3 Keys to a Profitable Business

During a recent call, a client asked me what, in the most basic of terms, did I think it took to be successful with an online-based business.

Hmm…

After taking a few seconds to prepare my thoughts, here are what I consider to be the 3 keys to a successful online-based business. Please note that while there are several definitions of “successful” and we all define what it means for us, I’m using the simple definition of “business success = positive profits”, hence the title of this article.

What are the 3 keys to a successful, a.k.a. profitable, business?

1 Become an expert or a reporter. Pick the field, it could be anything from making homemade dog food to gardening to coaching to caring for koi or making smoothies and knowing how to find the best fishing holes in local lakes. Things will be much easier and success will come much quicker if you choose something you already know and love.

When it comes to becoming a “reporter”, think of Napoleon Hill. He interviewed a specific group of individuals and then reported on his findings and that book is one of the best books in the business/self-help genres.

2. Have something to sell. Sounds simple right? You’d be surprised, shocked even, at the number of business owners who complain they’re not making any money and when you look at their website, they’re not actually selling anything. Create products or programs, offer services. If these things scare you, consider becoming a resource for affiliate products (just be sure to test them yourself first) or changing your plans.

3. Create engagement and campaigns and have the tools to manage them. Build relationships by offering information on your topic and following up using the principles of Extreme Client Careā„¢. Get to know your community, interact with them, listen to them and create programs, products or services they want and need. Once you have those, plan regular campaigns to offer those programs, products and services.

A “campaign” is not a single email or a few posts on social media. It’s a strategic, integrated plan involving both online and offline media tools and can often take several weeks to fully implement.

In order to do the above, you need the right tools. If you try and piecemeal together a hodgepodge of “this and that”, you’ll spend more time, money and energy trying to make everything work together and filling holes (or paying your team to do it for you) than you would have if you’d done it right the first time. Successful businesses cost money to create. You have to invest, and invest smartly, to profit.

If your business is lacking and not bringing in the revenue, and profits, you’d like it to, chances are you’re missing one of the above three items and/or your mindset around your business and why you’re doing it isn’t congruent with who you are and what you really want.

MY REQUEST TO YOU

Do a quick business check-in. Are you happy with where your profits are right now? If not, why not? This is the hard question. Be honest with yourself.