Isn’t that what everyone wants…
Stage 1: Start Up Foundation:
This is the hardest part of empire building, most people give up, or procrastinate too long that they become more afraid. So if you feel that fear, then you might want to take join our free 10 Day EARN 5K Bootcamp.
This stage has three critical parts:
- How to Get My First Client? This is the first question that you will need to focus on, this is so you validate if your service are in demand and answer the question: Will someone pay for what I am offering? At this stage for most service based business, you don’t need a website, registered business or anything.
Major struggle: You need to package your solutions in a way your customers understand or see value. And you need to get clear on who you are target and if they understand your messaging and the value you provide.
Hacker Trick: To save loads of time interview your prospects to understanding the key problem you will be solving for them. All this hard work, emotional turmoil and then eventually they hit their first paying customers. If you have already done that, congrats 🙂
2. How to Get My First Three Clients? Once you have gotten your first client, the next round is to get three others. This again is to validate your service and more importantly your messaging towards your first three clients. This is also to see if your first sale wasn’t just a lucky coincidence.
3. How to Reach 5K? This question becomes about “How do I get more sales”… For people in this stage we recommend no more than two income streams so that means offering more than one service: one high level and one low level. Also as not everyone who starts a business realizes that sales is a process, depending on the price point clients wont buy straight away, then you might want to play around with our Profit Calculator
Once you have done this, kudos… you are on your way to break the income ceiling of $60k which many business owners never reach.
Stage 2: Become a tribe builder:
Now if you are in the stage two of your sales journey: the question becomes,
This stage took me a long time to get over because it was during this stage where a lot of self sabotage comes up… Because although things are working, a lot of emotions come up and we need to better manage the uncertainty.
Its here where we realise that sales is great, but if we don’t develop some key systems we actually can’t grow. At this stage we might add a leveragable product offering and increase income streams from 2-3.
Stage 3: Scale Up
During this stage the question that comes up is:
This is really about making sure we start to measure the cost of acquiring a new client. For example understanding that “If I invest 1000 dollars, Ill get 2000 dollars Predictable revenue every month.
This stage means you will need to increase your team and typically have 3-5 income streams. It also means tightening your signature offer and build your brand around it.
Stage 4: Going big
Although I am not there yet, from getting previous companies to this phase and consulting clients during this phase, its all about:
This typical includes hiring more sales support, developing complimentary products/ services to upset to existing customers.
Investing more money into marketing + advertising. And adding new lead generation streams, working with joint venture partners to grow your business.
At this stage, companies will typically have 5-6 income steams.
Stage 5: Legacy Empire
Similar to going big stage, its really about streamlining operations and investing. You will add in more sales staff, optimise every sales funnel you can, and pump in more money in advertising, ensuring your growing your customer lifetime value so in terms of how often a customers will come back and buy from you.
At this stage, companies will typically have 6-8 income steams.
Lets Get Cracking….
When new empire builders start working, its important to get a handle on your marketing and sales. But It is a bit overwhelming because we are never sure, what’s the first step?
The thing you need to do before you actually building a funnel, is you need to nail down one key thing. You need to have a somewhat clear messaging or as others call it a clear value proposition. As you empire grows to the various stages, this will change. You will get more narrowed and more focused. That’s what makes business challenging is because you need to constantly test.
Without this, nothing else will work. Customers won’t understand that your product or service gives them. The messaging for your customers is very different than the one you tell yourself. That’s why saying that you are a coach, recruiter, designer, photographer even make up artist or stylist won’t make anysense.
Afterwards, you build a funnel and to this is about realizing its a process that consists of three clear stages:
The funnel has three stages, and if you think about it, there is a beginning, a middle and an end.
- The beginning is focused all about getting your attention, so its about building marketing to attract your ideal prospects to your business,
- The middle is about building a relationship where your prospects like, know and trust you and convert leads into clients
- The End is all about turning a one time client into a lifelong customers, where they see the value in your services, and thats when customers keep on buying what you have to offer, recommend it and you are able to start a new story with your customers.
People generally start to think of working on their funnel in order from beginning to the end but the reality is:
- You should focus on nailing your Middle first because if you are getting hot leads but you don’t know how to convert them you will have a problem…
- Then to work on the End because if customers are already paying you, how can you ensure they keep on paying you…
- finally optimizing the Top for attraction, because you know your machine is working so if you add more prospects you are able to predict the scale of operations..
I would love to know which stage you are at? and which areas you are struggling with? Do drop a note in the comments!