It sounds amazing, but is it possible? To make $10 million is every entrepreneur’s dream. You might already be dreaming bigger. This kind of reward for all your hard work is what keeps you going, pushing through the late nights and always striving to do better.
So how can you fasttrack the process? What if you were to make $10 million in your opening year like Le-vel Thrive, the health and wellness experience company? Here are a few hints for how to make it happen, or at least, get you close.
Start A Service Based Business
Setting up a business that provides physical products is a costly venture. You will need to be able to afford the components as well as the manufacturing process, and that’s before you have even managed to see a single unit. There are all sorts of service-based businesses that are showing great promise.
A service-based business, on the other hand, is much cheaper to set up because you are not relying on physical stuff to make money. Instead you are selling your time and expertise. Consider something like mobile hairdressing or personal training - you only need a few things to get started and then you can work at your client's homes. Easy.
If you want to upscale your service business, you will need to expand by employing other experts. While this will increase your outgoings and may mean that you need bigger premises, you will still be able to run your business for less than manufacturer.
Maximize Your Marketing
Once you are set up you need to concentrate on your marketing strategy. This is the most important thing you can do to make your company well-known, well liked and well used. Digital marketing is probably the best value for money you are going to get. It is relatively cheap and easy to access lots of different audiences and provide them with exactly the messages they want to hear.
Word of mouth or influencer marketing is another great way to make yourself known and you can encourage people to talk about you in a few ways. Apart from offering a brilliant service in the first place, encourage your current clients and customers to refer their friends to you for bonuses. This might be something like a gift basket or a bottle of wine, or it could be a free consultation. You get to decide how to reward your customers to keep them loyal to you.
Explore New Ideas
Once you have your business set up and running, it is easy to become blinkered and to blindly continue forward with the same idea. The best entrepreneurs actually tend to pivot their ideas and try new things. This is because while your original vision was good, a new idea has the potential to make this vision great.
You don't have to ditch everything and start from scratch, the idea is more to look around and see where your strengths lie. If you are a marketing company but your social team is doing significantly better than the rest, why not pursue more social contracts and build on that?
If you are smart, you will also put new ideas at the forefront of your hiring process. Rather than hiring the same people over and again who fit perfectly and anonymously into the team, consider adding people with different skill sets who approach problems in a completely different way. Having lots of opinions around the table will help you to isolate the good ideas more quickly and find brilliance in them too.
Dream Big
If you set your sights on something amazing, and track your progress with smaller, achievable targets, there is little reason for you to fail. Dreaming big is the first sign of an entrepreneur. You don’t just want to have a decent business, you want to radically change how that business is done and make it better for everyone. You want to be a flagship for those who follow and an influence for the next generation of entrepreneurs.
Don’t let anyone talk you out of your great ambitions; don’t give up at any stage. Continue to evaluate your route to success, throw yourself into your marketing strategy and explore every new possibility that comes your way seriously and realistically.
Making $10 million may be your dream and perhaps it won’t happen in the first year, or even the first five years, but keep that figure in mind. That is your goal. That is what you will achieve.
And you will make that $10 mil.
I hope you enjoyed this article about how to make $10 million on your startup.
Interested in more articles about growing a lucrative business?
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