As entrepreneurs and prospective entrepreneurs, many of us dream of building a million-dollar business. This feat may seem daunting, but it is possible. Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 359 as he gives you 7 components to build your million-dollar business.
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 359
First, let’s talk about what monthly revenue it takes to generate a million-dollar business. $1,000,000 broken down into 12 months equals $83,334 per month in revenue. So here are 7 components to build your million-dollar business.
So, I have been blessed to build two separate million-dollar businesses; first, with my mortgage company and second with my ecommerce portfolio and physical products business – both businesses looked TOTALLY DIFFERENT in structure and type of business.
- The mortgage company was a 50 plus person operation with employees, office space, and payroll.
- versus my ecommerce portfolio and physical products business is more of a one-person operation with contract workers.
LET’S TALK ABOUT 7 COMPONENTS TO BUILD A MILLION-DOLLAR BUSINESS
- Million-dollar mindset – you must have the mindset of the founder of a 7-figure business as opposed to having the mindset of a small business owner. This mindset shift entails the vision, the leadership, and the execution to build and scale your business to the 7-figure level.
- You need to invest in yourself by studying, taking courses, finding a mentor, joining mastermind groups, and speaking with people who have accomplished what you want to accomplish.
- You need to understand what type of entrepreneur and person you are; do you work best from a “passion perspective” or do you prefer to “solve problems” or a combination of the two?
- What are your optimum conditions for success and how do you create them (where do you work best at home or in an office, what financial requirements do you need to comfortably start or build your business?
- Identify who you want to serve and what is the outcome you desire for your customers. Who is your target customer and what is the transformation or outcome you will provide with your products and/or services? Clarify your mission by using the simple ABC statement. I help A do B by C. I help Black entrepreneurs build successful, sustainable businesses by helping them implement proven strategies, systems and actionable steps.
- Get proof of concept before you go all in. Do people want your product or service? You always need to have proof-of-concept for your products/services before you invest too much time and/or money on a concept that is doomed to fail. Learn how to test your product/service with a minimum viable product (MVP). You can use beta groups, dummy ads to sell your products/services, and more. TRUE PROOF-OF-CONCEPT IS WHEN PEOPLE SPEND MONEY ON YOUR PRODUCT/SERVICE.
- Set and track realistic goals and Key Performance Indicators. There’s an old saying, “how do you eat an elephant, one bite at a time.” Your goals and KPI’s must-have timeframes attached to them to track your progress and move you forward.
- Create Systems – you need to systematize your business and create systems for every aspect of your business like you were going to franchise your business – so other people could come in and run your business without you. Work on your business, not in your business. Remember, an entrepreneur only does three things – think, create, and execute. What is your sales system, what is your operations system, what is your marketing system, what is your retention system?
- Build your platform – When you build your platform, your monetization opportunities exponentially multiply. Three kinds of platforms (video, audio, and written). You MUST build your major platform on something YOU CONTROL. Social media is great, but you can be kicked off at any time. Build an email database because nobody can control that but you. The larger your platform the larger opportunity to make money. The difference between a million-dollar launch and a hundred-dollar launch is the size of your database.
- Your business must be scalable – if you want to reach the 7-figure range and beyond, your business must be able to scale. If you’re trading hours for dollars, your business can only scale but so much – so you need to create passive income and systems to scale. To scale, you will need to
- Are your products and/or services priced high enough to get you to a million dollars per year in revenues. It’s a big difference between the revenues you make from selling houses versus selling hot sauce. In order to make money selling hot sauce, I HAVE TO scale my units.
- leverage technology
- create synergistic relationships (affiliates/partners),
- sell more products and/or services.
- increase your media reach with paid media (marketing you pay for), earned media (publicity or exposure gained from methods other than paid advertising – reposts, shared posts, articles, etc.), owned media (property that you can control and is unique to your brand -your website, newsletter, etc.)
- PLATFORMS WILL HELP YOU EXPONENTIALLY SCALE YOUR BUSINESS (OWNED MEDIA)