Many entrepreneurs I’ve talked with have a dream of getting to a million dollars in sales per year. It’s a worthy and lofty goal. Fewer than 7 percent of today’s businesses in the United States generate a million dollars in sales, according to our Small Business Market Survey. And when you consider the many millions of businesses that get started and fail, the percentage of businesses that ever get to seven figures is paltry indeed.
I love seeing entrepreneurs get to stage four, the seven-figure business, for a few reasons:
- They have enough money to buy and do the things they want
- They are able to go on vacation and take time away from the business without it falling apart
- Their friends and families finally stop bugging them and are proud of them
- The local critics are silenced (Oh, man, I freakin’ LOVE this!)
- They are proud of their accomplishments and begin to think bigger
I love working with these entrepreneurs because their experiences make them wise and confident, while their opportunities make them excited and optimistic. I spend a lot of time with entrepreneurs who’ve reached stage four. There’s one common denominator I see in every one of them: They have learned to market effectively.
SBS Idea of the Day: If you are serious about reaching seven figures, become a student of direct response marketing. Reading books by experts, including Ryan Deiss and Jim Collins, is a great place to start.