How To Build A Money-making Business

Introduction

I’m sure you’ve heard the saying, “Location, location, location.” And while that is true for real estate, it’s also true when it comes to building a successful business. So what’s the business growth strategy to build a money-making business in 2023? The strategy involves three key steps which I will share with you in this article. But before I do so, I give a word of caution to business owners as they strategize for 2023. Now is NOT the time to dabble in every fad and fancy that pops up. If you want to build a money-making business in 2023: lock into your Unique Brand Promise (UBP), simplify your positioning and become the go-to solution for your micro-niche.

To do this, you’ll need to understand your customers’ needs and how they buy their products or services. You must also focus on being consistent with your marketing efforts. With these steps integrated into your business strategy, you can successfully build something that will grow and prosper over time—even as we all continue to make our way through this unpredictable economy.

So let’s get into it!

Money-making Business Move #1:

Identify your most in-demand product or service

You need to identify your most in-demand product or service. This can be anything from the most popular item on your menu, to the service you offer that generates the most revenue, or the thing that is most requested as an add-on.

The truth is that the key to your growth is found in the secret sauce that already exists. A common mistake entrepreneurs make is to abandon the product or service that works in search of the next big idea. Work the asset that you already have: your most in-demand product or service. Find out:

Why is it popular? What need does it fill?
What is the element or aspect of the product or service that is most valuable for your clients?
Where do they buy it the most?
What is the key improvement that has been requested?

Believe me, there is an underlying thread or threads that make this product or service a winner. You have to find it in order to replicate it or double down on its delivery.

I also want to give a word of caution to my creatives. I know that you love to create new products and experiences for your clients and customers. But in these times, simplicity is better. Customers comfort themselves with the idea that their purchase is a necessity to them. When you start crowding their faces and space with extras, it is difficult for them to see what they actually need. Continue to create and be expressive in your products and services but be slow to crowd your consumers’ shopping space.

Money-making Business Move #2:

Get clear on who is actually demanding what you offer

When you started your business, I am sure that you had a client avatar in mind. Now is the time to clarify who is actually buying. This makes a big difference in creating a clear growth strategy for your business versus fiddling around in the dark hoping for the best. Clarity is found in the data you already have. So money-making business move #2 is summed up by answering the following questions:

What is the main demographic profile of the customers who buy my most in-demand offer?
Where do they find me?
Why do they buy from me?

With regard to the last question, you may realize that you simply do not have the answer. Why? Because like most micro-business owners, you are so focused on getting the next sale, that you don’t place enough emphasis on getting reviews or feedback. So to answer the last question, you may need to go back to your customers and ask a question. Take the time to do it! Believe me, it will give you more than you ever imagined.

Money-making Business Move #3:

Focus your marketing and sales attention towards solidify your positioning

Double down on what is already working and take it to the next level. Sometimes the biggest mistake that entrepreneurs and business owners make is to forsake what is already working for what is trending. Instead of following every new marketing fad, pay attention to the marketing language, placement and actions that have been working for you. It’s important to keep your messaging consistent throughout all of your marketing efforts. That means the same style and tone of voice, the same look and feel, and the same central idea that you want to convey over and over again. Consistency is key if you want people to remember who you are and what makes you different from other businesses in your industry. And when it comes down to it, consistency also helps with building trust with potential customers. People trust a business or brand more if they see it as reliable and trustworthy in its messaging.