In episode #689, Eric and Neil count out the essentials to building a million dollar business. Tune in to hear what steps you should take to achieve success.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: 7 Essentials to Building a Million Dollar Business
- [00:38] 1: You have to have something that people actually want.
- [00:54] 2: Go out there and find all the competitors and hit up their customer list; offer the same product to them for less.
- [01:25] When you’re starting off, you don’t have as many expenses and you can do free or low-cost work.
- [01:48] 3: Having a great team is the most important facet of any company.
- [02:00] Read the book Who? to learn how to build a great team.
- [02:11] 4: Get an office!
- [02:35] Having a physical location makes communication easy and it is helpful when building a solid team.
- [03:22] When Singlegrain was starting, they left an office space, but things got much easier once they all moved back into the same office space.
- [03:40] 5: Become a media company.
- [04:08] 6: You have to have upsells and downsells.
- [04:18] Stop trying to close new sales and focus on existing customers.
- [04:48] Marketing costs are lower and profit margins are higher.
- [05:00] 7: Focus in on one marketing channel.
- [05:10] Trying to do too many things at once will kill your business.
- [05:25] That’s all for now!
- [05:27] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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