5 Tips To Grow A Million-Dollar Business
For some, building a business is all about growing an asset in preparation for a buyout upon exit. For others, it's about creating a strong company that can provide for them and their family for life. Whichever objective describes your path, building a million-dollar business is a great objective to aim for. Even better, it might not be as hard as you think it is. Solve Existing Problems: A business that solves an existing problem that people already know they have is much easier to make profitable than one that solves a problem people aren't aware of, and therefore needs to be explained to them. When researching business ideas, look at areas of daily struggle faced by you and others you know and consider selling products or services that solve them. Identify a Target Client: A business that has no target client--or who simply targets every single person as a client--will have a much harder time hitting the $1 million goal post. When you identify a target client, you not only have an easier time determining how to best market to them but you also will experience a higher conversion ratio on marketing. This can reduce your cost of customer acquisition and better clear the way for profits.
Don't Do It Alone: Partnering with a business that's already established and which sells an obvious vertical can help you tap into a list of already-devoted clients. It establishes you as a trusted resource and can net referrals that need much less work to convert to paying customers. Make Employee Happiness a Priority: You aren't the only one selling your product and representing your business--your employees are doing that too. Keeping them happy and loyal gives them the incentive to make your business a million-dollar success. Consider offering benefits such as vacation time, insurance and bonuses to help retain them, and make sure their daily work environment is positive and comfortable. Let Clients Dictate Expansion: In order to grow your business to the million-dollar mark, you may need to expand eventually. Let your customers help you decide how that expansion takes place. As an example, if you have a high percentage of customers who ask you to start selling a product that vertically aligns with your original product, then you may eventually want to expand to include that item. You can also consider customer input in terms of location and service expansion.
Mark Angelo co-founded the Investment Manager in August 2009 and two affiliated investment managers in 2000 and 2016.