How to Grow a Business to 7 Figures and Beyond
Let’s face it; starting a profitable business is tough. Many entrepreneurs spend sleepless nights finding out how to grow a business to 7 figures or beyond. Regardless of the type of business you are intending to grow, you need to take the right actions, learn the right skills and then apply apply and apply.
Have The Right Mindset
You’re not an employee, you’re not a freelancer, you’re a business owner. Most people “start a business” yet continue to take orders from clients like employees. Or they don’t invest the time in becoming a master at providing their service or learning sales. They’re happy to take whatever work they can get, but not you.
You need to think bigger, always be looking towards what’s next. What will help you do that is…
Create a Huge Vision
Create goals that motivate you to take consistent action on your business. What do you truly desire? Some entrepreneurs in my business Mastermind Insiders are motivated by nature. They want to live in a place that is peaceful, relaxing, full of trees and fresh air. Others want to live the good life in a city like Paris or NYC; bars, clubs and more. Others want to do philanthropy and help the world.
What is it that drives you? When you get past all the bullshit you’ve been taught, what is it you truly desire? Do you really WANT to create a huge business?
The Five Must Haves For a 7-Figure Business
You’re going to be figuring out a lot of stuff on your own. Even if you have a mentor, it doesn’t matter if he’s the most knowledgeable/skilled person on the earth, if you can’t use critical thinking then you’re screwed in business. The marketplace is always changing and if you merely “follow” what others are doing, you will struggle greatly. Here are five things you must have to grow a business to 7 figures.
Need – You need to solve a BIG need. The bigger the need, the more people you can help and the more money you will make.Think about the health market, there are millions, if not billions of people with back pain, knee pain, who want to look younger, healthier, be stronger. If you have a solution for any of those things, it’s a license to print money.
Barrier of Entry – You need to provide a product that can’t be replicated easily. Otherwise a competitor will swoop in and take your market share. Pick a market with “moats” that protect your business. Otherwise you probably won’t make money or if you do, you’ll be undercut by competitors who can set up shop immediately. An example of a business with good barriers is supplements; it takes months and HUGE investments up front to start a supplement company. That’s great for you because once you get setup, it’ll be hard for competitors to get started
Control – Instead of drop shipping products, you do the drop shopping. Don’t be the affiliate, get affiliates working for you. Own every part of your business, don’t be the one “buying the service” but provide the service. Don’t buy facebook advertising but setup a media buying team within your company to do the ads for your company “in-house”.
Scale – HAS TO BE BIG. You need to be able to reach more and more people, earn more money. A local store isn’t going to cut it. You need to be able to scale your business and reach as many people as you can afford and sell. A local store has no scale, teachers are paid garbage because they can’t scale. They can only teach those 15-25 students, meanwhile online courses earn millions because an unlimited amount of people can access and learn from them. IF you want to earn a lot of money, then there’s no way around this.
Time – Your business can’t be tied directly to your time. For example, even if you make a huge amount as a real estate agent… If you don’t work, you do not make money. You need to be able to separate yourself from your business and still make money. This is the so called “make money when you sleep” business. Of course, it takes alot of work to get this set up, but once it is, you’ll make money when you’re at a restuarant, when you’re working out, when you’re having sex! And you’ll make more money than those who tied their business to their time.
Take Risks When Appropriate
This is one of the pivotal steps that most successful entrepreneurs have taken. Risks are a part of entrepreneurship, you need to spend money to make money. Take calculated risks when appropriate and always have a backup plan. Fight your fears. Hiring your first employee is something many people have trouble with. Don’t let perfectionism or fear of him “not doing as good of a job” stop you from growing your business.
Get an Edge
Business is always changing. New technologies and ideas change the way things are done constantly. As you focus on how to grow your business to 7 figures and beyond, keep an eye out for ways to “go with the flow” of these changes. Even better, if you can implement new technology faster than your competitors, you can make a lot of money fast with a first mover advantage.
Leverage The Time of Others
You need to leverage the time of others to take your business to the next level. Who should you hire? The right employees to hire are those who have top-notch proficiency in the business field. A+ players have a good track record. Find people who either have done the work right before or you believe you can teach them to do it well.
In a Nutshell
“How to grow a business to 7 figures and beyond” is the biggest question that entrepreneurs ask themselves. It is never easy to achieve it but with the 5 shared steps in this article, you are ready to get started. Take care as your business grows into an empire.