Struggling entrepreneurs often wonder why their businesses are not thriving, despite working long hours and consistently marketing their offers. What they probably don’t realize is that they are making three common mistakes that can be easily prevented.
For young entrepreneur Ellen Yin, it is easy to spot why some entrepreneurs are failing to achieve their first $10,000 month. Yin explained that they are likely committing three big mistakes that keep them stuck in their business. “Based on my own experience scaling my service-based business to multi-six figures and helping other entrepreneurs make their first $10K month, trying every strategy being taught by industry gurus will keep you overwhelmed and chasing shiny objects. We’ve been sold this lie that we have to post every single day on every platform like a content machine, or that building a large following should be your number one priority. They always advise entrepreneurs to increase their online presence on social media platforms. What I have learned is the simpler you can keep your marketing system, the better.”
Mistake#1: You Need A Large Audience To Make Your First $10,000
Yin said that most entrepreneurs think that they need to build a large following so they can attract new clients. “This is not the case for most service-based businesses who are working with clients one-on-one. You do not necessarily need to have a huge following or audience on social media to make your first $10,000,” she added. Also, she emphasized that popularity does not equal to profitability, saying that, “I only had 3,000 followers when I made my first $10K month.”
Many entrepreneurs will ask what they should do instead. Yin responded that it is easier to borrow influence than to create it. “You do not need to wait to build a large audience in order to connect with your ideal clients. What you need to do is find them in the communities where they already exist,” she said. It is an efficient strategy executed using targeted hashtags, search filters, and platforms built by influencers in your space. She added that entrepreneurs must look for individuals who are already talking about the need that their business or service can fill. “In my experience, it is easier to sell to someone who is already problem aware and is just looking for the right solution than trying to convince an individual that they have the problem that your service can solve,” Yin said. Instead of paying so much attention to vanity metrics like their number of followers, she urged entrepreneurs to focus on profit-driving activity.
Mistake#2: Trying To Achieve An Income Goal Without A Game Plan
Yin observed that some entrepreneurs try to reach their income goals without having a strategic plan. “They forget that a dream without a plan is just a wish. You need to reverse engineer how to get to your income goal and develop a marketing plan based on data, not on guesswork,” she added.
“If you are standing on one side of the river and you want to get to the other side, you need to build a bridge so you can cross the river and get to that side,” Yin explained.
Yin shared, “I guide entrepreneurs in answering a set of questions to reverse engineer their first $10,000 month.” Yin asked entrepreneurs how many hours they spent in a week delivering their client work and the number of hours they need to complete it. “It allows you to determine the maximum client load that you can handle in a week. By answering these questions, you can better establish how to price your services to reach the first $10,000 month,” she explained.
Yin also asked entrepreneurs to track their average conversion rate, which in turn determines the total number of leads they need to secure each month in order to close their desired number of clients to make their income goal. This gives entrepreneurs clear marketing targets for outbound engagement. “By answering a few simple questions, you can create a customized game plan tailored to your business,” she said.
Mistake #3: You Need To Post Every Day And Be On Every Platform
Some entrepreneurs spend all their marketing efforts on creating content. They believe that they need to post every single day and be present on every social media platform to make money. Yin busts this myth by clarifying that it’s not the quantity of content but instead the right type of content that results in sales.
Yin explained that posting every day on every platform is time-consuming and not sustainable. “I know this is an unpopular opinion, but you do not have to put out consistent content to attract consistent clients. What you can do is leverage evergreen content rooted in sales psychology. This content is strategically designed to help your audience overcome their objections before they even speak with you. The right content will educate and attract new potential clients to you daily, even when you don’t post,” she said.
Connect with Ellen
Yin is the founder of Cubicle to CEO, online membership and podcast of the same name for service-based entrepreneurs. “I teach struggling service-based entrepreneurs a step-by-step system to attract consistent clients and make their first $10,000 month,” she explained. Through her social media marketing agency, she has helped boost the growth of many businesses, from local startups to multi-million-dollar and Fortune 500 brands.
To learn more about Ellen Yin, please kindly visit her website at www.ellenyin.com.
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