10 Actionable Tips to Build A Profitable Business in 2020
10 actionable tips to build a profitable business in 2020 is going to be a comprehensive, detailed guide on the steps required as you map out and build your empire.
Even though some time has gone by, there is still plenty of time left to make 2020 your best year ever – the one that sets you on the path to your ultimate destiny of building your hugely profitable online business.
And if you happen to be reading this long after the beginning of the year, it doesn’t matter. Scope out the next 12 months on your calendar and use these 10 actionable tips to finally build your business as big as you choose.
Action Tip #1 – Choose A Proven Business Model
There’s a ton of info products out there that give you plenty of theories on what may or may not work. And there’s also another ton of programs promoting business models that are PROVEN to work…
…Creating and selling info products that people want to buy.
…Writing and publishing Kindle books that people want to buy.
…Promoting info products that… you guessed it… people want to buy it.
Forget the gimmicks and loopholes and untapped this or that. You can try those out later when you’re already making excellent money in your business.
For right now, choose ONE business model that is absolutely, positively proven to WORK, and then just DO it. I know this doesn’t sound glamorous or innovative.
But if your goal is to build a profitable business this year instead of going down endless dead ends, then this is the one piece of advice you must NOT ignore.
Tip #2 – Write ✍️ Down Your Goals (Build A Profitable Business)
I know you’re sick and tired of being told to write down your goals. But let me ask you… ARE YOU WRITING THEM DOWN? If not, then maybe this the time when you finally do it. Not for me, but for YOU.
When writing your goals, be specific and be realistic. No, you’re not going to build a billion-dollar business by the end of the week or even the end of the year. But you can be earning $100 a day in your business within 2 to 3 months.
Once you’ve written down your goals, write them down, again and again, each day. Spend a few minutes feeling all the emotion that goes with achieving your goals.
See yourself doing it. Besides taking consistent action on your goals, visualizing their achievement is the most important step in goal setting, yet it’s the part most people leave out.
You must see yourself and feel yourself achieving your goals in order to make them happen. Do you know what else you need to do?
Tip #3 – Break Those Goals Down Into Incremental Steps
Have a goal for each day. It doesn’t have to be a big goal. The point isn’t to build your business in a week; it’s to make progress every single day. That’s why these are 10 actionable tips and not just one giant one.
If your goal for the week is to, “Get my business up and running,” you’re not going to do it. But if your goal for the day is to, “Research profitable niches, choose one and buy a URL,” you can do that.
Are you still stalling? Okay, break the goal down even further, and just research profitable niches today. Tomorrow you choose one niche and commit to it, along with writing down 20 possible URLs that are available.
Day 3 you make your URL choice, buy it, and set up hosting.
See how this works? Thinking about the ENTIRE HUMONGOUS GOAL all at once is overwhelming. But taking baby steps? You can do this!
Tip #4. Focus On Your Strengths (10 Actionable Tips)
There are going to be some things that you’re good at – yeah!! And there are naturally some things that you aren’t good at. It’s just the way it is.
But what you do about it can make all the difference. If you choose a business model that works well with your strengths, then you’re well ahead of the game.
And if you also outsource those things that you’re not good at, then you’re going to make progress much faster.
I see aspiring marketers who get hung up on some stupid detail like setting up a website.
They could outsource the work and have it done in a day. But instead, they spend a month stressing over it, like it’s this giant cross they have to bare. It’s crazy.
If you don’t know how to do something, get someone who is a pro at it so you can cross it off your list and move forward.
Tip #5. Execute As You Learn (10 Actionable Tips)
While building your business, you’re probably doing some things for the first time.
You could learn all about them, become an expert, consult others, do some research, outsource, second guess your outsourcer, do more research…
Yes, I see people getting this bogged down in learning new things. Except of course their real obstacle isn’t learning something new, it’s being afraid they’ll make a mistake or won’t do the job perfectly.
Forget all that. I want you to imagine that your loved one has been kidnapped. You have “X” amount of time to get your business up and running or they are dead.
Now then, are you going to sweat the details, or are you simply going to DO what needs to be done?
Do NOT try to learn the entire business and then get started. Instead, execute as you learn.
You don’t need to see the entire road to drive the first mile – you only need to see as far as the next bend in the road.
When you get to that bend, you’ll adjust your steering and keep going.
Tip #6. Keep Records
This sounds boring, right? Having to write down everything you do in your business, how long it takes, what works, what doesn’t…
What if I told you that this simple exercise can double your income in a year?
If you rely on your memory, you won’t know what’s working, what’s not working, what you already tried that failed, and so forth.
What gets measured, gets managed. And what you pay attention to, grows.
Record everything you do and the results that you get. This simple step will save yourself time and frustration as well as money.
And it will help you to zero in on what’s working, what needs improvement and what’s a total waste of time, too.
Here is another article that can give you some insights as it relates to starting a business that may also be of interest to you. But let’s press on as we only have 4 more tips to cover.
Tip #7. Reinvest In Your Business
Things are going great and the money is flowing in. Time to go buy a new car or house, right? Wrong. Save your money.
Invest 50% of it back into your business on things that are making you money. Do not splurge on anything until you’ve got at least a one-year track record of solid income and six months of living expenses in your bank account.
Track your business expenses and keep them low. Don’t invest in fancy software solutions until you actually NEED them. Don’t outsource 12 months of work when you can outsource one month at a time, and so forth.
This can feel like a fine line to walk. You want to visualize yourself making more and more money in your business as you become more successful while simultaneously getting ready for everything to go potentially sideways.
By visualizing success, you can speed up the process and make it happen faster. By realizing that things can change overnight, you save your money and make smart financial decisions.
Tip #8. 10 Actionable Tips To Build A Profitable Business -(Diversify)
Once you have your first income stream running smoothly and profitably, it might be time to look for a second income stream.
This could be creating a second product, building a second sales funnel, adding affiliate marketing to the mix, or whatever.
As you build each income stream, add another, and in a year or two or three you can have several income streams.
I know it might seem like a good idea to put all of your eggs in one basket and watch that basket like a hawk, but things can happen overnight on the internet that makes one or more of your income streams disappear.
Don’t Put All Your EGGS In One Basket
What if Amazon kicks you off their platform? Or Paypal closes your account? Or Google comes out with an update that takes your site from page one of the search engine results to page 42?
It happens. But if you have several income streams in place, you could lose half of them and still be fine.
Tip #9. Build Your E-Mail Lists (10 Actionable Steps To Build A Profitable Business In 2020)
This point can never be underscored enough. Building your email lists.
Your email list is your most important resource. If Facebook stops working for you, or Google, or whatever, it won’t matter all that much if you have your mailing list(s).
While you cannot control third-party sites, you can always access your list. And if you’ve treated your list well and developed plenty of rapport with your subscribers, you can always use your list for ongoing income, no matter what else happens.
Tip #10. Add Residual Income Streams
What if you’re in an accident and you literally cannot function for a few months?
If you have residual income coming in, then you don’t have to worry about it.
Promote other people’s software as a service and membership sites.
Look for the offers that people stay with for months and even years and promote the heck out of those.
Making these sales is some of the best insurance you can have for whatever transpires in the future.
I do hope you got value from today’s article. Part (2) two of this article is coming very soon so stay tuned. In that, I will cover a few more tips that are noteworthy. Until then you can also consider This Post just right for those on the fence about having a profitable online business.
ps. If You would like to 👉 LEARN the easy way to build a business from scratch and even create your first digital product, then I highly recommend you see this webinar. 👉 Watch It Now! May be taken down soon!