3 Strategic Shifts that Will Help Your Business go from Six to Seven Figures a Year

You’ve likely come across a great many business owners’ social media declarations of how they built a seven-figure coaching, consulting or marketing agency. It’s worthwhile, even while regarding such self-promotion with the requisite grain of salt, to recognize its simple inherent and impressive calculus. The term, of course, refers to a company generating a million dollars or more per year in total revenue, which works out to roughly $83,333.33 per month!

Since 2006, I’d built and managed several successful businesses in diverse industries, but for one reason or another could not get past that seven-figure mark, at least for several years. In 2013, I passed the California bar exam and decided to start a law firm, and was determined to do things differently — to incorporate and deploy different strategies — including investing in business coaching and consulting. Since then, I’ve invested more than $300,000 in business, mindset, executive and leadership coaching and mentorship programs, and have had the opportunity to work with seasoned business owners who built seven- and eight-figure companies. As a result that process, I’ve distilled three core strategies that enabled me to break that million-dollar-a-year mark.

1. Rethinking the client acquisition process

As an entrepreneur on a mission, it’s easy to get trapped in the mindset of accepting every deal presented to you. One strategy you could use to attract and convert better clients — including those who are a better fit for your programs, who appreciate your expertise and are willing to pay you what you’re worth — is to rethink their acquisition process. Don’t sell your services by trying to convince a prospect that your program is the best thing that has ever happened to them. Instead, after finding everything you can about them — including pain points and the thoughts that keep them up at night — audition them, and let them convince you that your solution is what they’ve been looking for all along. Think of American Idol for a second; would you want to be the person on stage or one of the judges? Hopefully you voted for the latter. 

Remember that you are the expert your prospect is looking to for answers and solutions. You have the knowledge, insights, experience and expertise to help, so use that as an advantage and position yourself as the expert who gets to pick and choose customers. The other side of this strategy means developing an ability to say no to those that are not a perfect fit. Create a checklist of the attributes and qualities that you want in a dream customer, and be firm about sticking to it.

2. Selling high-ticket offers is easier than selling low-ticket offers

As a lawyer who specialized in business formations, contracts and intellectual property filings, market value for my services ranged from $1,000 to $10,000, depending upon the complexity of filings and contracts. Regardless, these services required time and effort, and particularly after I hired additional support staff, margins were slim and did not leave much room for growth. 

A strategic shift I applied was to solve bigger problems and charge more for those solutions. This allowed the company to stack more value into services, offer more resources to customers, and drastically increase profit margins, which could then be reinvested into the business and create a cycle of growth. 

For instance, instead of just marketing a business formation service, we created a consulting program that allowed customers to access business strategy, marketing, branding and financing solutions. We packed these solutions into a bundle and sold them for $25,000. 

Your initial reaction may be, “Which business owners have $25,000 to spend on coaching, consulting, or marketing?” Certainly, this was a question we also asked. However, if you analyze options in the marketplace, the opportunity cost in terms of time and revenue can often far outweigh a fee that covers an expert piecing together all the pieces of a puzzle. 

Most savvy entrepreneurs base decisions on facts, numbers and logic, all easily incorporated into your presentations. For example, when we added statistics from a Small Business Administration report indicating that only 50% of companies survive past five years and only 30% last 10 or more, as well as reports that the four top reasons why businesses fail are lack of access to capital, cash flow, lack of demand and poor management, the bundled service price tag seemed very fair. So, conduct market research in your industry and find credible statistics that can back up why your solutions are worth the price. The effort will also bring better clients who are willing to pay what you are worth, and so will likely pay more attention and put in the work required to obtain the benefit of their investment. 

3. “Who?”, not “How?”

The final strategic shift that can help break the seven-figure mark is to keep a phrase in mind: “Who, not how”, aka, the power of harnessing truly helpful talent — finding the areas you excel in and outsourcing everything that yields a lower return to a carefully-picked staff. 

Here’s a simple image to show you how this process works. The innermost circle (the bullseye) is where you, as the CEO of a business, want to position yourself — the zone where million-dollar decisions are made. Working your way out, you will notice that each circle outside of the bullseye outlines functions of varying value, and the outermost is where you do not want to find yourself…encompassing functions that you need to outsource immediately or hire internal staff to manage.

There are plenty of offshore virtual assistant companies that will supply you with a trained (or trainable), highly functional and hard-working person who can perform the tasks within the outermost circle; the more you can eliminate from your to-do list, the faster revenue will increase. 

Practice makes perfect

They’ll take time to hone, but embracing these strategic shifts will help not just change the way you attract, convert and service ideal customers, but also increase profitability, efficiency, output and help you sharpen your vision, channel focus and produce a greater yield for your time and efforts.

