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Keys to Becoming a Thriving Entrepreneur – 3 crucial steps

the keys to being a thriving entrepreneur

While you may have a desire to start your own business and even have a great idea, you’ll have an easier time of getting that business off the ground if you start by answering the question: How will it benefit others? In our Internet driven world, starting a business is easy, but getting that business into profit, is a different story. There is a process to success, principles that, when followed consistently, can grow your business to incredible heights. Here are the most important and oddly enough, often overlooked keys to becoming a thriving entrepreneur.

3 Key steps to becoming a thriving entrepreneur

Building a successful business requires a demand for your service/product (you can create that demand), target market specificity, and a deep understanding of that target market. Key word here is DEEP. Which means more than, “I work with women entrepreneurs age 30 – 40.” The internet has made the world smaller but also made it noisy. In order to stand out, you have to truly understand your ideal clients. What they want and why? What keeps them awake at night? What frustrates them? What’s not working in their life at home, at the office, with friends? Knowing the emotional triggers of your ideal market will enable you to create messaging that speaks to your market.

Key Step #2 to thriving entrepreneurship: Structure

Additionally, you’ll need structure in your business. Many people venture into entrepreneurship for freedom, but the irony is that it’s the structure that will give you that freedom. Create that structure by having a clear vision for your business, knowing that this may change over time. That’s expected because the more action you take the more clarity you’ll gain. Only through action will you gain the data necessary to make adjustments. Your vision is the starting point to determine your course of action. I like to work in 90 day increments, with check points every 30 days. This time frame gives me the consistency necessary to attain my goal for the quarter and allows me to see what’s working and what’s not. The monthly checkpoints give me time to make any adjustments necessary. Once you have your 90 day goal and 30 day checkpoints, you can create a weekly and daily plan of action. This will keep you from spinning your wheels on tasks that may be fun in your business, like creating a fun graphic  or scrolling instagram while telling yourself it’s research!! The fact is if you don’t have a sale, you don’t have a business. You’ll grow your business faster if you commit to doing three action items each day that move you closer to your goal. For example, if the goal is to create awareness for your book launch, your daily activities may be: reach out to five podcasts to discuss new book, post a sneak peak on social media, offer to hold a free discussion/workshop at the local library or chamber. Having a clear daily plan of action to follow will keep you moving forward and out of a learning but nit earning mode. It’s easy to convince yourself that ll your busy work and the webinars your attending, the online research your doing is helping your business. But, the reality is that the majority of your time needs to be focused on the money making activities, start your day on those items and you’ll quickly start building momentum.

Key Step #3 to thriving entrepreneurship: Numbers

Finally, know your numbers. Numbers are crucial to your business growth. How much you need to make and how much do you want to make.  What is it going to take to cover what you need and how can you expand those efforts/items to get to your desired number. But beyond income, you’ll want to pay attention to key metrics like email open rates, conversion rates, click throughs, engagement. You’ll want to know if your content is landing with your ideal clients. For example, are people watching your full video or do they drop off early? How many people drop off early? At what point are they dropping off? Are they commenting and engaging with your posts? Are the taking action, clicking links, or opting in? Knowing your numbers will keep you from making costly mistakes.You cannot grow a business if you don’t understand your numbers.

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