If you are a small business owner with a product you know what I’m talking about and you know how important your time is. It’s time consuming and tiring to lug your stuff around hoping to sell a few here and a few there. Selling 20 items to 1 person is always better than selling 20 items to 20 different people. If you sell products (or services), here are some ideas for leveraging your profits…

Understand your pricing model. To really understand the benefits of this, you should really understand your pricing and what the real cost of your product is. Most people don’t know the real cost of the product they sell. If you are going to sell your product in quantities at wholesale or some other pricing schedule, you need to understand margin. Margin is one of those things that seems very complex but isn’t so bad once you go through it. It’s a common fear for entrepreneurs to look at their numbers, like it was for a client I recently took through the process, but once you know what you’re dealing with your confidence and profits will soar.

Create a list of the industries you want to work with. Once you’re confident in your pricing, do not skip that step, you can start to think about what companies sell a different product or service to the same client as you. Start out with everyone you can think of and then pare it down to the top 3 best choices. You need to think about what point in the consumer’s buying process they would be interested in your products. As an example, a book on business strategy would be perfect in the hands of a business banker who works with small business owners. The banker wouldn’t create their own workbook but they may be interested in purchasing a ready-made book that they could give to their clients when they come in to open an account or ask for a loan. You now have a distribution model for selling your product in bulk.

Create a marketing strategy that emphasizes what’s in it for them. Now that you have your pricing down and a list of potential partners who would be interested in purchasing your product in bulk, it’s time to develop your marketing strategy. The most important thing is that you make it clear to them what benefits they will receive. Steer clear of leading with the features – facts about your product – but instead focus on the benefits – results they will see – by working with you. If you are offering something to be resold, then focus on the win for them and the win for their customer. Never talk about the benefits you will receive, no one is buying to make you feel good.

If you can get all these things lined up then you can sell more with less effort because it’s always better to sell more to one. My encouragement for you is that you will review what you are selling, your pricing model, your distribution model, and your marketing message to see if you are leveraging all the pieces to get the most from your products and contact me for a complimentary strategy session!  Remember, you can achieve whatever you believe as long as you are willing to work for it!

Liz Uram is the owner of The Coach & Mentor Group  she specializes in helping big-thinking, fast-paced entrepreneurs sort out their big ideas and get results through strategic action plans.  Visit www.coachandmentor.net to request your free ebook ‘Boost Your Business Now!”.

But, there’s more to this exercise.  Remember, the purpose of this exercise was to find that one word that one word that can carry through and clearly convey your brand.  For solo entrepreneurs it is critical that your marketing materials work for you and the more you can convey the message of your offer through your marketing the less work it is for you. In order to be really effective that one word needs to be translated into elements that convey the message so people can ‘see’ what you do.

By elements I mean color, texture, and visual graphics. So, the topic for this week is what elements will you use to convey the one word you selected to describe your business?

Colors – what colors represent your business and your image?  Here is a sampling of the words people used to describe their businesses – dynamic, calming, fun, eclectic, exploration, explosive.  What colors come to mind when you hear these words?  Think of your own word and write down the colors that come to mind.  The word I use to describe my business is uplifting.  My logo includes bold accent colors in blue, red, green, and yellow.  To me these colors are uplifting.

Texture – what textures represent your brand?  This can get a little trickier.  If you have an eco-friendly business you probably incorporate textures from nature – grasses, burlap, or stones.  If you describe your business as classic, you might use linens, silks, or smooth gold.  I use textures that are smooth, crisp, and clean.  This carries through into my line of workbooks that have smooth, laminated colors.

Visual graphics – how do you visually represent your brand?  If you help people with technology, what images help people to understand what you do?  My logo includes a graphic, in the four colors, that implies inclusiveness, support, and is uplifting.  Between my company name and the graphic in my logo it is pretty easy to figure out what I do.

This exercise builds upon your word.  As many people pointed out, one word is not enough to convey your entire message.  But that one word is a starting point from which to build your brand.  Without the word, your colors, textures, and visual graphics can become disjointed and send a mixed message.

