How To Effortlessly Build A Million Dollar Business by Jen DeVore Richter
Most business owners have two primary goals in mind when they start their own business.
They want to make more money and they want to build an asset that will enable them to sell their business when they retire and live an extraordinary lifestyle. Building a lucrative asset is dependent on the amount of revenue the business is producing at the time of its sale.
If a business produces $1 million dollars in revenue on an annual basis, that business can typically be sold for somewhere between $5 million to $15 million dollars, depending on the business and the industry. That’s why all small business owners dream of the day when they’re business finally hits that elusive $1 million dollar revenue mark.
Unfortunately, their lack of marketing skills and strategies prevents them from making the money they originally envisioned. Less than 3% of small business owners make more than $100,000 annually and less than one half of one percent ever reach $1 million dollars in total revenue.
If you factor in a thirty percent profit margin, even when you make one million in revenue… that only translates into an actual income of $300,000. And a big chunk of that goes to taxes.
That’s not much more than the business owner was making when they worked a regular job and didn’t have all the worries and headaches they have now. And remember… that’s the top one half of one percent of ALL wage earners. Most small business owners make far less than that and have no clue how to make things better. But here’s the really depressing part. Remember that asset they want to build.
Most small business revenue relies on the owner remaining a fixture in the business.
When the dentist retires, who continues to service their patients? No one… and the income dries up. The only thing the dentist can actually sell is their office and equipment, which typically are leased or have depreciated by 85% and therefore… virtually worthless.
They do have their patient database that a new dentist can purchase and market to, but most patients have a personal relationship established with their dentist. There is absolutely no guarantee that any of these patients will remain with the new dentist. Many of these current patients will seek personal referrals from their friends, family or neighbors and then move on to a new dentist.
This same situation applies to doctors, attorneys, financial planners, accountants, home builders, remodelers, massage therapists, business coaches, consultants and so on. If a business owner is working with a consultant and that consultant suddenly retires, that business owner will never have the same level of trust and respect with someone taking over that consulting practice.
Successful businesses establish a personal rapport and relationship with their customers and clients. When the business owner leaves the business, the asset they may have spent their entire life working to build is often worthless. So the business owner’s initial goals of making more money and building an asset are literally doomed from the start.
But it doesn’t have to be that way. We’ve discovered a solution that can restore both dreams of making more money and building a lucrative asset to every small business owner on the planet.
The end result is an immediate increase in your cash flow…a business that has the potential to generate annual revenue of $1 million dollars or more…and the creation of an instant asset that you can sell for millions of dollars more whenever you choose.
If you want to reach one million dollars in revenue doing what you’re doing right now, you need to increase your annual work hours to 27,778 hours. Unfortunately for you, if you worked 24 hours every day 7 days every week non-stop over an entire year, that 27,778 hours you need to work equals three times more hours than are available in that entire one year period. So obviously, you’re never going to build a million dollar business doing what you’re doing right now. Think about the limitations small business owners place on themselves.
Even professionals such as chiropractors, attorneys, dentists, financial planners, CPA’s, consultants and so on, charge on average anywhere from $75 per hour up to $200 per hour. Consider the top of this scale. $200 per hour times 2080 work hours per year equals just $416,000. You’re still not even halfway to your goal of $1 million per year. And those who charge $200 per hour are in the top one-tenth of one percent of all earners, so we’re talking the cream of the crop in this example.
Can you see why it’s so difficult to build a million dollar business… much less a multimillion dollar business?
You MUST stop trading your time for dollars and learn how to create a process that you can leverage for the rest of your life. By creating a process, you can then license that process to others in your field WITHOUT spending any additional time, effort, energy or expense.
You MUST stop being a chiropractor and start becoming a marketer of chiropractic services. In other words, you must assume the role of the marketer for your practice and learn how to generate a massive number of leads and patients for your practice… and then turn those patients over to other chiropractors you hire and bring into your practice… and take a percentage of their revenue for you providing them with their patients.
THAT’S how you build a million dollar business.
As a small business owner, you must learn how to effectively market your business and expand your offerings to include higher priced products and services. Then once you find your success equation so to speak, you can turn right around and license that process to others in your field.
Can’t wait to get started?
Save your seat for the Women’s Business Event “How to Make and Keep More Money” on Friday, August 3, 2018 and I’ll show you how. www.WomensBusinessEvent.com
About Jen DeVore Richter
Jen DeVore Richter is business growth strategist, national keynote speaker, and three time published author. In 2017, she was interviewed in the media 28 times for her progressive ideas. She is a Contributing Writer for Six-Figure Coach magazine. She recently published the inaugural issue of Boss Women Rock™ women’s success magazine and is on mission to impact the lives of 100,000 women in business by sharing the strategies she used to go from working as a marketing executive for NASA to building a seven-figure earning business with NO investor funding.
Her company Boss Women Rock, LLC has clients across the globe focusing on marketing strategy and business growth for coaches, consultants, and service-based professionals.
Visit www.BossWomenRock.com and www.JenDeVore.com.
The magazine is available at www.BossWomenRockMagazine.com.