Seven Tips to Successfully Build a Seven-Figure Business
The mere idea of a high-end place that doesn’t make men feel “intrusive” and awkward when shopping for some lingerie for their wives was what motivated Roy Raymond to come up with Victoria’s Secret. As a result, Roy made around half a million dollars the first year of his company.
But what’s the end? Roy sold his business after five years of hard work and was close to bankruptcy. Instead, Victoria’s Secret’s value soared to $500 million in the years following the sale.
Roy’s story inspired me and made me more intelligent. So here’s my story: In less than eight months, I built a business and generated a seven-figure annual income. This was with a team of 10 employees. How did you do it?
These are my seven lessons or my success sauce that you can take away:
1. Always Be Pivoting (ABP)
“ABP” refers to the way your business should be pivoting in an unpredictable, volatile world. ABP also reflects the fact that no one-size-fits-all approach to business is sustainable. Therefore, it is essential to be aware of current trends in your domain. Keep ahead of the curve. It’s Covid-19 today; tomorrow, it could be something else. Be cautious.
Many businesses without a virtual organizational structure went bankrupt when the pandemic struck. These businesses did not have an effective ABP strategy. ABP is a very efficient, ninja-like business technique.
2. You are your team
This phrase means that you must be the one doing all the groundwork before you can form your team. You are the “one-man army.” You are your team.
You will need to fall hard, fall quickly, then get up again. This is where resilience is crucial. Accept failure as winners learn from their mistakes.
3. Remember the 80/20 Rule
This rule is about identifying the firm’s most valuable assets and using them as efficiently as possible to achieve the best results. 20% of the effort will lead to 80% of your desired outcome.
Incorporating the 80/20 rule allowed me to identify and improve five aspects of my business. This led to outstanding results. However, this doesn’t mean that you should ignore other factors proving to be beneficial for your business. For example, I also noticed that the top 20% of my clients generated 80% of the income, and the bottom 20% generated 80%.
4. You can make sure your clients win
A key to running a seven-figure company is making sure your clients win and succeed. My top priorities have always been to build long-lasting relationships with my clients and create win-win situations for them. Companies that only focus on monetary gain will never be successful in the long term. Instead, these companies die quickly and fail.
5. Zoom Calls: Feel and Look Your Best
Let me start by saying that you must look at the part, sound like the part, and dress the part. It would help if you made the present a priority to achieve your goals for the future. You can.
Before appearing on a Zoom conference call, I always take great care. My team can confirm that I never look shabby during any of my conference calls or webinars. They also say that the first impression is the most important.
6. Love Your Job
As long as you are serving others first, you can get anything in life. It can be hectic to start a startup. Make sure you love what it is! This is what you should be focusing on. Passionate about what you do. Problem solver. Money is just a side effect of being in love with your work.
7. Surround Yourself With Winners
Here, I want to quote George Bernard Shaw, who said, “People who claim it can’t be done should not interfere with those who are doing it.” That’s it.
On the other hand, Robert Schuller said that “It takes just one positive thought to overpower an entire army, full of negative thoughts.” So imagine what you could achieve if your environment were filled with people who embodied positivity.
These lessons can be applied to your business, whether you are a new entrepreneur or an established business owner who wants to make high-performance gains. All businesses have had to restructure and reorganize due to the pandemic. Now is the time to shine!
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