When it comes to getting your business profitable the 80/20 rule can be used as a guide to determine how you should manage your time.
What is the most important part of any new business?
Time and time I’ve had to learn and relearn this while trying to get HalOtis profitable. I spent time working on designing the logo, getting business cards printed, having a custom t-shirt made, and working on products before actually proving that there was a market that I could sell to. What was I thinking!
All of that time was wasted.
Let’s look at some examples of how to do it properly:
If you had spent 1 hour writing a post for one of your blogs, then you should spend 4 hours promoting it. Take the time to socially bookmark your post, leave comments on other sites for the link back, and perhaps write some more articles, Squidoo lenses, or post to other web 2.0 sites. Spread the word far and wide that you have something worth reading.
If you want to get into a particular market get to the selling as soon as possible. If you take a day to find a niche, build a website, and find a product to sell on it. Then spend the rest of the week only on sales. Drive traffic to the site, test the conversion of different pages designs, tweak the copywriting. If you can’t sell someone else’s product if you put in that amount of effort then consider finding another niche.
Resist the temptation to build up your business. Don’t start by getting the accounting software, designing logos, getting letterhead, talking to lawyers, or doing the paperwork to register your business. Skip those things and develop a plan that will get you to the Selling part as soon as possible. You can get creative about this. Take pre-sales whenever possible and focus your effort on getting them. 90% of businesses fail in the first year… mitigate your risk by making sure the business will make money before investing in it.
This approach will have a much better success rate. If you want to be in business, and get rich, you must get over any hangups you have about sales and selling. In fact you should come to love sales.
Sales is the one place where you actually get to use that fun stuff you learned about in Psychology class. It’s a ridiculously interesting area to be an expert in, and the money is pretty good too. If you know how to make sales, then you’ll be an asset to every business you work for (or your own).