Where most start-ups fail is false belief that their passion will bring them the money. But in real life, business doesn’t work that way. Passion will get you out of bed in the morning, but it is not a plan.
Your real, solid plan should be based in 10% information and 90% implementation. Once you have this plan, you are able to rinse and repeat.
Here is my 5-step plan to make money. Every day. Every time.
1.) Ask where? When you plan a project, launch, or product, know from the start where you want it to take you. It is key to have an overall plan for the year so you understand the impact every launch or idea has. Don’t throw spaghetti on the wall and hope something sticks.
2.) Ask when? What are your set dates for the most successful profit outcome? Once you determine those, you have to live and die by them. When you miss launch dates you throw off your entire profit cycle.
3.) Ask who? When new opportunities arise, ask yourself if it’s really worth your time. You must leverage your time as soon as possible, even if you’re just starting out. Have a team of resources, contractors, or employees to carry out the tasks and technical work so you can do what you do best.
4.) Analyze and test. Everything I do is a test. Every email, call, newsletter, or event. We are constantly analyzing our results and improving upon what worked, changing what did not, and eliminating waste. You market in a vacuum if you don’t analyze and test your results from start to finish.
5.) Play big and plan small. Most companies are focused on the big end result or the 3-5 year plan. They become so consumed with big picture that they can’t figure out what to do right now. Don’t plan further out than 60 days for doable step-by-step sustainable results that can be tested. Your results truly are the indicator of what next step to take. Nano planning allows for flexibility and achievable results.
Hope is not a business plan, nor is passion. Those items just enable you to work the plan. If you need to increase revenues start with these simple steps and when you explode your profits… here is the good news. These steps still apply. Rinse and repeat.