7-figure Letter Issue #43 – How long does it take for success?

This is a new weekly newsletter that will be focused on going “deep” on a specific framework, method or strategy for scaling past 7+ figures in your online business.

 

I believe most Entrepreneurs overestimate what they can do in a year…

 

And underestimate what they can do in 10 years. 

 

I have people come to me all the time with a $2M/year business and ask…

“Can I have a $10M/year business next year”…

 

I reply…

“Sure… but I don’t think you want to do that”

 

One of the Entrepreneurs I mentor came to me back in 2018 with a business doing $10K/mo… 

 

They said…

“I want to have a business that gives me a million dollars a year”…

 

I asked…

“How long?”

 

We’ll dive into what happened for them after the break.

 

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After I asked them “How long?”

 

They said…

“No rush… maybe by the time we have our 2nd kid”.

 

I said… Awesome.

 

In 2019, they did $70K/mo

In 2020, they did $120K/mo

In 2021, they did $250K/mo

In 2022, they had their first million dollars in profit (after tax)

In 2023, they had their first two million dollars in profit (after tax)

 

Now…

 

They had some investable capital…

They were experts…

 

They weren’t online with a “dream”…

They knew what they were doing…

 

In 2018-2020, I mentored them.

Then in 2023, they hired me again to help go to the next level in their life.

 

But… what’s even more important is that it took 3 years for them to go from $0/mo online to $10K/mo…

 

In total… They spent 8 years getting to their intention of a million in profit per year.

 

And the truth is…

Great things aren’t built overnight.

 

And if they are… they often fall apart just as quickly.

 

A business scaled from $1M/year to $10M/year in a single year or two?

Almost all of them, unless investor backed, doesn’t work.

 

Why?

Because a growth rate above 70% for a business above $1M~ is difficult to maintain, for even a year.

 

Why?

Because you have to do hyper growth marketing and sales…

While hyper growing delivery, operations and team…

While also balancing the energetics, mindset and finances…

 

Most Entrepreneurs cannot do this… 

 

So to answer the question…

How long does success (built on a true foundation) take?

 

In business, here’s my answer:

If you’re not an expert of your craft: 2 decades.

If you’re an existing expert of your craft: 1 decade.

If you’re obsessed and have no family: 1 decade.

 

For better of for worse:

There are no shortcuts. 

 

When I work with Entrepreneurs, it’s a long-term game.

 

And yes, many Entrepreneurs hire me for shorter 1-6 month sprints…

 

But in reality… they are just hiring me to ensure they are going down an aligned and sustainable path towards what they desire.

 

So… 

My question to you… based on this thinking:

 

Why are you so obsessed about the next 30 or 90 days? 

What if instead, you focused on what really mattered?

The next decade. 

 

– Scott

 

PS
This Wednesday I am hosting a session where I am sharing the “behind the scenes” of the 2024 marketing & sales strategy for my 8-figure personal brand.

 

You don’t want to miss this one….especially because it is freeRegister for this free session here   : )

1.  Want To Keep More Of The Money You Make?

If you are in business to make profit, you know it isn’t just about earning more revenue. 

In fact, focusing solely on revenue growth rarely grows your profit margins. 

And healthier profit margins are what will make your business more valuable & more resilient. 

This free guide will give you 50 ways you can increase profitability in 2024. 

 

2. Get Your Needs Met (Without Pushing Others Away…) 

In this free masterclass from world renowned love and relationships coach Sami Wunder, you will learn how to get all of your needs fully met in life. 

While Sami focuses primarily on romantic relationships, you can (and should!) apply these lessons to business relationships with your team and your clients as well. 

Watch everything transform as you establish better boundaries, communicate more clearly, and relate from a place of connection & service. 

3. The Case Against Discounting

Even though discounting can work to make a quick buck, it often comes with significant “hidden” costs. 

It often attracts the wrong customers and it devalues your brand & the products you sell.

Check out the article linked above from Olly Richards to learn what to do instead….

 

4. Behind the Scenes: Marketing & Sales Strategy of Scott Oldford’s Personal Brand

On Wednesday January 17th at 1PM Pacific, I am going to reveal the 2024 sales and marketing strategy for my personal brand business. 

You do not want to miss this  

Sign up now for free! 

That’s it for this 7-figure letter. I publish new one every Sunday. Make sure to signup here to get yours.