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Success Secrets of a multi-million dollar business owner – Part 1

Over the past few weeks, I’ve been challenging women entrepreneurs to overcome what I call 6-figure fear.  This challenge arose out of me discovering that many women entrepreneurs avoid implementing basic strategies in their business (like marketing, hiring help and investing in coaching) because subconsciously, they are afraid of what it might cost them to create 6 and 7-figure businesses.  So in one post, I boldly asked is it time to Act like a lady, do business like a man?

That post drew a huge response and in it, I promised I would interview a private client of mine who recently revealed that this year his business brought in record revenues of more than 5 million dollars – double what he brought in last year.  

So needeless to say, my journalist mind kicked into high gear.  I asked him to share a few of his million dollar success secrets that could help us ladies get to the $5 million dollar mark and beyond!

Below is part 1 of my conversation with the client.  He asked me not to reveal his identity because he doesn’t want folks coming out of the wood work when they find out how much money he’s pulling in.  He’s a low-key guy and kinda wants to keep it that way…you understand that, right?

Think like a millionaire

Q> What have been the 3 main secrets to your success?

1.)  Building relationships with corporate partners who resale our services. Because of these relationships, we spend $0.00 on marketing and advertising each year.  Instead, because our partners have extensive sales forces, they spend tens of millions marketing.  They bundle our products and services with theirs and we reap the benefits and enjoy consistent growth.  It’s a win-win.

2.)  Understanding that business is not ONLY about the product/service you offer.  Instead, it’s more about the relationships you build and how you assure people that you can solve their problems

3.)  Making sure our prices are both attractive to our customers and that they give us a high enough profit margin for us to run our business effectively and efficiently.  Many business owners price their product or service too low which creates a situation where they lose money instead of make money.  We are in business to make money so understanding how to price our services is extremely important

Q > Why have you succeeded when so many other entrepreneurs have either failed or remained stagnant in their revenues especially in this economy?

Many small business owners never make the transition from practitioner to owner.  In other words, they are too busy working IN their business (like an employee) rather than ON their business (like an executive) Their main focus is more on taking some extra classes, getting some extra technical certifications or continuing education courses.  

After I got my business to where I could bring on staff, my focus turned exclusively to finding more business and building partnerships.  But I knew that I wouldn’t always be a solo-preneur.  So the mindset has to be how do I get my business to the point where I’m not doing ALL the work?  How can I grow so that I can work ON the business while someone else is executing? 

Thanks to our growth (which didn’t happen overnight) I am able to go after big deals, big partnerships and big opportunities and I am not tied to all the everyday things.  This is how business owners must think.

Q> Do you strategically plan for your business success each year or does it just happen automatically?

Yes, each year we plan to obtain at least three (3) new partners that could resale our services.  This becomes the driving force behind our business development efforts.  We study a list of potential partners, that some may view as competitors.  We then determine a strategy for approaching them and explaining how we can make money for them if they partner with us. We make sure our partnerships are profitable for the partner and profitable for us.

Also, we look for ways to reduce our overhead each month of each year. My question to staff is always: How can we do more while paying less?

Whether its moving to a Voice over IP (VoIP) phone system, or automating processes, we continually look for ways to reduce overhead.  Think of it this way.  The price you charge your customer is the same but if you can reduce the amount of money it takes to deliver the product/service, you instantly increase your net profit.  

The more profits you have, the more spendable cash you and your business have.  This is the first rule in business – make large profits. Everything else is considered a non-profit!

In Part 2 of my interview,  I’ll ask:

4. What kind of staff support do you have as the CEO of this $5 million company?  How important is your staff?

 

5. What are the top mistakes women entrepreneurs make that keepthem from breaking through to the multi-million dollar level of success.

 

6. What is you greatest achievement in your business?

 

So, what “ahas” did you glean from our mystery millionaire?  Share your revelations below!

 Monique is an award-winning TV & Radio personality, Media Visibility & Influence Expert and Money Breakthrough Coach for emerging women in business.  Using her nearly two decades as a producer and on-air personality and 10 years as an entrepreneur, she helps women in business go from invisible to influential…and more profitable!

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