7 Essentials to Building a Million Dollar Business

[00:27] Today’s Topic: 7 Essentials to Building a Million Dollar Business

[00:38] 1: You have to have something that people actually want.

[00:54] 2: Go out there and find all the competitors and hit up their customer list; offer the same product to them for less.

[01:25] When you’re starting off, you don’t have as many expenses and you can do free or low-cost work.

[01:48] 3: Having a great team is the most important facet of any company.

[02:00] Read the book Who? to learn how to build a great team.

[02:11] 4: Get an office!

[02:35] Having a physical location makes communication easy and it is helpful when building a solid team.

[03:22] When Singlegrain was starting, they left an office space, but things got much easier once they all moved back into the same office space.

[03:40] 5: Become a media company.

[04:08] 6: You have to have upsells and downsells.

[04:18] Stop trying to close new sales and focus on existing customers.

[04:48] Marketing costs are lower and profit margins are higher.

[05:00] 7: Focus in on one marketing channel.

[05:10] Trying to do too many things at once will kill your business.

[05:25] That’s all for now!

[05:27] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!

7 Essentials to Building a Million Dollar Business | Ep. #689