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The #1 Reason Why Most Blogs and Businesses Fail (And The 3 Questions You Need to Answer to Save Yours)

The #1 Reason Why Most Blogs and Businesses Fail (And The 3 Questions You Need to Answer to Save Yours)


    You’ve got a blog, you’re working hard cranking out posts consistently, you have a developed social media strategy, a solid game plan, and you’re doing all the right things.

    Or so you think.

    Maybe around month 6, or month 12, or month 18 you just hit a wall. Things aren’t progressing as quickly as they should or your stuff doesn’t seem to be catching on. Facebook “likes” are roughly the same week after week, you aren’t getting many new twitter followers, and you start wondering if what you’re doing matters after all the work you’ve put in. You’ve been contemplating making a paid product but your intuition is telling you that it’d probably flop at this point and be a waste of time.

    You’re stuck.

    But you’re not ready to throw in the towel and call it quits yet – you’re taking some time off to re-analyze, re-focus, and re-vamp your strategy. Through my own failures and the advice of many others, I’ve learned that there is 1 major reason why many blogs and businesses fail. 

    The reason they fail is because we’re all told to start a blog or business about something we’re passionate about. Except we’re never told that what we’re passionate about isn’t what matters. It’s what our audience and clients are passionate about.

    So in case you’ve hit that wall, things aren’t going well, and you’re losing hope that you’ll ever make a living from what you’re doing, here are the 3 questions you need to answer to save your blog and business.

    1. What problem do you solve?

    “You must offer what your potential clients want to buy, not what you want to sell or think they should want to buy.  You must be able to look at your services from your client’s perspective – their urgent needs and compelling desires.” – Michael Port in Book Yourself Solid

    Many people blog about whatever interests them.  They pick their passion and just start writing about it.

    Think about that for a moment.

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    Most of you probably say, “Well yeah, duh…I talk about what I like talking about,” and keep reading without thinking any further.

    But ask yourself this: Is there proven interest in what I’m writing about? Is writing about your passion (your best interests) really the best thing to do, or is writing about your audience’s wants (their best interests) the best thing to write about? There’s a reason why blogs about daily life or just generic musings about life generally don’t grow large quickly, while blogs about blogging grow quickly.

    Why?

    The sad truth? No one cares very much about what I personally write about daily life.  I don’t solve anything.  But people who read blogs about blogging are looking for a solution to a problem.

    • How to get more traffic.
    • How to get more subscribers.
    • How to create a product.
    • How to make more money on the side.

    And what you think your audience wants is rarely what your audience actually wants. If you can’t immediately, intuitively say “my blog solves xxx problem” you’re in a bad position.

    How to fix it: Sit down and write down the top 3 problems you think  your audience has.

    Now sit down and use the following 2 methods to figure out what your audience actually wants:

    • Look what’s popular around you. Products/services/niches that have proven demand are usually found all over the internet. What comes to mind? Weight loss, blogging, making money online. These topics are ubiquitous so you know they are in demand.
    • Ask using 3 tactics. Assuming you already have your blog going for a period of several months, employ the following 3 tactics to get more information about your audience:
    1. Provide two parts to your opt-in email response.  If you have some sort of offer you give for subscribing (an ebook, free course, etc.) use part 1 to say “here’s your free course” and use part 2 of the email to start a conversation. In the second part of your email write: “Wait, before you go, respond to this email and tell me your biggest problem or struggle right now.” The second part was a blogging tactic I learned from a friend, and immediately after I applied it began receiving dozens of personal “I need help with xxx” type responses. Free market research.
    2. Directly reach out to new readers. Have comments from people you haven’t seen around before? Send them an email saying thanks for stopping by and asking if they need help with any current struggles.
    3. Free Consultation via skype. Directly reach out to your list and offer them the opportunity to have a 15 minute skype conversation with you.  It’s a great way to connect with readers more and also figure out their struggles.

    So what are your audience’s problems? If you’re a blogger those may be: getting more traffic, getting more engagement (return visitors), and developing a product that sells well. If you write about health and fitness your audience’s top problems may be fat loss & muscle gain. If you write small biz information, your audience’s main problems might be figuring out how to find good business ideas to turn into a business, finding more clients, and getting the word out about your services. If your niche isn’t so clear cut – self help for example – you should still talk to your audience because self help is a huge category and your audience definitely will have trends regarding their problems.

    Remember that the problem is not always what you think it is. You need to empirically research your audience’s needs, and not guess.

    The truth is that if you’re not fixing a specific problem or set of problems, it’s going to be much harder for your audience to figure out what’s going on with your blog. And it will be much harder for you to get paid for the work you do.

    So…what problem do you solve for your audience?

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    The answer should immediately and intuitively come to mind — if it doesn’t, you have thinking to do.

    2. Determine the biggest result your audience/clients get 

    “What is the number one result you help your clients achieve or get?”

    So let’s say you’ve got your blog/business. If you can’t immediately say “my blog answers x problem” you are in for a rough trip. The purpose and function of your blog (and the problem it solves) should be instantly present in your mind. If you’re stuck thinking, “Well, it might be A, or it might be B, it’s kind of a hybrid, I’m not quite sure yet,” then you’re going down the wrong track.

    The biggest result you give your clients (your audience) should also be clear as day.

