3 Reasons Your Biz is NOT Making Money

Let’s face it: we’re all in business to make money. Even if you’re doing something that you absolutely LOVE and would do in a heartbeat if you weren’t getting paid, the reality is you have bills to pay, so you need your business to generate income.

As a business/marketing consultant, I speak with several entrepreneurs on a daily basis, and often get the question “why am I not making any money?” You’re active on social media, blogging on a weekly basis, attending all of your local networking events…you know, all of the things that you should be doing. But, you still can’t seem to land enough clients to bring in a consistent cash flow. What gives? There are many different factors that can contribute to this, but I am going to break down the three most common reasons your business may not be bringing in money: You’re a Jack/Jill of All Trades You are a photographer, but you also have your own jewelry line, sell homemade candles, makeup, and weight loss shakes. Your goal is to bring in multiple revenue streams. The problem? Your potential customers are confused! They don’t really know exactly what it is that you do because you are offering many different products and services, none of which go hand in hand with one another. The Fix: Niche down. Decide on the ONE thing that you want to be known as the go-to person for, and do away with the rest. You can still create multiple streams of income by finding several different ways to profit from your primary offering (Example: if you are a photographer, consider adding a photo booth, teaching photography workshops, etc). You Don’t Have a Real Plan Simply put: you’re winging it! You’re doing any and everything that you think you should do to find clients, but you really don’t have a solid strategy in place. Have you ever heard the saying “If you fail to plan, you plan to fail?” Well, it holds truth when it comes to marketing your business as well. If you want to attract more clients and start making money, you’ll have to create a strategic roadmap outlining how you will do so. The Fix: Create a list of specific marketing activities that you will consistently engage in to increase brand awareness and attract new clients. Then implement, implement, implement! Be sure to include a timeframe to monitor each activity and measure its effectiveness before moving on to something else. You Aren’t Selling Anything When I first started my business, I knew that I wanted to teach other entrepreneurs how to create a marketing strategy for their business. I put up a website, I offered tips on social media, but I really didn’t have anything to sell, and, you guessed it, I wasn’t making a dime. Now, it may seem like a no-brainer that in order to make money, you have to have a product or service to sell, but I’ve come to realize that I wasn’t the only one not actually selling anything, while expecting clients to come my way. The Fix: Get clear on your services and offerings. You should be able to clearly and confidently tell potential clients what you do and how it will benefit them if they choose to work with you.

If you are struggling to make money in your business and could use help creating a SOLID marketing strategy, click here to apply for a complimentary 30 minute discovery call with me! 

To Your Prosperity and Success, Nikola Ahaiwe Business Success Coach | Marketing Strategist | Motivational Speaker

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