If you’re an entrepreneur, you’re probably eager to find a way to grow your business profitably and fast. The problem is, you can’t spend a crazy amount of money on books or classes or a super expensive coach, and Google searching for “how to grow your business fast” doesn’t really get you the results you want. Take it from me – a business owner who quadrupled her revenue in 2020 during one of the largest economic downturns – randomly searching for that magic ticket online isn’t going to get you the ROI you want and deserve.
But here’s the thing: it is possible for you to grow from 0 to $100,000 to $10,000,000 – you just need to know what to spend your time on. In this blog, I’m going to share with you the four things that I did that caused me to quadruple my revenue in 2020. These strategies worked for me, and while I can’t promise that they’ll work for you, I can tell you that they were game-changers for me. Hopefully, they help you make your dreams come true, too. Let’s get started!
#1 Improve Your Skills
One of the hardest parts of starting a new business is getting customers to trust that you’re legit. The market is so saturated right now, so chances are that there is already a business out there doing something similar to what you’re doing. Why should someone trust you over them?
When I started my own digital marketing agency a few years ago, I was getting some clients, but not enough. I wanted to grow and scale like crazy, but for some reason, something was holding me back. So, I decided to level up in two ways.
One, I took courses, got certifications, and learned certain skills that I didn’t have before. I won’t go over all of them with you, but the most essential one was probably when I became a StoryBrand Certified Guide. That certification signaled to others that I’m legit because I’m certified by a proven brand that uses a proven framework. It also taught me the StoryBrand 7-part framework, which is what I use with every marketing client at my agency.
Two, I learned a lot of different strategies and techniques through books and other resources that I later used to build my framework. I drew from a few different sources, like StoryBrand and the book Zag by Marty Neumeier, as well as my own expertise to create a researched and proven framework that was repeatable and applicable across the field. That way, every time I got a new client, I wasn’t wasting time trying to figure out what process to take them through. I knew exactly what to do and I started to become known for my framework. That brought in more clients who referred me to friends who told more friends…and you know how it goes after that.
If you’re interested in improving your marketing skills but don’t know where to start… I offer an online masterclass to help businesses clarify their brand message and turn their website into a sales-capturing tool and have a membership group where you can get access to live coaching and tons of marketing tips and strategies – check it out if you’re interested!
#2: Stop Trading Time for Money
One of the biggest mistakes I see business leaders and entrepreneurs make today is by only trading time for money. Let’s back it up for a second – what do I mean by trading time for money?
Well, if you’re a consultant or small-business owner providing a service and you’re charging an hourly rate, you’re directly trading your time for money. There are only limited hours in the day, so say you charge $150/hour and work 40 hours a week, the maximum you could make is $6000. And granted, you’re probably not filling every single hour with client work – you also have to run your business and do all of the tasks associated with that.
The alternative to trading time for money is trading value for money, which is what I started to do. I packaged my offerings together and charged for the packaged results instead of an hourly rate.
Let me explain it with an example.
- If you’re a nutrition coach, you could be charging $50/hour for your consulting fees. If on average, a client takes up 1 hour per week and you meet with them 10 times, you’re only making $500 off of that client.
- If you shift to value-based packaging, you could offer a full 10-week nutrition program with three 30-minute calls – an intro call, a mid-program check-in, and an end-of-program evaluation, and a ton of recipes and workouts they can use – and package that program for $1000.
- That way, you’re only spending an hour and a half of your time talking to the client plus a few hours creating their plan and of course the initial time it took to create all the resources.
See how it works?
The moral of the story here is that people care more about the value and the results and can understand that better than an hourly price. It worked for me and it’s worth considering for you, too).
#3: Build a Team
To quadruple my revenue, I had to learn the power of delegation. When you’re starting a business, it’s hard to let go of control. I totally understand! You care so deeply about the business and you want it to succeed – it’s hard to let other people take the reins.
But at some point, you’re going to become overworked, burnt out, and stressed out if you don’t hire other people to work for you. You have to remind yourself of why you started this business in the first place. Yes, to help your customers, but also to achieve financial freedom and the flexibility that you want and deserve. If you don’t delegate work to others, you’re never going to get the flexible lifestyle you’re looking for. Do yourself a favor and listen to me on this one. Let go of some of the control and don’t let your ego take over. I had to do it, and it was hard, but it definitely paid off.
In 2020, I went from having two employees to over 10. I didn’t just go crazy with hiring – I hired the appropriate people as I needed them, like developers, copywriters, and graphic designers. At first, it was hard not to have my hands in every part of the process, but as we began to grow, I saw how absolutely essential it is to delegate work.
#4: Hire a Business Coach
It may seem biased coming from me (a business coach) to tell you to hire a business coach. But I practice what I preach! I have my own professional business coach and I can tell you with full confidence that there is so much power in having support — business support.
When you hire a business coach, you shouldn’t be hiring a cheerleader. You should be hiring someone who knows how to run successful businesses and can actually teach you things that you don’t know to improve your skills, develop your strategies, and help you grow your business. It is so difficult to see your blind spots on your own — that’s why they’re called blind spots. How are you supposed to uncover your own gaps if you can’t see them? A business coach.
When I hired a coach, my business quadrupled, and I will definitely continue to have one for the life of my business — I suggest you do the same.
So, the four things that I did to quadruple my revenue in 2020 were improving my skills, stopping trading time for money, building an incredible team, and hiring. What are you going to do this year that is going to take your revenue to the level that you want and deserve?
Comment one thing you’re committed to trying in 2021 in the comments below —I’d love to hear from you.
Until next time!