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Making your first $100k in business!

Let's talk about a big goal that many of us have on our entrepreneurial journey – hitting that first $100k in business. It sounds like a dream, right? But it's more achievable than you might think. I'm going to share some real talk about what it takes to get there. No fluff, just straight-up actionable advice.

Let’s talk about a big goal that many of us have on our entrepreneurial journey – hitting that first $100k in business. It sounds like a dream, right? But it’s more achievable than you might think. I’m going to share some real talk about what it takes to get there. No fluff, just straight-up actionable advice. And a full disclaimer here, I haven’t yet reached my first $100k for Golden Brands (although I have in previous businesses) and these are also the strategies I’m going through myself!

Understanding Your Business

The first step is all about getting to know your business incredibly well. What are you selling? Why are you selling it? Who are you selling to? How are you different from other similar businesses? Understanding your product or service and your target market is crucial. Once you understand your business and exactly who you are selling to you can start speaking directly to that audience.

Nail Your Pricing Strategy

One of the biggest hurdles is often pricing. Are you charging enough to not just survive but thrive? Don’t undervalue your offerings. Your price should reflect the value you provide, not your client’s budget. Remember, if you’re targeting the right audience, they will be willing to pay for quality.

Effective Marketing – It’s Non-Negotiable

Marketing is going to be the lifeblood of your business and a big part of getting to your first $100k. You’ve got to get your product or service in front of the right people. Utilise social media, invest in ads if necessary, and never underestimate the power of networking and collaborations. I’ve had so many referrals come through networking for all four of the businesses I’ve owned.

Sales Process – Keep It Smooth

Your sales process should be seamless. Make it easy for people to buy from you. Whether it’s a well-designed website, clear calls to action, or a hassle-free checkout process, remove any barriers that might deter a potential customer. Also, consider here how you can automate your sales process. Are there sales funnels you can build out to see sales on auto-pilot for your business?

Build Relationships, Not Just Transactions

Build relationships with your customers. Engage with them, understand their needs, and exceed their expectations. Happy customers are your best advocates. They’ll not only come back but also bring others with them. Golden Brands has grown significantly in the past month mainly through our current members sharing and talking about it!

Track and Analyse – Knowledge Is Power

What gets measured gets managed. Keep a close eye on your sales, expenses, and profit margins. Understand what services are most popular and focus on them. Keep things simple for yourself in the early stages of business. Track what’s working well and what could be improved. I do quarterly reporting in Golden Brands to track how we are performing against all our goals. I look at everything from email marketing stats to revenue + expenses.

Adapt and Overcome

Be ready to adapt. The market changes, trends come and go, and what works today might not work tomorrow. Stay flexible and be prepared to pivot your strategies as needed. Especially your marketing strategies!

Celebrate Your Wins

Last but not least, celebrate your successes, no matter how small. Each milestone is a step towards that $100k goal.

Reaching your first $100k in business is an exciting and challenging journey. It requires consistency. But with the right mindset and strategies in place, it’s definitely within your reach. Remember, every big achiever started as a beginner. So dream big, stay focused, and go get that $100k!

If you’d like to dive into this further and get more clarity on what you should focus on next in your business to grow – download a FREE copy of our Golden Sucess Path below. This will give you the exact steps you can take based on what stage of business you are at.

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