7 Keys to Building a Profitable Business

7 Keys to Building a Profitable Business

I believe that building a business that allows you to do what you love and help people is one of the most important skills you can develop.  It seems that most people will not concentrate on that, which sets you apart and tells me you are serious about growing your business.  This post will give you the big picture of and the keys to what it takes to build a profitable business.  You also want to build a sustainable business that attracts clients ready to invest in working with you.  

Following are seven keys ideas to help you to build a profitable business:

 

ORDER + SEQUENCE

The amount of misinformation out there can be overwhelming and even dangerous, it can lead you to "collect" bits and pieces of tactics and try them out of sequence.  Building a successful business requires the right actions done in the right order and sequence.  If you were to build a house, you would not decorate the dining room until the roof is in place.  There is nothing wrong with decorating the dining room–it just needs to happen at the right time.

Likewise, some people start by writing a book when they do not have enough clients yet.  There is nothing wrong with writing a book and it has its place as a business strategy.  It usually makes much more sense to have a well-established business before writing a book (especially if you need the income).  

 

THE RIGHT MONEY MINDSET + THE RIGHT ACTIONS

There is no denying that whatever you believe about money and business will determine your success or failure. However, the easiest way to escape reality is sometimes to just wait while you work on your mindset.  Working on your mindset and beliefs is very important along with taking action.  Work on your mindset; however, do not wait until everything is perfect to start taking action. And no, visualization all day long does not count as action. wink

 

STOP OVERLOADING YOURSELF WITH INFORMATION

More information is never the solution to information overload.  You can stop purchasing the bright, shiny objects also.  Create a plan and implement it. This will take you out of the vicious cycle of information overload and overwhelm and put you into the virtuous cycle of pride.  A powerful way of eliminating overwhelm is to stick to the fundamentals.  The ultimate solution to overwhelm; however, is to get assistance in implementing the plan and stay accountable.

 

A PROVEN PLAN BASED ON PRINCIPLES, NOT TACTICS

Find a tested and proven marketing plan that you can live with and save yourself the struggle and heartache. This will help you out of overwhelm and information overload and save you the time, energy and money of making a lot of mistakes.  Now, don't forget, a plan is not enough. You need to implement it–you actually need to do the work.

 

STOP DOING THE WRONG THINGS (AND THINGS WRONG)

What do I mean by this? Stop the website, social media, networking.  Stop activity for the sake of being busy and work on your marketing fundamentals for a few days.  Once you have the fundamentals ready you can use them as the foundation for all your activities.  For example, let us say that you are working on the logo for your website without knowing what your magnetic marketing message is. Very soon you will need a new logo. See what I mean? Get your magnetic marketing message first and then you can have your logo created.  You will be using the message on your website, social media, networking, etc.

 

DO NOT MODEL THE BIG NAMES IN YOUR INDUSTRY

At least not without understanding their strategy and where they are in their businesses.  The strategy of a BIG NAME with a significant marketing budget is very different from the smart strategy for a solopreneur.  Get a plan for your business and stick to it, no matter what the other players in your field are doing.

The concept of modeling can be so misunderstood in business.  For example:

You are a coach. You should not be modeling Ali Brown or Tony Robbins today if you are just starting out in your business.  Ali Brown might be writing a book today. That might not be what you should be concentrating on.

Do not copy your competition, either. Why not? Because you want to be unique and, from a practical perspective, because you do not know whether  what they are doing is giving them the results they want. In other words, you do not know if it is working.

 

MASTER YOUR MARKETING

You do not need to become a marketing expert; however, you do need to become an expert in marketing your business.  Marketing is the clear communication of the value of what you are offering.  It is just that simple. People need to understand what you offer and how it can help them. Marketing is simple but it is not easy.  Nevertheless, marketing is the number one most important activity in your business because it will attract clients, which is the only way of making money.

 

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About Online Biz Boomer Babe

Rachel Lavern is a Certified Business Coach and founder of My Booming Online Business--a blog for middle-age, global, uptown women. She is on a mission to transform entrepreneurs' finances by teaching the action set, mindset and skill set needed to get launched + make money.

Comments

  1. Rachel such a solid and informative article. I agree with you at the end, Marketing is one of the most important parts of any business, whether it is online or offline, it does not matter. With marketing i think it is smart to understand one marketing tactic and jump into it then move on to the next, never over do it otherwise there will be no cohesiveness with your marketing plan.
    Kyle Nelson recently posted…Office Ergonomics – Be Comfortable at Your ComputerMy Profile

  2. A lot of information and good advice Rachel – for me the best take-away is order and sequence. You are so right about how easy it can be to become overwhelmed with both information advice – and every expert will tell you that you must follow their formula or risk failure! Like most newbies I fell for that when I first started blogging and it drove me crazy until I mustered the courage to follow my own path. It’s a journey and one that brings new surprises and things to learn every day. Thanks for the inspiration!
    Marquita Herald recently posted…The Risky Business of Trusting Each OtherMy Profile

  3. Hi Rachel,

    Sage advice my friend! I do believe it all starts with the proper mindset. Knowing your self, what you choose to market that you know you won’t get frustrated with…something you absolutely love. Also knowing how much time you can realistically spend on your new business.

    Marketing knowledge is the most important thing one can invest in. There is so much information out there one has to choose a strategy of a marketing plan. It could be following a marketing guru or another that has been doing it for a while. I am of the school of thought that hiring a coach is the best way to strategize a good marketing plan. This prevents overload of so much information and focuses us to a productive plan of action.

    And yes, do not waste your time being “busy” on social media. Although it is important to have a presence on a few platforms, keep it to a minimum of your time.

    These are great points and will surely help!

    -Donna
    donna merrill recently posted…Learn To Blog The Right WayMy Profile

  4. Totally spot on advice Rachel!

    And such a really good read as well! I really enjoyed all seven points, but #’s 1,3,5 & 6 really struck a chord! And i love where you advised us to “stop doing the wrong things (and things wrong!)” That is some really good advice!

    And some that I definitely should have heeded so much sooner!

    Thanks for sharing such an excellent read!
    Mark recently posted…How A Struggling But Savvy Local Band Turns Cheap Concerts Tickets Into Really Big Profits!Part TwoMy Profile

  5. Rachel,
    wow, what a great article, what a line up of suggestions and what a simple way to share with al of us here… THANK YOU!!!

    I resonate with most of what you listed above.. the “Order and Sequence” is something I leaned back in 2012 at a forum I attended too. and since then I have been practicing as best as I can.. and love it.. it keep me focused and with that more productive as well.

    Thanks so much again for sharing.. I love come back from time to time and re-read it again and again.. very inspiring to do better.
    _nickc