What I’m about to share with you, scares me…
When it comes to building 7-figure Online Businesses based around coaching, consulting, mentorship or courses, I have a lot of experience.
I’ve helped over 100 businesses hit 7-figure or multiple 7-figures. My track record for helping Entrepreneurs with an online business win big, is significant.
But recently, I sold my business which was responsible for many of these wins. Which has lead to many people ask me, ‘what’s going on?’
Have the wheels fallen off?
Did the successes dry up?
If you’re building a 7 or multi-7 figure online business (or have big plans to do so), I need you to listen up and read this article. Because what I’m about to tell you will either save you years of your life, or a ton of money.
(or maybe both!)
The Dilemma Every Entrepreneur Faces…
Nearly every 7 or multi-7 figure business that contacts me says one of two things:
1) Scott, I’ve “made” it. Yet I barely have two months of money in the bank. I have to keep doing this hamster wheel thing with promotions and launches, just to keep the lights on. I’m struggling to manage my team, and my marketing costs keeps going up and up. What should I do?
When you’re in this state, you feel like it’s impossible to get ahead. The amount of stress you face is nearly unbearable. You feel “trapped” inside your business.
Everyone else thinks you’re successful… Yet each time you look at your bank account, you could cry.
- You’ve done all the hard work, but can still barely pay your bills…
- You don’t how to reduce your expenses, because your lifestyles costs keep going up…
- You feel like all you do is fight fires each week; everything seems broken inside your business…
Most days, you question whether all “this” is worth it!
2). Scott, I’ve built this business and it’s doing SUPER well. I have more money in my bank account than I know what to do with, but all I seem to do is work-work-work. I’m working harder and longer than ever, and I’ve got to a point where I don’t want any more clients — but they keep on coming. What should I do?
When you’re in this state, you feel guilty. On the one hand, you feel like a success — like you’ve made it — but on the other you’re frustrated and fed up.
Every time you take someone’s money, your life seems to get worse.
You know you need to hire more people, but you have no idea how to. Because when you do, it seems to blow up in your face.
People LOVE your stuff, but you feel so overwhelmed that you want to quit and refund their money.
You feel like “this” can’t be it. There just has to be a way that allows you to work less, while still helping those you can help. Surely there’s a way to live the life you want AND keep doing what you’re best at…
In this state:
- You’re scared of the success you have (and can’t imagine having more of it)…
- You have no time to spend on you, or with those you care most about…
- You feel the weight of your team, inbox and responsibility weighing you down each day…
I want you to know, that if you said “that’s me” to either of those scenarios… That you are perfectly normal and this happens to everyone.
These are the dilemma that all entrepreneurs face at some stage.
Life simply doesn’t prepare you for them (if it did, there would be more millionaires, right?)
This problem is an Epidemic among Entrepreneurs who are growing their business fast.
You’re either running out of money because you’re running your business incorrectly…
Or you’re losing your lifeforce because you aren’t using your money effectively!
Simply put, if you scale what you have, you’ll either burn out or go bankrupt.
22 Steps to Escape This 7-Figure Epidemic
In most industries, if you can get 10% growth per year, life is good.
The thing is, inside the online world it’s common to 1,000-10,000% growth during the first 3-5 years.
It’s insanity! We’re living in a new transfer of wealth, where if you’re GOOD at what you do you can monetize it and become a millionaire practically overnight.
But keeping those millions… that’s a totally different skillset…
(one I hope I can help you with today)
Let me be straight with you for a second…
- I’ve lost it all, multiple times.
- I’ve made tens of millions of dollars.
- I’ve helped others make hundreds of millions.
Where you are right now scares me, because I’ve been there myself and I see how common it is.
Nobody teaches you how to do all this, prepare for it and then overcome it when it arrives. We’re just expected to know. But often, we don’t — at least, not until it’s too late.
If you’ve related to what you have read so far, I encourage you to keep reading because if you listen to just some of the advice that follows, you might avoid the pain, self-doubt and stress.
By getting this far, you’ve proven you’re REALLY good at what you do. You’re a master of your craft, and people LOVE what you have to offer. You have already achieved more than most. But the real challenge is to now transform your genius into a real, sustainable and profitable business..