My encouragement for you this week is to take your word and start building out the colors, textures, and graphics that support your message.  Do this from a fresh perspective, without looking at what you already have in place.  Ask for input from other people and be open to what they see.  After all, it doesn’t really matter what you see if the customer’s you’re trying to attract can’t see it.  Remember, you achieve whatever you believe as long as you are willing to work for it!  Get your free eBook ‘Boost Your Business Now’ at The Coach & Mentor Group.

In retrospect it was kind of obvious but seldom do we, as entrepreneurs, take the time to get that focused on how we describe our business.  This story is important for a few reasons:

1)    This one-word description will be the basis for creating consistent marketing materials that convey the personality of the company and what the company offers.  Think of Apple, what word would you use to describe them?  Many people would say innovative.  It’s a fitting word and it comes across in their marketing.  Disney is described as imagination and it shows.  Maybe you think it doesn’t matter because your company is just you.  I would argue that having a strong brand matter even more to the solo entrepreneur.  Your marketing materials should work for you and the more you can convey the message of your offer through your marketing the less work it is for you.

2)    This example illustrates the benefit of having an objective outside opinion from someone who can ask questions that get to the root of the matter.  It is very difficult to be objective when you are dealing with your business because you are just too close to it.  Someone who is trained in the art of asking the right questions can make all the difference in the world.  Consider the money you spend on getting this clarity should be considered an investment in your business rather than a cost.  Remember, investments have the potential of gaining a return whereas costs are just money out of the account.

3)    This exercise demonstrates the value of creating a business plan.  This exercise comes out of the very first pages of plan and it will play a critical role in the success of the company as it unfolds.  Too many people skip over the first section of their plan covering the general company overview.  Questions like ‘why are you in business’ and ‘describe your business’ just seem too obvious and are glossed over.  That is a big mistake.  You will be surprised at the information you will uncover by digging into these questions.

This is a surprisingly difficult exercise but the payoff is huge.  It may not be apparent immediately, but it will make future decisions easier because now there is a reference point.  For instance, my ‘charming’ client has a product that will sell well at an expo so she is thinking about what her booth should look like.  Don’t you think it will be important that she choose materials that support her brand and image?  If you were to describe your business as cutting-edge, what type of marketing materials would best support that claim?  Do you think cardboard display boards with signs printed from your home computer are going to convey that image?  No way.  The brand and image you present matter.  And it all starts with one little word.  My encouragement for you is that you put some thought into what you want to represent and then review your marketing materials to see if that is what you’re doing.  Remember, you can achieve whatever you believe as long as you are willing to work for it!

A strategy is helpful to make it happen as quickly as possible.  A strategy lays out the roadmap so you don’t waste time on detours.  Don’t short change yourself by thinking that strategy is just about marketing.  It’s so much more than that.   To keep things simple, let’s look at 3 things:

What do you do.  The first thing you need to do to get more cash in your pocket and get on the road to results is to be super clear on what you do.  Have you ever had someone explain their business to you and when they were done you still had no idea what they did?  They probably won’t get a lot of referrals from you will they? I learned that lesson the hard way.  I had to take a hard look at my message and set aside some things that weren’t working and focus on the things that were and get better at those things.  As soon as I did that, doors immediately began to open up and my business began to grow.

Who do you do it for.  The second basic that will bring more cash into your business is getting clear on who you do it for.  This means erasing the words ‘everyone’ and ‘anyone’ from your messaging and figuring out who needs and wants to hear what you have to say.  What good is a great message if there’s no one to hear it?  By focusing on your ideal client and what makes them ideal, and knowing what’s important to them, you will be able to use the words that they will respond to.  You will be attractive.

How do you do it.  The last basic is where do you do it? It’s time to put that message out there where your ideal client can find it.  People can’t do business with you if they don’t know you exist.  But, in order to keep cash in your pocket you need to put your message in the right places.  This is where saving money comes in.  There are many ways to get your product or service to market and you need to find the best distribution method for you.  You can choose in person through expos or networking, online methods, if you have products you can get them into stores or have other people sell on your behalf.

