5 Reasons Most Businesses Never Break The 300K Mark

While magazines and online articles usually tout the businesses that have experienced explosive growth, most businesses remain small.  In fact, I did some research and found that only 17% of businesses ever grow beyond 300K in annual revenue.

There is absolutely nothing wrong with having a business that does less than 300K a year.  I am thankful for anyone that has a business of any size.  The reasons I’m writing this is because as I meet business owners, most of them feel stuck at some growth barrier and want a breakthrough.

So, why do most businesses stay below 300K in annual revenue?  It’s not:

  • Desire: Most business owners I know are working their tail off
  • Lack of Learning Opportunities: Those are everywhere & even free to access with online business help
  • Ideas: Most owners I know have more ideas than they can implement

So what is happening?  Why can’t 83% of the businesses breakthrough?

Here are the five reasons I see:

1. Refusal To Delegate 

Nothing keeps a business small like a leadership ball hog!  I wrote a report called Freedom Killers: The 5 Things That Kill Entrepreneurs’ Freedom & Profit.  In the report I talked about how the first person I hired was a bookkeeper.  I paid about $75/month when I started out to have someone keep our books.  Nothing freed me up faster than this, and it allowed me to go sell something.

You should literally write down a list of 10-15 things that you are doing that others can do.  Then write people’s names beside it, even if they aren’t on your team yet.  Start a dream delegation list now and you will be surprised how it will become a reality.

2.  Not Comfortable Selling 

Most entrepreneurs sell enough to get a steady business going but then quit selling.  A CEO friend of mine that runs a $75 million company said, “You should focus on one thing until you pass one million in annual revenue, selling.”

Cool offices and nice business cards don’t really make a difference early on.  Just get out there and sell something today.

3. Unwilling To Pivot

Being bullheaded about your idea early on is a mistake.  While you shouldn’t change directions weekly, you should have a date set that says, “If this isn’t selling $___________ by ________ date, we will pivot.”  When you are a small business under 300K, you must be willing to abandon ideas and go after new opportunity.

The market will tell you yes or no for your ideas, just listen to it.

4. Not Having Paid Coaches

I talk about this a lot with stuck entrepreneurs.  If you can’t get past a barrier, hire someone that has passed that barrier. It’s such a simple answer but few people actually take the step.  I’ve found that advice is worth what you pay for it.  I love free advice but I’ve found that I actually apply more of the paid advice I receive.

If you say, “I don’t have the money to do this!” You never will.  Most coaches I hired were during stuck seasons where money just wasn’t flowing!  I suggest Strategic Coach, Les McKeown, and EMyth coaching.

My very first coach was Diane Conklin and she helped take me from $80,000 in debt to six figure income in 90 days.  If you’re interested in having over 100 minutes of audio coaching between the two of us, you can get it here for a limited time. 

5. Thinking “What’s Now” Instead of “What’s Next?” 

Most businesses stay stuck because the business owner is focused on the business.  We think about delivering what we sold and hoping that the company will grow.  I would suggest you take a full day away from the office to think about growth opportunities.  TURN YOUR PHONE OFF and just focus on one question, “What will produce the most growth for our business in the next 90 days?”

It could be a new referral program.  It could be starting to use Facebook advertising.  It can be anything!  Just make sure you pick something that directly impacts revenue!

SPECIAL NOTE: As I said above in point #4, you can go here and get 100 minutes of coaching that I paid $12,000 for.  It’s not going to always be available at $7 though. Grab it here now.

$7 Audio Coaching Worth $12,000

FacebookTwitterGoogle+LinkedInWordPressShare

5 Steps To Grow Your Personal Income By 10X

10X

I hesitated to write this because most people will not take it serious. However, if you are one of those that do, everything is about to change for you.

I’ve started asking random waitresses, baristas, retail workers, friends, and family one question, “Do you want more money?”  Everyone has said yes.

In a follow up question, I ask, “Why?”

Most people don’t want 55,000 square foot homes and unlimited vacationing. Most people simply want more freedom than they currently have. They see money as the ticket to get them something they currently don’t have. That could be time off work or more time with people they love.

Everyone has different answers but one thing remains the same, people want more money in general.

Now, let’s take it to a whole different level. Do you want to make 10X more than you are currently making financially? If the answer is yes, the steps are clear on how to get there. I truly believe it is harder to get a significant raise from your employer than it is to make 10X what you are getting paid. You can make way more working for someone but you better be producing high levels of income for the employer.

I remember working somewhere for years and working hard for a raise. It was always a huge deal to make another couple $1,000 a year.  So in an attempt to breakthrough financially, me and my family took some unconventional steps. I want to share these steps with you and hopefully they will help you breakthrough like we did.

Step 1:  Believe Breakthrough Is Possible

Most people don’t really believe they can grow their income by 10X and you know what, they are right. If you don’t believe you can, you won’t.

Step 1 is the most important because the people that don’t look for opportunity never find it. Like right now if you are saying in your head to this post, “this is bull crap and you don’t know my situation,” you will not breakthrough.

