Is it crazy to think that your business has the potential to make one million dollars in 12 months when most people don’t make a million dollars in their lifetime? Crazy? Yes! Attainable? Absolutely! Plenty of businesses have achieved this goal, so why not add yours to the growing list?
The following tips will help you realize your business’ revenue potential and how you can join the million dollar club of business ownership.
Find a growing market — One of the easiest ways to build a million-dollar company in such a short period of time is to find a growing trend and ride it to the top. Educate yourself on the products and services that are in demand and create your own niche. Finding a growing market of your own and tapping into that need can put you on the fast track to massive revenue growth.
Monetization — Turning your efforts into cash is crucial to the success of any business. Most profitable companies operate from one of two models: either they sell a lot of inexpensive products to a lot of people or they sell a few big-ticket items to a more limited buyer list. Neither model is easier or inherently better than the other. What’s more important than choosing which model works best for you is having a defined plan for monetization. Knowing how you’ll make money from the start will provide a solid foundation for your business.
Be the best — There are plenty of mediocre products out there, but the odds are good that these companies aren’t making a million dollars or more during their first years. If you want to hit these big potential profits, you’ve got to bring something to the table that wows customers and generates buzz within your marketplace. And how do you know when you have a product that can do just that? Look to your current customers. If you aren’t getting rave reviews online or positive comments sent to your inbox, chances are your clients aren’t as ecstatic about your product as you are. Ask your existing customers what you can do to make your product better and then put their recommendations into place because in the end they are your best source for information.
Hire the best — Hitting $1 million in revenue during your first year is no small feat, and you certainly aren’t going to achieve this goal with a team of under-performers. Yes, hiring these people will be cheaper and easier, but you’ll pay for this convenience when your end-of-the-year sales numbers under-perform as well. Instead, you need to hire all-stars, and the fastest way to do this is to ask around for referrals.
Data, data, data — Consume data. You must be vigilant about gathering data and acting on it. You have a gold mine of information waiting for you with a Google Analytics account, so put it to good use. Know where your traffic is coming from. Identify your company’s key performance indicators (KPIs) and run tests that are designed to push these metrics even higher. If you aren’t able to do this on your own, hire someone who can help you make sense of your numbers. When every penny counts towards reaching your $1-million-a-year goal, you’ll find that these dollars are the ones most well spent.
Support System—It is very difficult to hit the 6 figure mark without a support system. As a business owner, it is important to prioritize that tasks that need your time and attention and outsource those that aren’t. At Heritage Office Suites, we make this decision easy for you. We are a full-service office space provider which means we provide a prestigious business address, executive office space, and all the support services (live phone answering, call forwarding, reception services, meeting rooms, high speed connectivity,…) your business requires. We are the only support system your company will need because our services can be customized as your business grows and revenue increases. We pride ourselves on meeting the ever changing needs of our clients.
Growing a company to $1 million in revenue in your first year isn’t easy, but it is possible. Stick to the tips above, be ruthless about profitability, and allow Heritage Office Suites to help you join the millionaire’s row of business ownership. Call (512)-377-9010 and or visit us on the web at www.roundrockoffices.com to learn more.