Internet Explorer Channel Network
News Related

OTHER NEWS

Bill Gates' Daughter, Jennifer Gates, Shares First Photos of Wedding Gown, Wedding Ceremony -- Take a Look at the Stunning Bride

It was a most-buzzed about wedding the past weekend in North Salem, New York as daughter of billionaire Bill Gates, Jennifer Gates, said ‘I do’ to longtime partner and equestrian ... Read more »

Western Digital (WDC) Gains But Lags Market: What You Should Know

Western Digital (WDC) closed at $55.65 in the latest trading session, marking a +0.45% move from the prior day. The stock lagged the S&P 500’s daily gain of 0.74%. – ... Read more »

Titan Machinery (TITN) Flat As Market Gains: What You Should Know

Titan Machinery (TITN) closed at $27.16 in the latest trading session, marking no change from the prior day. This change lagged the S&P 500’s 0.74% gain on the day. – ... Read more »

Renovating Your Home? Think Like a Project Manager to Stay in Budget

Home renovation projects can be stressful, especially when the outcome rests on your shoulders. Whether you’re hiring contractors to renovate your home or just doing some weekend DIY projects, learning ... Read more »

CrossFirst Bankshares (CFB) Beats Q3 Earnings Estimates

CrossFirst Bankshares (CFB) came out with quarterly earnings of $0.41 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.15 per share a ... Read more »

Will ETFs Suffer as US Consumer Sentiment Falls in October?

Concerns about coronavirus cases, inflationary levels and supply-chain challenges finally took a toll on the U.S. consumer sentiment. The University of Michigan’s preliminary consumer sentiment declined to 71.4 in October from ... Read more »

CDW (CDW) Surges 4.8%: Is This an Indication of Further Gains?

CDW CDW shares soared 4.8% in the last trading session to close at $186.23. The move was backed by solid volume with far more shares changing hands than in a ... Read more »

Vernacular Edtech Platform Vidyakul Raises Funding From Dholakia Ventures

Dholakia Ventures, an investment arm of Dholakia Family Office has invested an undisclosed amount in Vidyakul, a vernacular after-school e-learning platform. The investment arm of Diamond King of Surat Savji ... Read more »

Agri Supply Chain Startup Onato Raises $2.2 Mn Seed Round Led By Vertex Ventures And Omnivore

Bengaluru-based Onato, a data-driven B2B platform for fresh produce, emerged out of stealth and announced a seed financing of USD 2.2 million. This round was led by Vertex Ventures Southeast ... Read more »

Cardano Use Cases Will Boost Its Value Moving Forward

InvestorPlace – Stock Market News, Stock Advice & Trading Tips Investorplace.com – InvestorPlace Cardano (CCC:ADA-USD) looks like a hot commodity again following its move past significant resistance. Source: Stanslavs / Shutterstock There ... Read more »

Changing Fintech Landscape And Customer Expectations

Digital lending is emerging as a viable alternate for reaching those who have not been able to access financial services in the past. Innovative products are capable of overcoming geographical ... Read more »

Will Netflix Continue to Silence Its Doubters With a Strong Earnings Report?

Netflix (NASDAQ:NFLX) will report earnings on October 19 after the market closes. The company is expected to deliver earnings per share (EPS) of $2.56 on revenue of approximately $7.5 billion.   Depositphotos.com contributor/Depositphotos.com ... Read more »

More Than 90 Snakes Removed From Beneath Northern California Home

On October 2, 22 adult rattlesnakes and 59 babies preparing for hibernation were removed from beneath a mountainside home in Santa Rosa, California, AP News reports.  Director of Sonoma County Reptile Rescue ... Read more »

Australian Commission Says 7-Eleven Breached Privacy Laws With Data-Gathering

Convenience store company 7-Eleven breached customer privacy by gathering facial imagery data without consent, according to an Australian privacy commission, which began looking into the matter in July of 2020.  ... Read more »

5 Ways To Finance Your International Higher Education Degree

Amid the COVID-19 pandemic, the market to study abroad is set to thrive in 2022 and beyond. There is a surge in demand from students seeking to pursue higher education ... Read more »

Billionaire Supermarket Owner Warns: Food Prices Will Go Up 'Tremendously'

The owner of a New York City supermarket chain predicted the food prices will increase sharply in the coming months, with some increasing 10 percent in the next two months. John Catsimatidis, ... Read more »

Toyota Announces Plans for $1.3 Billion US Battery Plant, Expects to Employ 1,750 Workers

Toyota announced Monday it will invest $3.4 billion in automotive batteries in the United States, including nearly $1.3 billion in an unnamed battery plant that is expected to employ 1,750 new ... Read more »

The Questions You Ask Yourself Determine the Answers You Receive

Asking questions is an excellent way to not only know ourselves but also grow our knowledge. According to William McGirr & Roberto Maggio, most people lose their genuine curiosity as ... Read more »

Late And Failed Payments Are Just Another Pandemic Symptom For Businesses. Rethinking Payments Is an Easy Remedy

