How To Build A 6 Figure Business
A lot of the same principles in this can be used to go beyond the six figures, but if you are starting off from absolute zero with no experience, setting your initial goal at six figures is very realistic and I recommend that most people starting off do this.
Later on I recommend, just in a matter of months, to set the bar higher. This is how to build a small business that could potentially just be one person, you. These tips can help you generate over $100,000 per year.
Exchange ideas and join a mastermind
The very first thing you need to know is that you will not be able to do this alone most likely. It is very rare that I meet someone that went out, figured everything out, and was able to generate six figures within a reasonable amount of time all by themselves without reading any books or having any help at all. Very few people can actually learn just from their own experiences.
I also do not recommend just learning from experiences, although the biggest amount of learning does come from experiences, you do need that starting point where you learn from others. The best way that I found to learn from others is in something called a mastermind.
A mastermind is when you come together with peers, people on your level, people below your level, and people above your level who have already reached what you are looking to achieve. If you can network and work together with these people, not in the same business, but in exchanging ideas and thoughts along with support, you are able to maximize your return on the time invested. This will help you get results much faster.
Instead of taking two years, like it took me, to reach that one point where you have a six-figure business, it can take you just three months. Masterminds work because most of the people around us think it is best to just get a job, smoke some weed, go to some parties, and just chill and watch TV. Most people go to a job, sit in traffic, and do all these standard and mediocre things. That is perfectly fine and I am not against that stuff necessarily. However, since you are reading this, I assume you want a little bit more than that.
The mastermind serves a purpose of putting you in a room with people who are absolutely, 100% dedicated to reaching the same goal as you. This is so that you are not just surrounded by old influences, but you are also able to be surrounded by people who are relentlessly pursuing the same goals as you.
Joining the right mastermind can get you to six figures
This changes many things for you. As you decrease the amount of people that you know that are spending their time doing “the grind,” going to jobs, and doing standard things, and you increase your time spent with people who are working toward something more, working toward more advanced skills, building a business, and doing interesting things, you are going to find that it is much easier to reach your goals.
You will also be able to learn working business models. This is very important. If you do not have a working business model early on, you are going to fail and you are going to feel quite badly I imagine. I highly recommend you do not spend time figuring out the business models but more time on learning from the mastermind and learning from the people who are already doing what you want to do. For them it is trivial to get to six figures if they are at six or seven figures already. They know exactly what to do.
For you it may seem like there are many mindsets, many things you need to find out, many things you need to learn, and many skills you need to improve. Yes this is true, but for the higher earners in the mastermind this is day-to-day reality. For them it is out of their reality to have a job. That is why you need to put yourself in their shoes by being with them, hanging out with them, and even following them to work and hanging out with them as they work.
Look at people who are making 10, 20, 30, or 100 times more money than you, while they work, and see what they are doing. You will find that it is not that weird and they are not doing any super, special, amazing things, but they are following a similar lifestyle to you. They are doing a few things different and they are building assets in a few different ways than you.
Most consumers and most people who have a normal job and do normal things just buy stuff that decreases in value all the time. Whereas people who are at six, seven, and eight figures spend most of their time investing their money.
Who to learn from
Money is just a tool for these people. Of course it is important if that number is six, seven, or eight figures, however it is not the most important thing. If you take a person who has already made it and you take everything away from them, they will be able to get it all back.
This is all documented and true because Donald Trump had lost more money than he had ever made in the 1990s and he had to get it all back and more because he was in the red. These people are able to do this because they have been there before, it is not outside of their reality, and they are able to pull themselves back out of the mud and into the spotlight.
You can see that they have done it, it is in the books and the news as it is all well documented that doing this is possible. If you go hang out with these people and you can see that they are doing it, you can see how they work, you could see what business models to use, and then you can replicate the same results. That is how you build a six-figure business.
To get into more detail, how does one get started?
The very first thing is that you are probably going to be able to build your business to six figures all by yourself. You are not yet going to need more than just to you to get to $100,000.
Why is that?
This is because that is actually not that much money. It is not that much money in terms of revenue to create or generate in value. The more value you generate for others and other companies, the more you will get in return. That is a simple fact that you probably already know.
How do you generate enough value for six figures?
You need to find what valuable, precious, and high in demand skills, products, and services that are out there that you can learn in a relatively short amount of time. You will find that actually most people do not learn a lot of these valuable skills like: Sales, Facebook ads, copywriting, email marketing, and e-commerce.
If you learn some of these skills, you will find that there is a lot of demand from other businesses and people who need these kinds of skills. A lot of businesses and other people do not have the time or the resources to learn the skills. However if you sit down, do your research, implement, try to create for yourself and do this for yourself or a client, you will find that you can sit down and ignore all your distractions and learn the topic in a matter of weeks.
This sounds shocking, but people are so A.D.D. right now that they are not able to spend these weeks on learning these new skills because they are all spending time watching TV, spending time on Facebook, and other things. If you are the one who does not do that, and if you are the one who goes and decides to learn the skills, then you are able to immediately, or almost immediately depending on your skill level, begin charging for these skills.
Once you have the skill, product, or service, what you need to do is find a way to get leads, or people and companies to sell to.
Once you have that, which can be done with Google if you find company phone numbers who are in e-commerce and coordinate Facebook ads. This is because they are already doing Facebook ads, Google ads, and you can sell your services to them.
The question then becomes, “How do you sell to them?”
You need to figure out how to sell to them and how to learn sales skills. This is very important because no matter what business you are going to run and no matter what you are going to do, you are going to have to learn how to negotiate, close deals, and ultimately get sales. These are not skills that are impossible to learn as you can learn them in a matter of months. You will not be the best salesman in the world but you will be able to be better than most.
I do the most professional, least pressure, type of sales imaginable that I can find. I really only sell to people who actually need it and I only do business with people who will benefit from what I have to offer. This is the way I have behaved with 90% of my business.
This is a decision you need to make early on. You need to find out if you want to be a high-pressure salesman or if you want to provide valuable services and products to people who actually need it. Do you want to be a trusted advisor or do you want to be a car salesman? Sorry, car salesmen. A lot of you are good but with some of them you know how it is.
An example of how I do sales:
First, I introduce myself and participate in small talk for about one minute and a half. Then, I describe the kind of clients I work with and I find out what the person I am talking to is looking for, and why.
The why part is very important here because if you can find out their why to a deep level, you can deliver to that and use that to help them figure out why they actually want something. A lot of people actually don’t know why they want something, but they think they do. When you keep asking the why questions, you will find that you are helping them to discover another deeper level of why they need the thing that they want to buy.
Finally, only then do you provide proof and case studies of what you are selling actually works and delivers results to clients similar to them. Then you close the sale.
That is the step-by-step process you can use right now. Try out this process and share these tips with people who may need advice on how to build a six-figure business.
Books on this topic
A book that you can read about this is called, “Spin Selling.” This goes into great detail! Another book you should check out is, “Question-Based Selling.”