In this episode, Joe shares six indispensable requirements for expanding a business and growing it to seven figures and beyond.
Growing a six-figure business to seven figures involves commitment, the right strategy, proper planning, and flawless execution. Joe's six requirements for going bigger outline the all-important conditions that are vital to making that leap.
- Working with an Amazing Team
- Having a Big Vision
- Working in Your Sweet Spot
- Having a Concise Value Ladder
- The One Thing
- Products That Deliver
People and Resources Mentioned
For me, guys, I have come to accept that I am an amazing fire starter, I am amazing at getting a business going quickly, I am good at building that and blowing that up quickly like going from zero to 100. Real quick, right? going from zero to 10,000 a month really fast. I'm good at going from 10,000 a month to even upwards of 100,000 a month really fast. But I've also gotten to know that I don't do well managing a large team. And I believe that it takes a very different skill set to go upwards past a million dollars plus in revenue. And what I mean by that is as your team starts to grow your org chart, if you look at kind of an org chart and the people that you need, that starts to grow. And as you get over 10 people, as you get over 15 people in a business, it becomes a completely different skill set to be able to manage that type of business. So me managing a team of one to 10 no problem. Me managing a team of 25, 30 plus on a daily basis, guys, I'll be frank, I'm not great at that. So no matter how many times I came up to that, I always thought I could just buckle down and I could plow through it. Right Joe Troyer, I can beat any challenge, I'm just going to put my head down, right, and I'm going to be like a bull and just ram through this thing. Guys, I gotta tell you that never worked, not once. So I believe that it takes a very different skill set at that level. So at the end of the day, I need to be working in a business that supports that. So if I want to have a business that does over a million dollars a year, then I need to be able to count on an amazing team. Right, I can't run the whole thing. And I have no desire because of my experiences and building up lots of businesses like this, right? I have no desire to do this myself. So my choices either stay at under a million and be extremely lean, or build something big. There is a lot of the business that I frankly, don't want to touch. And I'm okay admitting it. And I think at the end of the day, too many of us are afraid, afraid, when working with teams or working with partners to say, I don't fucking want to do this, right? I will do this happily, this is my sweet spot. Here's where I see I can add value. I don't want to do this. Okay, so if I can give you a tip, I would want 100% recommend that you are vocal about what you want to do and what you don't want to do. Or you will get caught doing what you don't want to do. It seems obvious, okay. But after 10 years, these are some of my biggest takeaways for you guys. Okay, business requirement. Number two is you need to be working with a big vision. At the end of the day, when I look at the businesses that we've built. When I look at the businesses I built, when I look at when things took off and went crazy. And when I think and I look at when when businesses slowed down, right, and the growth slowed down, I can really point that back to whether the vision was aligned across the company, did everybody working at the company believe in that one big vision, understand that it becomes a team sport, like no matter how hard you try, if you're trying to build a big business, you have to rely on others. And if they don't believe in your vision, you're going to have lots of internal conflict and it is going to be a struggle. So at the end of the day, I had to take a lot of time over the last six, seven months and really work on my vision. What do I want? And folks, that's kind of an awkward conversation. It's like, scratching my head like what I want to do when I grow up. I encourage you not to rush this right to really think this through and are you passionate about that big vision? Can you get people to believe in that big vision, if you can't understand that, you're going to have a big problem number three, I'm only going to work in my sweet spot, I'm only going to work in my sweet spot, much like number one. And some of the points that we talked about, I'm going to be extremely vocal about what I want. In this next business. As we build it. All that I want to touch is sales, one to many, angles, right? The strategy behind the sales and the overall fundamentals of fulfillment, not the day to day fulfillment strategy, right? The overarching fulfillment strategy is all that I'm interested in, I can help come up with some processes, I can say, I think we should do these five things to start, then hand it off and say now you're in charge of performance, figure out what's working and what's not. And I expect you to take this list over and run with it. If I can stick in number three, I'll be