Step one is knowing what’s possible. It’s a lot.
Franchise Your Business
Schedule a FREE one-on-one session with one of our Franchise Advisors today and we’ll help you start building your franchise organization.
July 2, 2018 4 min read
Opinions expressed by Entrepreneur contributors are their own.
I built my first business to multiple six figures fairly quickly in 1999. It was a service business that filled a major need for a select industry. It’s a business that many entrepreneurs can still start and build successful today. I sold that business and started a lifestyle business in 2011. I heard good things about generating income online and doing it passively, so I figured I could get to six figures or more quicker. I was wrong.
For the first year, I made less than $10,000. I did everything the industry leaders advised to do. Yet, no forward progress. It was frustrating. I chased leads, I worked hard every day, and I felt like giving up more times than I can count.
In 2012, I did “crack the code.” I focused and understood four important growth strategies. They’ve helped me build a six-figure business that gives me freedom and financial security and that pays me to travel to 25 countries a year. These strategies can apply to any type of business. Use them.
Related: You Can Start This 6-Figure Service Business Tomorrow Morning for Under $100
Build your audience with more than posting on social media.
The major social media platforms get billions of users daily. The opportunity to reach them and tell them about your business is exciting. While this has opened many doors for us as entrepreneurs, it’s also created a crutch. It’s not uncommon for entrepreneurs to build their entire marketing strategy around posting on social media organically. You’ve probably seen a fellow entrepreneur posting constantly about their business. It repels potential leads.
The major social media platforms are publicly traded companies that have to make a profit for their shareholders. The way they do this is by always changing. If you build your foundation on their platforms, your business will suffer when they decide to make a change that benefits their bottom line.
Social media marketing should only be one part of a diverse and ever-evolving marketing plan for your business. Email marketing still works well. Media exposure grows businesses. Webinars, joint ventures, public speaking and many others ways help you market and grow your business. Don’t put all your eggs in the social media marketing basket.
Related: 6 Income Streams You Can Create in the Corporate Consulting Space
Understand and execute consistent lead generation tactics.
The way any business grows is by getting new customers. But more than that, you need a system that brings in fresh leads on a consistent basis. Too many businesses don’t succeed because they’re dependent on the few customers that they already have, or worse, on one major customer. Both of these scenarios can be a scary place to be. You’re one decision away from having no income.
To grow a six-figure business, your lead generation should be stellar. We live in the digital age. You can generate leads through your blog, podcast, videos, on social media, through webinars, training in large groups, local business chambers, media exposure, getting articles published online and many other ways.
While you generate consistent leads, you’ll build multiple revenue streams and passive income along the way. Doing these two things helps you build a stable foundation and creates financial security. You can build a business that’s more than just you.
Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams
Understand your value and don’t give it away.
Self-limiting beliefs can be the kryptonite of any entrepreneur. It could be a few negative words from haters or even someone you like. It could be a comment left on your content or customers that want refunds. There are situations that take a knock at your confidence and those instances lead to you undervaluing your knowledge and expertise. Don’t do it!
You give away enough of you through your free content and the ways you pay it forward. You should charge more because there are customers who would gladly pay because they understand the value you provide. Charge based off of value and raise your prices as necessary. Don’t hop on calls or answer messages when your gut is telling you to ignore the requests. Do what makes sense for you.
Related: You Are an Entrepreneur. Customers Will Pay What You’re Worth.
You can build a six-figure business this year by understanding and by implementing these strategies that have withstood the test of time and change. Start by adjusting your mindset to what’s possible and put in the work daily.