Episode 423 – How I Built My First Million Dollar Company
Whether you are looking to create something big that will leave a legacy, or just for some financial freedom, if you want to grow your business you’re in the right place.
Before we jump into the steps to building that company, we must first look at the foundational beliefs that will get you there. First off, you can’t believe that once you hit the million dollar mark with your company that you will have ‘made it’ and that your problems will go away. The truth of the matter is that Mike has worked with a lot of business owners in his time with companies of all sizes, and he’s found that in general, the net worth of a company doesn’t affect the owner’s happiness. He’s found that once most business owners hit that milestone, they’re usually already looking at the next one. You want to make sure that you’re creating a foundation that will last and can scale infinitely. You don’t want to sprint to the ‘finish line’ just to realize that the real finish line is still ahead once you’ve used up all of your energy.
Another false belief that can kill your company is that you can just keep working more in your business and that you’ll see results. The fact of the matter is that time is one of the only non-renewable resources. If you’re working 40 hours a week cleaning, and want to make double what you’re doing, you’re going to have to put in another 40 hours of manual labor. If instead, you had systems and employees to handle the lower tier items in your business, then you can focus on the bigger picture and really start growing your business. Being able to weed out what’s truly important and what just seems urgent will be a skill that will serve you for years to come.
Many people think that the only thing that is holding your company back from growing is that you don’t have enough clients. In reality, there are three main components that you’ll need to reach in order to see this type of growth. The first of which of course being the foundation and the beliefs about what your company is built on. If you don’t know your core values and don’t understand the systems behind your company, then it will be very difficult to find real growth. The second thing you need to focus on is having a strong client attraction system. Whether you’re working or not, your system should be generating employee leads for you. The third idea, unsurprisingly, is having a strong client attraction system. Your system should be attracting clients that want more than just the cheapest option, who have a pain that you can solve. Having clients that want to be a part of your community is a game changer.
If you enjoyed this and would like to watch a complimentary master class, head over to this link and find the most suitable time for you!