From Entrepreneur to CEO: Evolving the Strategy, Marketing to Achieve $50k Months and Beyond – Part 2

Are you stuck and can’t scale and grow?

We continue our conversation from the previous blog on the mindset to scale.

Entrepreneurship is not for the faint-hearted. It takes guts, determination, and a willingness to take risks. But once you’ve made the leap and launched your own business, the sky’s the limit. You have the autonomy to call the shots and shape your own future. But as your business grows, you need to start thinking about how to uplevel your strategic practices and marketing strategies. Because let’s face it, you didn’t work this hard to stay stagnant.

Assessing current business practices

You have your sights set on achieving $50k months and beyond. And we’re here to help you get there. It’s important to take a step back and analyze your current business model and its limitations.

• Are there processes that are hindering your growth?
• Are there areas where you’re wasting money?
• Identify the areas for improvement.

But don’t beat yourself up about it. Every business has its weaknesses. The key is to figure out how to address them.

Let’s start by examining your operational processes.

• Are there bottlenecks that are causing delays?
• Do you have enough team and support to handle the work?

Perhaps it’s time to invest in technology that could automate certain tasks and free up your team’s time. Or maybe you need to hire more staff to take on the workload.

My first hire was an assistant that managed all the operations. This freed up all the administrative tasks that were taking up so much of my time and mental power. I was then able to focus more inside my zone of genius. And on the activity that generated the revenue.

Whatever the case, identify the root cause of the problem and find solutions to streamline your operations. But improving your business goes beyond just operations.

Take a hard look at your financials.

• Are you spending too much on marketing with little ROI? That is why tracking is vitally important.
• Are you neglecting certain product lines that could be generating more revenue? 
• Are you excited and passionate about what you’re selling, or just trying to sell something which you think will make you money?

Analyzing your financials will help you prioritize and allocate resources effectively.

Finally, think about your customers.

• Are they satisfied with your products or services?
• Can you improve the customer experience?

Survey your customers and use their feedback to address any pain points they may have. Happy customers are more likely to become repeat customers and refer others to your business.

Assessing your current business practices is a necessary step towards achieving your growth goals. By identifying areas for improvement and developing strategies to address them, you’ll pave the way for a more efficient and profitable business.

Scaling up the team

Are you going to keep running your business alone, or will you build a team to help you achieve even greater success? Let’s hope it’s the latter because you can’t do it all on your own. Trust me, I’ve tried this and I got burnt out, ill often and lost time away from my family. 

Building a strong and efficient team is crucial to scaling up your business. And, of course, hiring full-time staff is one option. But let’s not forget about outsourcing, which can provide you with the flexibility to access top talent in a more cost-effective manner. Here are a few companies we use for outsourcing;

https://www.upwork.com/

https://www.peopleperhour.com/

https://www.fiverr.com/

Plus, imagine all the free time you’ll have to focus on other areas of your business that require your attention for it to grow and scale. And while a strong team can help you achieve great things, a toxic one can be detrimental to your business. So, create a company culture that aligns with your values and attracts the best talent. 

Expanding the Market Base

You’ve reached a certain level in your business, but you want to go beyond and bring in more money and make more impact by reaching new clients. Start by identifying a new target audience. This is your next level of clients as you’ve most likely ‘outgrown’ some current ones who are not growing and evolving at the same rate as you.

Analyse the demographics and psychographics of your existing clients.

Are there patterns that can help you determine the characteristics of your ideal client? Once you’ve identified them, you can attract them using reliable segmentation and positioning strategies. This occurs through your messaging.

Do your ideal clients feel that you understand them and are speaking to their hopes, fears and desires?

Segmentation is the grouping of your newly discovered target audience according to shared characteristics.

This is huge!! Positioning, on the other hand, determines what makes your business unique and how you stand out from the competition. By having the right positioning through effective messaging and branding, it attracts the right calibre of clients. This big mistake early entrepreneurs make is to work with one one, anytime who needs us!

Finding the intersection between the two is where the real magic happens. With a new target audience, segmentation, and positioning in place, it’s time to develop a marketing strategy that speaks to them.

This could range from:

• traditional paid advertising,
• influencer marketing,
• affiliates,
• referral marketing and
• social media promotions. Just to mention a few.

The key is that your strategy must resonate with your new audience to be effective. Expanding your market base is critical in achieving monthly revenues of $50k and beyond. Keeping it fresh and exciting will contribute to ongoing success. Who knows, with these new strategies you may even attract new customers that you never thought possible. The money is always available.