How to Run a Profitable Business as a Creative Entrepreneur by Hemda Mizrahi
Business Coach Rob Fortier joined me on âTurn the Pageâ to describe what it takes for creative entrepreneurs to run a profitable business.
After his guest appearance on my show, Rob offered three additional strategies and related tactics for owners of new or growth ventures.
MAKE BOLD CHOICES.
During the interview, we discussed that success starts with adopting a business-owner mindset. Part of that, as an entrepreneur, is asking yourself and considering: What am I willing to do or give up in order to get what I want and reach my goals?
Are you willing to be brave and step out of your comfort zone? Are you willing to think bigger than you ever have before? Are you willing to take risks even though you might fail?
Action steps to make bold choices:
* Make a list of five bold, positive choices youâre willing to make for your business.
* Identify which one of the five will have the most significant impact on your business.
* List five moves you will make to take action on that bold choice.
* Decide what you can stop doing or give up to create more opportunity for your business.
KNOW YOUR AUDIENCE.
During the show, we discussed how important it is to define your target market. Who are the purchasers and consumers of your products or services? Â Who do you want to be serving? Many creative entrepreneurs are tempted to say âeveryone!â No matter what you do or how good you are, your work is not for everyone. The person who buys a $20 poster at the local discount store might not be the same person whoâs willing to spend $1,000 for an original painting.
The last thing you want to do is waste your valuable time and money marketing to the wrong people. The more specific you can be, the better.
Questions to ask yourself when determining your target market:
* To whom do my products or services appeal?
* How old are my customers?
* What do my customers do for a living?
* Where do my customers shop?
* Where do my customers or clients hang out (online or in person)?
* How much are they willing to spend on products or services like mine?
* How often do they purchase my product or service?
* What is their yearly income?
ENERGIZE YOUR MONEY.
During the interview, we talked about drawing a map that guides your business toward financial stability. This process involves learning to do what I call âEnergizing Your Money.â Â As an entrepreneur or business owner, itâs vital to look at your attitude about money and what youâre saying about it. Many people have a love/hate relationship with money: they love it when you have it and hate it when they donât! Â Do you often say that you are poor and that you canât afford this or that?
Strategies for Energizing Your Money:
* Replace âI canât afford it!â with âThatâs not something Iâm choosing to invest my money in right now.â How does that change things for you?
* Take a look at what youâre spending your money on. Decide right now that you will stop perpetuating the scarcity mentality. Start living from a place of abundance and sending that positive message out into the world. Developing a positive attitude around money will affect the choices you make.
* Choose to INVEST in YOU and your success as a creative entrepreneur by honing in on what you need to run your business rather than just SPENDING money.
* Money is meant to flow in and out, back and forth. Â Donât clutch onto it for dear life. Â When you spend it, wish it well and send it on its way. When you earn it, welcome it and give thanks.
* Donât be intimidated by money. Ask for money youâre owed for work you completed.
Rob advises, âtaking any action in your business is better than taking no action at all. Donât wait for amazing opportunities to come to you. Go out and create them. If you want to create for your own enjoyment, youâve got a hobby. If you want to create so that you can serve the needs of others, thatâs a business!â
He suggests the following resources for further guidance: âThe War of Artâ by Steven Pressfield, and âSelling For Fun and Profit: Take the “Icky” and “Scary” Out of Sales,â by Hugh Little.
Ready to go even further to ensure your success as a creative entrepreneur? Read Robâs free workbook, available at www.RobFortier.com, and purchase a recording of his talk at a business telesummit: http://www.unstoppableprofitsrockstarcreatives.com
Listen to my conversation with Rob.