DID YOU KNOW? Only 9 percent of business owners cross the million-dollar mark, and just 3 percent of female-owned small businesses achieve this milestone. This discrepancy is even more surprising given the surge of businesses that popped up on social media in the past few years. So let’s get into how we were able to build a 7-figure business.
Small Business Failure – The REALITY
A commonly cited statistic is that 80 percent of small businesses fail within the first five years. The primary culprit? Lack of sales. Entrepreneurs often focus on irrelevant details like
- Brand pillars
- Program names
- Color schemes
Rather than focusing on actual income-producing tasks like marketing.
Instead of obsessing over minor branding elements, businesses should focus on organic marketing. If no one knows you exist, simply put… Sales WON’T happen.
Understanding Your Client
When starting our business, the real insights came from engaging directly with customers. For instance, our early success was partly due to conducting 90-minute intensives with over 300 businesses. By working with SO many business owners, we were able to understand exactly what:
- Our audience was struggling with
- Our audience needed help with
This hands-on experience provided a deep understanding of common struggles and helped tailor our offerings to meet actual needs. And not only did it help tailor our offers, but also tailor our marketing strategy.
Free Work and Market Research
We see so many new business owners lean on free work or extensive market research through tools like Google Trends, Answer the Public, etc. While these can provide initial insights, the best feedback comes from direct customer interactions and sales attempts. Creating a product, driving traffic to it, and analyzing sales performance will provide invaluable real-world feedback.
For more ways to start doing market research for your business, I break down market research strategies in THIS video.
Systems and Efficiency
Efficient systems are vital for managing teams and time effectively. I’ll even go as far as saying that if you DON’T have systems in place for your business, you will always be stuck in the $5k-$10k mark in your business.
One of the biggest areas were we struggled was with delegation and team management until implementing comprehensive systems through tools like ClickUp. These systems streamlined our operations, allowing us to focus on development and growth.
Strategic Content Creation
Content creation is one of the biggest reasons we were able to build a multiple 7-figure business. And we were able to do it ad-free. Effective content creation is strategic and customer-focused. By understanding client needs and working backwards, businesses can produce high-quality, targeted content that drives engagement and sales. More on creating STRATEGIC content can be found HERE.
Understanding Sales and Buyer Psychology
Collecting data on customer behavior is important, but understanding sales and buyer psychology is equally important. Knowing how to interpret and act on this data through your content, your Instagram stories, and the way you talk to clients in the DM’s or on sales calls, will be a deciding factor if someone chooses to invest with YOU or invest with someone else.
So if you want to breaking the million-dollar barrier in your business. It’s going to require a strategic focus on sales, effective systems, and continuous adaptation based on real customer feedback.
By prioritizing these elements over secondary concerns, small businesses can improve their chances of scaling successfully.
You got this 🫶🏻
And remember | my DM’s are always open if you want to chat through any barrier you may be facing, or join our free community!