4 reasons you aren’t making money in your business

Want to make more money in your emerging business? If you are like most women I work with, your answer is going to be a ‘Hell yeah!’

The truth is, making money in your business isn’t as hard as you’re making it out to be. It really can be fun and easy, provided you are focusing on the right tasks. Most emerging entrepreneurs I work with struggle to make the kind of money they’d like in their business. Especially when they are just starting out. They have a fancy website up, they have a clear message, a raving following too. But the money just doesn’t seem to be coming in.

 

So, if you too aren’t making money in your business, it’s most likely one of these four reasons –


1. YOU DON’T BELIEVE YOU CAN MAKE MONEY RIGHT NOW

Notice that I said ‘right now’. When people don’t make money in their business, my first question is ‘Do you genuinely feel like you can make money right now?’ And that’s when the cat comes out of the bag. That’s when I start hearing all these reasons –

“I haven’t perfected my offerings yet.”

“My website isn’t up yet.”

“How can I make money if I don’t even have a list?”

“I have a big wedding coming up, so this probably isn’t the right time to promote myself.”

These so-called logical reasons are hokum.

I want to tell you that I got two paying clients before my website was even up. Before I even had a well-defined package or a sales page. Why? Because I genuinely believed I could deliver the results that my clients wanted. The rest didn’t matter.

So if you’re thinking that you can’t make money till X,Y,Z happens in your business, you’re wrong.

You can make money today with what you already have.


2. YOU ARE NOT FOCUSING ON MONEY-MAKING ACTIVITIES

Sure, to run a successful business, you need a lot of things. A well-crafted brand message and personality. Gorgeous visuals. Kick-ass copy. A photoshoot perhaps. But all these are brand-building activities.

If your immediate goal is to bring in money to invest back into your business, or simply to pay rent – you need to focus on the money-making activities, i.e. booking discovery calls, mastering sales and converting clients.

Bring your focus back to money-making activities for now.

Make a list of all the things you can do to book more discovery calls this week, and go out and take inspired action on each of them.

 

3. YOU DON’T KNOW YOUR NUMBERS

So many of my clients get disheartened when they send one email, speak to two people and still don’t have paying clients.

And that’s funny, because that’s not how businesses work. You’re going to get a lot of NO’s before you finally get a YES. Live with that.

The important thing is to know the numbers. You need to know what conversion rates look like in your industry and in your business. And I want to give you my example here, so you can set realistic expectations.

When I started my business, I signed up 1 high-end client for every 100 subscribers on my email list. Today that number has gone up to 2 or 3 people per 100 subscribers.

Equally, when I started out, I converted 1 sales call or discovery call out of every 4 calls. So for every YES I got, I had to learn to deal with three NO’s.

Don’t take this personally. Every entrepreneur you look up to still has to deal with NO’s in her business. And that’s okay!

So, instead of getting disheartened, start reverse engineering in your business.

How much money do you want to make?

What is the price of your signature offering?

How many clients do you need to sign up to bring in this money?

How many discovery calls do you need to book? (At least 3 or 4 times the number of clients you want.)


4. YOU ARE UNDERVALUING YOURSELF

Honestly, if you’re just starting in your business, it’s okay to work for free. It’s okay to work for lower prices because you are gathering experience, exposure, testimonials etc. But once you’ve been around for a while, once you’re confident of the results you can deliver for people, work on raising your prices.

Charge what your results are worth to your clients. Stop working with anyone and everyone. Stop saying yes to every project that comes your way. Work with people who understand your value. Structure your packages so that you are making the most efficient use of your time, energy and talents.

 

Ready to scale your service-based business to consistent $10K+ Months?

Grab instant access to my FREE PDF GUIDE and learn the exact shifts I made in my business to go from up & down $2K-$3K months to consistent $10K+ months.

 

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