Starting a business from something you’re passionate about is fun and exciting, but it can also be very unpredictable.  When you start a new business, things are not always going to go as planned.  If things were how I pictured them from 5 years ago, I’d be laying on a beach sipping a martini instead of in my home office blogging about how I don’t make any money.  The good thing is, when you take a step back and discover the problem, you’re able to come up with a solution.  If you are anything like how I used to be, here’s 5 reasons your business isn’t making money.

1. You don’t have a clearly defined audience.

Understanding who your audience is makes all the difference when you’re marketing your products and/or services.  When you define who your target audience is, you are able to research what they like and don’t like. Figuring this out allows you to target them with products and services they actually need.

The biggest mistakes new entrepreneurs make is trying to serve everyone. Yes, it’s true, your product COULD possibly be used by everyone, but you are not meant to serve everyone. This is why no matter how saturated your industry is, the more specific you are with your offering and audience, you can still win. The more vague you are, the easier it is for you to get lost in your field.

I “could” teach business advice to a 54 year old white male. The strategies would work for him. But I’m best at teaching content strategy to the black, female millennial. Who can you best serve?

Read: How & Why To Find Your Niche & Target Market

2. You lack clarity.

Be clear about what you are offering to customers. Customers want to know what they’re paying for and why they’re paying for it. This information should be clearly established on your website and social media platforms.

The biggest struggle new entrepreneurs face is knowing how to clearly articulate their value. This is why their website and social media is usually super pretty but never actually speaks to their audience. You should understand:

• The very specific person your product is for (audience).
• The very specific benefit (not feature) your product offers.
• How soon your person should see benefits if the product is used properly.

When you’re not clear on your offering, you default to trying to please everyone, making empty promises & guarantees, and focusing on the features of a product (colors, pages, material, etc.) rather than the benefits and results your person should see.

Click here to see my clarity call coaching service to see if any of these points sound like you…

3. You’re selling yourself short.

Research the value in what you’re offering to your customers. Don’t feel the need to do endless sales or discounted offers just because people purchase from you. If what you’re offering is a quality service or product, people aren’t doing you a favor by buying from you. While you appreciate the business from your customers, there’s no need to constantly sell things below their worth or give away anything for free.

It’s time for you to start looking like you’re doing people a favor by selling to them. When you understand how much of an impact will be made from someone purchasing your offer, you’ll know that a monetary investment is a small move on their end. You really have to believe in the outcome of the product/service you’re selling. To build confidence in this area, start getting testimonials from your clients & customers.

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4. You’re inconsistent.

Lack of consistency eliminates trust between you and your buyer. People are not thinking about your brand unless they are consistently seeing your brand. How often are you putting out content in front of your audience?

Brand consistency is also more than just putting out content frequently. It’s about putting out content that aligns with your message. If you’re a life coach that promotes being a vegetarian, but you have a meat company as a sponsor, there’s a disconnect. Do what’s true to you and what makes sense for your brand.

5. You don’t invest in your own business.

It’s interesting the irony between people who complain not making money in their business while they complain about needing to invest in their business.

Whether it’s through education, consulting, workshops, or proper branding, it’s very important that you invest in your business. It’s illogical to expect people to buy into what you’re offering when you don’t invest in yourself. How much you choose to put into your business, time or money, is often very obvious to potential customers. It’s a reflection of what you think your business is worth. If you don’t think what you offer is worth much, chances are others won’t either.

Once you master these 5 things, check out 7 Ways To Make Money With Your Brand.