It’s something we all need to strive for as Entrepreneurs.
In fact, it’s an OBLIGATION to strive for profit.
If we don’t, we won’t be able to continue to provide value to the world, and then EVERYONE loses.
There are 5 steps to profitability as an Entrepreneur, and I’ll break down each below.
Step 1: Create free, valuable, and consistent content
Sounds simple right?
Sadly, FEW people ever do all three. They might be good at one or two of the above, but only the rockstars do all 3 long enough to become successful.
Until you’ve PROVEN yourself, you can’t expect to be compensated for your content. Deliver FREE content.
This might seem obvious, but sadly it’s often overlooked.
Are you just adding more NOISE to the world, or are you actually providing VALUE?
If you’re not able to provide value at the start, make sure you’re sharing the content of someone who can. This is why I created an interview-based show: so my guests could provide value until I reached the point when I had value to share, too!
Once your audience begins to know, like and trust you for the free and valuable content you’re putting out, make sure to maintain their trust w/ CONSISTENCY.
Commit to a schedule, and STICK TO IT!
Now that you have step one down, come up with a plan to deliver free, valuable, and consistent content and execute. The results won’t happen overnight, so the sooner you start the better!
Step 2: Build an audience…
The best part about step 2 is that it happens NATURALLY when you execute step 1.
If you stay true to step 1 and deliver free, valuable and consistent content, you WILL build an audience, and not just any audience, but the RIGHT audience.
Many of you have heard of the 1000 true fans theory.
It’s a theory that if you have 1000 true fans, you have an audience that can support you in your endeavors.
I have found this theory to be 100% true.
Commit to step one, let step 2 come naturally over time, and then you’ll be ready for step 3!
Step 3: Ask your audience: What are you struggling with?
Now that you have an audience, it’s time to ENGAGE with them…
Every chance you get – via email, twitter, FB messages, etc. – ENGAGE your audience with the question: What are you struggling with?
So many Entrepreneurs fail at this step because they only take actions that SCALE.
Engaging 1 on 1 is not a scale-able activity, but it’s an incredibly EFFECTIVE one.
If you’re willing to engage your audience individually with the above question, not only are you ready for success, but you’re ready for step 4!
Step 4: Listen to your audience
You’d be amazed at how many Entrepreneurs ask the right questions, but then fail to LISTEN to their audience’s answers!
When your audience shares their biggest struggles, they are handing you pure gold!
It’s up to YOU to log their answers and identify the most common pain points, struggles, obstacles, and challenges.
Look for repetition and consistencies with the struggles your core audience faces. You will hear the same things comes up over and over again.
Once you’ve identified this, you’re ready for step 5, and step 5 is the best step of them all!
Step 5: Create the SOLUTION for your audience via a product, service, or community.
Now that your audience has handed you GOLD by sharing their biggest challenges, what are you going to do with it?
You’re going to create the SOLUTION.
You’re the person they know, like, and trust because you’ve been delivering free, valuable, and consistent content to them for some time now.
Because of that content, you’ve grown an audience.
You’re the person who cared enough to ask them what their biggest struggle is.
You’re the person who listened.
And you’re the person who is going to create the solution.
Now THAT is the 5 steps to profitability!