Have you seen the popular TV show ‘Shark Tank’? If you haven’t yet, there’s a lot you can learn from it. For example, how to turn 6 figures into 7 for your business. This business reality show will teach you about business, investing, growing your business and more. You can think of it like ‘America’s Got Talent’ for doing business: entrepreneurs pitch their ideas in hopes of winning big investments for their companies.
You’ll see many success stories, and you’ll also see some millionaire wannabes too. You’ll even see people come back on the show, having previously failed.
Whether you’re a small or mid-to-large size business, you will walk away with loads of value. Since these are real deals, made in real life, you’ll know exactly what will work and what won’t in the market.
People will be willing to invest in your products or services if they buy into what you believe in. It takes a smart plan to convince a lot of people to open up their wallets.
If you want to know how to scale your way to a 7 figure business, you can follow lessons from ‘Shark Tank’ winners. These lessons will save you from costly mistakes, and guide you towards the right track with your revenue.
What differentiates every entrepreneur is the system they follow in their business. Those who are likely to win have done diligent research beforehand. It is their system that enables them to get to where they are, all within an impressive timeframe.
You too can follow a similar system on how to turn 6 figures into 7 in revenue and grow your business:
1. Position Yourself as a 7 Figure Earner
What got you to 6 figures won’t get you to 7 figures. To reach that level, you’ll have to position yourself as who you want to become.
Here’s a secret: you don’t have to hustle your way to 7 figures to grow your business.
What you need to do instead is to focus on your time better. Your time is more valuable. Since you only have 24 hours each day, it’s impossible to hustle harder to reach where you want to be.
You should spend your time bringing more value and impact to your audience; then you will position yourself as a go-to expert in your industry.
If you can position yourself, sales will happen a lot faster. This will also help you stand out from your competition.
While on your way to 6 figures, you were testing out the waters of your new business. Now that you know what’s been working, it’s time to share your growth.
This means that, by now, you should have more credibility and social proof. That’s enough to know that people enjoy your products or services. The next step, then, is reaching new customers.
Positioning helps with doing this. Even if you’re doing social media marketing, your positioning will expand your reach a lot faster. You’ll even get more people referring to you, as well as more recurring customers.
The biggest benefit is that people start coming to you, instead of you having to chase them in a cold market. You’ll be able to see the difference in opportunities.
There are a few ways you can position yourself:
- Credibility: Develop authority and provide your expertise to your audience.
- Messaging: A compelling message on why your audience should care about your ‘why’.
- Platform: Make sure your message and everything else aligns in all your platforms. (Website, social media, publications, etc.)
- Social Proof: Have people sell for you through endorsements, reviews, media features, etc.
- Tagline: Keep a clear, simple tagline that shows who you are, what you do, and how you’re helping.
- Story: This is what’s going to distinguish you from any other business. Your story is a unique and powerful element you need to share, and have others resonate with.
Once you change your positioning, you’ll at least 2X your business. The best part? You won’t need to work as hard. That’s because your company will become more superior and produce better results.
You don’t even have to compete on prices to scale – you can charge more without losing customers. All it takes is for you to show that your products and services are of the best quality.
2. Improve Your Marketing to Grow Your Business
If you’re a good marketer, you can pretty much get anything you want for your business. You can find out how to turn 6 figures into 7 by getting more exposure.
Even though some entrepreneurs didn’t win on ‘Shark Tank,’ they still got a lot of exposure from being on the show. They might not have won a deal, but those who like their ideas end up becoming customers. They might even have deals coming in from other companies.
People are often willing to get on ‘Shark Tank’ for the exposure, and not even expect to win. Once you’ve made an appearance, your business will have more online searches.
That’s how marketing works – it means getting in front of people who want what you have. Now, you don’t have to appear on a hit TV show to gain exposure. You can rely on word-of-mouth and visibility through other channels.
Social networking plays a big role in this. Since everyone is using a smartphone nowadays, it’s hard to stay off social media apps. This is how many people stay informed, share news, and connect.
As social media is only growing stronger, it’s getting more difficult to get people’s attention. Your business has to compete with all the other distractions on a daily basis.
The best way to get people’s attention is by being a little disruptive. What does that mean? It means you have to be creative. That’s how you can make your business famous.
Most people think you have to spend a fortune on marketing. In reality, it’s the content you put out that makes a fortune.
If you can produce valuable, eye-catching content, you won’t have to rely so much on spending money to make money. Imagine if every post or video you make goes viral – what will that do for your business?
You have to keep in mind that more than 2 billion people are using social media worldwide. To reach more people, you’ll have to ask yourself: “What will get them to stop scrolling when they see my post?”
Another way to get more attention fast is to partner up with more reputable people. You can become a guest on someone’s podcast, or have influencers feature you on their posts. Anything that helps spread the word about your business is effective marketing.
3. It’s Not Better Alone to Grow Your Business
There’s an African proverb that says: “If you want to go fast, go alone. If you want to go far, go together.”
With that said, it’s wise to build business partnerships.
There are many successful companies that rely on partnerships: for example, companies like Airbnb, Uber, and Apple.
Airbnb partners with homeowners; Uber partners with drivers, and Apple partners with app developers. Without these partnerships, their presence in the marketplace wouldn’t exist. Partnerships are what make them who they are.
The reason why these companies are successful is that they offer a solution to people’s problems. Not only that: they offer job opportunities too. It’s a definite win-win situation.
