Episode 347: How Do You Scale a Business From 6 to 7 Figures
Scaling a business from six to seven figures is a significant milestone for entrepreneurs and business owners. It requires a shift in mindset, the ability to delegate, and the implementation of effective strategies.
In another edition of #AskAdam, Adam Stott discusses the opportunities and challenges that arise when scaling a business from six figures to seven figures. The journey from a six-figure business to a seven-figure business begins with the realization that you can’t do it all alone. Adam emphasizes the importance of relinquishing control and building a team to drive growth.
Remember, the path to seven figures may not be easy, but with the right mindset and support, it is within reach.
Show Highlights:
- The transition from a six-figure business to a seven-figure business requires the owner to relinquish control and build a team.
- Proof of concept is crucial in the six-figure phase, where the owner proves that their product or service can generate revenue.
- To scale to seven figures, a consistent traffic source that doesn’t rely on the owner’s time is essential.
- Developing the mindset of a marketer, salesperson, and business owner is crucial for success.
- Strategic advice and guidance from experienced mentors can significantly accelerate business growth.
Links Mentioned:
Get your Business Growth Secrets SUCCESS PLANNER for FREE and profit like a pro: https://adamstottplanner.com/free-book47315172
Adams website: https://adamstott.com/?el=Pod
Watch the Episode on Adam’s YouTube Channel: https://www.youtube.com/adamstottcoach?el=Pod
Connect with Adam on Instagram: https://www.instagram.com/adamstottcoach/?el=Pod
Join Adam’s network on LinkedIn: https://www.linkedin.com/in/adam-stott-coach/?el=Pod
Business owners: Monetise social media, get more clients, increase your following, and make more sales: https://socialmediamonetisation.com/unlockfb?el=Pod
Coaches, Consultants, and Speakers: lower your marketing costs, increase ticket prices, and get more high-ticket clients: https://personalbrandunlocked.com/fb-event-reg?el=Pod
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
[00:00:00] Adam Stott: Today’s episode is all about how you sell more services. What are the ways that you can get your product out to market and get more deals? We are going to be pulling back the cover on exactly how you sell more services for your business. It’s going to be incredible. Hope you enjoy. And let’s dive straight in.
[00:00:23] So welcome to business growth secrets, everybody. Hope you’re enjoying the podcast as much as we’re enjoying doing the podcast. Today’s episode, I’ve got the wonderful Chris with me. And we are today. Chris being a marketing expert in our marketing team has been for over a decade doing incredible things.
[00:00:42] He is with us today answering questions. Questions that we’ve had from the community from the comments and actually just helping people out. So if you’re somebody that needs a little bit of help, maybe you are a business owner that is starting and you need some advice and some guidance. Perhaps you’re a business owner that’s got a great business, but you want to take it to the next level.
[00:01:01] You want to go from 6 to 7 figures. Ask a question in the comments, or you’re a seven figure business looking to go to eight figures, ask away, be more than happy to give you guidance and support. Let’s take a look at what the question is today
[00:01:14] Chris: from Chris. Okay, so this question came in from Anita, in response to one of the ads sorry, one of the videos that we recently put out.
[00:01:21] So she says, My main concern lies in finding ways to initiate sales opportunities. Specifically, I’m interested in selling services rather than products. I’m seeking advice on how to create opportunity to effectively sell my services. How does she go about doing that? Okay. Great question. So
[00:01:41] Adam Stott: to get your first million pounds, You know, typically you can use one source of client acquisition, like one channel for client acquisition to get to your first million.
[00:01:52] Once you’ve got your first million, you’re going to need multiple different sources. And in the question doesn’t allude to where the. The person actually is at this stage. But what I would say is you have to consider what your strategy is going to be. We talked a little bit about strategy on some of the previous episodes, but that’s visit that again.
[00:02:08] Are you going to be doing paid marketing? That is, you know, the first. Question you always ask, no paid marketing. We then make a decision that we’re doing paid. We’re actually doing paid ads. We can run paid ads on Google, which is a search search based paid ads. So when people are searching this, imagine that you’re a recruitment business and people are looking for.
[00:02:29] I’ll search him for, you know, things like you know, how do I how do I find a great recruitment company? You want to be there? You want to, right. You want to be the person that pops up so you can start having that conversation. That’s like a PPC ad, a pay per click ad. We then got Facebook ads and Instagram ads where we.
[00:02:46] We literally are going to fight for people’s attention by putting our message into their feeds. And that’s another paid ad type of paid ads. You’ve got LinkedIn where you can go after specific industries, paid ads, et cetera. And this expands and expands YouTube ads so much more. And you need to decide, is your strategy paid?
