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2023 is fast approaching. It’s the perfect time to launch a business idea or grow an existing idea fast. Many people reading this column have set a personal goal for their sole proprietorship or small business to grow their earnings to his million dollars. In other words, a personal number that provides security and freedom not available in a traditional job.
So how do you get there? There is no one-size-fits-all formula. Based on my research and interviews with many of his 7-figure entrepreneurs, you have to do many “right” things at the same time.
So what are they?for my 2022 book small business, big money (WW Norton & Co.), I surveyed 50 entrepreneurs with businesses with revenues of $1 million. In most cases he had fewer than five employees and sometimes relied solely on a team of contractors.
What’s the difference between entrepreneurs who make million dollars and those who don’t? For many, it’s their daily routine … [+]
Based on that research, here are seven things you can do to get on their way.
1. Automation: If your business is doing rote work that could be done with an app or software program, you might be wasting time that could be devoted to strategy, research and development, enhancing execution, or growing. 90% of those surveyed said they use automation in their business.
2. find a good contractor100% of entrepreneurs rely on at least a contractor. In many cases, this starts with hiring a virtual assistant for a few hours a week and progresses to outsourcing tasks like social media to contractors.
3. join an entrepreneur group45% of entrepreneurs belong to one. If you’re an introvert, join an online group to chat from the comfort of your living room. You can still expand your thoughts and your network.
Four. Find a formal or informal business coachFind a peer coach if you are running a business on a shoestring. 37% of entrepreneurs say they have a coach.
Five. make time for exercise88% are exercise, with yoga and strength training being the top choices. Being in front of a computer for long periods of time slows down your productivity.
6. support your spirit64% of entrepreneurs have mind/body, spiritual or religious practices. For many of these entrepreneurs, life is more than just business. They embrace a deeper purpose.
7. Do not hire prematurelyCompanies that hit $1 million reached that revenue level after 4 years on average and hired their first employee after 4 years. Why 4 years? This is the subject of further research, but waiting to add jobs until you can confidently pay a salary may improve cash flow and sustainability.
These steps may seem simple at first glance, but like all positive habits, there are gaps in knowledge and practice. Adding one to your repertoire is a great way to give your business some momentum. Before you know it, you can more easily incorporate them and take your bottom line to the next level.
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