Sales Masters Guild Mentor, Toby Acton, observes that business owners are full of talent and experts in their own fields, but many haven’t had the help they need to grow to their full potential.
Business owners are incredible! Most people in business have such amazing talents and they know their subjects very well. They have fantastic technical expertise and they really can do what they say they can.
So why do so many small businesses struggle and why do so many fail? Why if they are so good at what they do, do they not build a business that works? Why do so many business owners never achieve the wealth and the work-life balance that they start their businesses for?
Clearly, it is not because they are not good at what they do. One thing that I have recognised over the years of running my own businesses and mentoring other business owners, is that many are not very good at turning what they do into a sustained income stream. Put simply, they don’t know how to monetise their expertise and build a high-income business.
And that is not their fault – no-one has ever shown them!
Many people become self-employed because someone tells them “You are really good at that, you should start your own business”, or they get fed up seeing all the money that they are making for their bosses and the company that they work for and they want a bigger slice of the pie.
So, they put a plan together and start up with much enthusiasm and vigour and a few months or maybe a year or so in they start to realise that it is not as simple as just “doing what they are good at and getting paid for it”. They often feel that that they are banging the heads against a brick wall and getting bogged down with “stuff” and they are wondering what exactly the secret to success is.
Well the good news is that there is no actual “secret” to success. What there is in fact is a tried and tested formula for success in business – this is called The Entrepreneurs Formula.
The Entrepreneurs Formula
The Entrepreneurs Formula is a simple 5 step formula for success in business and it involves doing certain things in a certain order and ensuring clarity and at each step before moving on to the next step in order to really monetise your expertise, have productive output in your business and build a high-income business that works.
I teach this formula at my one-day Entrepreneurs Training course.
Now, don’t get me wrong, I can’t teach everything in one day, nor can I expect people to learn everything in one day.
On this training day, we go into some of the formula’s steps in depth, others we just cover the basics. If delegates need more clarity in a particular area, then we will dive deeper together and explore that as a group. The day is very interactive, and you will come out of it with completed exercises to use to carry your business forward and accelerate your business and income growth.
So, what are the 5 steps? What are the steps that every successful entrepreneur follows in order to build a business that creates wealth?
- Developing a mindset for success
- Forming a value proposition that attracts people to you
- Creating a brand that really makes you stand out
- Implementing marketing strategies that will bring in a constant flow of enquiries
- Understanding the correct structure for a sales conversation
On the day we initially spend time looking at the mind behind success. Working to develop a crystal clear vision of what lifestyle you want to create for yourself through your business – what it is that you truly want to achieve. This enables us to then, together, reverse engineer your business and establish what we need to put in place to give that lifestyle – only then can you start that journey, from where you are now, to where you want to be.
Once we are clear on the mindset that it takes to be successful, and what we want our business to look like we will have a clearer understanding of the types of customers that we need to attract to us in order to develop the income streams that we desire and the niche or niches that you should be looking at. We will look at what is unique about youthat will attract people to you and your product or service specifically over your competition. This will allow us to work together to develop a value proposition that really resonates and will attract hungry buyers.
This will enable you to see your business with fresh eyes and start to understand what others need to see in what you do.
You will now start to see how your whole branding can be geared towards the niche you will be working in to make you stand out. You will understand how branding is about so much more than your logo and your graphics, how it encompasses the whole way you go about business and represent yourself to the world.
Branding sorted; we then look at marketing strategies. Marketing targeted towards the specific niches that you want to be the “go to person” for in your sector. Marketing that will attract those people who have bought into your brand and bought into your value proposition so that you can accumulate customers to provide you with the income stream to develop the lifestyle that you want. Marketing that will bring in the flow of enquires that will make your phone ring and your email ping…
Once we have established the right marketing mix for your business, we then come onto the area that many business owners fear and even hate, the area that many feel they are not good at – the sales conversations, the conversations that transition enquiries into business and into income.
Many people think they are “not good at sales” because they see it as trying to persuade someone to buy something, a process that they have to do to someone.
To my mind, sales is simple. It is a simple conversation between two people, at the end of which one person happily buys from the other. So, it is something that we should be doing with someone, not to them.
During the course of the day you will learn that sales conversations are far more straightforward then you think, if you follow a step-by-step structure approach. By being clear in your mind what this structured, logical system is, you will know where you are at any point in the conversation and what you have to do to find out what your potential customer really wants to buy and how to show them that you can provide what they want with your product or service.
You will leave with a clear understanding of how to transition a potential customer into a hungry buyer in a professional and comfortable way.
We finish up the day with a close look at time management and how you can better structure your day, your week, and the tasks that you do to produce maximum efficiency and ensure that you are spending your valuable time monetising your expertise and not getting bogged down in the “stuff” of running a business.
The whole day is designed to help you really see your business with fresh eyes, understand the incredible potential of it and be inspired to develop the skills that we will touch on to allow you to really achieve that potential and build a high-income business that really works and generates the wealth and work life balance you started it for.
So yes, business owners are incredible! But sometimes they just need some guidance, some skills and a better understanding of the basic steps of the Entrepreneur Formula to achieve the success that they want and deserve.
You can find out more about Toby and book onto any of his Entrepreneurs Training Courses from his Sales Masters Guild Mentor page.
Toby Acton is a Sales Masters Guild Personal Business Mentor.
For more than two decades, Toby has been running his own businesses, with interests in a variety of diverse sectors including IT, market research and property. He has also mentored and trained many hundreds of people on how to build their networking marketing businesses and to develop their personal brand.