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

<p>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.</p> <p><strong>Time-Stamped Show Notes:</strong>  </p> <ul> <li>[00:27] Today’s Topic: <em>The Difference Between 7-, 8- and 9-Figure Businesses</em></li> <li>[00:46] 7-figure businesses want a return on investment.</li> <li>[01:00] You want a 5:1 return, on average.</li> <li>[01:15] 8-figure businesses want to break even on their ad spend.</li> <li>[01:53] 9-figure businesses are willing to lose money at first.</li> <li>[02:13] They know the worth of a return customer down the road.</li> <li>[02:30] To compete, you need to outspend and have a funnel that converts very well.</li> <li>[03:00] “He who spends the most to acquire a customer, wins.”</li> <li>[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.</li> <li>[04:30] It's hard to build a big business, unless you are willing to lose money up front.</li> <li>[04:45] You have to have the stomach for losing money.</li> <li>[05:00] The <a href="https://www.microsoft.com/">Microsofts</a> and the <a href="https://www.hubspot.com/">HubSpots</a> probably lost money their entire first year in business.</li> <li>[05:25] To build a successful 7-figure business, you have to hit product market fit.</li> <li>[05:41] 8-figure businesses capitalize on past successes and drop what isn't working.</li> <li>[06:15] 95% of the time, it's a process problem. 5% of the time it's a people problem.</li> <li>[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.</li> <li>[07:30] You have to know what you want and go for it!</li> <li>[07:34] That's all for today!</li> <li>[07:36] Go to <a href= "http://www.singlegrain.com/giveaway">Singlegrain.com/Giveway</a> for a special edition of Crazy Egg, the heat mapping tool.</li> </ul> <p><strong>Leave some feedback:</