(not just one that looks good on Instagram)
Here’s what you need to know:
** quick note before we dive in… if you want direct, 1-1 help from me, I have something you may like. I’m only opening this up for a few people, and I’m not sure how long I’ll offer it for. But right now you can complete a 7-Figure Assessment, which I’ll personally leave detailed feedback on. I’ll review your business model and situation, and advise on what your next should be.
If that sounds good to you, click here to learn more ==>
Okay, let’s dive into those 22 Tips…
1: Don’t scale a loss:
If something isn’t profitable at a loss (or is dependant on you or a lot of moving parts), the chances of it working at scale is slim.
This is important, unless you’ve taken significant investment that allows you to survive without profit for a 2-3 years.
2: Systemize Everything:
The reason you don’t have time or money is because you don’t have a system.
Everything inside your business is a system.
(at least, it should be)
The problem is, most Entrepreneurs are terrible at building systems. They prefer to use the spaghetti method, don’t track finances and do marketing whenever they feel like it.
Their system is The Rollercoaster Method. But this IS NOT a good business strategy to have.
3: Don’t Scale your Personal Brand Too Big:
If your business relies heavily upon a personal brand, be careful not to scale on the backend of that personal brand too quickly.
If you do, it’s quite possible you’ll scale the “back-end” (Operations, Team, Client Delivery) too quickly and run out of the audience needed to continue this growth.
4: Don’t Over Monetize your Audience:
This comes down to leaving money on the table for your customers.
Maybe you can charge $5,000, because you have a great brand.
But if this stretches your audience too thinly, whereas charging $4,000 is a no-brainer…
Customers re-invest faster this way, compared to when they have to make difficult decisions.
5: Slow Down, to Scale Up:
No matter your situation or business, you have to slow down to speed up.
Doing so may hurt your profitability for a while.
It means you might have to spend time hiring people (or firing), instead of building new programs.
It means the growth you’ve experienced may not continue (at least, not as quickly). But this is a good thing, because if you keep scaling at pace, at some point it breaks your entire business.
6: You don’t get rich through profit:
Most people don’t tell you this, but Entrepreneurs don’t get rich in a year (or even 5).
They take their money and invest it in other things, most of the time into aspects that exist outside of their business. If you’re investing all your money on just one thing, it’s probably due to delusional ego.
This catches up with you eventually…
7: Short vs. Long:
This is so simple… the long-term choices are the ones you need to make.
Make less short-term choices and you’ll make more money over the next few years.
While everyone else is trying to get by, you’ll have explosive growth.
8: Fire Yourself Quickly:
Decide what you’re good at and get out of the way of it.
This is even more important for those who have cash, but continue to do everything in their business.
Further, if you’re not a good CEO, step out of the role.
If you’re not a good Business Owner (good with finances, operations, etc.) get out of the role… quickly!
Do what you love, but more importantly, do what you find interesting.
9: Rewire your Mind:
You base most of your choices on what you believe, and what you believe comes from your mind.
The mind’s a tricky thing…
98% of your choices take place inside your subconscious, which is a tape-player based on your past, friends, family and society.
Most online entrepreneurs don’t see this coming. But it often leads to poor decisions, which can easily take away everything you worked so hard for.
10: Bank Account is Death:
Stop looking at your bank account, and STOP making choices based on what’s inside it.
If you don’t have the right finances, you’ll 100% fail — it’s a matter of “when”, not “if”.
You need to think and lead as an investor, which means you need to have projections and actual profit/loss statements, and basically know what’s going on at all times.
Difficult, I know… yet it’s so important.
** quick note before we go any further… if you want direct, 1-1 help from me, I have something you may like. I’m only opening this up for a few people, and I’m not sure how long I’ll offer it for. But right now you can complete a 7-Figure Assessment, which I’ll personally leave detailed feedback on. I’ll review your business model and situation, and advise on what your next should be.
If that sounds good to you, click here to learn more ==>
11: Forget the Vision, follow the money:
Until you have “real” money, I don’t think you’ve earned the ability to act on a big vision.
When I say real money, I mean years of money in the bank, investments and your family taken care of…
I’ve learnt this from a few Billionaires, such as Richard Branson. Having a vision is fine, but you need to get yourself “right” before you act on it.
12: Marketing and Sales System… and why it’s broken:
Most Entrepreneurs I meet get to 7-figures (or even multiple 7-figures) by mistake.