    • I help blogs get more traffic.
    • I help people lose fat.
    • I help cubicle slaves get clients for their own biz so they can quit their day job.

    Clear as day, straightforward and easy to share at a cocktail party in 3 seconds.

    If you can’t specifically say what benefit people get come from coming to your blog, from reading and digesting your content, you’re in trouble.

    How to fix it: Your audience’s problem should be obvious, and so should the solution you provide.

    In fact, these are the two most important factors in developing a successful business.  If you don’t solve a problem, and you can’t specifically say what benefit your clients/audience will achieve, why would people stick around?

    Sure you can get people that stick around for fun, or because they enjoy your writing, or because you talk about lofty aspirations, but the majority of people are searching for a solution to a specific problem or ailment.

    Provide specific results for a specific problem and your blog will thrive.

    3. How good of an investment is your product/service/content?

    “Do potential clients within your target market see your services and products as opportunities that will give them a significant return on their investment? Clients should get a return of at least 20 times their investment. “ -Michael Port

    When people compare online products to offline ones, they sometimes comment on how a $50 ebook is a huge ripoff. Or how a $120 affiliate marketing course is such a scam.

    But are they really? What if you pay $120 for an affiliate marketing course, and then spend 6 months setting up a couple mini sites?

    Let’s say after 6 months of work, 1 site brings in $300/month. After a year of income ($3600) your $120 was just returned 30x. That’s a good financial investment.

    Or, what if you spend $100 on a class on getting more clients?

    Within a month you have your first client paying you $100 an hour, once a week, every week. The next month you add on another client. The third month you add on a third client. With the addition of your third client, you’re making $300 a week, or $1200 a month.

    And it all started with a $100 product or mini course.

    That’s a good financial investment.  But your audience needs to know that. So you honestly need to ask yourself how much of a return will your audience get from what you give, and how tangible it is.

    The sad truth is that the less tangible your return is (e.g. “happiness” “peace of mind” etc.) the harder it will be for your audience to find a reason to pay you product-wise.

    Happiness is obviously important, but in terms of having people pay you, it’s much more intangible and thus hard to quantify and guarantee, and so is the return for your audience. The easiest way to turn something intangible into something with a clear reward is…. You guessed it, make it tangible, or make the intangible benefits a side-benefit.

    So instead of offering “peace of mind” “feeling like your time is worthwhile” or the like, you might say, “find your passion and turn it into a business that pays you.”

    The physical return you can guarantee? Money.

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    Other returns? Happiness, meaningful work, peace of mind.

    You need to be totally clear about what result your audience / clients get, and even if you’re dealing with a somewhat intangible niche you can make it physical and the returns very real and easy to quantify.

    How to fix it: If your service or product isn’t a worthwhile investment, people won’t come back.

    People will be very hesitant to fork out money for your product or service offered unless they are sure that the investment they put in will return many times over.

    And they will have a hard time forking over money for a product or service where they can’t quit measure what they’ll get out of it.

    The problem with intangible rewards like “happiness” or “peace of mind” is that it’s hard to estimate the return on them because they are intangibles.

    The solution is to use those as side-benefits, and instead make the main benefits more tangible.

    You need to mention that your “get more clients” course is both a smart financial return (“$1000 in 6 months guarantee”) and a smart emotional return (“quit your day job to do work you love”).

    So…can you prove that your product or service or blog content is a good investment for people? How?

    Having immediate, clear answers to these 3 questions will already set you ahead of most bloggers that aimlessly shoot for dreams of financial independence.

    And if/when that day comes where you’re about to throw in the towel: make a cup of tea, sit down, and ask yourself these two questions:

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    1. What problem does my audience have?
    2. What specific result or solution can I provide to fix that problem?

    Turn your only focus into helping your audience and clients achieve what they want, and you’ll find a much clearer, less messy road to success.

    (Photo credit: Desperate Businessperson via Shutterstock)

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    Last Updated on July 20, 2021

    Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

    Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

    Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

    Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

    Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

    In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

    Break Free of Your Finances

    Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

    When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

    Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

    Though it seems hard to believe, it is really very simple to get financial freedom.

    To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

    While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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    Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

    1. Stop Unnecessary Spending

    We often spend money inwardly, instead of objectively.

    For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

    To stop this habitual spending, log down all your spending over the course of a month.

    Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

    This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

    2. Plan a Monthly Budget

    This is a great opportunity to get serious.

    Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

    Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

    3. Cut-up Credit Cards

    Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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    If not, you may want to consider ridding your life of the burden that credit cards bring.

    Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

    Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

    4. Increase Savings

    There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

    It’s good practice to save up to 15% of your income.

    Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

    Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

    5. Invest Wisely

    Consider investing in funds.

    Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

    To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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    Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

    6. Invest in Gold

    There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

    You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

    Another way to invest in gold is through ETFs (Exchange Traded Funds).

    These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

    With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

    7. Stash Emergency Funds

    Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

    If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

    Make it hard to get your cash.

    Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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    8. Find Fabulous Mentors

    Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

    If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

    There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

    9. Be Extra Patient

    Patience is the key of financial success.

    Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

    So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

    Financial Freedom for All

    Anyone can achieve financial freedom, regardless of their financial circumstance.

    Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

    Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

    Featured photo credit: rawpixel via unsplash.com

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    Reference

    [1] Hartford Gold Group: IRA Retirement Accounts

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