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How to Build a Million Dollar Business

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How to Build a Million Dollar Business

I’m not singing you a song here. This is the real deal. You want to start a very successful business — one that will, not might, generate a million dollars in revenue? All it takes is a detailed follow-through on these elements, these prized steps to planning your business.

Get Yourself a Whiteboard and Start Planning a Business Completely Out

The good news is you don’t have to do any number crunching (yet). In fact, if you’re very much a creative brain-stormer, this process of going through the three steps will actually be the most fun you’ll ever had aside from making the millions after planning your business.

So how do you start? It’s simple:

  1. How’s Your Business Different? — Seriously. Ask yourself that question! If you can’t, you better soon, or your business will be shooting blanks in the corporate battlefield. Before you even think of doing the accounting, or even any of the legal stuff, just ask yourself why your business will matter. If you’ve got that nailed down, write it on that whiteboard. Don’t forget it. As your business continues to grow, you’ll find that your unique difference may be the unique SELLING PROPOSITION separating you from just about all the competition out there.
  2. Your Potential Customers Need to Understand Why You’re Different — And the way to do that is by trying to tell yourself exactly what your business is as if you are a small child. Explain how cool you are in the smallest possible words, so that you clearly understand. Now we get it, though: why would you even need to do that for yourself? You know what your business is all about! However…. Your potential customers won’t. And they need to know what you know, which is easier said than done.
  3. Finally, Make Your Customers See the BENEFIT Over the Features — In other words, you have to know that really customers don’t care about what your business provides nearly as much as they care about what your business can provide for them. Make it about them. In order to do that, you have to de-emphasize the features of your product/service and show what the benefits are. Sure, it’s great that your cutting knife has the best possible serrated edge, but customers want to see it for themselves, displayed, in detail, as you story-tell on the fact that your knife can cut through leather with just a few swipes. Show. Never tell.
     

The Crazy Thing Is That You Will Do These Three Things and EVERYTHING ELSE Just Might Fall Into Place!

Related: How to Get Your Startup Past the First Two Years

You’re planning your business from the ground up with a point to sell the awesomeness that it is. Instantly, customers will recognize what you’re offering, and before you know it, the cascade of dominoes will follow as you target the Internet and attain more of your demographic with gusto.

  • You’ll End Up Building a Website, No Doubt
  • You Might Dabble Into Facebook Advertising
  • You Might Even Start Building an Email List
     

And, of course, set your pricing. Your product. Your service. What have you. Start testing with the advertising! You have to understand, however, that as a rule most businesses will simmer in that development stage anywhere between six months to a year. So here’s some advice:

Take that time to get ALL OF THIS set up. Brainstorm. Detail your expenses. Plan it all out. This may include your inventory, any marketing costs, and other funds required. But just remember:

It All Starts With This Holy Trinity

Your idea starts it all. But definitely flesh it out so that it’s not just your idea. It’s EVERYONE’S idea. When EVERYONE sees it as a great idea, you’re guaranteed to get to that million-dollar revenue benchmark.

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