If you want to start and grow your first 8 figure company, you don't need to spend years testing different marketing strategies and short-term tactics.
You just need to learn the secrets from someone who has done it before.
In this episode, Chris shares the #1 lesson that has helped him build multiple successful businesses across four different industries.
Whether you've been in business for decades, or are just starting your company, this proven blueprint will shortcut your path to growth.
The speed at which you grow is directly determined by how fast you can learn lessons.
In this Episode:
- The secret trick that will get you in the right mindset for building an 8 figure company
- How to optimize your sources of revenue and cut expenses to get to 8 figures faster
- Why systems are so important to the growth of your company
- What you need to create inside of your business that will set you apart from all of your competitors
- The one thing you need to do over the next month that will shortcut your success by years and save you millions
Want to learn more about building your first 8 figure company?
Take a look at the companies Chris has helped scale and see if there are any spots available in Chris's consulting program.
Enjoy the show? Check out the most popular episodes of Built to Grow!
- Investing in Yourself to Grow Your Business
- Overcoming the #1 Obstacle to Growth
- Super Productivity for High Growth Entrepreneurs
Transcript:
I've built multiple successful companies in four different industries. And I've built a lot of smaller ones that either haven't hit the eight-figure mark yet or just tanked completely. Because sometimes, when you try to push through a new level of growth without the right systems or knowing how to build the right team, or knowing what I'm about to show you today, things fail. And there have definitely been times that I let my ego get in the way, and that always cost me.
I tell you this so you know my track record. I've had wins and a few losses, probably just like you, and learned lessons at every stage.
Every new industry I go into, every time a new competitor comes in, every time a market changes, every time I invest in or advise a company to scale, I learn lessons.
I'm a firm believer that the speed at which you grow is directly determined by how fast you can learn lessons.
The Number 1 Lesson I Learned In Growing My Business
Today I want to dig into the #1 lesson I learned that can help you go from 0 - or wherever you're starting right now - to 8-figures and beyond.
I wish I knew this when I first started out.
It doesn't matter if you're just starting out, or if you've been in business for a decade, if your goal is to build an 8-figure company - that's a company that brings in anything between $10 million to $99 million a year - then you need to start thinking about selling your company.
I know you might not want to sell, or you might not think you can sell, or you might not have even started your business yet. But building a company with selling it in mind is one of the reasons why I'm able to go into a company and 3, 4, 5x its growth curve in 12-24 months. Often far less than that.
Because when we start re-modeling a company to get it ready to sell, here's what happens:
- You cut away all the BS expenses.
- We optimize every source of revenue.
- We find all the places money is being left on the table and we pick it all up.
Why We Need to Create Systems
We create systems for every important aspect of the company. And when we do that, all those areas begin to run more smoothly and far more profitably.
We build a basic yet powerful culture inside the company. If you're just starting out, then you still need to build a culture because a strong culture of growth will attract key people that will want to help you grow. That might be employees, or vendors, or advisors, or mentors, or future partner, or investors.
A simple, yet strong culture is what separates you from all the other businesses selling the same stuff you're selling.
How to Break Through the 8-figure Mark
And finally, we follow a proven model. Now there are hundreds of business models out there that work every time they're followed. I spend a few weeks or a month studying a successful model, you can literally shortcut your success curve by years and save yourself millions of dollars and lots of grey hairs.
So, whether you're just starting out, or you're looking for insight on how to break through the 8-figure mark:
- Cut away all the unnecessary expenses
- Optimize every source of revenue. If you're getting $5 per sale, and you can up that to $5.50, do it. If you have 3 sources of revenue and you can think of another synergistic source of revenue that won't cost you much time or money to launch, then launch it. Or if one of your products is costing you $1 to sell and you can find a way to sell it for 90 cents and profit 10% more, then do it.
- Create systems for every important process.
- Create a basic yet powerful culture inside the company, one that's based on your personal values.
- Tweak your model until it's based on an already proven model so you're not forced to learn everything that someone else already paid for you.
And that's even if you're just starting out.
Begin your business with the idea that you're building an asset to sell, and you'll build a far more profitable, stable and duplicatable business to support your family, your employees and your dreams.
What else do you think you can do for your company to grow past the 8-figure mark?
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