To reach any significant level of success, every small business owner should have a business coach to help them avoid many of the hurdles and pitfalls that exist and rapidly build their business with integrated turnkey solutions.
If you have the goal of building a “million-dollar business,” it is important to clarify whether you are talking about a million dollars in revenue, earnings, or owners’ equity. They mean different things and can be achieved with different strategies.
Here are key points to keep in mind:
- From a planning standpoint, your business model and exit strategy are important factors that will determine the speed at which you can build your business.
There are many entrepreneurs who are not looking to create sustainable businesses, only companies that they can eventually sell to larger players in the competitive space. This requires a different level of skill and planning than a sustainable business.It is also important to clearly define your exit strategy when you start your business, and whether you will “cash out” of that business by automating it, creating franchises, an acquisition, Direct Public Offering (DPO), Initial Public Offering (IPO), etc.One option for quickly creating a million-dollar business is to take your idea and develop it into a proven business model, then sell stock to accredited investors. This gets you to a million dollars in capitalization without necessarily having the revenue or earnings to support it. As you saw during the dotcom era, there were lots of businesses with billions of dollars in capitalization and little-to-no earnings. This is great for the founders and investment bankers, but does not mean much for new shareholders.
It also becomes a lot quicker to get to a million dollars in capitalization, revenue, or earnings if you are doing large deals and selling high price, high margin products and services.
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Ranked as the #1 Business Motivational Speaker by Ranking.com, William R. Patterson is a two-time award-winning lecturer, national best-selling author, and wealth coach who uses his trademark approach, THE BARON SOLUTION™, to coach, train, and motivate business leaders, sales professionals, entrepreneurs, and investors. His breakthrough book, The Baron Son, has been translated around the world and featured in the Forbes Book Club. William is an internationally recognized business authority who has been a featured guest on over 300 television and radio programs. William’s website, BaronSeries.com, is also winner of three 2008 Web Awards including Best Wealth-Building Site. THE BARON SOLUTION integrates over 200 proven business and financial accelerators to help you rapidly achieve your personal and organizational goals.