There is more to a successful business model than these 3 things but these basics must not be overlooked if you want to be profitable.  There are many options for developing the right business model for you.  The key is to get a clear strategy.   This is how I help my clients.  It’s not that they don’t know what to do, they do.  It’s a matter of taking all those ideas, sorting them out, and deciding on which steps to take.  It is hard to be objective with your own business and that is why many successful business owners get outside help.  In the meantime, a good place to start is getting super clear on what you do, who you do it for, and how you do it.  Watch these videos for step by step instructions.  Remember, you achieve whatever you believe as longs as you are willing to work for it.   Visit The Coach & Mentor Group to learn more.

Can you achieve high earnings as a solo entrepreneur?  Of course!  But not overnight, and not without rolling up your sleeves and getting to work.  I’m on a mission to help business owners get back to basics.  Let’s get real and let’s get to work on creating successful, sustainable businesses!

Here are a few things you can do to get started:

Review your message.  Are you being authentic and sharing what you really believe in or are you following the herd?  When you’re starting out in business it’s common to watch what everyone else is doing and try to duplicate them.  In fact, I highly recommend following people who have what you want and do what they’re doing.  After all, they attracted you right?  The fine line here is model their process, not their message.  Take time to reflect on your message and really get honest about whether it is really you or not.

Create your own platform.  Why are you in business?  What prompted you take the risk?  What is it you really love?  I love process and operations.  I love to know how things work and to make them better.  That’s not very glamorous but it is how things get done.  I’ve done the vocabulary acrobats to make it sound more appealing but that just isn’t me.  If I’m not being me I’m not being authentic and my message won’t resonate.  My platform is roll up your sleeves and get to work.  That’s a message I can feel confident about.  Dig deep and find your platform.

Develop a philosophy.  What do you stand for?  What’s important to you?  Your philosophy is sort of like your mission statement.  It’s what drives you and this is something that should be loud and clear throughout your brand.  It may not seem important but it creates a foundation to build the rest of your business upon.

This makes sense right?  These 3 basic pieces of information are included in the Business Builders Success System business plan workbook.  You can see how important it is to start and build from the ground up.  This is the stuff that most people won’t do.  This is the rolling up your sleeves kind of stuff that will help you be successful.

My encouragement for you is that you will take some time to reflect on these 3 things.  Remember you can achieve whatever you believe as long as you are willing to work for it.  Visit The Coach & Mentor Group for resources to help you grow your business.

Maybe you’ve been thinking about adding a product but you don’t have the time, energy, or interest to create your own products.  Not everyone likes to create products and that’s okay.  You can actually use products that other people have created and make money from doing it.  Isn’t that cool?  The workbook I developed, ‘How to Organize & Manage Your Time – A One Year Planning and Action Guide’, is a perfect example of this.

The people offering the product are called affiliates and the nice thing about being an affiliate is that you don’t have to do anything except make the link available on your website.  With affiliate marketing, there are no costs to you, you make money every time someone purchases the product from your website, and you have a valuable resource to offer your clients that increases your credibility.  Plus, you don’t have to keep inventory on hand or worry about the fulfillment process.  That’s all handled by the publisher.

It’s a pretty much a no-brainer, especially when you offer a product that is complimentary to the service you provide.  Imagine, generating revenue while you’re sleeping or on vacation!  I have to admit, it’s quite a thrill to wake up in the morning and see orders in my inbox.  To learn more about this no-risk opportunity, email me at liz@coachandmentor.net.

Are you doing the same thing over and over hoping for different results? If so, that’s the definition of insanity. If you’re trying to improve something you need a plan that will get you out of the rut. Otherwise you could get stuck in an ongoing circle that goes nowhere. You don’t want a band-aid approach here – trying to find a quick fix for the symptom instead of taking care of the real problem – you need a long-term solution. That means going all the way back to the start to remind yourself what you’re trying to accomplish. When you’re trying to improve something, you need to remind yourself of the result you want to achieve.

