3 Keys to Scaling your Business to $1 Million
Want to scale your business to at least $1M without working 24/7? Then this guide is a must-read for you.
Did you know that less than 2% of female entrepreneurs ever cross the $1 million mark?
But what’s more concerning is this: Only about 12% to 15% of female entrepreneurs are even over six figures.
And when I say six figures, I’m not talking about a six-figure take-home pay. It only means having a six-figure revenue in their business alone.
So by the time these entrepreneurs have taken out taxes and expenses, they’re not left with much. And this is true even if their business is already hitting six figures.
In other words, if your business is earning only six figures in revenue… You’re probably better off getting a job!
If this isn’t something you wish to do, then I have good news for you:
There is hope!
You see, there are only three key areas in your business that you need to focus on to scale your business to over a million dollars. That’s right – no more, no less.
And in this article, I’ll tell you exactly what these three areas are and what you should do about them.
The Three Key Areas
Area #1- Business Model
The reason why most people fail in business is that their business model was fundamentally flawed from the beginning.
Think of your business model as a building block of your entire venture. Most business owners build their business with a Jenga blocks business model. They can only get it high so far before the whole thing starts wobbling and comes crashing down.
In other words, they don’t have a solid foundation.
Unfortunately, many business owners get stuck in their business model because of one thing:
They get overly attached to how they’ve built their business to this day. And it’s because they tend to view their business as their baby!
But that’s where things go horribly wrong.
See, they stick to their old ways even though it’s no longer working. They unknowingly built their business like Jenga blocks that wobble and eventually topple over.
So, what should you do instead? Keep it simple and follow this basic tenet in business:
Simplicity sells. Complexity fails.
Remember that anytime you try to just do more of what you've currently been doing in order to scale…
Chances are, you’d end up failing.
Area #2 - Sales
The other area that female entrepreneurs shy away from is directly related to money. And that is none other than sales.
But you’ve got to know this:
Sales is the only piece that brings money to any business.
You can do all the marketing you like. But without sales, you’ll have no money. Marketing only tees up sales.
At the end of the day, having a compelling offer and converting clients is what drives more revenue. And this ultimately drives business growth. That’s why sales is another key area that you need to focus on to grow your business to a million dollars.
So, aside from fixing your business model, you need consistent and predictable revenue by upgrading your sales process.
In other words, you have to start building that sales pipeline. That way, you’ll know you've got today's buyers coming in. It will also help you know what tomorrow's buyers are going to look like 90, 180, and even 365 days down the line.
Area #3 - Team
The third and last area you need to focus on if you want to scale your business to at least $1 million is your team.
The thing is, most women are not hiring for where they are headed. Rather, they hire for what they think they can kind of get away with today. But that just sets up a whole cycle of frustration!
Ultimately, we've really got to think of our business as a grown-up, evolving one. And part of having a growing business is having a team that will be with you through the next stagel.
If you want to have freedom, then you need a team that would work well even without your guidance.
If you want more revenue, then a team is a crucial multiplier of productivity and income.
If you want to do better in terms of delivery, then hiring the right people would ensure that every client experiences only the best from you.
Take the Risk
Now that you know the three key areas to scale your business to a million dollars (and maybe even more), there’s something important that I want to share with you. And that’s the upside of risk.
You see, every entrepreneur has had negative thoughts about scaling their business. I’m sure we’ve all thought of something like:
“What if all goes wrong?”
“What if my business crashes?”
“What if I’m not ready for this?”
And that’s completely normal. It is truly risky to switch things up. Also, it’s risky to scale your business. Change is risky.
But here’s the thing:
There will always be risks.
This is true for business and even every endeavor we face in life. That’s why I don't believe in all of this fearlessness that other people spout. It’s complete BS.!
Because if we become totally fearless we’d do crazy things all the time without even breaking a sweat. So, there's always going to be that element of risk that’ll affect our actions.
But what we often mainly don't talk about is the upside.
See, most of us always look at what we stand to lose whenever we take a risk. It’s always about the worst-case scenario.
I want you to reframe that mindset.
Instead of looking at what you stand to lose, start looking at what you stand to gain.
But this doesn’t mean you’re going to approach any challenge without fear. It simply means that you acknowledge your fear… And you know that you are willing to take the risks for the potential upside that it can give you.
Let your desires be stronger than your fears so that you’ll take action from your desires and not your fears.
Now that you know the upside of risk and how to scale your business to a million dollars… The only thing left to do is implement it.
Start being unapologetically non-compromising. Raise your standards. Begin claiming what you really want.
That’s how you’ll make amazing things happen in your business.
"MY BUSINESS IS NOT GROWING FAST ENOUGH"
I’ve been exactly where you are. I know what it feels like when deep down inside you know you were destined for more but things aren’t going fast enough or you’re feeling stuck or frustrated.
Our clients frequently report doubling and tripling their incomes, reaching more people, creating greater freedom as well as thoroughly enjoying the journey of business and leadership growth.
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