Forbes wrote an article some time ago sharing a report published by Bloomberg that stated, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. Yes 80% crash and burn. So, this blog is part 1 in a 3-part series where I will explore the 5 reasons Forbes shared that entrepreneurs fail plus I will also share strategy on how to make sure you are in the 20% who make it.
According to Forbes, 1 of the reasons entrepreneurs fail is;
Reason #5: Inability to nail a profitable business model with proven revenue streams
This is really about the failure to accurately achieve product/market fit where money gets made, and businesses grow. Entrepreneurs can actually have everything else going for them but if you don’t have what I call your Dapp straight, meaning developing a platform to profit. You business will never reach the financial success that is possible for you.
A platform to profit is, in essence, the formula you use to share your brilliance and (get this) make it easy for your ideal client to see the value of what you bring. Your platform creates the pathway for those you serve to say YES to you. And that path should be strategic, set and simple.
Why is a platform to profit so critical? Because it facilitates the exchange of knowledge for profit. Without it, your business is downright shaky. You’ve done the work to attract and standout in the market, but now the people have come, you have no clue what to do with them. You’re confused about what to do next which means they are too and, without clarity, there is no cashing on your calling. Period.
We all know the entrepreneur who makes us work way too hard to give them the money:
Their website and sales page is muddy—a potential client is left asking, “So how do I work with you?”
On the phone, they stutter through explanations of their products and programs…
Their pricing structure is non-existent so you get the sense that they’re making it up as they go along…
Can you see where the dollars are just falling through their fingers??? Without a clear platform, you’re pushing away your clients and their purses (right along with your profit).
I know you’re screaming, “FIX IT, NICOLE!”
I hear you. Loud and Clear.
Let me give you 3 key steps to your DAPP (Developing A Platform to Profit):
- As Steven Covey says, “Begin with the end in mind.” When people work with you where will they end up? The most important thing people want to hear from you is the result you will help them produce in their life or business.
- Show them how they will get there. This is where creating your know how into what I call a FIERCE Formula (Signature System) is so important so that they see the steps you will take them through to get there.
- Create multiple revenue streams. Once you have your FIERCE Formula you use this formula to create multiple revenue streams so you have a platform of programs that your client can choose from. It’s like a menu of how you can serve them and they get to choose between the appetizer, the entree or desert.
Yes it really is that simple. Remember:
A platform to profit equals presence.
A platform to profit equals power.
And a platform to profit equals serving all those that need you. It equals bankrolling your brilliance. On overflow. It equals your DAPP. Now go get the profit that is out there that’s yours for the taking!
P.S. If you’re struggling with figuring out which talent, which knowledge, which product to put out there, you’ll want to spend some time with me at my live 2-day intensive Be The Answer in Dallas on September 29th & 30th
This is an EXCLUSIVE opportunity to help you overcome what’s been keeping you from getting the clients and sales you desire & deserve. If you have yet to find the level of success in your business or you have not started your business, Be The Answer will give you the tools & strategy you need to create the momentum toward your breathtaking future.
Learn more & register to join me LIVE by going to www.BeTheAnswerEvent.com and use the code BTA17 by August 18th to get $50 OFF VIP or general registration.