Is Purpose Greater than Profits?

So you went into business for yourself to earn money on your own terms, but it doesn’t seem to be working out as well as you planned? If the primary goal of the startup was to do little more than bring in a profit, we might have landed on the problem. This is not to imply that profits are not important to the overall success of any business venture, but instead to highlight the deep and impactful role that an entrepreneur’s purpose plays in the success of his or her startup.

Personal purpose is vital to success. No matter the state of the economy, purpose can drive what profit cannot. Business owners who make their purpose an integral part of their business lives breathe their true passion every day, even in otherwise mundane tasks like a business meeting or phone call. These purpose-driven entrepreneurs also have another advantage – – they are likely to find the market that is most underserved or dissatisfied with certain offerings in a specific area.

Perhaps, most importantly, customers understand when someone is simply looking to make a sale and when someone is genuinely trying to make the world a better place with their product.

If the only purpose an online business has is to move a product off of the virtual shelf and into the hands of any consumer, there is little chance it will survive. Instead, purpose-driven and oriented businesses tend to thrive where profit-fueled startups fail.

Plan for Growth and Watch Your Business Blossom

Frustrated by the lack of growth within your business? It can be understandably disappointing to put in daily effort only to realize that growth has stagnated and business has hit a seemingly never-ending plateau. Before you double down to getting to work an hour earlier, skipping lunch, and then working later, consider this: did you remember to actually plan for growth?

Surprisingly, this is a common mistake made by both beginning and seasoned entrepreneurs alike. When embarking on a new startup or business venture, it can be easy to stop the planning process at what should only be the first phase of growth.

In order to expand your business further, you need to actually fund growth. Not sure how to plan for the growth you need or if you are even in the best position to do so? We can take it step by step.


Even if your business is on a relatively even trajectory concerning sales, you should still have a cash flow projection that can be broken down by individual months. Whether sales are holding steady or dropping, both could be indicators that action is needed.

Profit and Loss Statements

If these statements show more loss than profit, chances are the company is less stable than you initially realized, and it is time to cut corners and cut unnecessary spending before looking at growth. However, if you’re bringing in a steady and healthy profit, it is most likely time to reinvest to help your business grow.

Revised Business Plan

If growth was not accommodated in the initial business plan, make some changes. Keep goals realistic and achievable based on the current sales projections, current and projected profits and expected trends or fluctuations in the market.

Your business was not built overnight, and in all likelihood, it certainly will not expand that way either. Healthy and solid business growth requires the same dedication and investment that was put into the startup in the first place. So, make sure all of your ducks are in a row before you move forward with your new business plan.

3 Reasons Why Investing Is Still the Best Option for Acquiring Wealth

Working hard to earn a steady income is great, and indeed, virtually no one in the business world would be where they are without an enormous dedication to their cause. However, contrary to what most people think, this type of daily grind can only carry you so far toward the goal of growing real wealth.

The bottom line is this: making money is great, but making your money work for you is even better. Excess funds from your business’s profit are wasted if they end up just stashed away in a savings account with a practically non-existent interest rate. Instead of doing the equivalent of rolling up dollar bills in an old coffee canister, look to investments and what they can do for you. Here are three reasons why investments continue to be one of the best choices for making real and valuable wealth.

1. You’ve got plenty of choices. Real estate, stocks, bonds, and investment funds — need we say more? Investing is actually a rather broad term for the vast array of choices that you have at your fingertips. Whether you want to own rental property and collect monthly payments or put your money into a bond for a specified term, there certainly is not a lack of opportunities.

2. Diversifying your portfolio is easy. Remember all those choices you have? Admittedly, there are certain risks involved with investing your money, but these risks can be mitigated by utilizing the various options that you have. Avoid falling into the trap of investing your money into only one area. You can hold a couple of real estate properties, own stock in several companies and pool funds with other investors to make a solid investment fund. The more you diversify your investments, the more protected you’ll generally be.

3. Long-term capital gains are taxed at a lower rate. Buying and selling investments is certainly one aspect of creating a solid investment portfolio, but the period of time for which an investment is held before being sold affects the rate at which it is taxed. For most investors, this means it is generally the best idea to hold onto investments for at least a period of one year, making them long-term capital gains when sold, and qualifying them for a much lower tax rate than if they had been sold after less than a year.

Still not convinced? Consider your role models in the online business world and, if possible, reach out to some of those who you consider most successful at accumulating wealth. They will most likely reaffirm to you that investments continue to be one of the prevailing and most effective wealth growing techniques

3 Questions to Start Your Affiliate Marketing Program

Unless your business has been operating under a rock rather than in the online world, you have likely already seen affiliate marketing cropping up around the Internet, and for good reason. Successful affiliate marketing plans can increase sales and brand awareness with relatively low upfront cost.

The system is actually rather simple, with affiliates guiding consumers to the company’s website for certain products or purchases. When done correctly, the increase in sales can be notable.