If you feel like you are spinning your wheels and not getting traction, here is a formula for success (you can apply this to any area of your life you are working on):

Assess the situation. First, make sure there is a problem before you try to change something. Most people give up on their goals way too soon. Each situation can be a little different but if you are trying to implement something new in your business a good rule of thumb is six months. That is assuming you are doing everything you need to do. Only you know if you are truly making the necessary efforts so look inside first before giving up. An internal assessment will usually tell you whether you are pushing on the wrong door or just being impatient. 

Think outside the box. If you have determined that there really is a problem and you aren’t just being impatient, the next step is to find some different ways to get the results you want. You can ask for outside opinions, watch what other people are doing, and sit down and brainstorm all the possible solutions. It can help to bring in an outside perspective at this point because if you knew the answer you would already be doing it. It has nothing to do with skill or knowledge so this is the time to pocket your pride and accept the fact that as a business owner it is difficult to be objective. We tend to get tunnel vision when it comes to our stuff.

Try something new. Implementation is the only way to know if your new idea will work or not. This is where knowing your numbers comes in really handy. If you have goals, and you are tracking, you will know whether or not you made the right change. Again, you face the danger of giving up too soon so make sure you give the new idea enough time to work. Decide the point at which you will know if you are making measurable progress and go from there. One day is usually not enough time, but one year is too long in most cases.

Sometimes just a small tweak can make a huge difference so make sure you don’t throw the baby out with the bathwater. Meaning, don’t toss out an entire idea just because it isn’t working right now. If you have a good idea stick with the overall concept and keep tweaking until you start getting the results you want.  I followed this formula recently to improve one of my programs, the Get Stuff Done! Club™.  I realized I probably wasn’t doing everything I could to make the program as robust as I wanted it to be, so I checked out some new ideas, implemented them and now I have a new and improved program that is providing more value and therefore attracting more clients.

My encouragement for you is that you will review where you are with your goals and if you aren’t exactly where you want to be, assess the situation, think outside the box, and try something new. Remember, you can achieve whatever you believe as long as you are willing to work for it!

Professional development takes many different forms. It’s all about sharpening your skills. The most intensive way is by working one-on-one with a coach but you can expand your horizons in different ways too. You can take a free class, go to a conference, meet with a mastermind group, or do a self-study course. Did you know there are many opportunities available on my website? There is free training, affordable group programs, and the Monday Morning Movation™ radio show library.

With all the choices out there you might be wondering where to begin. Professional development, like anything else you want to succeed at, requires planning so here are a few steps to get started:

Take a moment to reflect on what skill you want to develop. The easiest way to do this is to reflect over the last month and be really honest on how things are going for you. In the monthly section of the How to Organize & Manage Your Time workbook there is a section devoted entirely to what you will do to take control of your success. It asks you what attitude you need to improve on and what skill you need to develop. Be honest with yourself and choose something that will help you grow.

Set your budget. Decide how much time and money you are willing to invest in yourself and your business. This does not have to be the same amount every month but professional development should be in your overall budget. When I want to learn more about a specific subject I oftentimes start at the library and soak in as much information as I can from books. Then I might move to a free or low-cost program offered by someone I follow. Most experts offer a free consultation or a free offer of some kind so you can get a feel for their style and how they work. Decide what conferences you want to attend during the year and set money aside for those.

Investigate your options. There is no end to the possibilities for training and development. In fact, it can be a little overwhelming. Once you know what area you want to develop and you know how much time and money you are willing to invest then you can look for options that will help you in that specific area. Do a little research to find out all your options from free to a luxury investment, whatever that means to you. Ask around, look at what the experts offer, and explore all your options. Then make a commitment to do something every month.

Continual professional development will give you the slight edge over your competition and will help you reach your goals faster than you planned. Why? Because you increase your momentum when you focus on improvement and take the actions necessary to get ahead. My encouragement for you is to reflect on what area you want to develop, investigate your options, and make a decision to invest whether it’s your time or your money or both. You can have as much or as little as you want and like anything else the more you sow the more reap. Remember, you can achieve whatever you believe as long as you are willing to work for it!

