If I Had A Million Dollars
Have you ever heard the song by The Barenaked Ladies called, “If I Had A Million Dollars.” It goes like this, “If I had a million dollars… If I had a million dollars… I'd buy you a green dress, but not a real green dress that's cruel.” Maybe you've heard it. It's one of my favorites. When I had my 2-man band, we used to sing that all the time. I have even sung it at church during tithing season. It's a mindset and a lot of small business people say, “Man, I'd love to make a million dollars.” Your larger businesses have to make a million dollars to cover the expense of their plants, their buildings, and their people.
There are companies out there that probably make 50-100 million dollars or more in your business. It's the small businesses that say, “Man, I'd really like to get to a million dollars.” Wouldn't we all? It would probably change our lives if we won the lotto, or a scratch-off ticket or something like that. In business, it's really not as hard as it seems, but there are some caveats here.
How To Make $100,000 Or $1,000,000
I was listening to a podcast with Michael O'Neal called, “The Solopreneur Hour.” It is one of my faves. I have many that I listen to, including John Lee Dumas and Amplify. I spend a lot of time learning and listening to other people who are very successful. Michael was talking and doing some coaching and he asked, “Do you know how hard it is to make $100,000?” He said, “It's really super easy. All you have to do is get 200 people to pay you $500 each and all of a sudden you have $100,000 in business,” and I went, “Whoa, that's pretty straightforward.” Now, amplify that. In order to make a million dollars all you need is 2,000 people to pay you $500 and you make a million. That means if you could get 4 people a week to pay you $500 over the course of 50 weeks, you would make $100,000. If you could get 40 people to pay you $500 over the course of 50 weeks, that would be a million dollars. These are all different scenarios, but you can figure it out. There are so many ways to look at it, but it's really not that hard.
How Do You Find Those People?
The biggest question is where do you find those 200 people? Where are those 4 people per week or those 40 people per week who have $500 that would pay you for that and would find enough value that you could repeat the process over and over and over again? This is important because if you run out of people, you run out of income. This million dollar marketing mindset is what I want to talk about today. How do we get our minds around the fact that we could make $100,000, $300,000 or a million dollars? Really it boils down to some simple concepts that I think once you learn them and you start to embrace them, you can really start to understand how to grow your business.
The Three Steps To Success
I'd like to talk about is the 3 major steps to take while trying to grow your business…
Number 1 is learning. You have to invest in yourself in one way, shape or form. I don't care whether it's listening to podcasts like I do, buying classes or going to conferences. Whatever it is you have to invest yourself and continue to learn because things change, we change. We have to evolve. If I did not evolve from owning my recording studio in the 1990s and was still trying to run that business today, I would be bankrupt, because I can now buy a $10 app that does as much as a quarter of a million dollars worth of gear did back then. I've had to learn how to evolve and grow myself over time. I invested myself daily and weekly to try to learn new things. Now, I know people buy a lot of products and they buy courses. They buy this stuff, but then many times a glitch comes in.
The glitch is that they don't implement what they've learned. I've seen so many people go through my course and go through my one-on-one coaching and my training and they get it. They are excited and say “Man I can't wait to get this thing going, because I'm going to get rich.” What happens is, they don't implement. They don't execute what they've learned. You have got to make sure that you're investing in yourself in time to learn things, but you also have to invest in the time to execute.
Finally, the third piece of this puzzle is you have to analyze. We've learned things. We've executed things. Are we spending time to collect data to analyze, “Is this working? Is it making sense? Is it getting me the results that I want?” These are the 3 major steps: number 1, learn, number 2, implement and number 3, analyze. It's no different than ready, aim, and fire. You need to be ready to learn something. Get yourself ready to make things happen. Fire, execute, implement and get things done. Create a website. Create a landing page. Conduct a webinar. Do something that is going to help you communicate what it is that you've learned and help you grow your business. Finally, aim, analyze, collect the data and figure out what's working and what's not working. It's no different than lather, rinse, and repeat. You do it over and over again. Every shampoo bottle suggests you do it at least twice, but we do it every single day.
This is a process that you have to do. You have to learn something. You execute it and then you analyze what's going on. A lot of people do that and they don't get the results that they're looking for and then what happens? They just stop. They say, “This isn't working. I'm done.”
The Secret Sauce…
I want to let you in on a little secret sauce that's going to help you take it to the next level, so that you actually see the success and the return on investment that you hoped for when you started this. That secret sauce is the next two steps where a lot of people just don't go.
The first one is adjust. You've done, you've learned, you've executed, you've analyzed but then you stop. You've got to learn to adjust what's working and what's not working. Why is it working? Why is it not working? Part of that analytics is really understanding all the nooks and crannies of things that are happening. Believe me, I've tried Facebook ads and I've done well with some, but then I've failed on others. It love an Albert Einstein quote. It says, “A person who has never made a mistake never tried anything new.” You have to be willing to say, “Okay, maybe I made a mistake. Maybe my ad wasn't good. Maybe my copy wasn't good. Maybe it was the wrong image. I don't know what I did.” You have to say, “Okay, let me adjust what it is that I'm doing and see if I can actually make something different happen.” Then the final piece of this puzzle is to actively respond. Go in and modify what you've done and then lather, rinse, repeat. Learn, implement, analyze.
Those are the 3 core things that you have to do. Number 1 is to invest in yourself by learning new things. Number 2 is implement and by the way if you don't have the skillset or you don't have the time, then pay somebody to do it for you. Find a way to get it done. This is the place where a lot of people fail, because they just don't have the time, or they feel like they're not good enough to do it. Finally, number 3 is analyze the data. It's up to you to learn how to read the data. That's why I talk about Google Analytics so much. Finally, that secret sauce is to adjust to what you've learned through the data and then actively respond to what you've learned. That formula will help you have a million dollar business if you just keep trying.
I have something I call, “A Taste Of Bacon,” which is my bacon weekly mastermind. Go to BaconCoach.com/bwm for bacon weekly mastermind and you could try a little coaching for only $1 for the 1st month!
I would love to hear your thoughts and comments and maybe some other tools you love!
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