The COVID-19 pandemic has exacerbated the struggles of businesses in Australia and New Zealand to keep pace with the rapidly changing recurring payments landscape, resulting in lower revenue and profits ... Read more »

Lend Me Your Ears: Audio OTT In the New Normal

Music, podcasts, storytelling and other audio OTT content emerged as stress-busters for millions who were screen fatigued during the pandemic. Most platforms saw more than 20 per cent increase in ... Read more »

The Secret To Understanding And Leveraging Cryptocurrency In 2021

Cryptocurrency is a term that you’ve almost certainly heard of today. While terms like Bitcoin and blockchain are globally popular, several aspects and nuances of cryptocurrency remain complex and ambiguous. ... Read more »

Tesla Has Made the First Deliveries of Its New Model X Vehicles

Customers who ordered Tesla’s redesigned Model X are finally getting their vehicles. AdrianHancu | Getty Images A user on the Tesla Motors Club forum uploaded a video of their new ... Read more »

How Foreign Education Reshaped Itself For Indians To Get the 'Global Ticket' Post Pandemic

Students today are flocking to global destinations such as the UK, the US and Canada as prestigious universities have open doors. Students choose courses that suit their unique talent and ... Read more »

Jeff Bezos and Girlfriend Lauren Sanchez Go on a Romantic Trip After Blue Origin's Historic Flight

Last Friday, Amazon CEO Jeff Bezos and girlfriend Lauren Sanchez were spotted in a lip-locked embrace in New York City. Kevin Mazur | Getty Images According to Fox Business, the couple ... Read more »

Report: Bill Gates Was Told to Stop Emailing Female Employees

The Wall Street Journal reports that in 2008, after becoming aware that billionaire Bill Gates had sent “inappropriate” messages to a female employee in 2007, current Microsoft president Brad Smith ... Read more »

How Developing Countries Like India Can Leverage Climate Change To Leapfrog From Fossil Fuels To Clean Energy

A report released recently by the Intergovernmental Panel on Climate Change (IPCC) has warned that the earth is likely to breach the threshold of the crucial 1.5℃ warming limit in ... Read more »

Realty Income Corp. (O) Outpaces Stock Market Gains: What You Should Know

In the latest trading session, Realty Income Corp. (O) closed at $70.35, marking a +0.99% move from the previous day. The stock outpaced the S&P 500’s daily gain of 0.34%. ... Read more »

Ulta Beauty (ULTA) Gains But Lags Market: What You Should Know

In the latest trading session, Ulta Beauty (ULTA) closed at $406.35, marking a +0.16% move from the previous day. This move lagged the S&P 500’s daily gain of 0.34%. – ... Read more »

Skyworks Solutions (SWKS) Outpaces Stock Market Gains: What You Should Know

Skyworks Solutions (SWKS) closed the most recent trading day at $161.28, moving +0.47% from the previous trading session. The stock outpaced the S&P 500’s daily gain of 0.34%. – Zacks ... Read more »

Nokia (NOK) Gains But Lags Market: What You Should Know

Nokia (NOK) closed at $5.91 in the latest trading session, marking a +0.17% move from the prior day. The stock lagged the S&P 500’s daily gain of 0.34%. – Zacks ... Read more »

ScanSource (SCSC) Stock Sinks As Market Gains: What You Should Know

ScanSource (SCSC) closed at $36.71 in the latest trading session, marking a -0.97% move from the prior day. This change lagged the S&P 500’s 0.34% gain on the day. – ... Read more »

Brand Mentions and How They Can Help Your Business Grow

Digital PR isn’t only about generating links. It can provide search rankings. It can also support revenue growth, attract loyal customers, and build brand recognition. 200degrees / Pixabay – Valuewalk ... Read more »

Steel Dynamics (STLD) Surpasses Q3 Earnings and Revenue Estimates

Steel Dynamics (STLD) came out with quarterly earnings of $4.96 per share, beating the Zacks Consensus Estimate of $4.95 per share. This compares to earnings of $0.51 per share a ... Read more »

TJX (TJX) Outpaces Stock Market Gains: What You Should Know

In the latest trading session, TJX (TJX) closed at $64.64, marking a +0.45% move from the previous day. This move outpaced the S&P 500’s daily gain of 0.34%. – Zacks ... Read more »

Altria (MO) Stock Sinks As Market Gains: What You Should Know

Altria (MO) closed the most recent trading day at $48.13, moving -1.17% from the previous trading session. This change lagged the S&P 500’s daily gain of 0.34%. – Zacks Heading ... Read more »

Buy Now, Pay Later Isn't Bad — But Be Careful

Those cheesy TV infomercials promising “three easy payments of $19.99” were quite ahead of their time. Though calling a toll-free number to buy as-seen-on-TV items is no longer in style, ... Read more »