Business-Development
Entrepreneur
5 Steps to Build a Million-Dollar Business in One Year
10:34 AMEveryone wants to get rich and earn a million dollar per year. Startups who looks for million dollar business opportunities should pay attention to this line, the unfortunate truth is that only 4% of startup reach their goal and earn million dollars every year. Let's take a look, "how to make a million dollars in a year from nothing?
This means understanding:
- The stage of your company;
- The fears that are stopping you,
- What you need to grow and reach the next step.
Here are the five stages that every startup must pass to reach the million dollars in sales.
Step 1. Find Your Niche Market
Your goal in this time is to locate the audience that is really interested in your offer, and that will give you consistent profits. You do not have a real growth plan, rather you focus on making your business leave any profit possible. What's worse, you still do not make money with your company.Not only that. You start to distract yourself with other income-generating opportunities. Do not let it happen to you; You must focus And when you talk about your business, do not feel that you should pretend to be more successful than you really are, even if you do not know if you will succeed.
Daniel Tyre of HubSpot For Startups told me that the key to success is to demonstrate your value and attract customers. He advised me to offer discounts for studies. He asked me to look at who was my most basic consumer and always ask friends and family.
Also read: How to Get Rich Without Winning The Lottery
Stage 2. Leave your job and undertake full-time
You have already passed the initial stage, and you have a small reputation thanks to some results. Most importantly, you already have customers.At this stage, you may feel overwhelmed by the orders you have to fulfill. You start to notice that you need help, but you barely earn a little for yourself. You do not know how long you will have sales and you fear that someone can copy your model because you have not established a correct system of work.
Loren Howard of LLH Development and Real Estate told me that the key to graduate at this stage just goes ahead and hold. Things will feel strange, but if you focus on the activities that generate sales, you will feel more comfortable, and you can start bringing people to help you.
As your reputation grows, you must take care of your first customers with discounts.
Also read: 8 Most Important Characteristics of an Entrepreneur
Stage 3. Establish a Scalable Business Model
If you have already reached this step, your primary goal is to generate a predictable business model that can grow.At this stage, you will feel overwhelmed. You may already have some employees, but surely you do everything a little. You have to hire more support, but you fear that you are not generating constant work.
You do not know how you can grow. Also, your team is not trained and does not have specific rules or bosses.
To exit this moment, Emily LaRusch of Back Office Betties suggested that I should stop working on referrals and recommendations clear to start generating sales, i.e., using advertising and marketing. He told me that it would certainly be one of the most complicated changes I would have to make in business.
You should continue to dedicate 70% of your time to the activities that generate sales, but you must implement tracking systems and work with your team to start professionalizing it.
Also read: The Eight Commandments of Business Success
Step 4. Create systems and infrastructure to grow
When you leave the previous stage, you must begin to generate the systems and infrastructure necessary for growth. At this point, you will be very emotional because you will be reviewing your performance, but you will not have well established real metrics.Since you have a scalable business model, you must start putting the infrastructure that will allow you to grow. Chris Ronzio of Organize Chaos taught me that this point should focus on creating job descriptions, standard operating procedures and key performance indicators (KPI, for its acronym in English) to learn how to measure the growth of the startup.
Once you have this, you can start hiring and increase your operational capacity. At this stage, you must improve your sales and optimize your operating models to achieve higher profits per customer. As you grow, you must increase your investment in marketing and sales.
Also read: How to attract good luck in business?
Stage 5. Build your systems and your team
Once you reach this level, you must increase your team and put proven systems in your company. At this point, your growth is probably limited by technology and people. Cash flow can stress you because you must already be investing in hirings and infrastructure. Once you know what you need and how your finances are, you can relax more.Scott Oldford of Infinitus recommended that I should be fixed my attention on hiring top talent and train already had. That means devoting more time to management than to sales. You must have the technology to have better sales tracking and reporting.
If you don't know where your business is and you don't follow a general growth plan, then you are likely to give up.
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