Connect with us

Success Advice

How to Build a 7-Figure Business: Early-Stage Planning

Published

on

Image Credit: Unsplash

Steve Jobs once said that ‘if you look closely, most overnight successes took a long time.’ It is valid for the most successful million-dollar businesses in the market today. There is a back story of years of struggle and endless effort that rarely comes out. However, that shouldn’t stop you from pursuing your dream of building a 7-figure business.

With proper planning and consistently conscious efforts in the right direction, you can fulfill your dream. Here’s everything you need to know about building a 7-figure business from the planning stage.

1. If you can dream it, you can do it

The first step in winning this battle is believing that you have a fighting chance. Many entrepreneurs start with the resources and a plan to build their business but lack the sheer belief that they will succeed. Without that belief, your efforts would be half-hearted at best. Also, you would easily give up on your dream as soon as things get complicated. Therefore, a positive attitude and actions that back up your beliefs are essential for forming and running a million-dollar business.

2. Build your value proposition

Simply saying that you want a 7-figure business and making products or services that don’t meet that value is a sure way to failure. You need to ensure that what you offer to your customers is worth a million dollars. You need to first build that value through an idea that solves problems for your audience.

You then need to ensure that the entire customer experience is exceptional. Creating a product or service is not enough in the current scenario. And to reach the million-dollar mark, you need to ensure that the product and services you deliver don’t lose their quality over time.

3. Take risks

Another determining factor when building a 7-figure building is the ability to take risks that others may not. The business world is full of opportunities for those who are willing to go beyond the ordinary. Whether it is a new product launch or a unique ad campaign, or a business deal that others aren’t willing to take. You need to take a leap of faith and go for it. 

Keep analyzing the market conditions and exploring new avenues to benefit from new opportunities before they become a common practice.

“There are no secrets to success. It is the result of preparation, hard work and learning from failure.” – Colin Powell

4. Meet client expectations

One of the significant drawbacks of a startup is its inability to retain its clients and earn their trust. If you cannot get new clients and keep old ones successfully, there is no way your business can meet those 7-figure numbers in terms of revenue.

The tried and tested formula for keeping your customers happy is giving them what they want. Here are some tips to understand what your customers want:

  • Identify your target audience: The first and foremost step in understanding your client is identifying the target audience. Not everyone would be interested in your product or service or require it. You need to find your target audience. You can conduct surveys, analyze the data you collect and start building your marketing strategy.
  • Choose the proper marketing channels: Once you have your target audience, you need to choose the marketing channels that work best with your audience. There are several offline and online marketing channels that you can choose from. However, you need to go for the ones where your target audience is most active and where you can easily convince them.
  • Act on your customer feedback: One of the most crucial elements of client retention is understanding your customer’s grievances and resolving them. Take your customer feedback at face value, analyze the most common issues, and work on long-term solutions for resolving them.

5. Learn from other successful businesses

The notion that you need to build up everything from scratch is no longer valid. You don’t have a lifetime to build a business, so learning the best practices from other million-dollar companies is wise.

One way to do it is to become a client yourself of a million-dollar business and learn from them. It would be best if you choose a company similar to yours but not your direct competition. You can also copy the moves of other successful businesses to an extent, pick out things that they did right, and add that to your business with a creative twist. 

6. Develop a successful business routine

You can take any successful business and observe that they have a routine that they follow daily. It is also a key element to success. These daily routines can comprise some crucial activities that you need to perform every day at a specific time. 

These routines may seem too much. However, they will play a vital role in enhancing your productivity. Develop these routines with great care, as they will help you find more time to focus on essential things.

7. Present your business in a good light

A lot of companies think that self-proclamations are bad. And they are if they are not valid. However, when they are correct, these self-proclamations show your customers, investors, competitors, and other stakeholders what you can bring to the table. It increases your goodwill and credibility. You can also involve your employees and families to spread the word. You can create a presentation that showcases the merits of your business to all the stakeholders.

8. Focus on scaling 

Scaling is a process that you cannot overlook when building a 7-figure business. Limiting your scope is the last thing you want to do when building a million-dollar business. Scaling also helps you enhance your growth prospects. Many companies fear scaling as they are not sure if they can handle the additional workload and the investment demands. However, you can scale your business without necessarily burdening yourself.

Here are some tips for scaling your business efficiently.

  • Outsource: Many entrepreneurs feel the need to do everything themselves. This notion is feasible when your business is small. As it grows, you need to find people who can share the load with you. You can always outsource your non-core activities, such as digital marketing and finance, to proficient professionals.
  • Automate: Machine learning and artificial intelligence have changed the dynamics of the business world. Nowadays, there are multiple softwares you can use to reduce manual labor and automate repetitive tasks.
  • Hiring: Another crucial aspect when scaling your business is having the manpower and resources to handle the additional workload. However, don’t make the mistake of hiring too many people at once. You should focus on finding the right people for the job rather than more people.

A 7-figure business is not an unachievable goal. With prior planning and constant efforts, you can build your business in a few years. However, there are no shortcuts to success. You need to do the groundwork from day one to reach the top.

Sean Davis is a professional content developer at DashClicks, a white-label digital marketing platform for small and medium-scale agencies. He also has more than 5 years of experience as a content strategist, blogger, and digital marketer. Sean uses his expertise to spread knowledge through his writing. He is highly proficient in describing complex technical concepts with simplicity to make them widely accessible. Sign-up for forever free access to the platform to scale your business to 7 figures.

Success Advice

3 Ways to Overcome Impostor Syndrome

Published

on

Image Credit: Unsplash

Imagine you’re the head of a $250 million company. Sounds great, right? Except you’re challenged with your level of success. In fact, your anxiety is so overwhelming that you walk out of an exclusive CEO event to talk to your executive coach. Without that support, you wouldn’t be able to return to a room filled with other leaders — most of whom aren’t running businesses worth nearly as much as yours. (more…)

Continue Reading

Success Advice

4 Lessons I’ve Learned From Sending 3 Million Emails

Published

on

Image Credit: Unsplash

As an entrepreneur, the heart of your business lies in your email marketing efforts. Sixty-four percent of small businesses use email marketing to reach their customers. Each year this percent will grow because email marketing can turn a fledgling business into the leader of the pack. What you do with those emails matters. Whether you’re a branding coach that helps newly service-based women or you’re like me – an expert content freelancer helping others learn to make a business online –at the end of your email marketing efforts, you’ll hopefully come away with lessons for improvement. I learned these lessons from sending three million emails. (more…)

Continue Reading

Success Advice

3 Investments That Are Better Than a College Degree

Published

on

Image Credit: Unsplash

Let’s look at the facts: the average college student leaves school with $30,000 in debt (according to U.S. News), the unemployment rate increased to 7.2% (up from 4.7%) for 2020 college grads (CBS News), and on average, tuition costs inflate by 8% every year (FinAid). (more…)

Continue Reading

Success Advice

8 Traps to Avoid When Making Fact Based Decisions

Published

on

Image Credit: Unsplash

Many people pride themselves in trusting their gut when it comes to decision making. You may have heard that successful leaders have excellent gut instincts. Don’t be misled by this broad statement. The gut, regardless of how skilled it may be, can trap the best of us into a cycle of poor decisions. (more…)

Continue Reading

Trending