We are in the era of startups with full of exciting changes and new opportunities. But with the potential for success comes challenges.
Having a successful career in the corporate world to building your own company takes a whole lot courage.
At first, it was great. You get to work from home, make your own schedule, and spend more time with friends and family. You loved the freedom and flexibility. It was fresh and exciting.
But little-by-little, things took a turn.
You wound up working way more hours than you did in your corporate job. You made enough money to pay everyone except yourself. And you began to wonder if starting your own business was a mistake.Want to cut 5 years off your startup learning curve? Read this. Click To Tweet
Everything you just read is exactly what I went through.
In 2011, I was diagnosed with a non-fatal kidney disease. This forced me to leave my job as Marketing Director of Coca-Cola. On the positive side, it was the push I needed to finally pursue my dream of running my own business.
After years of grinding without paying myself, I hit a turning point. In early 2016, I joined a group of like-minded founders. It was led by a successful business owner who had gone through exactly what we were struggling with and come out the other side.
Within 6 months, I 4X’d my revenue. I went from 60+ hour workweeks to having the freedom to take an 8-week vacation with my wife and kids.
If you’re a founder working 70+ hours/week these 5 profit drivers can change your life. Click To Tweet
You’re already overworked. You don’t need to pile more onto your plate. So by learning how to step out from underneath your business, you’ll have more resources to devote to driver #2:
This will help you stop wasting time chasing bad leads or working with clients that cause more headache than they’re worth. Knowing exactly who your customer is won’t just save you time and headache. It’ll even help you know what marketing strategy is best for your business. Instead, you’ll get focused on the clients who will grow your business the most while making your life easy.
The third profit driver is your business model. With more time and a clear vision of who you want to serve, you can step back and find the model that’ll boost profits with less effort. I agree with the principle of doing non-scalable things at the start of a business.
You need to be at the coalface and listen and observe client behaviors first hand. Keep things simple and manual and keep costs low.
Once your business is running smooth, you can seriously ramp up your revenue by shifting your focus to sales. Some founders say they don’t like selling – I get it. I like to reframe it as providing people with the right information to move from where they are today to a better outcome. If you believe in your product then providing it to a client will only help them.
Related post: How To Pay Yourself So You Can Feed Your Family
Then, use that extra revenue to grow your business fast (while slashing your work hours) with profit driver #5: A high-performing team.
Growing my own businesses and helping hundreds of founders do the same taught me the four key elements for growing a team. If you want to hire top talent who are invested in the success of your business, here are the 4 big things to pay attention to.
These drivers were learned from 1st hand experience. No corporate BS here!
If you want to learn how to implement these for free in your business, click below for the actual step-by-step training that I offer (PDF).
It’s tested, it’s proven and I’m getting ready to share it with you.
1. Want more income directly in your pocket
2. Want to scale your business but don’t know how to do it (or don’t believe it’s possible)
3. You want a repeatable method to save time day in day out
4. You want to step away from your business AND have it grow at the same time