20 Jul How to Build a 6-Figure Income from Your Small Business
If you own a small or solo business or practice, or are an independent service professional here are some great business building ideas for you.I’m sure you’d like to know how can you create a six or seven figure income, do what you enjoy, and end up with time to do the things in life that mean the world to you? And how can you do it without the burden of lots of employees and overhead expenses?I’ve owned businesses for 21 years. Believe me, like you I’ve had some tough times when I’ve struggled, felt frustrated and learned the hard way. But over the years I’ve created a business building system that works if you work it. Sometimes now I pinch myself when I realize what a great life I have and how lucky I am to do very profitable work that I love!
Listen–You can be self-employed and just pay your bills each month and work harder than you ever did when you had a job or you can become a real entrepreneur and build a little business engine that keeps on chugging even when you’re not around, and create financial freedom to live life the way you want to.
Is this your business now?
- You do some basic marketing, usually something that seems familiar and comfortable like networking, throwing ad in the local paper or on Craigslist, giving out a brochure or flyer. Whatever seems to work is what you stick with.
- You get clients and you sell your time for money.
- You sell them the same one or two core products or services over and over.
The problem is that you’re always trying to find more clients and you can never make more money than there are hours in the day. Not good in the long run.
This is what the business model looks like for probably 90% of self employed people. I call this the Treadmill Business Model because it keeps you on a treadmill repeating the same relentless, time sucking pattern over and over and your profits increase minimally.
There’s another model though, that will create rivers of new clients and sales. I use it. I teach it to my clients and other 6 and 7 figure entrepreneurs use it as well. Here’s what it looks like. I call it the strategic Maximize Your Profits Business Building model.
In this model you actually put 10 different profit creating strategies in place that work together to flood you with clients, sales, and more importantly, profits. Once each profit strategy is in place a good part of your business can run on autopilot, which is the great part because it set you free. Here are the 10 profit strategies
- ROI Marketing Strategy
- Online Marketing and Website Strategy
- Referral Strategy
- Repeat Business Strategy
- Time Strategy
- Resources Strategy
- Joint Venture Strategy
- Viral Strategy
- Message Strategy
- Sales Strategy
What happens when you build your business with this model?
- Sales and profits grow like wildfire
- You’ve created sources of passive income
- You’re able to set higher hourly rates
- You build wealth
- You do the part you love
- You have more free time.
- You can make a difference in the world!