In today’s episode I’ll share with my thoughts and wisdom on how to crush it in 2017 for your business.
When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have gotten information from books, magazines and other readily available sources. You invested a lot-in terms of money, time and sweat equity-to get your business off the ground. So…now what?
For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status for 2017.
There are numerous possibilities, a few of which we’ll outline here, in today’s episode.
Choosing the proper path to sustainable success is much more than monetizing your life or your business. It will depend on the type of business you own, your available resources, and how much money you have to invest.
But the most important factors you have will come from below the surface and be lead by the core values that are important to you.
Your time and sweat equity are the most important things you have to invest. If you’re ready to grow? I here and ready to help. Let me make a few suggestions for top line growth.
There are three things needed for any type of business or service. First is to build that business or service, then optimize that business by research and development, and once it’s optimized, you scale the business using a system to rinse and repeat. These three things hold true in almost every business from real estate to on- line marketing.
First things first:
- Make sure you’re maintaining a consistent bottom-line profit and that you’ve shown steady growth over the past few years.
- Look at the trends, both economic and consumer, for indications on your company’s staying power.
- Make sure your administrative systems and management team are extraordinary-you’ll need them to scale your business.
- Prepare a complete 12 month marketing plan for the new year.
- Determine where and how you’ll obtain capital sources for scaling your business; whether that’s from existing sales or financing, etcI want to share a couple of ways to raise capital for your business,
License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. “You can receive upfront monies and royalties from the continued sales or use of your software, name brand, or products, etc.-if it’s successful.
Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product.
To find a licensing partner, start by researching companies that provide products or services similar to yours. “[But] before you set up a meeting or contact any company, find a competent attorney who specializes in intellectual property rights. This is the best way to minimize the risk of losing control of your service or product.”
Form a marketing alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly,
Maybe you have had some success or created some well-received products of your own? If so , you could agree to affiliate market your products to others list of customers and vice-versa. “This often times results in a decent amount of sales.I’ve formed alliances with other mentors and Web sites that sell my products for a commission.
If the thought of shelling out commissions or any of your own money for the sake of an alliance makes you uncomfortable, I advise you to start looking at the big picture: “If you want to keep all the money to yourself, you’re really shooting yourself in the foot. You need to align with other businesses that already have lists of prospective customers. It’s the fastest way to success and scaling a business
I would appreciate if you found value in today’s show to share it with someone and leave a review on itunes and head over to the realwealthwhisperer.com and leave a comment in the comments section for this episode
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