If you were doing a challenge like that, you would ideally give away one item per day.  But, in all likelihood, without a plan you might end up with 70 magazines to giveaway in the last 10 days and you wouldn’t.  Most people would say they didn’t have enough time.  Did you know that ‘not enough time‘ is just code for ‘didn’t have a plan‘?

Luckily, for this team of distributors they set themselves up for success from the start by figuring out what their consistent daily actions are going to be and getting their hands on the How to Organize & Manage Your Time – A One Year Planning and Action Guide.

If you want to achieve great results in any area of your life that you are working on, give yourself the best odds for success by making consistent daily actions a priority. Success is a process and it takes time. However, you can minimize the time it takes to see results by doing a few basics consistently over time. It’s all about setting goals, taking action, and being accountable.

Set goals with the end in mind.  You don’t want to set just any goals, you need goals that add value.  Taking a look at the example I shared, standing on the corner handing out a magazine to everyone who walks by is not going to serve the ultimate purpose.  The end in this case is a certain number of people signing up for something more.  You have better odds of success if you are handing out the magazines to qualified leads.  That means your first goal should be to figure out who your ideal client is and then find out where you can find many of them in one place.

Take action.  The biggest reason people don’t succeed at what they want is they don’t take action.  They spend too much time thinking or making excuses and not enough time doing.  It’s too easy to make excuses and tell yourself that you’ll do it tomorrow.  The problem with tomorrow is that tomorrow never comes. You must make time to do the things that matter. Remember, you always have choices.

Be accountable to someone.  Accountability increases your chance for success by 40%.  Accountability is simple telling another person what you are going to do and then reporting back on whether you did what you said you were going to do.  Hardly anyone wants to go back to their accountability partner and say they didn’t do it.  This is why people who use coaches are so successful.  It’s important to choose the right person because you don’t want to be accountable to someone who will nurture your excuses.

Apply these three ideas to any area of your life that you are working on and you cannot help but see good results.  But every day you make an excuse is another day you stay exactly where you are.   My encouragement for you is that you will set some goals, take the action, and get accountable.  Remember, you can achieve whatever you believe as long as you are willing to work for it!

This can seem a little overwhelming if you do not know where to start so here are the top 3 areas of your business to focus on to develop strategic thinking skills:

1)       Figure out what your sales forecast is for the year, quarter, or month.  I like to keep things pretty simple so I recommend starting with your minimum required monthly income.  A lot of times solo entrepreneurs get so caught up in the BIG dream that we forget to focus on the basics.  It’s great to have the BIG dream but it’s going to be a lot easier to get there if you take that first step first which is to reach and master your minimum requirement and then set your next income goal incrementally.  A realistic goal achieved at a steady pace creates sustainability.

2)      Review your products and service to maximize your revenue.  Surprisingly many solo entrepreneurs overlook this step in the process and set the income goal but don’t have the right product/service mix to make it happen.  Review your products and services and at the same time check your pricing to make sure you don’t have to work 80 hours a week to meet your goals!

3)      Develop a marketing strategy and marketing plan to get results.  Marketing is the most important thing you can do to grow your business.  Businesses thrive on momentum yet momentum is invisible and you do not see the results immediately.  The results happen gradually over time.  The same is true in reverse.  If you stop taking action you won’t feel the effects right away but as the momentum slows you will feel it eventually.  Having a plan in place helps maintain momentum but taking consistent, persistent actions repeatedly.

All of these steps help develop strategic thinking skills.  The good news is that these tools can be picked up and implemented any time.  But why wait?  The most successful entrepreneurs are already planning ahead and getting ready to start the new year strong.  However, it is a common fact that there is plenty of room at the top and most people aren’t doing these basic things to propel their success forward.  Taking these simple actions will put you miles ahead of your competition.  These ideas don’t apply only to year end.  I recommend a quarterly strategy session to stay on top and keep the momentum going.