Millionaire’s Advice on How to Grow Your Business to 5M per Year
Recently I went to a business seminar which left my mind blown away…
And my wrists in burning pain because of all the notes that I took.
Which gives me responsibility to share the wisdom with every person who is trying to develop themselves in the field of business and want more out of their lives than a regular 9–5 job, where you go, do your thing, and leave until tomorrow.
If that is you, then you will want to take the advice from an entrepreneur who has had his skin in the game for a while. As it will help you get one, two or hundred steps further in your journey.
And you may have heard that business is 80% mindset and 20% skills, so also this speaker divided his advice in this ratio.
Mindset — The 80%
“Screw it, Let’s Do it!”
A lot of times great things happen just because you were daring enough to take a risk. No risk, no reward.
“If You Really Want it, You Will Get it.”
To begin your journey, you don’t need money, you don’t need connections or a brilliant idea. All you need is to really want it. Because if you have the desire, the rest will follow!
Set a North Star
Don’t you hate when you start something new and after the first difficulty you stop it entirely? In that case setting a north star can be a game changer. Where you vividly paint the goal that you aim to accomplish. Make it as clear as possible. Divide it in tasks. The more detailed the direction, the easier will it stick.
Just Fail
Failure is a good thing. It teaches you many lessons (for majority). And failure is something that you ABSOLUTELY CANNOT be afraid of. This fear keeps you away from taking risks, and essentially your dream life. You got to be willing to take the leap of faith and look at failure as the norm in business or any other type of development.
“I have not failed. I’ve just found 10,000 ways that won’t work.” –Thomas Edison
Build For The Long-Term
Its beneficial to begin with a long-term plan so you can see the vision for the next 5,10 or even 20 years. This ablility to visualize your goals for the future, will keep you on the right trajectory, and help you avoid unwanted mistakes.
Niche Down Before You Expand
When you provide a service you will want to help everybody, everywhere. However if you want to charge more and label yourself as the “premium” provider, niching down is essential.
Here’s an example to make the point. Imagine that you are a copywriter who is alright at writing sales letters, marketing emails, blog content and everything else. In this case, you are fighting for clients with every other copywriter in the market. But now imagine that you are a copywriter who is exceptional only at one thing, let’s say — Email Marketing. Which allows you to position yourself better, and also helps you to market yourself towards an audience that needs your service. You got the skill, experience, and people recognize you as the go-to Email Marketer.
Experiment and Adapt
Us, as human beings are prone to avoid change, but the world is constantly changing. We either adapt with it or get left behind. So don’t shy away from incorporating new tools and ideas to your products or service. Experiment and set new industry standarts. For example, Artificial Intelligence is taking over pretty much every industry on the planet, so think about ways how you can incorporate it in your business.
Do Good, The Rest Will Follow
No matter what you decide to do, you will come across many opinions and paths. Often, you will feel confused. Your beliefs and morals will be challenged. But if you focus on doing the right thing, for the benefit of others and civilization, you will stay on the right path.
Someone Will Always Charge Less
Many competitors will charge less than you for the same product or service. Instead of competing for the price, look for ways how to stand out from them. Make offers that are difficult to resist even with the “more expensive” price. Respect yourself and your work, don’t value yourself too low. And remember that charging less can work against you, as it makes clients wonder “why are you charging so low?” How would you feel if you would see a penthouse on AirBNB for just $20 a night. You would be sketched out. Same law applies to your service or product.
More People = More Problems
No, this is not a Thanos quote. With this statement the entrepreneur emphasizes the fact that whenever you expand your business and start hiring employees, there will be problems. As you are packing unique personalities with egos together in one room and try to work towards a united goal. Consider keeping your company small and hire people with focus on quality over quantity.
