Like most entrepreneurs, we all strive to build that million dollar business. The trick is How. In this article I’m going to share some tips that might just surprise you on how easy it really is to build a million dollar business in less than 5 Years.
1. Develop a Plan
The first and foremost concept is developing a plan. What is your business going to be? What will it look like? How will you finance it as a startup? How long should it be before you start seeing a profit? All of these items must be accounted for. Some people call it a Business Plan. I call it a Life Plan because your business will be your life for the next 5 to 10 years exclusively.
2. Focus on Building Not Reaping
Focus is a little used word in our society but one you should get used to hearing. Being laser focused on one thing, to the detriment of all other things, is what it takes to build a million dollar business. But let’s drill it down even more. You have to focus or be aware of the building, rather than the reaping. When you build you are concerned with nurturing and adding to your business. This means you are constantly conscious of “What more” can I add to my business in order for it to be more valuable. In many cases, entrepreneurs are more worried about making as much fast cash as possible. They eat their seed that needs to be replanted in their garden to reap a harvest down the road.
3. Look at the Numbers
The number don’t lie folks. Each day you should be conscious of how much you are spending and how to cut your expenses. In each case you will find a better way to do your business. I’m in the restaurant business. Each day I find a way to save a penny here or to add to my revenue stream there. You’d be surprised at how much this can add up. In one case we were able to save nearly a thousand dollars a month by changing our credit processing vendor. That is $12,000 a year. Amazing.
4. Give Thanks
We have all been blessed with our businesses and talents. This shouldn’t be an afterthought. This should be a thought that is front of mind. It should be our practice to thank the good Lord each and everyday we count our receipts. I believe entrepreneurs have the greatest faith in God because it’s not our great advertising or product that make people want to purchase our goods or services, it is God.
5. Don’t Get Discouraged, Stay Focused
In the course of daily business life we are going to hit highs and lows. During the high times we can rejoice but during the low periods, it is easy to get discouraged and want to throw in the towel. We must focus on the prize, that is building a million dollar business. It takes time, patience, focus and strategy to accomplish. Like a diamond miner, we have to get through a lot of dirt to do our job, to find diamonds. We aren’t looking for dirt, dirt is part of the job. We are looking for diamonds.