Are you struggling with marketing or is your business model broken?
If you ask most service-based entrepreneurs who have yet to reach the 5K/month mark what the biggest struggle is in their business, marketing will be in the top three responses.
While marketing is a huge factor to any business that wants to grow, it’s not usually the root problem. Problems with marketing is most often a symptom that your business model is missing key elements. And without those key elements, it’s hard to be confident, which makes it incredibly hard to take action. So you find yourself paralyzed, too afraid and unsure to do anything. Or you just keep doing “stuff” so you can be busy, even though you are not getting any business.
The “stuff” that most folks default to is marketing. No clients – I need more marketing. Not making a profit – I need better branding and marketing. Not enough leads – I need to fix my marketing. And so off you go, changing your tagline, website, branding, business name, networking groups – again.
Now it might be true that your marketing needs a makeover. BUT, if your business model is incomplete – there is no amount of marketing that will make you consistently profitable.
If you have a business model in place and your monthly numbers aren’t looking good, I can almost guarantee that you are overwhelmed and overworked. I see so many coaches, consultants, and holistic practitioners with huge profit leaks in their business model. The good news is, once you are aware of them, they can be fixed.
Here are five signs that your business model is broken:
You might get traffic to your blog, opt-in pages, or social media profiles. But if they are the wrong people – people who aren’t willing or able to pay you, what’s the point?
The most brilliant opt-in page and opt-in offer is worthless, if you don’t have a plan in place for following up after people join your mailing list. Your subscribers will end up costing you money, instead of making you money.
Friends give each other things. You give away articles, webinars, inspirational messages, advice, etc… You are such a good friend, that folks don’t know that you want them to buy anything. If being liked, shared, and retweeted makes you happy – go for it. I’d rather be paid.
It takes work to grow a profitable business, especially when you are just starting out. But if you never get to a place where you can breathe, you are going to burn out. If you want to be overworked and underpaid, there are plenty of companies willing to hire you.
At one point you loved being your own boss. It was freeing and joyous, even if the hours were long. And now, you don’t like the work you are doing, you tolerate your clients, and thoughts of throwing in the towel and getting a job have been showing up.
Focusing only on marketing, is like trying to put a band-aid on a bullet wound and thinking you’ll be okay.
You need a profitable business model, an aligned marketing strategy, and blueprint for how to automate your systems so you can take a break whenever you need.
Luckily for you, I know someone who is leading a group coaching experience that can help you with exactly what you need to turn things around. Click here to learn more about my 6 week evolve + accelerate group for coaches, consultants, and holistic practitioners.
Tai Goodwin on a mission to help 10,000 women entrepreneurs create more joy and wealth in their life and business. She's the CEO of Aligned + Bankable and creator of the Bankable Brilliance Course. An intuitive business growth strategist and teacher, her specialty is helping clients create bankable business models that allow them to increase their impact and income without burning out. Tai is a former corporate trainer with a master's degree in instructional design and over 20 years of experience designing course, training programs, and certifications. She is also the author of Girlfriend, It's Your Time and founder of Brilliant Business Girlfriends.