3 Ways to Make Your Small Business Profitable

By Joy Ehonwa Starting a small business can be a very challenging undertaking. Here are three tips to ensure you get off to a great start, and actually make profit. 1. Be clear and specific about the problem that you solve for clients This is especially true for your marketing content. Whether it’s the “About” page on your website, your Facebook business page, or a simple flyer, make sure that anyone reading about your business can understand what need you’re offering to meet for them. There’s no need rambling or beating about the bush. Be ready to seize every opportunity to clearly state the challenges you’re providing solutions to. A simple and effective way to do this is to state the challenge, and then the solution you’re offering. Advertising practitioners know this, and it simply never gets old. From cloth stains or skin blemishes that won’t go away, to difficulty in securing loans or relieving pain, in nearly every good advert there is a problem or challenge, followed by a wonderful solution; the product/service! Some naive entrepreneurs may think that being vague and elusive will intrigue potential clients and make them want to know more, but that is a myth; people are busy. If a potential client has picked up your flyer or stopped by your website or business page, you’re already lucky. You have just a few minutes to grip your reader and make a great impression. Grab it and SELL!!! 2. Choose clients who value what you’re offering In the early days it’s easy to be desperate for income and take on just any client, or become convinced that no better ones are on the way. Unfortunately, this is one of the quickest ways to run your business into the ground. Ask yourself; is the problem that you’re solving something that is VERY important to your potential client? If not, they’re unlikely to pay what you’re actually worth, and before you know it your finances are suffering while you’re overextending yourself trying to prove your worth. Choosing the wrong kind of clients can spell doom for your business results. It’s important that you select clients who know what they want, or can recognise it when you present it. More importantly, your clients should be READY for your service or product. A client will likely hire you if they themselves are committed to solving their problem. Making the investment to work with you is simply sealing that commitment. People who are not fully committed to resolving their issue never have the “time” or “money” to work with you. Your task is to attract committed people who are ready to get down to business and are actively looking for the right person with the right skills- which should be you. 3.  Know how to conduct genuine and effective conversations that facilitate your potential client choosing to work with you Networking is still the best way to meet new clients and grow your business. Yet, only a few know how to make the most of it. It is not enough to just stand around sipping drinks and exchanging business cards. If you’re fortunate to be in the midst of people who are interested in knowing what you do, the least you can do is be absolutely convincing. Even if they don’t need your service, you should be able to communicate it in a way that allows them to market you effectively should they happen to meet someone who does! Many entrepreneurs make the mistake of stating their job titles or designation when asked, “What do you do?” You must be able to state what you do clearly and succinctly. Learning to answer the question “what do you do?” properly will make networking easier, open doors for you, and attract the right clients who really need what you’re offering. For one thing, there is no guarantee that your client will understand your job title. What they will understand, however, is how you fit into their lives. So for instance, instead of saying, “I’m a ghost writer” when asked what I do, my business benefits more from my saying, “I write articles and books for people who have great ideas but no time or writing skills. I help bring the books they dream of to life without my name being mentioned; they get ALL the credit while I stay behind the scenes.” What I’ve succeeded in doing is pitching without being too obvious. I’m simply answering a question, and yet, I’ve shown a potential client exactly HOW my business can help them. This opens doors to conversations that will allow me woo potential clients while helping them see my value clearly from the onset. A fulfilling business is totally possible. Embrace success!