Tropical MBA: Entrepreneurship & Founder Lifestyle #763 10 ideas for businesses seeking $1 Mil in Revenue
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Jul 11, 2024 Learn how to reach $1 million in revenue with tips like finding products with tailwinds, transitioning from delivery to marketing, hiring key players, understanding your numbers, creating irresistible offers, optimizing marketing funnels, and identifying key metrics for business growth.
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Product/Market Fit
- Find a product with "tailwind," meaning a unique value proposition and a growing market.
- Consider market trends and customer desires over personal preferences when choosing a product.
Signs of Tailwind
- High referral rates and repeat purchases indicate a strong product.
- If customers aren't referring your product or rebuying, adjust your offerings.
Sustainable Sales
- Factor the cost of sales and marketing into your business model, especially if customer acquisition is expensive.
- Friends and family sales are unsustainable for growth; develop a reliable customer acquisition strategy.