Before diving headfirst into the world of affiliate sales, your business needs a solid program with expectations for all parties clearly laid out. Still new to affiliate marketing? Answer these questions first:

  • Will I pay per sale, click or lead? Is your business’s main goal to bring visitors to your website (click), to purchase a specific product (sale) or to purchase any number of other products on the website (lead)? This objective needs to be known before you can determine how to compensate affiliates.
  • Do my affiliates have the tools they need? An established following on a blog or website and an Internet connection will not cut it here. In order to get any clicks on a provided link, affiliates need polished copy, high-quality images and sometimes even a sample product that they can demonstrate to their followers.
  • How will this fit in with other marketing tools? In general, affiliate marketing should not replace other marketing avenues. Instead, use it as a complementary tool to already established forms of marketing, such as targeted ads, newsletters and social media accounts.

These base questions can help begin to shape a successful affiliate marketing strategy. While this is far from everything that needs to be addressed, answers to these basic questions can serve as the frame while the rest of the program is constructed.

How the Mini-Goal Can Help Productivity

Creating goals is a long-used technique to help bolster business and personal productivity, but even this age-old tool can backfire. When faced with a nearly impossible or unattainable goal, most people will either back away immediately or fail somewhere along the road. Keeping goals focused on what’s possible is just as important as setting them in the first place.

If you’ve struggled to make the goals that you have set for yourself, make sure that you have not created unrealistic expectations of yourself. Here are some points to remember when creating goals:

Create milestones, not speed bumps. Establishing several short-term or mini-goals along the way to a larger objective is exceptionally helpful for keeping up pace and momentum, but the term “mini-goal” means just what it sounds like — these goals should be much smaller. Need to bring in a certain number of customers by a previously date? Mini-goals focusing on target marketing and product improvement or development will contribute toward the overall objective, and can be met along the way.

Go ahead, reward yourself. Most people have moved beyond the motivation of a star sticker on a chart, so focus on what you would really enjoy. Did you hit a certain number for product sales? Send out for coffee. Finally replied to your emails in a timely manner? Watch the next episode of your favorite show. Even though they are contributing toward a greater objective, adding incentive to each mini-goal can keep everyone moving.

Sure, big, hefty goals might give the perception of productivity, but in reality they can end up working people into a panic. Instead, focusing on smaller steps toward more moderate goals can increase the chances of actually reaching them.

How To Use Facebook Insights

Not only is Facebook a unique and powerful tool for your business, it also provides you with feedback regarding interaction with customers through this social media platform. Through Facebook Insights, you can learn how your customers are interacting with your Facebook page and connecting with your website, how posts connect with your audience, and even the best time of day to post.

Any administrator of a business’s page will have access to Facebook Insights. It is constantly updated, allowing you to see minute-by-minute developments of any new patterns. Through this tool, page administrators can see the total number of likes, how many people you can reach as friends of those who like your page and weekly updates regarding how many users were reached.

If you would like to know which posts were best received or went “viral,” Facebook Insights can provide this information. By seeing this, you can identify the most effective types of posts and how get the best response from those who visit your Facebook page. Additionally, you can see how many people actually see what you post, as well as see who is talking about your page.

Facebook Insights provides business owners a remarkable look at how they are doing–with customer interaction, communication and even marketing. This kind of real-time feedback is rare for business owners and site administrators, and this tool should be well utilized. In fact, information from Facebook Insights can indicate where improvements should be made, from website design to social media management.

Find out what Facebook Insights is saying about your business and customer relationship. Use this tool for greater improvement and, eventually, increased profitability.

Making Your Purpose Work for You

Whether your purpose is to provide education to the underprivileged, to help others realize their goals or to create a new piece of tech that will revolutionize the future, it can be utilized to create a growing and thriving startup.

Before romanticizing the notion too much, it is important to remember that starting a new business still takes a certain amount of work and effort that is not erased simply because you are also working within your passion and purpose. However, with the right techniques, you can keep your purpose working for you to help push your business forward.


The Business Plan

Okay, so all that hard work and effort is still there, but it can be easier and even more enjoyable when you know that you are not just working for a good cause, you are working for a purpose. Instead of starting a business with a purpose in mind, let the purpose be the foundation upon which everything else is built. This means that your purpose needs to be clear from the very beginning, so make sure it makes an appearance in the business plan.


The Products

If your purpose is not shining through the products, then it is not working for you. Think of your purpose as what makes you feel most alive or thrilled, and ask yourself if your product is doing the same. If not, then your customers will not either. All of the flashy websites and target marketing in the world cannot make up for a product that is subpar or lacking in some way.




The Outreach

If you built your business in the online world, be prepared to start interacting there. Consumers expect their favorite brands, businesses and companies to play an active role online, mostly through social media. A few funny quips posted on Twitter or a viral photo or two shared on Facebook are not enough to get your target demographic excited and pumped about not only your products, but about what you are doing. Make sure your online presence counts.

If your business is floundering, take a moment to step back and ask yourself the following: Is my purpose working for me?