3 Simple Steps to Guarantee Your First $100k as an Entrepreneur
What comes to mind when you hear the word, “entrepreneur”?
In my experience, entrepreneurs are some of the hardest working, most passionate and driven individuals I have ever had the pleasure of knowing and working with.
So why is it that 9 out of 10 startups fail (according to this article by Forbes)?
How do you avoid falling into the trap of peaks and valleys in your income, your income tapering off, or worse, having to shut things down because the income runs dry?
In this article, I will walk you through 3 simple steps to guarantee your first $100k as an Entrepreneur.
You need to know how to sell, what to sell, and who to sell to.
‘Selling’ has quickly become the word feared by the entrepreneur – selling isn’t as “sexy” as things like social media and online marketing.
If you’ve been in business for any amount of time, you’ve probably realised two things:
- Getting new clients is the most important and most costly thing in your business
- There are a hundred (at least) online marketing tools to choose from – and everyone claims that a different one gives the biggest ROI.
In my years of business, what’s the other top complaint I hear from entrepreneurs? “How can I run Facebook ads without an advertising budget?” or “I don’t have time to manage all of my social media or pay for a tool or person to do it for me.” Bottom line? Taking care of your marketing as an entrepreneur takes money and the fastest way to make money to support your marketing is through selling.
This is the #1 FASTEST way to reach the first $100k in your business – not the first $1,000, not the first $5,000 – you heard me, the first $100k. All it takes is a system.
If you’re ready to become the successful, thriving entrepreneur you know you can be, here’s your 3 step crash course in becoming a wildly profitable salesperson (without being slimy or “salesy”).
STEP 1: Get off of the online marketing train (for now)
If you’ve been spinning in circles trying Snapchat, Twitter, Live-streaming, interviews…. and that’s all you’re doing, there’s your first problem. Get out of the marketing craze cycle, and get down to work.
If you aren’t clear, direct, and focused, your income will be just as inconsistent. There’s a reason why patchwork strategies don’t equal profit, especially for small business.
So here’s the kicker: you want to make a 6 figure leap quickly. So start to sell to corporations, small businesses or at least individuals who truly have the resources to make a significant investment in working with you.
If you’re thinking, “There are a million other things I’d rather do than work with corporate – heck, I left corporate to start my business!”… Pause. There are “small” businesses that still have the budget for investing with coaches, consultants, services, vendors, outsourcing, speakers, and so much more. Just because you are an entrepreneur does not mean you should shy away from the easy targets – those who have a proven track record of purchasing products and services similar to what you offer.
Who is local to you that you can start with TODAY presenting your products, services, and expertise? You can reach out through email, mailers, phone calls, etc.
Quick Tip: Use a tool like Hoovers to find companies by size, earnings, etc.
Think about it: can you afford to NOT sell to corporations?
On average, one corporate client will be the equivalent of 10, 20, maybe even 100 sales to individuals.
ONE corporate client. Making sense?
STEP 2: Begin to take imperfect action
Before you’re about to sell to your first corporate client, there’s probably dozens of doubts swirling around in your mind. Are you guilty of these limiting beliefs and statements?
- “My website isn’t ready!”
- “I don’t have enough experience!”
- “My marketing materials aren’t up to par”
- “I’m not sure how to communicate effectively with high level executives”
- “I’m not good at sales”
- “But companies only want to work with big brands!”
If any of these felt familiar to you, you’re not alone. However, these beliefs are nothing but myths, and if you let any of the myths hold you back, you’ll never be able to succeed.
In fact, you can spend years and thousands of dollars trying to fix these problems but nothing will come out of it if you aren’t willing to take action, even if it is imperfect action.
Think of it this way: would you rather move forward with imperfect action or stay where you are and continue to leave thousands of dollars of the table each and every month?
Selling to corporate clients isn’t as scary as you may think it is. The buyers and decision makers you’re going to be targeting are more average than you might think. They’re everyday people, just like you and me. In fact, they’re probably just looking for the best results with the least effort, which is where you come in!
High level clients are only looking for a few things from a service provider (aka an entrepreneur like you!):
- Someone who can match their specific needs with a custom solution
- Results that are delivered in with what was promised
- Someone who isn’t going to waste their time
So what can you do to meet all these goals? It’s actually quite simple! You can position yourself as the obvious choice through a few simple strategies that are of no cost to you:
- Adding value
The last one is SO important because if you keep adding more and more value, the law of reciprocation says the person you are selling to will do the same for you. Now that you’ve attracted these client’s attention, all that’s left to do is close the deal!
