I equip entrepreneurs with the necessary tools to build an ultra-lean business that has an annual revenue of a Million-Dollars or more, by showing them the magic of automation, delegation and deletion. Most of these businesses are either non-employee businesses, or have a small team of 5 or less non-employees, have more freedom than traditional businesses, independence and love what they do. The growth of these high-revenue businesses is accelerating thanks to the rise of automation, accessible marketing tools such as pay-per-click advertising, the growing availability of freelancers through online platforms and other trends that make it possible for a single individual to accomplish more than ever before.
These are not your average non-employee businesses, so these entrepreneurs are still the exception. The national average in revenue for non-employer businesses is $47,211. One difference is their mindset for wanting to reach this level in success, the desire for freedom in their businesses, and independent lifestyle and high-revenue. So let's take a look what is needed to accomplish this level of success in a non-traditional, high-revenue utlra-lean business:
1. Automation-Understand that there are several types of businesses that work better with scaling a business towards the Million-Dollar benchmark than others. E-Commerce, Person Services, Professional Services are some types of businesses that are great for building ultra-lean yet very success businesses. Also owning a narrow niche helps a lot also. Most businesses operate in a very competitive field, but by founding a way to differentiate business by developing a product or service that really goes after a market where people are obsessed about fitness, or about the pets and doing it either better than most competitors or faster will allow you to have much more success. having a niche product or service and then add automation will take it to another level. Learn basic technologies. Entrepreneurs in million-dollar, ultra-lean tend to use automation more than the average entrepreneur, Automating your e-mail marketing, invoices, social media post and backing up files. This essential precaution doesn’t need your undivided attention. Instead, set up a cloud-based backup like Dropbox, where you can establish a daily or weekly time for a background backup. No more setting aside half a day to save files to an external hard drive.
2. Delegation-Many entrepreneurs have a difficult time delegating, but it's necessary in becoming a Million-Dollar Entrepreneur. In traditional businesses scaling requires a team and so does an ultra-lean business. One major difference is one team maybe employees and the other is outsourced. What types of things that yield themselves to out sourcing? I highly recommend outsourcing your payroll, given the numerous requirements, regulations and tax laws. "Payroll" goes well beyond simply calculating the hours of and salary payouts for employees. One mistake with payroll can trigger tax audits and cost your business thousands of dollars. Conversion optimization could be outsourced, because most businesses generate leads through online marketing, and the content you produce works to convert them into leads. There’s a lot you can do to improve your conversion rate, but it’s a time-consuming process. Depending on your business model and margins, even a small lift in conversions can add tens to hundreds of thousands or more in annual revenue. There are a host of other items that could be delegated and outsourced which allow you time to master you core activities within your business. I personally would not outsource my customer service, it's too important and a great source of growth when connecting with and building relationships with your customers/clients.
3. Deletion- The goal here is to delete unnecessary processes and systems and one way is to document and process everything. Like many entrepreneurs, that are guilty of trying to do it all. But, over time, you'll learned it's much better to delete some areas of your business that are an duplicated effort. In order to grow, you really do need to simplify everything you do. One of the first steps to simplification is creating processes that show others how to handle different aspects of your business.
Want more information on becoming a Million-Dollar Entrepreneur? Check out my Million-Dollar Entrepreneur Workshop and you'll learn the skills needed to create an ultra-lean, highly-successful, independent business with more freedom than you ever imagined. Sign-up here