What Works Now, May Not Work Tomorrow
This goes back to the previous point about experimenting and adapting. As your company grows, times will pass, and you will have to encounter new problems and challenges. Many times, you will have a solution, but always have a plan B for moments when “S*it hits the fan”
Discipline Matters
No matter how far you are in your entrepreneur journey, discipline is the one thing that keeps you moving further. It’s the ability of doing the things that need to be done, even when you are “not in a mood” or “do not feel like it”. It’s helpful to keep discipline as your main priority when working on anything significant, because you will put in a lot of hours and will not see instant results from it. It will feel discouraging. But as long as you focus on whether or not you are disciplined, it will work as your instant reward.
Skills — The 20%
The Skill of Asking
To see exponential growth, you will have to ask for things. Whether it’s referrals, money, feedback or anything else. But the reason why we do not go out there and ask, is because we are afraid of rejection.
Just pretend that you are a regular dude in the club. You’re out there and you want to get pu$$y (your business goal), but to get pu$$y, you got to talk to girls. (your clients, partners, whoever) Most of the times you will not get pu$$y with the first try. Will that make you give up? Hell no! Because you understand that rejection is part of life, and if you really want to get pu$$y you will face rejection, knowing that, sooner or later, one girl will help you to get… you guessed it — pu$$y. The sooner you get over the fear of rejection, the better.
The Skill of Thinking Big
Learn how to think big and imagine yourself as the final boss. Let’s say, If you are selling hotdogs, don’t settle for less. Instead you can aim to become the greatest hotdog salesman on the planet. (that’s a lot of wieners) Don’t settle for less. And if you got a crazy idea that has not been done before, find the courage to go out there and do it!
The Skill of Trust
One of the main reasons why someone pursues an entrepreneurial career, is because they want to have control over their lifestyle, finances and decisions. They don’t like to be told what to do. Which is a great motivator, however after a certain stage it can work against you. To avoid burnouts, it’s important to learn how to trust your partners and distribute the tasks to them. You do not have to do everything on your own. You want the business to work for you, not work for your business.
The Skill of Visibility
You can have the greatest product or service in the world, but if you are not seen, nobody will know that you exist. So, your duty is to spread the message and let people know about your existence. Think about branding. Be loud. Be bold. Be proud.
The Skill of Leverage
Either it’s recruiting employees, incorporating automations, or collecting data from customers and products, all of these are forms of leverage that you have to use to scale your business. As the main objective for you is to make more money and deliver the best possible service or product while spending less time on it.
The Cherry on The Top
All this advice is completely useless in your entrepreneurial journey if you forget about this essential component:
Just Have Fun
If you have decided to dedicate your life for this endeavor, then might as well have fun while doing it. Let’s face it, there will be stressful moments when you feel like giving up. There will be times when you don’t want to see or think about your business. But to avoid such moments as much as possible, remember to enjoy what you do. Make it fun for yourself. And there are many ways how to do it.
While working on long tasks, listen to your favorite music. Implement reward systems for yourself. Surround yourself with people who are on the same path and share the joy with them! After all, all of us have around 4000 weeks of life on this planet, and it would be a shame to not have fun while we exist. Because what’s the point of success if you cannot enjoy it?
Conclusions
These words of advice were already empowering the moment when I took notes. But it got even more powerful later. In the moments, when I thought about them, and applied these ideas to my business goals. It became clear. Any endeavor works the best when you treat it like a game. As there are levels that you got to beat, bosses that you must face, and upgrades that you work your booty off to get. The struggle is the reason why it’s so attractive.
So hopefully you gained plenty of takeaways from this post, and the information in it will give you strength and knowledge to turn your dreams into reality.
And just for your convenience, this is the second of nine blog posts where I’m sharing valuable insights that I gained from this business and marketing seminar.
In The Future I Will Write About These Topics
· The entrepreneurial/winner mindset
· Where I am now and where I want to be
· How to create sexy offers and get tons of leads
· How to scale to 12M per year in USA
· How to sell your business and cash out a large check
· Most expensive mistakes when building a 200M business
· How to create buyers and operate
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Thank you for your time!
And apologies about the number of times I said “pu$$y” (5) in this blog.
-Eddie
