The Difference Between 7-, 8- and 9-Figure Businesses | Ep. #551

In episode #551, Eric and Neil lay out what makes a 7-figure business, 8-figure business, and 9-figure business. Tune in to hear great tips about how to gradually scale up your company. Time-Stamped Show Notes:   [00:27] Today’s Topic: The Difference Between 7-, 8- and 9-Figure Businesses [00:46] 7-figure businesses want a return on investment. [01:00] You want a 5:1 return, on average. [01:15] 8-figure businesses want to break even on their ad spend. [01:53] 9-figure businesses are willing to lose money at first. [02:13] They know the worth of a return customer down the road. [02:30] To compete, you need to outspend and have a funnel that converts very well. [03:00] “He who spends the most to acquire a customer, wins.” [03:58] Russell Brunson may lose money on the initial sale, because of his skill at setting up funnels he will recoup that money in the end. [04:30] It's hard to build a big business, unless you are willing to lose money up front. [04:45] You have to have the stomach for losing money. [05:00] The Microsofts and the HubSpots probably lost money their entire first year in business. [05:25] To build a successful 7-figure business, you have to hit product market fit. [05:41] 8-figure businesses capitalize on past successes and drop what isn't working. [06:15] 95% of the time, it's a process problem. 5% of the time it's a people problem. [06:54] When you're looking to go from 7, 8 or 9 figures, you need to look to your teams to start scaling up. [07:30] You have to know what you want and go for it! [07:34] That's all for today! [07:36] Go to Singlegrain.com/Giveway for a special edition of Crazy Egg, the heat mapping tool. 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.