How To Start A Profitable Business
Learning how to start a profitable business will change your life. Why is it important to focus on profit in the beginning? Because this is your key to quitting your job, making an impact on the world, and creating security for your family.
To be self realized, you must create yourself and the life you always knew was possible. Create the most ideal version of a day you can visualize. How would you spend your time on your ideal day? What projects would you pursue? What work would you do? Would you work at all?
Earning enough money to support your ideal lifestyle is imperative to your mental health.
Does the idea of learning more about money make you uncomfortable?
If you want to make an impact on the world, you need to be financially independent. You must have your time to yourself and be able to pursue whatever spiritual activities or research you feel called to do. To make the dent in the universe you know you were meant to make, you must be the master of your world.
Ready to begin launching your profitable business? Listen to this episode of the Beyond Homo Sapien podcast for a walkthrough on this.
How To Start A Business:
To start a business, you must possess a skill. On this episode of the podcast, I covered how to start developing a skill that the market will value. This is step one in the process towards financial independence.
The basics of skill acquisition:
1. Start doing something that you enjoy – a passion project… This might be a blog, a YouTube channel, a podcast, an Etsy store, a Shopify store, or any other project you feel called to create. Work on this until you have a journeymen level of expertise.
2. Practice this skill! Create content and dive deep into this passion project. Learn your trade.
Pretty simple… Pick something you are passionate about and begin to acquire the skills associated with creating this new hobby for yourself.
Here’s the kicker: you have to take action and overcome your limiting beliefs. You must commit to this process and make the time required.
Once you have acquired a skill, it is time to put it to use. Read this post to learn more about how to start a business and learn your first skill.
How To Launch Your Business Idea:
Time to launch your profitable business. Begin to help people with the new skill you have acquired. Here is where you have the ability to help people in your network and add value to their lives. Maybe you know someone who needs a website and you recently setup your own blog?
Trade your time for money in the early jobs to build some experience and a portfolio of results.
As you grow and scale the business, you’ll want to quickly bring on someone to do the actual work. This will allow you to be in the middle and oversee the management of the work. By doing so, you have just created a job for someone.
To grow the business, you need to figure out your numbers. If you find someone who will do the work for you, charge a margin on their work and sell it to people in your network. For instance, if you are launching a video editing business, and you have a friend who will edit the video for $200, charge someone $500 or $600 (at least) to do the work. This business model allows you the most room for growth and job creation.
How To Get Clients:
To get new clients, add value to your network. Begin to meet new people and connect with groups online where your ideal client is hanging out. Connect with LinkedIn or Facebook groups where these people are frequenting and asking questions. If they have a question about your area of expertise, help them out. Form connections.
You can begin to acquire new clients through goodwill. To do this, help people out when you can. Answer questions and position your expertise. From there, build a relationship with the person and get to know them over time. Put your business out there when appropriate. Spend your time building connections and relationships.
Best case scenario: you are able to build your own community.
How To Start An Online Community:
If you can create an online community around your skill, you can help people out and create a pool of clients. To get started, make a Facebook or LinkedIn group and invite people who have expressed interest in learning about your skill. Go to your network of newly interested folks and start to gauge their interest in joining your group. Invite them in and start to build your community. Eventually, you will want to build an email list of interested prospects for your service.
Every day, post on your personal social media profiles and share valuable information you have learned about your developing skill. Over time, you are becoming an expert. Share this with your network of friends.
Invite them to your LinkedIn or Facebook group where they can learn more.
Inside that group, share the most valuable information you are figuring out… Maybe “Go Live” every once in awhile and engage with your network… Host a live webinar where you share the details about what you are learning. Connect and engage with the community as much as you enjoy doing. Obviously, if you are more extroverted, this will come more easily.
However, if you are introverted, do not let this from forming a community. Written content is just as compelling (if not more so) than video or audio. Write your heart out!
If you want to start an online community, here’s the key: No matter what you do, add tremendous value to people’s lives.
Genuinely help people.
While you have started to build a community, you also want to be thinking about how to build your email list…
How To Build An Email List:
Decide on something you can give away for free. If you are working on starting a business around a skill like video editing, give away a free tutorial on how to edit videos. This will add value to people’s lives if they want to edit videos themselves. For those looking to hire someone, it will demonstrate that you know your stuff and they can trust you to do a good job.
People like an experience in exchange for their email address. If possible, a physical item is amazing to use for this process. However, it can easily be a virtual item, MP3, or video.
Russell Brunson is one of the greatest marketers in the world. His model is to giveaway “free” copies of his book where you just pay for the shipping ($8)… this builds his email list AND pays for the cost of his manufacturing & advertising at the same time… Genius!
Your lead magnet does not need to be as complex… Tim Ferriss is one of the top podcast hosts in the world and his lead magnet is a simple “5-bullet Friday” where he gives away the “5 things Tim learned that week” in an email every Friday… Easy, simple, and converts like wildfire.
Over time, your email list will grow to become your most valuable asset in the business because it will represent your list of interested buyers and previous customers. When you have a new offer, send it to these people first so they can be on the inside.
How To Build Your Offer:
Crafting the offer for your business means diving deep into the needs and problems of your audience and doing everything you can to solve them. Package this up into an offering that your business can actually provide. Slap a price tag onto this and create plenty of room for yourself in the margins.
By charging a lot of money for your services, you allow yourself the ability to create jobs and make the impact on the world you always knew you were meant to create. Know your worth and add value.
Growing a business takes time and energy but it is easier than you think. With skill, perseverance, and guidance from books & mentors, it will happen.
Do you want help with launching your profitable business?
Click here to learn about the Phoenix Mastermind program. We are currently accepting 7 members to form a 90-day mastermind where we launch profitable businesses together. If you would like to be held accountable to achieve your goals, join the program.