Being an entrepreneur may be one of the best decisions you can ever make in your life. The reason is simple: You decided then and there to take full control of your finances and dictate the life you want to live. With this decision, you are no longer dependent on what your boss will give you at the end of the month, nor will you be stuck in a job that doesn’t give you a reason to wake up in the morning.
Although being an entrepreneur is a step in the right direction, you need to realize that it takes a lot of work, time and commitment to run a profitable business.
So many men and women have embarked on the entrepreneurial journey only to come back broken with their failed businesses. Approximately 20 percent of new businesses survive past their first year in business. Most of the reasons behind business failure are predicated on easily redeemable mistakes.
So if you want to keep your business thriving every day, you need to make sure that you follow through with the right advice that will guide you in the right direction. Here are 5 ways that will make your business profitable.
Know your target audience.
This is a step that many business owners miss. Knowing just who your clients are will help you know exactly what they need. Successful businesses have detailed customer profiles to guide them in running their business as it will help them know how to approach clients in a way that touches them right in the heart. This is what will endear you to them.
Have a range of products and services to offer.
You studied your target audience and you know them like the palm of your hand. Next is to create products and services that will suit their needs and solve their problems.
Most business owners fret over creating one perfect product, but that’s not always the best. Although your product should be good, you won’t know how well it works out if you don’t launch it and improve on it as more clients use the product.
Working towards having a range of products and services helps to create different streams of income. It was stated that an average millionaire has 7 streams of income. If you want to make sure you are making good profit then you should start building your income streams.
Leverage more on marketing.
You may have created a good offer for the right audience and you may have been trying to sell but unless you bump up your marketing no one will know about your offering.
Ads make a good marketing medium and a lot of people have been able to record considerable success from it. It seems that Facebook ads is the most popular and efficient marketing medium.
Depending on your offering, you may also want to consider cold-emailing. For some people, cold emailing may seem sales-y and a little outside the comfort zone but it’s a great way to reach high-end clients.
Ask for the sale.
You may be getting a lot of leads through your marketing but unless you ask for the sale those leads will be useless. Profitable businesses sell every day. Make selling a regular activity in your business and you will always have money coming into it.
The problem is that many business owners are afraid of asking for the sale. They believe that asking for the sale will make them pushy like door-to-door salesmen. But how will you get people to buy from you unless you ask them?
Enhance customer service.
Studies reveal that it costs 5 times more to acquire a new customer than to retain one. So what every business should aim for is to ensure continuous patronage from existing customers. This is done by providing excellent customer service.
This is logical as no one would like to come back to buy from a business that treats them badly. If you want to ensure that your clients keep buying from you, then check up on them periodically. Build a solid customer relationship. Offer your existing clients products that will help enhance their experience and ease their lives. You may also attract them with an exclusive discount just because they bought from you before.
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