[00:03:04] And if your strategy is paid to get more leads. Which one are you going to master? Cause you can’t do them all. There’s no point. You need to look at your business, who you’re after, who your client is, and you need to choose the page strategy that you want to go and get those people. So that’s one area. So the first question.
[00:03:20] And that’s
[00:03:20] Chris: effectively what we’ve done. So we’re actually practicing what you’re saying there. Well, exactly what we did for
[00:03:25] Adam Stott: our client acquisition. Always is like, I don’t ever talk about anything we don’t do. So, you know, this is what we do. We say, who do we want? How are we going to get them?
[00:03:33] What’s the message you’re going to be right. And that’s what this individual, first of all, are they doing pays now, the next part is, are they doing earned so earned is content creation is a brand building. Like what we’re doing today is we are just trying to help strangers that don’t know us.
[00:03:49] That’s it. So if you’re a stranger and stranger danger, right. If you’re a stranger that doesn’t know us. You know, we want to get to know you. And why are we doing this? We are sitting here talking because if you’re a business owner that wants help, we want to show you that we can help you. Right. And we are creating hopefully really helpful content that helps you to understand how to build your business.
[00:04:08] Therefore, the more you start to get to know us, the more we spend time together at some stage, you can go, Hey. Yeah, it’d be pretty cool to work with Adam and it’d be great to come and meet Chris and meet the team. And that is why we create the content to build the relationship. So you’ve got to understand, like, what’s the difference between paid and earned paid is fast.
[00:04:29] You know, it’s fast. It’s very quick. We’re creating a message. It’s going to the market. There’s me in the people. We’re going to do business fast, but we’ve paid with our money for that privilege earned. It’s going to take more time and we have paid with our time to earn the trust and build the relationship with the people over time and that’s paid or earned.
[00:04:52] So decide you’re doing paid actually fast results doing earned. Then there’s other things that we can do as well that are not just online, right? And this is that example is online. Are we doing paid online? Are we doing earned online? But guess what? Not everything happens online. You could go offline and there are offline opportunities for you in the masses.
[00:05:16] As a small business owner. So if we look at, you’re looking to do services, speaking, going out, speaking at a conference, showing people who you are and showing people what you do and get in front of 100 people at a time, rather than one person at a time will
[00:05:33] Chris: be
[00:05:33] Adam Stott: fast. It will get you fast results,
[00:05:35] Chris: right?
[00:05:35] Does that also build into the halo effect? Because guess
[00:05:39] Adam Stott: what? You can throw that into your earned, right? You know, you’re going to go and do your offline, throw it back into your earned. Show people that you’re out there speaking on the subject, build the relationship, bang, alright? So that’s going to feed back in.
[00:05:51] So, don’t ignore offline. Don’t ignore, you know, depending on what size you are. So for example, if you’re a bit bigger, you’re a six figure business, you want to go seven. If you’re a six figure business wanting to go seven, should you go and eat a bacon sandwich at half past six in the morning with twenty stranger dangers, right, and talk to the local plumber, the local painter, and a local, you know, there’s always a leasing company in there, and so Stuff like that.
[00:06:16] Should you go and do that? I mean, it’s nothing wrong with that. It builds businesses. I’ve got nothing against anything that builds businesses. And what am I talking about? I’m talking about networking. And if you’re a smaller business, you should do it. But if you are a six figure business, you want to go seven figure business.
[00:06:30] You don’t want to be in the room. You want to be in control of the room. You want to be the authority. And that’s where speaking comes into play, everybody. So now you’re a six figure business to get to seven work on your public speaking skills. Now you own the room. Don’t just sit in the room. And that’s going to create you more deals.
[00:06:47] That’s going to create you more opportunities. It’s going to get you the ability to showcase your products and services and so much more. But then when we talk about offline, it’s not just networking and speaking. You can literally go out and you can do door knocking knock. You can go visit the clients you want to visit.
[00:07:04] it may be you’re an industrial state with 50 other businesses go and introduce yourself. Go and have the conversations, some business, right? So
[00:07:11] Chris: sometimes those traditional methods and not to be laughed at people,
[00:07:15] Adam Stott: people, businesses,
[00:07:16] Chris: business,
[00:07:18] Adam Stott: and what, you know, I think this is actually a bit of a problem.
[00:07:21] With a lot of small businesses, you know, one of the things, big problem actually with small businesses is that small businesses think they need an automated AI sequence for their demonstration of power webinar that will scale their business without them doing anything. And I don’t know where to start and I don’t know what to do and it’s totally confused.
[00:07:42] And I spent six months building out a thing. They don’t really understand how it works and they don’t do any business. Don’t do that. Right. So instead of that, you actually could go networking. You could speak, you could go and do it. You could even get some leaflets and flyers out there. Right. And go and start look basic.
