Tuesday, September 26, 2023

7 New Year’s resolutions for prospective multimillion-dollar owners

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Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

2023 is just around the corner and it’s the perfect time to launch your business idea or jump-start the growth of an existing idea. Many people reading this column have set a personal goal to grow sales at solopreneurs or small businesses to $1 million – or a personal amount that will give them the security and freedom they can’t find with a traditional job .

So how do you get there? There is no one-size-fits-all formula. Based on my research and interviews with many seven-figure entrepreneurs, you have to do a lot of “good” things at the same time.

So what are those things? For my 2022 book Small company, big money (WW Norton & Co.) I surveyed 50 entrepreneurs who run businesses with $1 million in revenue. Most had fewer than five employees, and some relied solely on contractor teams.

Based on that survey, here are seven things you can do to follow their path:

1. automate: If you’re doing routine work in your business that could be done by an app or software programs, you’re probably wasting time that could be better spent on strategy, R&D, sharpening execution, or growth. 90% of those surveyed said they use automation in their business.

2. Find great contractors. In any case, 100% of entrepreneurs count on a contractor. Often this starts with hiring a virtual assistant for a few hours a week and progresses to employing subcontractors for tasks such as social media.

3. Join an entrepreneurial group. 45% of entrepreneurs belong to one. If you’re an introvert, join an online group where you can chat from the comfort of your couch. You will still be able to expand your thinking and your network.

4. Find a business coach, formal or informal. If you run your business on a shoestring budget, find a peer coach. 37% of entrepreneurs say they have a coach.

5. Make time for exercise. 88% exercise, with the top choices being yoga and strength training. If you’re hunched over your computer for too long, you’re less productive.

6. Support your mind. 64% of entrepreneurs have a mind/body, spiritual or religious practice. For many of these entrepreneurs, life is not just about doing business. They embrace a deeper purpose.

7. Don’t hire early. The companies that hit $1 million averaged that level of revenue after four years and hired their first employees after four years. Why four years? That’s a subject for further research, but what it taught me is that waiting to add jobs until you can confidently pay payroll can result in better cash flow and sustainability.

These steps may seem deceptively simple, but as with all positive habits, there is a gap between knowing and doing. Adding even one to your repertoire can be a great way to build momentum in your business. Before you know it, it will be easier to withdraw more and take your earnings to the next level.

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