Your business isn’t making money. You are following your passion. You had this great idea, and you decided to follow your dream and start a business. You took the steps to start your business. You picked out your business name, business cards, business phone, and you wrote your business plan. You read books, watched videos, bought products that would help you, hired coaches and consultants.
Two years later, you have not made any money. The word of the day is monetise. Why is that? Let’s look at a few reasons why you aren’t making money:
You are not listening
People ask me for advice on social media all the time. I am more than happy to give people advice when they ask. I had a nice young lady ask me for help. She could not afford my services.
I gladly gave her a few tips that would help her with her problem. Three months later I check in with her to see if it worked. She never followed any of my advice, and never made any progress. I again gave her similar advice and instruction. She said it didn’t work, when in fact she never tried it.
You are not implementing
So you were listening, however you are not implementing. You have to use the tools you are given. What is the point of trying to learn if you are not prepared to implement? Implementation is a step that needs to be taken in order to monetise.
You are too worried about competition
A good businessperson knows that you must research your competition, it is the smart thing to do. Is being on their site every day, stalking them, making you money? Well, no it is not. They are busy taking your customers, while you are busy watching them.
You buy EVERYTHING
You have to invest in you and your business. Some entrepreneurs are shortchanging themselves and not investing enough. Some are investing too much! Do you need every product? Do you need to try every coach? You have spent all of this money, and there is no profit. Stop buying everything.
You are not providing value
Ask yourself, “Am I solving someone’s actual problem in my business?” I may be solving my own or I may enjoy it (possibly still a hobby, however am I providing value to others?
You lack basic marketing principles
Let’s face it. This is a business. Just because you build it does not mean they will come. You still need to advertise. You still need to meet people. You still need to make yourself an authority in your niche. You need to market to monetise.
You are in it for the money
Obviously we are in business to make money, however there is a difference in doing it for money and doing it because your heart is in it. My heart is to help people, I just happen to monetise helping people in branding themselves and building an online presence. I didn’t get into this business just for the money.
You are procrastinating
Sitting around talking about what you are going to do isn’t going to get things done.
You are spending too much time researching
Get down and dirty. You can’t read every book, watch every video, listen to every MP3 before your decide to put something into practice. Just do it.
Many ask why their business isn’t making money, however many already know. It is time to monetise. You owe it to your business.