I had a very inspiring session with a new client recently. They’ve been facing a big problem for the last two years, ever since they launched their business. Unfortunately, it’s a problem that a huge amount of business owners face…
Working MASSIVE hours each week without the bank balance to match!
I’m not sure about you, but I’ve certainly been in a place where I was working a solid 60-70 hours per week and after crunching the numbers I realised I was earning about $15 per hour. Granted, I was 21 at the time but STILL…$15 an hour still hurt!
Don’t get me wrong…it takes a lot of hard work and a lot of time to build a business and there are usually sacrifices to be made at the outset. However, two years of slogging it out with almost nothing to show for it? That’s just not right! Now…if this sounds like you, then the first thing I’d do is challenge the business model you have set up! When I say “business model” I simply mean “how are you going to make money?”
Time and again I see business owners who 1) have created a business based purely on passion without identifying the market potential and 2) have been working their rear-end off for 2-4 years with the same poorly defined business model that will never work!
I’m certainly not saying you should give up on your dreams! I’m as persistent as they come, but there should come a time when you take the feedback you’re receiving and change the things that clearly aren’t working. Persistence and stubbornness are two VERY different things so be sure you’re prepared to turn that ship around and give the people what they want!
So…how can you create a rock-solid business model? First you need to consider the following:
1 – Who is your target market?
2 – What challenges are facing the market you want to make a difference in and how do you solve their problems with your product or service?
3 – What makes you unique? Why would someone choose you and your business over someone else’s?
4 – How will you engage them? I.e. – What’s your “marketing” strategy?
5 – What is your financial plan from costs to profits and everything in between?
Of course, I go into greater detail with my clients but these steps will give you a great head start.
So, if you are working like crazy but don’t have the bank balance you’d expect, it’s time for you to shake things up! If you need a hand in doing so, then you need to reach out to me at firstname.lastname@example.org and we can take some steps together!