5 Insider Secrets: How to Build a Multi-Million Dollar Business

| 3 mins 44 secs

How do you build a business that generates millions of dollars of revenue? How do you build a business that fits your lifestyle?

It’s not a secret that 95 to 97% of businesses fail within the first five to ten years. The question is: how do you manage that risk? What are the structures? What are the processes? And how do you build a successful business online?

I want to share how I built a multi-million dollar business by the age of 24, the mistakes and failures I made along the way and how you can do the same for yourself and build a successful business.

1:00 How To Build A Multi-Million Dollar Business Tip #1:

Surround yourself with mentors.

You want to surround yourself with people that have already accomplished what you want to achieve in your industry. Whatever product or service you sell, whatever stage of business or industry that you want to be in, there are already people who are extremely successful in your industry and in that business you want to be in. Go to networking events in your local area.

They key is to always add value first, be a good student, be a good mentee, and be able to learn from your mentor’s experience.

2:20 How To Build A Multi-Million Dollar Business Tip #2:

Master a skill.

The first thing that I did when I built a multi-million dollar business is I focused on the foundation of copywriting. I started focusing on digital marketing. I focused on copywriting, then I focused on SEO, search engine optimization, and then I focused on paid media. As I developed these skills, I became extremely skilled in a specific area.

3:30 How To Build A Multi-Million Dollar Business Tip #3:

Solve a problem.

You want to look at a problem that you can solve in the marketplace for your target audience, or you want to look at the results that they wanna achieve. Once you have these two things, then you can focus and hone in on what it is.

4:25 How To Build A Multi-Million Dollar Business Tip #4:
focused and you want to be patient.

You want it in a year. You want it in two years. The truth is, things aren’t going to come that fast. Always remember that it takes dedication and focus.

5:30 How To Build A Multi-Million Dollar Business Tip #5:
Focus on leverage.

Leverage is leveraging your resources. Leverage is leveraging other experts, other influencers, other mentors. Leveraging the money, leveraging your time. You have to hire people. You have to be able to train them. You have to teach them how to do things. That’s the only way for you to scale yourself and it’s the only way for you to build a team. You can’t do it on your own. It just doesn’t work that way.

Let’s discuss the business mistakes I made when I first started out.

7:30 Business Mistake #1:

Not understanding the financial side.

I would have focused on understanding more about the financials. I think financials for any business and personal finances are key to success. I was in debt back when I started this business. But obviously, now it’s thriving because I took the time to understand more about how financials work in a business.

8:00 Business Mistake #2:

Doing everything on your own.

When you’re starting out especially if you’re young, you feel like you can do it all. But the reality is, the more you can be able to generate revenue, you can bring on help, the faster you want to do it. You want to be able to leverage yourself and grow yourself because the only way for you to grow a successful business is to have a team to help you succeed.

8:30 Business Mistake #3:

Isolation.

I would’ve put myself in more groups; I would’ve found more mentors, I would’ve learned more things and built more relationships and networks when I was first starting out.

Those are the three core mistakes that you should avoid as an aspiring business owner.

Thanks for watching this episode on how I built a multi-million dollar business by the age of 24. If you enjoy videos that teach you how to create a business and how to become an entrepreneur make sure you’re subscribed to the Youtube channel.

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