A million dollars of sales in one year?! Pffttt! Sounds like something that happens for tech companies and Kim Kardashian types….
But here’s a little secret. Million dollar businesses aren’t just for the rich and famous… Anyone can build a million dollar business, and I want to share how.
The longer I have spent in business, I have encountered more and more ‘millionaires next door’. I have coached businesses who already turn over a million dollars a year and several who are growing their 7 figure empires. And most wealthy entrepreneurs who run hugely successful businesses are just nice, normal, down-to-earth people.
I want to normalise this kind of massive success and show you it is possible for anyone (yep, even you!).
When you think about building a million dollar business, what comes up for you? Do you think “hmmm… that wouldn’t happen for me?” Or maybe you think “No-one in my industry makes that kind of money”. Or perhaps you think “I don’t even want to make that much money, it’s just greedy”. Or “I know I could, but I just don’t want to work that hard”.
Isn’t it funny the emotions that money brings up? We have so many stories around money. Money stories come from all kinds of places – the peers we are surrounded by, our families, our education… These stories can be so ingrained in our subconscious that we believe them to be a truth. And when you dig a little deeper, you come to realise that a lot of our money stories aren’t a truth. For example, when you do some research, you might find that someone in your industry has indeed made $1m! Or that some million dollar business owners actually work less hours, not more. The great thing about these subconscious beliefs around money is that they can be changed….
And when we re-program our beliefs, we DO things differently which of course then attracts a different result!
So, how exactly do you build your million dollar business?
Phase 1: Identify the WHAT
Develop a super clear vision of exactly where you want to head
Sounds simple, right? I know first-hand that most business owners don’t have a crystal clear vision for their business. Work out exactly WHERE you want to be, and you have a much better chance of getting there!
Phase 2: Create the strategy for HOW
Do the work on your mindset
What you believe to be true, you create. You can’t build a million dollar business without a million dollar mindset. We have a series of beliefs about money that we have developed over our lifetime. Some of these might be good… and some, well… might need some work! The great thing about your beliefs, is that they CAN be changed with a bit of work. Learning how to master your money mindset is the most powerful way to shift your financial results
Create a practical strategy to get there
I’m all for the mindset work, but you also need to have a clear plan of how to get there! Who are your dream clients? What problem do you solve for them? Is your solution scalable? Do you need to create an offering that can grow to the million dollar mark? How can you reach your dream clients and share your offering with them?
Build your dream team
Unless you want a one way ticket to burn-outs-ville, chances are you need some help to build your million dollar business. Hiring the right team members, at the right time and the right price is crucial to your success and growth to the 7 figure mark.
Invest in your business
If you want to learn HOW to grow, you could learn it all the hard way…. Or you can pay professionals to teach you! 7 figure entrepreneurs are always investing in their personal development, and training to uplevel both their practical skills AND mindset. If you want to achieve GROWTH, you need to have a growth mindset!
Phase 3: Track results and course correct
Get RIGHT across your numbers
Sorry to be Captain Boring here, but million dollar business owners are across their stats, their sales, their profit and all the other statistics that drive their performance. They keep a close eye on their financials and their analytics, so they know exactly where their performance is at, and the levers they need to pull to continue to grow. Learning how to manage your money is imperative for achieving sustainable 7 figure results
Tweak your strategy and continue the work on your mindset
You will have nightmare clients, legal setbacks, failed launches and things that just don’t go to plan. But failure is part of success. Million dollar business owners keep showing up, even when times are tough. They work out what IS working and change what ISN’T working. They continue to believe in themselves and their vision for the business, and they never, never give up.
What does a 7 figure business represent to you? Freedom? Nice clothes? Fun? Adventure? Whatever success looks like to you, you can create if you truly believe it is possible AND do the work to get there.
If you’d like to learn more about mastering your money mindset and your money management, you can tune into my podcast The Clare Wood Podcast on your fav podcast app.