[00:07:59] The basic thing is this. So I’ll do this all the time. So we have an event called business growth secrets, where we train business owners on how to grow their businesses. One of the things that I will do, not every single time. So I like to mix it up. One of the things I will do is I say to people, Oh, and this is what I’m saying to you watching this video.
[00:08:16] And you should do this exercise. It’s a tiny, very fast exercise that every single one you can do that’s very simple and easy. I just want you to write down two numbers. I want you to write down how many people did you speak to about your products or services last a week. I want you to write that number down.
[00:08:37] You’re a business owner. You’ve got a product or service go back a week ago. How many people did you speak to now? I want you to be truthful with the number And you’re like, well, I posted three reels and they got a thousand views each. No, you didn’t speak to 3000 people. How many people responded to the reels and got on a phone call with you?
[00:08:56] And that was one. Then you write a conversation. So, so this is what we should write down. Is this the first number I want you to write down is how many physical conversations did you actually have? Now you’ve wrote that down. And you know how many physical conversations that you have. My question would be the next one that you want to write down is how many of those conversations that you had, did you make offers to?
[00:09:20] How many people did you make an offer to? I physically say, Hey, this is the product service. This is how much is, this is what you can do it for. This is how we can get started. How many did you actually make an offer to of the conversation you had? Those two numbers will indicate where you are in your business.
[00:09:38] And some of you like, well, I’ve got a sales team, you know, a business doing, you know, half a million a year. And, you know, my sales team will do the numbers on your sales team. How many people did they speak to and how many offers did they make? Because that’s the KPI you should be tracking. If you’re a one man, one woman army, you need to write it down.
[00:09:53] You know, if you’re a small business with three people in and you drive the business, you need to write it down, right? So look at those two numbers. Now, this is reality. You want a 10x your business, 10x the amount of people you speak to, 10x the amount of offers you make, and that will grow your business.
[00:10:10] Is that simple? Yes. Is that easy? Yes. Most of the obvious answers are simple and easy. And then you have to ask yourself, well, is that easy? Why does everyone not do it? And that comes back down to the fear, the uncertainty. I don’t know what to say. I’m afraid to say it. Or the doubt. Will anybody listen? So people are afraid, people are uncertain, people doubt.
[00:10:35] Now you have to overcome those three things in order for you to go and have those conversations and make it happen.
[00:10:41] Chris: Conversations are going to create opportunities, whether they be digital or they be in a more traditional sense, get out there, have conversations that will create the opportunity.
[00:10:53] Adam Stott: And the person that’s asked the question, you know, hopefully, They will do the exercise.
[00:10:58] They’ll write down those two things because. What that will do is that will give you a real flag as to what you are doing with your business, how you’re growing your business or not. And it will give you the answer of what you need to do. And more often than not, if you’re asking a question like that, it’s because you’re not speaking to enough people and it’s because you’re not making enough offers.
[00:11:18] If you need some help on that, we can help on that, you know, get in touch with the team, you know, for sure. We can help you to close the gap on those two things. But That’s basically it. It’s not rocket science. We’ve got to get out there. We’ve got to speak to more people. We’ve got to make more offers and then we just got to choose a method.
[00:11:35] And that’s what we did first. We said, are you doing a paid method? Are you doing an earned method? Are you going to go offline? You know, offline, is it networking? Is it speaking? Is it door knocking? Is it outreach? I mean, you can do outreach on online where you can go and you can send messages every day to build relationships.
[00:11:53] It’s slow, but it will do business because the more people you speak to, the more you’re very business. And that is the answer. And for, there’s obviously going to be lots and lots of people listening and lots of people watching and lots of people you know, That have feelings around how this would work for them and what they would need to do.
[00:12:10] And even if you don’t feel confident, and even if you say to yourself, like, how am I going to do this? And even if you have not seen the results previously that you want to see, then you’ve got to flip that around. And you’ve got to say, how am I going to go and feel excited about having conversations?
[00:12:28] How am I going to make sure I say positive things to myself every single day? You can do this. There speak to 50 people today. How are you going to actually say those things and chat to yourself in that way? And because if you do those two things, that is when you’re going to see the results. You can have a picture of you closing more deals in your business, which is what you want.
[00:12:46] So I think we’ll wrap it up there. Sounds great. Yeah, . Yeah. Hopefully you’ve enjoyed today’s episode of Business Go Secrets. It’s been all about how do you get your products out there, how do you generate more leads? Hopefully you’ve found it very helpful. And if you have, tell us in the comments, and of course, you know, maybe save this episode to listen again, that when you have that drop in motivation, it can bring you back up maybe if you’ve got premium.
[00:13:08] Download it, you know, because this can be a video for you that, you know, is something that you probably need to hear again and again in those moments of fear, uncertainty, doubt. I hope it’s helped you. And I look forward to seeing you on the next episode of business growth secrets.