This post originally appeared on Entrepreneur.com - #Growing Your Business
Healthy habits and a bit of savvy will get you to where you want to be.
5 min read
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Making seven figures in 2020 and beyond this decade is not impossible. There are rapidly growing industries and technological advances, and plenty of individuals and businesses will experience growth and financial gain. Remember these habits and strategies to help you attain financial freedom.
1. You must have multiple streams of income.
This is one of the oldest lessons in the book. The more streams of income you create, the more likely your chances of earning seven figures. Sure, one income stream can potentially reach the million-dollar mark, but it can be a bit risky to put all your eggs in one financial basket.
Aside from earned income, where you’re exchanging time for money, you must invest in other streams to free up time while also reaching financial freedom. Passive income is the main way to do so, which you can generate by creating digital products, as one example. Residual income from affiliate marketing or rental-property income can also get you closer to your seven-figure goal.
To successfully manage different income streams, one must learn the skill of delegating. As Richard Branson has expressed, “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run the individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.”
2. Create products and services people need.
The products and services you offer have a direct effect on your earnings, and seven figures is attainable if you focus on price, value and demand. Consider high-ticket products, services or packages to appeal to some of your most dedicated clients. Regardless of high ticket prices, new products and services are a good way to earn more money in the new year and decade. Provide more valuable options to your customers and they’ll appreciate it, all while you scale your business.
3. Scale properly.
Before scaling your business, be sure that your customers will want what you’re building. Beginner entrepreneurs often make the mistake of overlooking this step. From there, be sure to maintain enough inventory to satisfy demand, and bear in mind that most businesses keep popular items at a higher supply.
4. Media exposure is key.
Utilizing the media is important when showcasing your business and what you offer to a wide range of possible customers and clients. Target as specific an audience as possible, and don’t be afraid to refine the audience your ads are targeted to. Be clear and confident in what you offer, and revenue will likely increase.
5. Invest in your business and yourself.
To scale your business, you must reinvest by outsourcing more tasks to focus on growth, equipment for more efficient operations, marketing, etc. As mentioned earlier, investing in other areas of income is crucial, but it doesn’t stop there. Be sure to invest in your education to increase your skills and your health to stay active and on top. Not only do you have to do what’s best for your business, but also for yourself.
6. Avoid burnout.
As much as people would like to think otherwise, it’s not healthy to be working all the time. Lack of rest will decrease performance, and experiencing burnout imposes additional health risks. You can lose focus of the goals you set, and little to no progress will be made in the upcoming year.
Manage time to achieve goals, and set aside time to rest and grow. As successful business mentor Merel Kriegsman states, “If you attempt to pull a ‘just keep swimming’ strategy, your ability to receive awesome things in your life starts to lag behind the results you’re seeing in your business, and that’s when self-sabotaging behavior will come and bite you in the butt.”
7. Hang around other seven-figure earners.
Almost every successful entrepreneur has advised this, but that’s because it really is important. If you hang around five millionaires, you’ll be far more likely to become one yourself. Sometimes it may be best to relocate for the sake of financial growth. It’s no secret bigger cities can bring bigger opportunities. Depending on the type of business you’re involved in and where you currently live, it may be worth considering.
Making seven figures in 2020 and beyond may take plenty of effort, but it’s not impossible to achieve. Analyze these areas and see where there’s room for improvement, because better actions will achieve better income in the new year.