RR#090 - 7 things you must have to hit 7-figures
Building a business is like cooking an exquisite dish for dinner.
You need all the right ingredients, and you need to use them in the right order.
If you're missing a key ingredient, or your skip a step, you're going to get a completely different outcome.
The problem?
Many entrepreneurs aren't even aware they may be skipping essential ingredients to the business building process.
That's where a good checklist to follow like a recipe can help you get the results you want.
After coaching over 100+ solopreneurs and founders to incredible growth, I've identified seven essential ingredients for hitting $1 million without burnout or life sacrifice:
A Crystal-Clear Vision:
If you're unsure what you're building, it'll show in every aspect of the business.
Your marketing, sales, and fulfillment will lack the precision needed to reach $1 million.
Think of having a clear North Star as your dream house blueprint – dial that in before laying the foundation.
A Well-Defined Niche:
This has two parts:
Who you serve
What problem you help them solve
When this is clearly defined, your messaging becomes laser-focused, resonating deeply with your ideal clients and fostering trust and credibility.
Without it, you're shooting in the dark.
A Unique Selling Proposition:
More people are joining the online revolution every single day. And if you ask me, that’s good news for the world.
The downside is selling expertise online will just get more competitive over time.
If you can't articulate how you're different, price becomes the sole decision factor for prospects.
A Scalable Service Delivery:
One of the biggest constraints to growing a service business is fulfillment.
The delivery mechanism you choose will have a direct impact on how well you can grow your company.
This is why we make a productizing services a central part of our growth coaching process.
Remember, scalability isn’t just about more revenue. It’s about more time.
A Simple Lead Capture & Nurturing Funnel:
For high-ticket services, most prospects won't be ready to buy the instant they discover you.
That’s why you want a simple funnel that allows you to:
Capture contact information of potential future clients.
Nurture them through the journey with more educational content marketing.
This list, built over time, becomes your most valuable marketing asset.
A Repeatable Traffic Source:
Your funnel needs fuel!
Choose at least one way to consistently drive traffic – organic, paid, inbound, outbound, etc.
Master one first, then stack others on top.
A Consistent Sales Process:
Inconsistent sales calls mean hard work and lost opportunities.
As a sales consultant, I've helped lead massive conversion rate and revenue increases by implementing a reliable diagnostic sales process.
If you want the playbook to one of the sales processes we use most often, you can grab it here.
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There you have it, a checklist of the seven crucial ingredients to cook up a million-dollar service business.
I dove deeper into these seven things in my latest YouTube video you can watch here: https://bit.ly/48EZAG4
P.S. - Wanna take it on the road? Tune in on Repeatable Revenue Podcast here.
