What Kills Startups?
There are a number of reasons why you want to scale your business out of the start-up phase and onto the bigger revenue levels.
For one reason, you can spend more money and make more money with a bigger business. You have more resources and capital, you can hire more people and you can invest in bigger marketing campaigns.
However, there’s a darker reason. Having a start-up business takes a psychological and physical toll on you. You don’t want to spend years and years owning a start-up business. You want to grow out of that stage as fast as possible.
THE START-UP PHASE CAUSES PSYCHOLOGICAL DAMAGE
The longer you go without making money, the more you accept subconsciously that this is your natural state of affairs.
If you spend 3 years running your business and only making a modest 5 figures a year, you will start to believe that you and your business are incapable of anything more. Even worse, if you go for many months without making a single sale, you’ll start to seriously doubt yourself.
You’ll think, “this doesn’t work, I can’t do this” and fall deeper into the negative hole.
This is why it’s critical to build momentum, jump in head-first and make as much headway as fast as possible. When you make your first sale, you prove that you can do it and it becomes more real.
Do whatever you can to get to that point sooner rather than later.
THE START-UP PHASE WILL OVERWORK YOU
In the start-up phase, you have to do everything. Copywriting, design, book keeping, customer service. You have to do them because you can’t afford to hire.
When Norbert and his business partner started their company, they answered customer service tickets between midnight and 2.
Why these hours? Because their daytimes were busy with cash generating activities – sales, marketing and product development. Customer service did not generate cash, but it still had to get done, so it got pushed right to the end of a very long day.
When you take the responsibility for everything that’s involved in running a company, you must expect long days like this. But it’s not sustainable. It will take its physical toll on your body and it’s not the kind of lifestyle that most people truly want anyway.
Unless you want to forever be stuck with the long days and gruelling work of the start-up lifestyle, you need to start hiring and managing a team.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to outgrow the start-up phase and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.
Some people are happy to sit and stagnate once they reach a certain level of income, but real entrepreneurs know that the proper attitude to have is “grow or die.”
We all need to keep pushing, if only to ensure we have plenty of income streams to feed our business if something happens and one or more crash.
For example: Bulletin Board Service marketers did great for years… until the Internet debuted in the late 1980s and early 1990s. Then the BBS died a quick, painful death—and anyone who solely depended on them went out of business.
HOW FAR DO YOU WANT TO TAKE THIS BUSINESS?
Not every marketer shares the same goals. Some just want to supplement their income while they keep their day jobs. Some want to replace their income and are happy with where they are once they do. Others want to exponentially grow their income.
We don’t all have the same goals. But unless you know your goals, you don’t know the road you need to take. So ask yourself: how far do I want to take this business?
You can easily start small and then go big, and that’s what most of us want.
TO GO BIG, YOU NEED TO SCALE YOUR BUSINESS
Take what you’re already doing and put more effort, people, and resources into it so it expands quickly. Keep it expanding by pumping in more of the same. That’s the road to riches.
Even if you’re happy where you are, scaling your business will help you with automating and making your business easier to operate. Regardless of the size of your business, scaling is 100% applicable to you.
When you start your business, you wear all the hats; everything is your job. If you don’t move beyond that, you’ll soon find you don’t really have a business. You just have another job. You never have time to do anything but work. The business makes less than it should.
Traffic, strategy, offers—everything is up to you. And you can’t do it all.
WORK ON YOUR BUSINESS, NOT IN IT
As you figure things out, you need to partner with or hire people so you can have someone else to do the monotonous, routine tasks that are important but will never take you to the next level. Define what those tasks are and hand them off to someone else.
If you get too bogged down IN the business, you’ll never move to the next level. You’ll get frustrated and want to quit. And at that point, it may be the best thing. Why bother if it takes too much effort just to hold things together? So learn to work ON the business from the beginning.
Don’t spend tens of thousands of dollars just to buy a job, especially when you already one. Take the plunge and invest in people you can trust to hand the work off to. That’s how you work ON the business, not IN it. That’s you grow.
If you don’t grow, you die.
Want to learn more about scaling and growing your business? You’ll find additional details in the MOBE Gold Masterclass, where we teach you to acquire more customers and generate more sales, and the MOBE Titanium Mastermind, which is focused on scaling up your business to seven figures and beyond. To learn more about the Gold Masterclass, click HERE. To scale up to the Titanium Mastermind, click HERE.
Is there something you can do to go “over and above” for your customers? Make a kind gesture that they totally won’t expect and will make them say “wow!”
When you do this for someone, they are your customer forever. They’ll love doing business with you because they can see that you care about them.
EXAMPLES OF WOWING:
When Darin Adams and his wife operated a home based business, they’d wrap all their products in wrapping paper for free. People didn’t expect it at all, and they’d say “wow!”
When Darin was hired to do a keynote address, he sent every attendee an autographed copy of his book in the mail. Again, people were shocked and they said “wow!”
When Darin stayed at the Hampton Suites, there were free chocolate chip cookies in the lobby. He ate a few, but when he came back, they were all gone. He joked to the attendant about the cookies being gone.
To his surprise, the attendant said, “What room number are you in? I will make you a fresh batch and bring them to you.”
WOWING CAN BE EASY AND INEXPENSIVE!
Wowing your customers might seem like a costly and burdensome thing to do, but it doesn’t need to be.
For as little as $5, and in a totally automated fashion, you can wow your customers.
What about sending out a surprise $5 gift card to every customer who buys from you? This can be automated and doesn’t need to take up any of your time.
Or, you could send a hand written note to thank them for doing business with you.
If your lifetime customer value is a lot, you could even do something like this for people who come in as a lead. That will especially wow them if they’ve not even spent any money with you yet. There’s a better chance they’ll become a high ticket buyer later on.
The MOBE Gold Masterclass goes into more depth on this topic. It will show you how to find customers, sell to them and build a consistently profitable business using a Customer Acquisition Process. To learn more about the Gold Masterclass, click HERE.