STEP 3: Pull these 3 levers to 10x your income & growth!
Your business should provide you with income, but there are 3 other big freedoms you should get from being an entrepreneur: freedom of time, freedom of location, and freedom of choice. If your business isn’t providing these for you, then I challenge you to ask yourself, “what do I have to lose by trying this?”
The answer: absolutely nothing.
Now that you have an idea of who you’ll be targeting, start to build your database of local influencers and companies you want to target.
Quick tip: 100-300 is the ‘magic number’ of target companies to pursue. You need to decide for yourself the number of companies that is manageable for you to be in front of each month. I never suggest to go below 100, because even if you are a fabulous salesperson, only a certain percentage of your market is buying at any given time.
Next, use a few keys that will help you make 6 and 7 figure leaps in your business:
Stop wasting time on people who aren’t decision makers.
One common entrepreneur mistake is spending time selling to the wrong people. Sure, an account executive might tell you your services would be perfect for their company… but at the end of the day, that person isn’t the person who has the power to hire you. Aim for the top and cut down on the time spent working to close a company.
Be a partner, not a vendor.
You should position yourself as a credible person, an authority, and a resource that this company needs. There are critical flaws in your “marketing” (we’re using that loosely right now) that will set you back and make you blend in with your competition. Simple things like unique follow up and how you position yourself can be the key to closing. Never send a one-size fits all email – research your company, congratulate them on latest development, and send a shock-and-awe package every other week to your company. You are not average, so your follow up shouldn’t be, either.
Quick tip: 80% of companies say they are willing to change the system or person they are working with. Setting yourself up as different from the rest makes it easier than you may think to close a company.
Use the Pyramid of Impact.
This is why speaking, podcasts, and drop bys are SO critical. There is a pyramid of impact, meaning there is a high value activity on the top, and a low value activity on the bottom. Everyone is trying to close people by sending mass emails. Not everyone is getting out there and interacting with people, talking to the people who need your services, and building relationships. If you’re targeting local companies, who says you can’t ask for an in-person meeting? The people who are running ads, posting on social media, etc are not having real conversations. Get out in front of your people!
Quick tip: If you are an entrepreneur, YOU are your company. If you can get in front of the people you want to close, you will quickly set yourself and your company apart from the sales people who send multiple emails and just hope for the best.
So here’s what you need to do next.
Understand that you are better than the mental traps we talked about above. If you are truly ready to stop sitting on the sidelines, then it’s time to take action.
Imperfect action, but action nonetheless. This is the ONLY way to finally explode your growth and finally give yourself the freedom and the income to transform your life.
As a reader of the Stage One Startup Blog, I want to give you an exclusive invitation to get the in-depth, video training that is in line with this post. Absolutely free.
The 0-$100k Entrepreneurial Blueprint is a 4 part video training series that will walk you through the above steps and so much more so you can get the complete game plan, the entire roadmap of how you can take everything from above and start applying it to your business.
In this free training (exclusive to you), you’ll dive into:
- Strategies to easily close at a higher rate without resistance
- Example of what builds credibility (even if you have little or 0 clients under your belt)
- 3 more powerful levers to pull to 10x your growth
And so much more. You can learn about it and register here: kellyroachcoaching.com/blueprint
When you get to the page I just listed, you’ll see one major thing:
“Even if you stink at selling & don’t know where to start.”
No one is born a natural salesperson or a natural entrepreneur. Every part of a successful business is built upon a foundation that is learned, and you learn along the way.
Duct taping random strategies together doesn’t work. A system does. Give yourself the gift of saving months even years and hundreds or thousands of dollars on wasted techniques that don’t produce revenue.
For more great startup tips and insights in building your startup business the right way – listen to our podcast episode w/ Kelly Roach: EP033: How Creating a Successful Business, Ditching Corporate & Starting a Family is Possible
This article was written by Kelly Roach.
Kelly Roach is the host of the top-rated podcast Unstoppable Success Radio, an International bestselling author, and the CEO of Kelly Roach Coaching. Kelly is a former NFL Cheerleader and Fortune 500 Executive where she was promoted 7 times in 8 years. She brings a powerful combination of proven and profitable business growth strategies coupled with the mindset, wellness and productivity practices required to help entrepreneurs build a profitable business around a life they absolutely love.
Kelly runs business coaching programs, mastermind groups, online courses and does private consulting with individuals and organisations.
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