Starting a business from the scratch and taking it to the heights of success is the holy grail of entrepreneurship, so to speak. Though there is no fixed formula for establishing a successful business, hundreds of entrepreneurs have been there and done that before. There are many great inspirational stories around, which startup businesses can take cues from. However, the fact also is, making six figures does not happen overnight.
If you are a budding entrepreneur, you must be prepared to face a tough competition coming in your way, for this is the age of growing entrepreneurship. There are so many entrepreneurs who are using their creativity while in college and making it big in the business world.
So to get a competitive advantage, you need to have a keen eye on developing a winning business model. With a right pricing, proper messaging and an effective delivery channel to the target customers, a right business model gives you a much-needed head start. This is the reason why companies capturing value through their business model is experiencing a paradigm shift worldwide.
So what’s the secret to building a six-figure business? To begin with, let’s be very clear about the fact that most of the multi-billion companies have had their fair share of excruciating struggle before they found their big break. It’d the matter of motivation, passion, commitment, and willing to work for a long haul, rather than getting demoralize and give up too soon.
Here are 5 key strategies for a 6-figure business:
1. Quantify Your Solution In The Target Market
The first step before embarking on an entrepreneurial journey is to come up with an idea that intends to solve a specific problem of your target audience. Highly successful companies in the recent times were formed by people whose unique ideas revolved around solving people’s problems.
For example, Amazon, YouTube, Google, Upwork and many others started with unique ideas that cater to a specific market or industry. However, quantifying the problem-solving idea in the bigger market out there is very important because products too expensive for the market won’t succeed and prices too low will leave you exposed.
Thus, after developing the alpha version of your product, you need to take it to real customers to see if it delights your audiences. If not, get their feedback to learn how to make it a better fit.
2. Create A System To Scale
Your business must be structured on a system that allows you to scale and get your products or products or services to your target audience. In the business parlance, systems refer to processes that you can use to streamline your work and make your company run more efficiently.
Therefore, you need to focus on tasks that move your business forward, not tedious tasks that eat away all your time and productivity. You should delegate those tasks to someone else.
Just process your average day in your mind and think of the tasks that don’t physically need you to get done, such as editing, scheduling, filing, etc. Creating the system will allow your overall staff to be more productive and efficient.
3. Build Your Audience On Social Media
Social media has become so powerful today that a sizeable chunk of business is coming from various social media channels. The major social platforms like Facebook, YouTube, Twitter, and Instagram get billions of users daily. You need to latch on to opportunities and carve out ways to reach them and tell them what your business is all about.
According to the latest social media figures released by Pew Research Center survey of U.S., 73% citizens watch YouTube videos, 68% of total population use Facebook daily, while 35% of people are busy in Instagram.
A great way to start increasing your audience base on social media is to leverage your current marketing channels. Chances are bright that those who are connected to your company are interested in your updates and offers. Make sure that there are social media buttons on your website that link directly to your social profiles.
Another way is to include social media links in your emails. Create incentives in your emails to convert your email list into new social media followers. Also, Hashtags are a valuable tool for reaching new audiences.
4. Always Work With The Right People
Working with the right people is working with the right skill set. A good team is all about finding people who have key traits and qualities to positively impact your company culture, and hence, the growth of your business. You need to bring people on board who you can work with comfortably, and who are willing to take your business to the next level.
You need to ask will this person go to that extra mile. Do they strive for excellence? You should try to look out for people who are willing to be accountable. The culture of accountability trickles down all the way from the highest authority to the bottom line workers. You need to find people who have a learning mentality and who can align their personal goal with your business goals.
5. Consistent Lead Generation Tactics
Lead generation is an important aspect of your business without which there will always be a gap between you and your prospects. But the pertinent question that you need to ask is: what do your potential customers want? Once you’ve figured out this question and tied it to a high converting landing page, you will consistently generate leads.
Your business website and landing page play a critical role at this point in time. Therefore, growing your leads will always be easier if most of your attention is focused on syncing your landing page with your other marketing channels. Another way of lead generation is blogging on a regular basis.
It is a great way to keep your website fresh along with building up your visibility on Google keyword searches. Lead generation also depends heavily upon getting involved in networking. So, in addition, to be present on digital and social media marketing, you should attend networking events, and consider volunteering to be a presenter at such events.
Today’s businesses have invested in creating “platforms” that use technology to connect people, organizations, and resources in ecosystems to exchange goods, services and ideas. Thus you can build a six-figure business by understanding and by implementing these strategies that have withstood the test of times.
Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and overall ROI. You can follow Sam on Twitter, Facebook, and Linkedin.