Start a Profitable Business Practice

Seven Bottom Line Tips to Start a Profitable Business Practice

You can start a profitable business practice quickly by providing the distinct service that only you can.

Invariably new business owners make the same mistakes over and over. Why not learn from their ignorance? Most of them focus on nonessential actions and miss out on what’s essential for success.

If you want to start a successful coaching or consulting solo-practice of your own, these seven tips will guide you to profitability sooner.

1). Flaunt your unique edge in the marketplace.

Your signature edge is the thing that only you can do in a way that only you can do it. It’s a combination of experience and core self. Know this: you have value and your specific edge has value, simply because nobody else can deliver that value.  Scarcity is value.

Get a clearer understanding of your unique edge – get this free book Choosing Your Ideal Niche. 

2). Engagement Clarifies.

Get started soon, even if it’s your best guess. Too many new business owners over think the start of their business. Delay is costly. Choose and begin. Focus only on what you’ve chosen and committed to. The marketplace will give you valuable feedback after you get started. Often even greater opportunity comes for those who act. But until you choose you will remain blind to them.

3). Work your affinities, connections and resources first.

You’ve earned trust in areas where you’ve delivered in the past. Somewhere, someone you know or someone they know, will hire you because of what you know and who you are. Don’t be afraid to pick up the phone and ask for what you want.

4). Talk benefits not process.

Offer a unique program that solves a big problem. Talk about the exact relief, outcome or solution that your program delivers. The solution is your value not how it works but what it does for your clients.

5). Certify yourself.

If at all possible, avoid paying outside bureaucracies to tell you how good you are. You already know your value. You already know you care. Concentrate on serving clients and their testimony to your competence will be all the credibility you need.

Read Tom’s LinkedIn recommendations. 

6). Put client value first.

Don’t worry about all the things you don’t know about running a business.  Serve clients.  Earn money. You can pick up the rest later if necessary.  Most entrepreneurial advice from attorneys, accountants, insurance agents and government agencies builds their businesses and does little to build yours.

7). Always, do what you can do now.

There is always a next step to take. Take it. See what happens and adjust. Results build confidence. Over-thinking drains confidence. Act and prosper.

Request a complimentary Confidently Make the Leap strategy session. 

Professional Small Business consultant and Coach Tom Volkar, coaches by hone, from his office in Pittsburgh, Pennsylvania. Tom coaches solopreneurs, consultants coaches and other practice professionals who want to build a profitable professional practice fast.