7 Essentials to Building a Million Dollar Business | Ep. #689

In episode #689, Eric and Neil count out the essentials to building a million dollar business. Tune in to hear what steps you should take to achieve success. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: 7 Essentials to Building a Million Dollar Business [00:38] 1: You have to have something that people actually want. [00:54] 2: Go out there and find all the competitors and hit up their customer list; offer the same product to them for less. [01:25] When you’re starting off, you don’t have as many expenses and you can do free or low-cost work. [01:48] 3: Having a great team is the most important facet of any company. [02:00] Read the book Who? to learn how to build a great team. [02:11] 4: Get an office! [02:35] Having a physical location makes communication easy and it is helpful when building a solid team. [03:22] When Singlegrain was starting, they left an office space, but things got much easier once they all moved back into the same office space. [03:40] 5: Become a media company. [04:08] 6: You have to have upsells and downsells. [04:18] Stop trying to close new sales and focus on existing customers. [04:48] Marketing costs are lower and profit margins are higher. [05:00] 7: Focus in on one marketing channel. [05:10] Trying to do too many things at once will kill your business. [05:25] That’s all for now! [05:27] Go to Singlegrain.com/Giveway for a special marketing tool giveaway! Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.