Sometimes the thrill of building a conscious business around our passion is enough for us to accept average profits. However, passion doesn’t pay the bills and volunteering in your business isn’t a sustainable option in the long-term.
If you want your business to make a big, positive impact in the world, it needs to be able to stand on its own two feet in the profitability stakes.
Over the past ten years, as I’ve built multiple profitable conscious businesses and coached conscious business builders to do the same, I’ve seen many business owners make similar mistakes that impact their profitability.
I’ve identified the following seven most common mistakes that conscious business owners make that stop them from building a thriving and profitable business and creating a lasting positive impact in the world.
Podcast: Play in New Window
Subscribe in iTunes | Stitcher
1. You’re not solving a problem
Without a doubt, all profitable businesses sell products or services that solve a problem. If your products or services don’t solve a problem or fulfil a need in the market, it will be near impossible to generate sales. And without sales, you ain’t got a business and you ain’t making the big impact you want to make in the world.
When building your business, look to create products and services that you’d enjoy creating and selling, that you’re good at delivering, and that people will happily pay for.
Got all three and you’ve found your sweet spot!
Got the first two only and you have yourself a hobby.
2. You’re not charging enough
Conscious Business Builders typically have huge hearts. They want to help everybody and have their products and services accessible to everyone.
This is great in theory, but if it means your prices are so low you’re not covering your expenses, you have a problem.
A big one.
Time and time again in my business when I’ve discounted my services, I’ve found that it hasn’t led to increased revenue, it’s really just devalued my offerings and caused more work and headaches for my team and I.
A typical example of this was during the initial launch of my Self Sufficiency in the Suburbs membership program. I offered a $1 trial for the first month, with no lock in period (meaning members can cancel at any time) and I still had customers emailing me to ask if I could do a better price than $1.
The message for you here?
Stand in your worth. Value your services and price accordingly. It’s only when you do this that others will do the same.
3. You’re inconsistent with your communications
Post on Facebook every day for weeks, then disappear for a month? Email your subscribers once in a blue moon when you feel like it? Have a blog on your website but have no regular system in place to ensure you’re producing regular, valuable content?
If you’re inconsistent with how regularly you’re communicating with your following, you can give out the impression that you’re unreliable.
Showing up consistently is one of the best ways to build trust with your following. People buy from people they know, like and trust…. so make it your priority to be consistent with your communications and watch your sales and impact grow as a result.
4. You’re hiding
Do your followers know the face behind your brand?
Would they recognise your face if they saw it?
Would they know your voice if they heard it?
Your customers are yearning to connect with YOU and they can’t do this if you’re hiding.
We’re so fortunate to have the most amazing technology in our handbag that allows us to instantly connect with our customers. If you’re not taking advantage of your smartphone to connect with your market, you’re significantly impacting your profits.
Make an effort to use video, live streaming on social media, or podcasting to connect with your following and watch your brand loyalty (and sales) climb as a result.
5. Your mindset sucks
In my own entrepreneurial journey, mindset has without a doubt been the biggest factor that’s limited my growth and success. I see my coaching clients struggle with many of the same limiting beliefs…. mostly around making money from doing something that comes easily to them and that has a positive impact in the world.
You didn’t take a vow of poverty when you started your business and nor should you need to.
The sooner that you adopt the mindset that the more profitable your business is, the more positive impact you can make in the world, the sooner your business will support your passion, your family and the cause you care so deeply about.
6. You’re not asking for the sale
Time and time again I see so many conscious businesses giving away amazing content, support and advice for free, yet they put off asking for the sale. Funnily enough, if you don’t ask for the sale, you won’t get the sale!
There’s plenty of customers out there just waiting for your product or service to help them, so don’t be afraid to ask for the sale!
7. You’re always asking for the sale
Just as not asking for the sale impacts your profits, so too does always asking for the sale. I see this time and time again where conscious businesses run back to back launches to bring in revenue, or kind of forget to keep communicating with their audience via blogs and newsletters in between sales periods to build and nurture their subscriber lists.
As a general rule of thumb, aim to always give value first before asking for the sale. If you’re consistently nurturing your following with quality, useful content, you won’t have any problems at all converting when it comes time for you to ask for the sale.
So how is your conscious business stacking up?
Can you relate to any of these seven mistakes? Have you made some yourself in your business journey and have you seen directly how it’s impacted profits and your ability to make an impact?
Feel free to share below!
If you’re ready to step up and make a bigger impact in the world, join my FREE Conscious Biz Creators Community on Facebook to get the strategies and support you need to create a thriving and profitable conscious business in the online space.
- Sustainable Home Design- factors to consider to maximise sustainability￼ - July 28, 2022
- Advantage and Disadvantages of Tiny Houses - May 31, 2022
- How School Strike 4 Climate is Empowering Youth to Fight for Their Future - May 1, 2022