“How can I make the money I know I should be making? I’m sick of slaving my guts out for less money than a wage! Where are the millions?”
When mentoring business owners I sometimes need to ask question “why are you in business?” Are you in business to make enough money to be able to stop being in business? In times when business is easy, that may well work, but when times are tough a business owner may require all the passion, tenacity and drive they can muster to stay afloat. If their true passion lies elsewhere, its may just get harder to keep on doing the hard yards in a business they don’t really want to do.
If you have recently been retrenched from your FIFO job, and alternative jobs are impossible to find, then you may think your only choice may be to start your own small business, compete on price.
Its a tough market. Well established business just create more attractive pricing models, and get more assertive in the market place. Most established businesses have an arsenal of exploited marketing options that they don’t even know about. For them the key is to learn about and leverage these additional strategies. That’s were a Business Coach or Mentor can be invaluable.
For the new entrants, ex FIFO workers for example, aggressive marketing and cost cutting are sometimes the main strategies used. But this can cause major problems for them in the medium term, as they promise big but then find they loose money trying to deliver, or cant deliver. The result is dissatisfied customers, and a consequent loss of opportunity of referrals. It can also damage an industry as customers lose faith in the ethics of practitioners.
New entrants should begin instead by taking careful strategic look at various industries, and match their skills, network, circumstances, capital and passion with market space which has the best opportunities and least competition. So ‘personal’ strategic planning session is what is required before they start in business. Then the journey will be better thought through, and better executed, and more likely to be successful.
Established firms suddenly having to compete on price need a business coach to help them come to grips with today’s reality, the digital economy.
Whether a new entrant or an established firm, for all business people the question must be asked. ‘why are you in business?’. A session with a Business Mentor or Coach is an invaluable part of the process.
We can help you either way, and we provide excellent service to a small number of clients. If you have found your way to this page, then take the next step and book a free initial Skype or face to face consultation in Perth. Its free, but its worth a million dollars. And who couldn’t use an extra million?
Or visit the website here mindyourprofit.com