution.
One of my online businesses is content writing.
I offer a wide range of writing services but my customer may only need one particular service.
For an internet marketer, sales copy would be their immediate content need.
A blogger would want a digital product like an ebook.
I don’t need to sell my customers services they don’t immediately need.
I give them the solution they need right now so that I can solve their immediate problem.
By doing this I create loyal customers who will seek my services once they are in need of other solutions to their other content problems.
It’s like when you go to get your car’s brakes replaced.
The mechanic comes out after looking at your car saying you need four other different things done to your car.
This news upsets you because you did not come to spend money beyond the replacement of your brakes.
You feel as if the mechanic is trying to squeeze as much money out of you as possible.
I don’t want my customers to feel like I am trying to squeeze as much money out of them as possible.
I know that if I do a great job the first time my customers will want to repeat my services because I am helping them grow their businesses.
It’s a win-win situation for both parties.
What about upselling?
Upselling is a great tactic to use for making more money on a sale.
Upselling should only be used when your customer communicates that they are dealing with a problem that is multifaceted.
When this is the case, you are then allowed to upsell in order to completely solve their problems.
Communicating Your Business’s Value
Once you understand how your business helps make the lives of your customers easier, it is time for you to communicate the value of your products and services.
You need to make sure that you communicate relevant information that shows customers you understand what they are going through.
You need to focus on your customer’s pain points and explain how your product or service erases their problems.
The more you communicate the value being provided to your customer, the more intrigued they become about your offer.
Blogs are a great form of communication.
They allow you to communicate your value to your customers by demonstrating your depth of knowledge about your industry.
The value of information that you provide through your blog creates people who are eager to become your customers because you provide insight that only an expert would know.
You need to provide case studies of how you helped provide solutions to your existing customers.
Have testimonials on your website that show the enthusiasm your customers have for your business.
Create ebooks, webinars, and online courses.
You want to constantly provide your customers with so much value that they stay engaged with your business.
The communication of your value is an ongoing process so you need to definitely use the tactics stated.
A business that doesn’t identify and communicate its value effectively to its customers is one that is destined to fail.
You must remember that you operate a business to serve the needs of your customers and not your own.
Create products and services that solve your customer’s problems and the money will come.
If you put money before the value you provide, you will find it extremely hard for your business to find customers.
Are you having a hard time identifying and/or communicating your business’s value? If so, comment below or shoot me an email.