Today we’re talking profitability! A subject rarely discussed openly, many new entrepreneurs are given false information and fed exaggerated claims of instant success especially when they are within the first few years of business.
Today I’m pulling back the curtain and getting REAL when it comes to sharing how long it actually takes to make money in an online business. While some may claim you can make six-figures in a few weeks, I want you to know that while success like that is possible, it might actually take a bit longer to generate that type of profit.
So how long can you expect it to take to build a profitable online business? Especially if you are just starting out?
Today, I’m sharing the profit criteria necessary to build a business that supports your monthly money needs.
How Much Money Can I Expect to Make in My First Few Years of Business?
A valid and popular question, most new business owners want some sort of assurance that they’ll make enough money to pay rent those first few years.
Problem is, there is no guarantee you’ll make the money you need!
The nature of your business, your industry and your ideal client’s needs aren’t set in stone.
What is in your control is how well you position yourself compared to competitors and your ability to deliver the benefits you promise to the people you serve.
So when you’re just starting out in your online business, whether that’s a personal brand or working under a business entity, while you might hope you quickly scale your profit making abilities more often than not you will spend the first few years experimenting with strategies, business models and offerings.
Since there’s no income formula for you to follow – because every business is unique – there are a few ways you can boost your profitability so you aren’t left scrambling to pay your bills or make rent as you build your business.
The biggest lie you’ve been told about making money in your business
The #1 lie told in today’s online business world is the six-figure formula.
Technically, there is no such thing.
No six-figures is made the same way.
So when “business coaches” share their six-figure formulas, it’s a lie.
But new entrepreneurs desperate for financial security and a thriving business pay hundreds (if not thousands) of dollars every week for these instant success cheat sheets.
I’ve done it. I’ve seen others do it. And while it’s normal for new entrepreneurs to be hoodwinked, I’ve had enough.
I’m calling everyone to throw out the six-figure formulas and adopt a more traditional approach instead.
3 Simple Ways to Boost Your Profitability In Your First Few Years of Business
1. INVEST IN MARKETING, NOT IN MASTERMINDS
Now this might ruffle some feathers but hear me out!
In your first few years you need visibility. While masterminds are great, they aren’t what you need.
You are capable enough.
You are good enough.
You just need the practice and experience, which takes time. In order to gain experience you need clients. And in order to get clients you need to be found.
2. BE CONSERVATIVE WITH YOUR SPENDING
Do you really need the fancy email marketing software? Or the course building platform if you don’t have a course yet?
Investing in all the fancy platforms, software or new tools when you’re just starting out is often not necessary. In fact, some of the most successful businesses started on the most basic platforms!
So while you’ve got business goals to get yourself to a place where the more advanced platforms will serve your business needs, for now focus on the more affordable tools made available until those monthly income goals are met.
Personal note: I built my online business for less than $300 a month for the first five years I was in business for myself. If I can do it, you can too!
3. NETWORK YOUR BOOTY OFF
The best networking opportunities don’t always come with a high price tag. In fact, local business meet-ups, free Facebook groups and personal networking can work wonders for your new business.
Simply telling people what you do can spark conversations and possible client work.
So while big price masterminds promise access to exclusive business opportunities or connections, sometimes the local Toastmasters or Chamber of Commerce is enough to fill your client roster.