Are you starting up an online business? Here are just some statistics on why businesses fail in the first 5 years.
- 42% No market for their product or service
- 14% Bad customer service
- 23% Do not have the right team
- 29% Run out of Cash Flow
Now that you know the facts on why businesses go under, let’s talk about what will keep you afloat. It is important to run your business in a certain way if you ever want it to grow to a high level of business and there are strategies that many are not aware of. There have been three proven strategies that have worked for millionaire businesses in today’s world and using these strategies will take your business to a whole other level if you start implementing them today.
1. Give Value
Giving value is one of the most underestimated ways of running a business. Businesses thrive specifically off of this, but there are certain ways in which giving value goes a long way. For me specifically I work for all my clients for completely free until I am able to produce real results for them. Working for people for free is important because it allows them to open a know, like and trust factor with you that would not happen with most other people. Everyone these days has their hand out begging for money. What if you were the one where you were like hell yea ill do some work for you for free. This is where you build real relationships which is way more profitable than any other dollar bill you have in your pocket.
Another good way to give value is to post organic content. When posting content to IG, Youtube or TikTok make sure it is real and authentic. Gary V; CEO of VandyerMedia and one of the most influential figures in the digital age talks about giving value. He is a firm believer that it does not matter how much money you spend on ads, if you’re not putting out the content, nothing will work. Content also builds a know, like and trust factor between your potential prospects and it is your image on how the world views you. So post wisely.
Testimonials are very important for your business because this is legit proof of how good your service is. With all this technology out there it has made a lot of people question things and believe less because of how much fake information is out there. One of my favorite Business coaches Bedros Kuilian; CEO of Fit Body Boot Camp always talks about leading with results. Results get others to take action because they actually believe that your service will work for them. People doubt what they are told but never doubt what they conclude. We can use this method by giving them a conclusion before they even have the chance to think about if it works. This allows them to overcome the fear of it not working and wasting their money, because when someone ever invests their time or money in you they need to be able to fully trust you.
This topic is what a lot of people in todays world do not know. Any good marketer knows this skill and you should pick up on it if you want to be able to close prospects more often. Instead of sounding like a sales person and trying to sell people stuff, because no body likes that, have a conversation with your prospects. Start asking questions like: what are your goals? where do you want to be in 5 months? whats working and whats not? This will again make the prospect feel more comfortable and want to work with you more. Not only that, but if your asking them these questions you’re basically guiding them to tell you that here is the problem they have, then you show them the solution that you have to fix it.
If you have seen a constant theme through out the three ways to grow your business it all comes through the know, like and trust factor. My mentor Jason Capital taught this to me, White House Top 100 Entrepreneur and told me in these exact words “I usually do not say this, but if you want to get rich, you must master this skill”. From there on out, alls I did was give value and it has actually become more about the value for myself than the money I receive, helping someone improve their business is much more satisfying than the money going into my pocket and that is a habit that I have built over time, which you could do too and will help you not only grow your wealth but health and relationships as well.