How do you go from six figures to seven figures? Well, the good news with that one is if you’re already making six figures, you’ve done the hard work.
I think it’s really hard to get to six figures from scratch, even going from five figures to six, you will have had to found an offer that converts. And you will have had to do some of the basics, at least with marketing. So the sorts of things that you would be looking at to go from six to seven figures are price points, you could increase your rates. You could change your business model and go for more leverage in your business model, I usually like recurring. You could repurpose your product or service for slightly different markets, your existing product, or you can stay in the same market, but repurpose your product slightly for higher price points.
I do believe that 10% of your current audience would likely pay 10 times more for something. So if you had 1000 clients paying $100, there’s probably 100 clients who would pay $1,000. And there’s probably 10 clients who would pay $10,000. And there’s probably one client who would pay $100,000. And this has worked out for me time and time again. So look for that 10% 10x factor. Look for how you can get recurring. Look for how you can increase your rates. Work on repositioning yourself as more of an authority, get better photographs, get better website branding, get better testimonials, work with better customers. Use a better marketing channel that’s more effective, build your team, stop trying to do everything yourself.
This is a typical one that holds people back. They’re doing six-figure business activities, and they’re trying to keep a high profit margin. Seven-figure business owners understand they’re probably going to take a smaller percentage of profit, but they’re going to find leverage in team. And so, I would say for a million dollars a year, you’re probably going to need a team of two or three or five people in your team, doing lots of activities that you’re not doing unless you’re a software developer and you’ve written a hit program or you somehow done a really great licensing or royalty deal. So that’s how you do it.
Also score all of the products and services you have and eliminate the ones that you’re wasting time and energy on. Score all of the clients you have and eliminate the bad clients that are sucking up all your time and energy. Get more effective with your productivity. Find the peak times that you work and the peak activities that you can do. Do more of those and stop doing things that waste your time and energy. Market better, network better, shake the tree, find the contacts, go to events, get exposure, write press releases, publish your show, do better emails, study copywriting, tell more stories. These are the things you can do to go from six figures to seven figures.
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