Many people think that it takes years for a business to make money passively, in other words, become a ‘cash cow’. The truth is, if you do it right, your business could be a cash cow right from the get go. It’s the dream of most business owners to make enough money to live comfortable each month without having to do much at all. If you answer these questions honestly, you’ll know whether your business can do this for you…
Have You Created Something Better Than What is Already Available?
There’s nothing worse than a business that simply jumps on the band wagon and decides to sell what everybody else is selling. If this sounds like you, stop. NOW. These ‘me too’ businesses just can’t understand how they aren’t getting the same success as the businesses they’ve copied. Let me tell you this for free: you can replicate a business, but you can’t replicate success. Success comes from creating something even better than what is already available. Differentiating yourself in some way. Having USPs. You could even use a company like Risk Audit Professional Development to help you work out if this is a good idea. Having a different name, logo, and colour scheme doesn’t make you a different business if you’re trying to cling onto another business’s success.
So, answer this question honestly. Have you truly created something better than what is already out there? Yes? You could have a cash cow my friend!
How Are You Going to Reach Your Audience?
Now, how are you going to reach your target audience? Wait, you haven’t solved my first question? Go back immediately!
Although the first question could possibly lead you to the answer of this question, this question will never lead you to the answer of the first. Do you understand what I’m trying to say?
Let’s say you have solved the answer to the first question. Hallelujah! Now let’s talk about reaching your audience. What marketing techniques are you going to use? It goes without saying that you’ll need a professionally built website that offers a fantastic user experience. But what else can you do? You’ll need to decide on your tactics by knowing who your audience is and working out where is best to find them. Here are some ideas:
- Joining social media sites like LinkedIn, Facebook, Instagram and Twitter.
- SEO and PPC.
- Flyers, brochures, and business cards.
- Sponsoring a sport’s team.
- Radio and TV advertising.
- Facebook ads.
You have lots of options!
Are You Passionate About Your Business?
Finally, ask yourself honestly whether you are passionate about this business. If you’re not, you could be in for a rough ride. You must be passionate about it, as it’s sure to shine through in all of your efforts. If you’re not passionate, it’s time to go back to the drawing board and find something you love.
Once you’ve figured out the answer to these questions, you should know straight away whether your business is set to be a cash cow or not. If it isn’t, you can change that by making sure you’re happy with your answers. It’s really that simple!
See moo later!