Grant Baldwin and Bryan Harris discuss what it takes to scale a creator business to $10M+, including building a strong team, strategic laziness, understanding back-end funnels, and applying strategies from different industries.
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Quick takeaways
Building a successful creator business requires finding the right balance between being a solo producer and hiring a team.
Hiring and empowering talented individuals can lead to growth, increased revenue, and reduced stress.
Seeking advice and coaching from mentors and building relationships with others in similar positions are essential for personal and professional growth.
Maintaining a balance between confidence and humility, hiring the right people, and delegating tasks are crucial for a collaborative and successful working environment.
Deep dives
Finding the Right Heart: Building a Team as a Creator
Building a team as a creator can be challenging, but it is important to choose the right kind of heart to compete in. Hiring employees can be just as hard as being a solo producer, but both paths have their own merits. It's crucial to find the balance that works for your business and personal goals.
The Value of Hiring and Team Building
Hiring and building a team can lead to growth, increased revenue, and reduced stress. By finding talented individuals who are empowered to make decisions, creators can focus on their core strengths and delegate other responsibilities to team members. Incentivizing employees and creating a collaborative work environment can help cultivate a successful and motivated team.
The Role of Mentoring and Seeking Advice
Getting advice and coaching from mentors and colleagues is essential for personal and professional growth. By actively seeking feedback and different perspectives, creators can gain valuable insights, make better decisions, and avoid common pitfalls. Building relationships with others in similar positions can provide support, guidance, and reassurance that no one has all the answers.
Balancing Ego and Humility in Building a Business
Maintaining a balance between confidence and humility is crucial for successful entrepreneurs. While it's important to have pride in one's accomplishments, it's equally important to recognize the contribution and expertise of others. Hiring the right people, empowering them to make decisions, and acknowledging their value can help prevent ego from negatively impacting the business and foster a collaborative and successful working environment.
Successful creators focus on disconnecting themselves from the business
Successful creators understand the importance of disconnecting themselves from certain aspects of their business and making intentional decisions to allow the business to grow. This can involve having other people host podcasts or write emails, as well as finding and hiring individuals to handle essential roles. By delegating tasks and focusing on the aspects of the business that contribute the most to growth, creators can maintain their personal brand and ensure the success of their ventures.
The pros and cons of recurring revenue in the coaching industry
Recurring revenue can be a valuable asset for businesses, but it may not be suitable for all industries. In the coaching space, where people often explore multiple avenues and face challenges, creating a successful recurring product can be difficult. Instead, many creators in this industry focus on selling high-ticket programs or services on a six-month basis. While recurring revenue has its advantages, such as stability, the specific dynamics of the coaching field make it more beneficial to prioritize other revenue streams.
Building and maintaining a scalable business without overselling to your audience
Creators often face challenges when scaling their businesses, particularly when it comes to maintaining profitability as the team grows. Overselling to existing customers and burning out the audience can negatively impact a creator's revenue and ultimately harm the business. To overcome this, creators should focus on mastering cold, profitable lead generation and creating sustainable systems for continuous growth. By keeping the business model simple and strategically directing attention towards lead generation, creators can avoid common pitfalls and achieve long-term success.
What kind of systems do you need in place to scale a creator business to eight figures? How do you develop a team that can facilitate this level of growth? Why do some creators fail while others experience massive success?
Grant Baldwin and Bryan Harris join Nathan to discuss what it takes to scale a creator business to $10M+. You’ll learn what it takes to build a team capable of growing and scaling, how to build a sales funnel, and what sets the successful creators aside from the rest.
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