How to Scale Your Business To $10K+ Months
Are you looking to scale up your business? Do you have a company that is not growing up to your expectations? If that is the case, I have brought some tips that will help you scale up your business and generate better monthly revenue – up to $20k+.
So, here we proceed.
Stop Trying to Make Money
Yes, you have read it right that stop trying to make money if you want to scale up your online business. This narrative might appear counterintuitive, but this is true.
Let us have a look at three basic facts about the business owners who remain trying to multiply their revenue:
The business owner is involved in doing a lot of work.
The owner needs to extract a considerable portion of money from the business for personal expenditures.
As the business is bootstrapped, there is never enough money to build a team.
Henceforth, it gets clear that doing the majority of work yourself, having not enough money to build up a competitive team, and extracting an extensive amount for personal expenses are significant obstacles in scaling up your business.
What I have realized; the reality is that most business owners haven't built a business. Instead, they have created a job for themselves, and their increasing focus is to make money that somehow stops their progress in the field.
However, to scale up your revenue, stop treating your business as another job for you. Always work 'ON' your business rather than working 'IN' your business. It is a mere shifting of words, but the whole concept gets changed.
Eliminate Things That Are Not in Your Expert Zone
If you want to be successful in your business, never try to become the 'Jack of all trades.' It might bring you appreciation, but not the revenue. There are only countable services that you can provide, but you spend your time, money, and energy on 10x more things, and of course, these are distractions.
Services in which you are not skilled enough have nothing to do with your business, and if you still allocate your energy, it is a wastage of time due to given reasons:
Every second you spend working 'IN' your business is a second that cannot get utilized to work 'ON' the business. If you will remain busy with irrelevant stuff, when will you craft a plan to improve your business?
Trying to do those things that don't relate to your business means adding a lower quality product into your portfolio. Suppose you are writing blogs for your website even when you are not convenient with it. In that case, it wouldn't be able to engage your audience. On the other hand, handing it over to someone else and improving your business model, searching for new partners, and marketing your website would have been beneficial.
In short, don't indulge yourself in everything, but try to allocate that time to pair up with some potential partners.
Gear Up for Profit, Not for Revenue
Any of the businesses can get turned into a profit-making business even in one night. Yes, this is possible, and let me explain it.
Almost all the business keeps the formula in place: Revenue – Expenses = Profit.
In this formula, human behaviour is entirely ignored. Moreover, according to Parkinson's law, our demand for resources keeps increasing to match the need for supply.
Relying on the formula mentioned above indicates that you are letting yourself go with the expense, and your revenue will only rise when your cost is more significant. E.g., if you pour $5k in your business, you will run your business on it and generate revenue accordingly. And if this amount is $10k, you will use it correspondingly.
Now, if you are running an online business, you might not be an expert in all the fields, and you may come across a need to hire a service provider. In this scenario, your expense might exactly match your revenue or sometimes exceed it.
All things considered, you should use a "Profit First Model," which is stated as Revenue – Profit – Owner Pay – Taxes = Expenses.
Nevertheless, if you cannot adapt your strategies to this formula, chances for your success are faded.
Pair-Up with Businesses That May Help You
It has been a long time since businesses have been doing this to scale up their business. For example, if you start a construction company, it will be preferable to structure your partnership with a real estate agent. After all, they have several construction projects that they can pass on to you.
You give them to lead in proportion to the order they bring for you, and there becomes a win-win situation for both of the parties.
Conversely, if you are selling online courses and want to scale up your business, you can pair-up with one specialised in scrapping dedicated emails. You can ask that person to send emails to those interested in buying your course, and if it brings you any lead, you can offer a reasonable part of your profit.
There is no rocket science in it, and you only need to understand what can be beneficial for your business.
Pay Heed to High-Ticket Clients
Let me ask a question; you have two clients. One turns back to you with the profit of $100, and the second one brings you the profit of $5000. Who will you prefer? Undoubtedly, you will consider the second one, and that is what I want to convey.
Meanwhile, if you are working online, try to sell what takes minimum time but at a higher price. Because being an online business owner, time is the most crucial factor, and you can work with high-ticket clients at high prices to earn more money in lesser time.
Earning $20k+ in one month might be a time-consuming, challenging, and arduous task, but it is 100% possible. The only need is to come out of a stereotypical mindset that encloses business owners in a box.