I’m going to share with you all my tips for creating a multi-million dollar business. The cool part about these days is, there’s the internet, and with the internet, you can do exceptionally well with very little money.
You probably have tons of ideas. If you do all of these ideas, you’re not going to do well.
There’s not enough time in the day to run one business, yet do 20 of them.
You’re not an Elon Musk; I’m not an Elon Musk.
He can run two businesses at the same time; SpaceX and Tesla, they’re worth both billions of dollars.
Most people can’t do that, so focus on one idea. You probably have five or 10 or 11 different ideas that you want to go after, but pick one.
Pick the one that you’re the most passionate about and pick the one that you have the most knowledge about.
2. Do what you know best
Malcolm Gladwell wrote a book that breaks down what makes experts and he talked about the ten thousand hour rule. People who spend ten thousand hours on one thing tend to be good at that. And you know what’s crazy? That’s a lot of hours.
Do you want to spend ten thousand hours on three or four different things?
3. Increase your prices
Everyone always talks about producing stuff at five bucks, ten bucks, 50 bucks, 100 bucks. You can’t become a multi-millionaire selling things for dirt cheap. Sure, Walmart and Amazon and Target and all these guys do it, but it’s much harder to make money or a living doing that than it is selling one or two people something for 10, 20 grand a month.
Go for bigger ticket items than smaller ticket items. Most of the successful people that I know, yes they’re not the richest people in the world, they’re not as rich as Jeff Bezos, but they made most their money selling people expensive products or services.
4. Time is money, move fast
I don’t care if you think you’re blazing fast and you’re the fastest person out there, and you’re a track star in high school or college. There’s a little kid whose going to beat you. The question is just when.
So move as fast as possible, and if you think you’re moving fast, well you know what? Look at what you’re doing and try to figure out how to even move faster.
You can’t do everything on your own.
You need connections; you need other people who can buy and sell your product.
6. Make sure you look for people to hire within your company
It’s not just you who is building a multi-million dollar business it’s the people within your organization.
It takes a team to create a big company.
7. Focus on every single dollar that you are spending
Every company goes up and down so count every little dollar you spend and look at it, do you need to be spending that money?
I’m not saying you should be cheap; I’m saying you should be cautious on how you spend your money and think it through because every dollar you save you’ll have more money in the future for those rainy days.
8. Always add “up sales” and down sales
Follow these tips, and you’re going to be off to creating startup a multi-million dollar business. Now if you’re struggling or not sure where to start I want you to do one simple thing.
Leave a comment telling me where you’re struggling or where you’re not sure on what to do next or how to get started and I’ll leave a response breaking down what you should do.