I grew up in a town of 10,000 people in a small town in Alabama. My mom was a substitute teacher and my dad worked a steel mill.  I had piles of reasons not to breakthrough. If I can do this, anyone can.

Step 2: Get Really Clear About Your Outcome

Clarity is the key to making this happen. Write down how much you want to make each year and print it on a piece of paper. Put it on your bathroom mirror and say it out loud 10 times a day.

Yup, you heard me. Say it out loud daily. It should read like this, “I will figure out a way to be making $300,000 annually by April, 15th of next year.”

Sound voodoo? Not really. It’s just simple. Until you get really clear, you will rarely reach a financial goal.

Step 3: Read 20 Books From Millionaires 

The number one reason people stay stuck financially is because they have a financial blueprint or operating system that is governing their decisions. Most people just live out of generational learning about money. We are told to get a good job that pays good benefits and save for retirement.

If that worked, it would be working for the masses. It doesn’t.

Two books to get you started are Rich Dad Poor Dad & The Millionaire Mindset

Everything you need to know to be at the income level you want is available through books. The question is this, will you actually read them? 20 books will cost you about $400. Are you willing to invest $400 for your next level?

$7 Audio Coaching Worth $12,000

 

 

 

 

Step 4: Go Meet With Millionaires

The best way to do this is to ask to interview them. Tell them you are writing a report on it or a blog. Make up a good reason to interview them. Ask them questions about how they got to where they are. You may say, “I don’t know any of these people.” Well, most people don’t. You need to ask everyone you know who they know. Once you start looking, you will find them.

The process of interviewing millionaires will deliver you the step-by-step formulas they used to breakthrough. I’ve found that most of their pathways are basically the same.

Step 5: Ask 2 or 3 Of These People To Mentor You Quarterly

You will connect relationally with some of the people you interview. Simply ask them if they will mentor you on your pathway to achieving the financial level you want to achieve. Tell them that you will prepare questions and send them before your meeting and you will meet on their time table.

Basically, just bend over backwards to meet with them and honor their time through being prepared. Ask them very specific questions about the problems you are facing to accomplishing your goal.

If you do these 5 steps, I’m confident you will breakthrough. Let’s say you don’t want 10X the income, that’s fine. It’s not about being rich, it’s about having the income level to get you the life you want.

This isn’t written from the book knowledge, it’s written from me doing it. As I sit here and sip my coffee, I’m reading The Virgin Way and just talked to two millionaires on the phone for coaching earlier.

It cost $20 to buy a book and it’s free to make phone calls.  What’s holding you back?

3 Things For Leaders NOT To Do When Having a Down Day

Have you ever felt down for a day or a week?  I have. This week I’ve taken some shots at my confidence as a leader.  I don’t know about you, but sometimes I just get down.  As I write this, I don’t feel unstoppable or on top of my game. It’s just one of those […]

Continue reading...

Time Management Doesn’t Work & What To Do About It

After consuming many books & resources, I’ve come to the belief that managing time isn’t the goal.  Our goal should be managing results.   If you have a well organized calendar & nice to-do lists but you don’t know what your top 3 results you want to accomplish this week are, you might be missing […]

Continue reading...

Stop Dabbling. Start Dominating.

We all have some Dabbler in us.  The Dabbler sounds like this: “Just wait until tomorrow. I’ve done enough today.” “I’ll try a ton of different strategies and see what works.” “I can’t sell out to just one thing, because if it fails, I’m screwed.” “I can stay an extra hour at the office–she will […]

Continue reading...

3 Beliefs That Stunt Organizational Growth

I’ve noticed something interesting in my work with business owners & church leaders … An organization is a tangible translation of how its leader thinks.  Thinking is one of the most powerful tools a leader wields.  How you think about the past, present, & future is visibly evident in your organization.  Your organization is a […]

Continue reading...

How To Get The “Right” Clients

work2

You need some clients. And let’s be honest, this is easier said than done. People aren’t sitting around waiting on you to sell them something. Getting people to pull out their credit cards and pay you every month is hard work. But there are a few shortcuts to help you along the way. I have […]

Continue reading...

The Shocking Truth About Perry Marshall

I just left Perry Marshall’s house. I went up to be part of his Four Man Intensive. This is his highest level of coaching for business owners.  The thing that shocked me most about Perry is how real and authentic he is. In the shark infested waters of internet marketing there are plenty of slime […]

Continue reading...

3 Tips On Becoming Famous In Your Niche & Exploding Your Income

Target.Color

I was at lunch one time and a friend of mine looked at another guy & said, “You are niche famous.” He went on to describe what he meant by that & I thought it was an interesting concept.  You are niche famous when the majority of the niche you serve knows you or your […]

Continue reading...

2 Reasons Hard Work Isn’t The Solution To Growing Your Organization

When we first started the company, hard work made it work. As The Rocket Company grew, we worked harder and harder.  Then one day, we hit a ceiling of complexity.  Doing millions with a handful of staff seemed like a good idea at first but it really wasn’t.  Didn’t matter how hard we worked, we […]

Continue reading...