The truth is, not every idea you have will turn out great – no matter how exciting it sounds. To test it out, you’ll need other people’s input.
Even if you plan on executing an idea, it’s better to have people working with you. There might be one skill you’re good at, and another you’re not.
Some entrepreneurs find it hard to trust other people with handling their businesses. But managing all the work on your own is not ideal. The best thing to do is to bring world-class talent into the picture: that way, you’ll have a powerful team to produce only the best.
How to turn 6 figures into 7 by doing this?
Keep in mind it’s not the tools, sales, or products: it’s the people. If you want to scale your business faster, you’re going to have to upgrade your team. Surrounding yourself with like-mind 7-figure earners will do the job.Your network is your net worth. Click To Tweet
Since these talented people are more skilled, you don’t have to be present all the time. They should be capable of coming up with solutions without your guidance.
If you stick to a 6 figure team, you’ll still catch yourself getting involved in most projects. They are capable of performing tasks, but theirs might not be the best work you’ve seen. There could be more revisions that push the deadlines back.
Once you stop micromanaging, you’ll have more time to focus on your business instead – turn to the things that matter more.
Partnerships don’t have to be about hiring new people; you can also focus on your connections. Your business flourishes and will grow when you find the right mentors, industry leaders, and masterminds.
4. The Powerful Thing About Leveraging
There are two main ways you can leverage.
As we mentioned earlier, you can hire a team. You don’t have to have a big team or spend a lot of money on overhead expenses. If you find the right people to work with, they’ll be able to help you sustain more revenue.
What helps your team scale faster are successful strategies and execution. When everyone is equipped with the right skills, all your systems will be effective and this will help grow your business.
These systems are built on action steps and learning. They help your team avoid having to repeat the same mistakes again. Your workflow will then become faster.
Another way to leverage is through technology, specifically automation. If you’re wondering how to turn 6 figures into 7 without getting too involved, then leveraging automation is what you need to do.
You can simplify a lot of your tasks by letting technology do the work. Perhaps your sales funnel could be automated, and you’ll be making money in your sleep.
Whatever it is that’s taking most of your time, try automating it. If there’s a way to do certain things faster, automate it. When you use automation in most of your processes, you and your team will have time to focus on other strengths and that is one way to grow your business .
5. Do You Know Your Numbers – Sales and Profit?
Having an idea is amazing, but knowing the numbers will get you to success. Your idea is useless if the numbers don’t look good.
Imagine you launch a new product, and then find out that there’s not much of an audience for it. You also have to make sure you’re capable of funding it. These factors will reflect on how responsible you are.
You’ll have to prove that your product is well-researched and suitable for serving a great market demand. Also, you’ll need to know about market analyses and sales growth projections.
Here are some helpful questions you can ask yourself:
- What are my past annual sales?
- How many customers do I have?
- What are my next year’s sales goals?
- My marketing plan?
- What are my costs that’ll affect my net revenue?
If you can’t answer these basic questions right away, it’s time you go back and do the math.
Especially if you pitch to an investor to fund your business, you need to be able to answer questions. They want to know how much cash will go in and out of your business. If you’re not confident in your numbers, they might not be as confident in you.
You’re going to need capital. Even if you’re starting out with no money in the bank, your goal is to find capital as a safety net in case of plans failing.
6. Fail Forward as Much as Possible to Grown Your Business
According to INC., 96% of businesses fail within 10 years.
You can still achieve learning how to turn 6 figures into 7 figures – while being the 4% that succeeds. But, you’ll need to be comfortable with failing business first.
Inventor Alexander Graham Bell said: “When one door closes, another opens, but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”
Sometimes your ideas aren’t meant to work in the first place, and that’s acceptable. It’s better to stay humble and move on. You must fail forward more to get to your success faster.
Running a business is an incredible learning process and a journey. You have to expect some failures, mistakes, and rejections along the way. You will get closer to your goals if you’re able to accept these flaws. Instead of trying to make a failed plan work over and over again, you have to learn from mistakes and move on.
If something goes wrong, take it as a lesson. It might’ve been your performance that needs improvement or failure to communicate. You will do much better the next time around. This will also make you a wiser entrepreneur. Other people will look up to you for knowledge and experience.
Once you’ve reached perfecting your ideas, you will discover major breakthroughs – some of which many entrepreneurs haven’t experienced for themselves yet.
How to Turn 6 Figures Into 7 Figures Fast
Taking your business to the next level requires you to act a certain way. If you want to earn more than 6 figures, you have to act like you already do.
This will help shift your mindset and make better decisions. Some of these decisions include changing the people in your circle. When you surround yourself with better people, you do better.
Not only that, but you need to know how to work smarter instead of hustling harder. Working smarter involves partnering up with people who can help your business grow. Instead of chasing people, focus on inspiring them to come to you.
If you want to know how to turn 6 figures into 7 figures in revenue fast, High Ticket Influencer™ might be for you. It’s everything you’ll need in one place.
High Ticket Influencer™ (HTI) is where you’ll get Dan Lok to coach you in scaling your business to 7 figures. He will walk you through the same method he uses to scale all his businesses. You’re going to discover how he went from making zero dollars to a million in less than a year.
It’s not something you’d expect and can find anywhere else. You will have the right resources to start right away, as well as other entrepreneurs to connect with.
If you’re ready to scale your business while avoiding years of mistakes, click here to find out more about High Ticket Influencer™.