Recent years has warped the whole world (and meaning of) marketing…
Truth is, MANY businesses would evaporate if their Facebook Group got closed. Or if they couldn’t send an email. Or run a Facebook Ad!
If your marketing isn’t a system that runs across multiple channels, you’ve got a major problem.
Further, if you don’t have a way to truly manage your marketing budget (or even know what they look like — which is a lot of people, FYI)… chances are you’ll scale at a huge loss.
13: Revenue is dirty — Angels bring Profit:
Forget revenue… all that is, is a number to impress other people.
Unless you’re going after vanity (or if you’re going through a period of growth where you’re okay with short term losses) profit is the ONLY number that truly matters.
14: Focus is all that matters:
The more you focus on one area (or maybe two), the easier growth is during the short and long-term.
Until you “nail” one thing, don’t worry about anything else. I know it’s difficult, but even if you grow slower in the beginning, it allows you to grow much quicker later on.
15: Your product (probably) sucks:
Let’s be honest, your product is probably not the BEST it can be.
If you really want to create a business that makes sense, focus on building a core product that’s EXTREMELY good.
Most often, entrepreneurs live in Reality Distortion Field.
This means you don’t really know what’s going on, leaving you to create a version of reality that isn’t real.
How do you combat this? Have a good mentor or advisor around you to call you out your shit. It’s the only way to survive and overcome your own B.S..
17: Rock-Solid Revenue you MUST have:
Repeat after me: MRR, MRR, MRR!
If you don’t have Monthly Recurring Revenue (MRR) by the end of your first year in business that covers your expenses, you’ll remain stuck on the hamster wheel and have to hustle hard each month.
Not having this places a lot of strain on your resources, meaning you either have to keep getting new clients, or create new promotions and products to keep your head above water.
18: Focus on LTV (but not everything):
If you can continue to help your customer get more results, do it.
A customer you already have means spending less money acquiring a new one (& earning their trust).
BUT… do not keep building new products for the same customers, because the more products (or services) you have, the higher your business costs rise.
19: Ego and Pride:
If you want to “fix” this business of yours, you need to realize you have to get some help.
… or you need to fire someone on your team who’s no longer the right fit
… or you need to step back your crazy growth.
… or something else your ego doesn’t like!
This is okay. Fight that ego of yours. It doesn’t serve you.
20: Don’t follow others, blindly:
The number of people who base their business decisions on some inspirational post from an influencer makes me want to cry.
You need to design YOUR business for YOU.
(or hire a mentor that can help you do this, based on what YOU want to do)
You don’t know anyone else’s business, motive or backstory. Listen to other people and follow them by all means, but you need to trust in your own journey; not theirs.
21: Pay your Taxes:
Want to know the number of online entrepreneurs who don’t pay their taxes?
(or have no idea how much they owe)
Almost everyone! Guess what happens… they get a surprise bill.
Don’t be the person who can’t invest and reinvest in your business. Stay on top of this, so you can continue to invest when you need to.
Because the government doesn’t care what your plans are. All they care about is getting paid!
22: Don’t be afraid of hiring the “right” people:
What does that even mean, Scott… hiring the “right” people?
In the early stages of business, we often hire people because we can afford them. This is okay. At the start, this is what you have to do.
But you cannot live by this rule for long!
You need to hire people that can help you with outcomes, not tasks.
This is what you need to do next…
The bottom line is this…
If you have more money and less time, you need to systemize, bring in help and get things off your plate. Yes… you will lose your profit margin, but it’s better than blowing up your entire business.
Whereas if you don’t have a lot of money and your burn rate is high, you likely misjudged how long it takes to become profitable.
In this case, the road you need to take is a difficult one, but not impossible by any means.
You need to either reduce expenses, increase customer value or reduce your marketing costs (or maybe change the way you deliver your product).
Remember, just because you have a 7-figure+ business doesn’t mean business gets easier.
Different problems emerge, and it’s on you to adapt to them. I hope this article has opened your eyes to that. If it has, and you want to go a little deeper, I’d love to take a look at your business and see what you should do next. I’m only doing this for a select number of people, so if you’re interested don’t sit tight on this.
I’ll personally review your current business situation and model, and provide detailed feedback on what your next steps should be.
If you want to avoid the pain and stress covered in this article, this is “the” best investment you can make right now 😉
Click here to learn the 7 steps to scale to 7 figures and beyond.