Seven Boring Business Ideas You Need To Reap Exciting and Profitable Image Business Benefits in 2009
I have to tell you the truth, many business owners who are talented in their area of expertise yet are missing some of the boring business basics needed to build a profitable and sustainable business.
There are some key and fundamental business practices that are rather boring, that you must embrace in your business to reap the rich rewards that come with building a profitable and sustainable business.
#1 Evaluate The Numbers
Do you know how much revenue each of your products and services generated this year and the last? Do you know what your average earnings was per client? Do you know where most of your business came from? How about how much it cost you to close a new client? What percentage of your business is from repeat clients?
There is no place where the saying “information is power” is more applicable then in your business. Answer the above questions and use this information to determine if you should continue to offer all your existing products and services. Use this info to reduce the cost of adding new clients and to increase the amount of money each customer spends with you, and of course to increase your repeat business.
#2 Learn the Difference Between Now Money Now
and More Money Later and Develop Both
This is another one of my favorite business building concepts. Now money now is when you provide a service and get paid for that service right away. More money later is when you invest time now in developing a product or service that will pay you much more in the future for the time you are investing now, like when you write a book, or write a training program or a software program. A sustainable business needs both now money now and more money later.
In a service-based business you are trading your time and expertise for money. You want to make sure that you have other ways of generating revenue that do not involve to much of your time. With each passing year you are in business you want to increase the products or services you offer that do not involve your time. This is another key factor in building a sustainable business.
By the way this is something we cover extensively in the Business Breakthrough Program.
#3 Create an Additional Revenue Source
As you evaluate the numbers also assess what else your company can offer in the way of products or services. Determine if there are other needs your clients have that you can provide. The more ways your company has to generate revenue the more sustainable and profitable and secure your firm will be. For example if you provide image services, also consider providing company training, webinars, information products perhaps a line of accessories or even top notch briefcases for your executive clients. These ideas may or may not be right for you still you need to come up with more than 1, 2, or 3 ways to generate revenue for your company.
Again we cover shine the spotlight on this in the Business Breakthrough Program.
#4 Get Credit, Increase Your Credit
A business needs credit. Cashflow is key to fulfilling your marketing and business plan and ensuring delivery of your products and services. Too many times I have seen business owners embarrassed and paralyzed because they can not pay their bills while waiting for their clients to pay them. Also your business will be severely limited if everything has to be paid for with cash on hand all the time. Consider that most businesses have high and low revenue producing periods throughout the year and at these times you still have to keep things moving.
A lack of credit indicates a lack of professionalism and business acumen. If you need to start at getting your credit score in order do it. Then start with the largest line of credit you can get. Then use it and each year focus on increasing it. One client recently got her first line of credit for $1000.00. I told her that was fantastic- you start where you are and increase your credit line as you can. Do not over look this important business fundamental strategy.
#5 Use Value-Based Marketing
Today’s marketplace is crowded and today’s potential clients are bombarded with marketing and advertising messages at unprecedented numbers. To make your marketing messages stick and actually be welcomed you have to always be providing value through your marketing while establishing yourself as an expert. A few of my favorite value-based marketing methods are speaking, teleclasses, articles and webinars. For more on value based marketing read The Expert Advantage – How to be Recognized as an Expert in Your Field.
By the way we cover value-based marketing extensively in the Business Breakthrough Program.
#6 Put Together a Marketing Plan, Calendar and Team
If you have been around me for a while you have heard me say it a thousand times – consistency over time creates results. If your marketing plan lacks consistency it will be ineffective. That is why your marketing calendar for what you are going to do when for the next 12-18 month is key to your success.
By the way, make sure your value-based marketing plan has variety. You should be doing at least three things consistently, plus some things added in as you can. For example, you could write your blog every week, send out a value-based email with an offer twice a month and write an article once a month for a newspaper or magazine. Then you could speak to groups of your potential clients occasionally, and do radio interviews occasionally and send out a value-based direct mail piece quarterly.
Once you have your activities, decide when you are going to do what, what needs to happen beforehand and who is responsible for what to fulfill your calendar. Again, this is not innovative stuff, and it is what works effectively to attract clients.
#7 Put Together Your Daily/Weekly Productivity Plan
Now here is a concept that any success expert since the beginning of time will tell you is a must for your business – and it’s something you know. Yet, are you doing it? You significantly increase your productivity when you have a routine.
Decide when are you seeing clients, when are you focused on marketing, when are you focused on sales, when are you doing your business planning, when are you taking some time off? Yes, I know that you will not always be able to stick to your plan, yet not having one at all will result in your business running you – not you running your business. You will be reactive to the challenges du jour, rather than being pro-active and moving your priorities forward.
Okay! There they are – your boring business ideas that will reap you exciting business benefits in 2009. Get busy! There is not time to waste.
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