Is you social media business built on passion or profit?

There is a moment in every business that is considered to be the major turnaround point,often referred to as the “A-Ha” moment.  Have  you ever had an “A-Ha” moment?  Mine happened during a GooglePlus hangout when the host of the session could not answer any of the questions I asked.  I knew he was not going to be able to, that is why I asked them.  It was then that I finally realized, the only thing that was stopping me from further success, was me.

In fact,he answered the only question that I really needed to ask ~ if I am miles ahead of him in knowledge and experience and he is the teacher,why am I still acting like the student?

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This  “A-Ha” moment was the boost of confidence that I needed.  I know that I am a great social media marketer and the only thing I am doing wrong is not telling anyone.  Sometimes you need to scream loud enough in order to be heard.

A turn around point takes a business from a negative unprofitable state into a more positive and profitable one, it sometimes happens after a disappointing down swing or loss of confidence and is considered to be the proverbial difference between the success or failure of the business.  It is during this period when some business owners give up, lose faith or begin to sell themselves short in order to regain loss, while others use it to “turn” things around. The ones who are able to turn things around will emerge as leaders and become successful.

In social media, the turnaround point happens when you begin to understand that while helping others is compassionate, compassion does not pay your bills and you need to be a little less giving and a lot more receiving.

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The truth of this became very evident to me when I asked a question recently in a LinkedIn group that resulted in over fifty comments. I took a risk in answering the question and it resulted in twenty new connections and some potential leads.  That one question put me back on the social media map and at the same time offered me some valuable insight.

The question confirmed what I had long suspected ~ many freelance business owners are selling themselves short. If you think this way, then you need to quit right now, you will not succeed in business.

  • You need to stop selling yourself short and get paid what you’re worth. If you own your own business or are a freelancer, people assumes that you know what you’re doing.
  • Stop proving yourself, start promoting yourself instead.
  • You need to stop worrying about the clients who are charging cheaper rates because the clients they are getting are not the clients you want.  These type of clients care little about what  services they are getting and in return they are getting what they paid for.
  1. What is the point of owning your own business, if you work for someone else?
  2. You started the job because it was something you wanted to do and you were passionate about helping others, that is great and admirable, but when is it going to benefit you?
  3. How is your business profitable and what makes it useful enough for people to want to pay for it?  When you answer this question, you will begin to succeed.

A job is meant to pay you, a hobby is something that entertains you and you need to understand the difference between them.  Social media is not a hobby, its a business and you while you need to be “sociable,” and positive you also need to be confident, aggressive and profitable. A lesson well learned.

Business success literally happens in three stages:

  1. Investing a great deal of time and money.  The risk factor is very high at this point because everything is unstable and you are still developing the model for your business.  You may change direction several times before you find what works best.  You need to ask yourself – how useful and different is my business from everyone else?  If you cannot answer the 5 W’s, your business is probably not ready to move forward. When you have finally developed your model, created your plan of action and gained some clients and some valuable experience,you will move on to the next phase.  For some, this may take years and if you do not have the money, time or patience to wait it out, you will  not succeed.
  2. Turning your business into a profitable one.  The turnaround point is what usually sets profit in motion, however that can happen at any time.  This phase is determined mostly by a realization that either you’re heading in the right direction with your business and you need to continue to do so, or you need to make a huge change in the way you’re doing things.  It is the “A-ha” moment phase and it is here where most businesses fail because they simply give up or lose faith.  Self confidence plays a huge role in this part, do you have what it takes to be a leader and take your business further  is the question you need to ask?
  3. Securing your business so growth can begin.  When you finally have all of your plans in motion and you are moving in a positive direction in terms of finances, you can begin to secure your businesses future and create growth.  You cannot run before you learn to walk otherwise you will fall flat on your face when you run out of breath.  The same can be applied to business, if you’re not making a profit and you try to grow too quickly, you will run out of money and passion.  You need to be making a reasonable profit before you can begin to expand.  This is also a catch 22 phase because often the only way to make a profit is to grow.  How do you create a balance is the question you need to answer here.

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Is your social media business built on passion or profit?  You decide what is more  important to you.

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