the happiest. What does that mean? I'll bring in the most sales that I've ever brought i . And it'll help me focus on that big vision and selling that big vision to prospects to customers, to channel partners to agencies, and the end customer. If I get stuck in fulfillment, the company is going to bog down. And so it is my responsibility to be vocal about number three. Number four is something that I took from me being at funnel hacking live in Nashville. So Russell Brunson for the first time ever, I saw him do this. The first time I had seen it done really very well, anywhere. But the first time I'd seen him actually do this too. When you signed in for the event. He said, I'm here, right? And they gave you the swag bag and everything else. It had an agenda and then in that agenda, it laid out very, very clear Russell's value ladder, meaning you start here, Russell Brunson from clickfunnels, right. You start here, you buy a book, then once you buy the book, you go into the one funnel away challenge, then once you go into the one funnel away challenge, you visit funnel hacking live, you go to the event, once you're in funnel hacking live, right, then you join the two comma club coaching program. Then once you're in that coaching program, then you escalate to the next coaching program. And then the last piece is you get in this one on one coaching and very high level mastermind group that I guess I forget, but I think it was 150 or 200 grand for the year. But you can see the value ladder extremely easy. And I have this major aha moment. One of the reasons that I don't talk about funnels a lot is that fundamentally, I think that they're flawed in a couple of ways. What I mean by that is, let's say that one of you guys comes to buy a product from me through a sales funnel. Why would I let you skip buying a $7 book? And buy the end product? Right? That's 150 or $200,000? If that's what you wanted? Why wouldn't I let you just buy it all in one big gulp? Why would I tell you no? So fundamentally, I've always had a problem with like funnels and trip wires. And if they know like and trust you like give them the option buy all your shit? Like, why would Why would you make a buyer that's willing to pay you 200 grand, why would you make them pay you $7? Yeah. So I think that we should educate our customers about the value ladder. And we need to lay that out. So you need to figure out what your value ladder is going to be? What's your foot in the door offer, right? And then what are you going to sell next? And what are you going to sell next? And what are you going to sell next. And if you can show your customers that value ladder, I believe if you do it in a good way, you can get your prospects and you can get your customers to upsell themselves, right? They came in, they bought the first thing, you educated them on the value ladder, they raised their hand and said, Hey, Joe, I'd really like to just go to the next level. Right, I need to fast forward, I need more leads. And I need it now. So I know I just bought the first product. But I'd like to buy two, three and four as well. So for me, I'm getting
very crazy with my value ladder so that customers can understand that value ladder. And from guys, I'm taking this to the to the kind of 10th degree from my very first pitch with a customer. I'm including my value ladder, so people know exactly what's happening. So I'm not really making one sale, by all means I'm selling one thing as the foot in the door, right? But really what I'm doing is getting them to buy into the value ladder. So when they buy they're ready for the next step to step three and step four, and they know how to get in there. Alright, number 5, 5th business requirement. How many of you guys have read the one thing by Gary Keller definitely a fantastic book. Absolutely fantastic book. So as you guys look at your marketing plan, as you look at the things that you have to do, as you rate as you score your opportunities, right, as you take opportunities that you have in business, think about the one thing, and I know that I didn't give it to you yet. But I want you to think about the one thing, think about the one thing that you could do that would have a domino effect. So you get one task done, you roll out one thing on your to do list, and by you getting that one thing done, it automatically knocks over and sets up step two, step three, step four, step five. So think about the things that you're doing that really have leverage and play into the next to do think about the tasks that are connected. So this is one of the big ways that you can gain a lot of leverage and traction very fast. I got to give you a little spoiler, because I want to give you some context on the one thing for me, I want to bring this home in a real scenario for you guys, the way that I've implemented the one thing in kind of a beta alpha type of scenario, just one way is I've went to my markets influencers, right? I've strategically gotten intros and referrals to all the influencers in the marketplace, right, the next marketplace we're going after, and I've made each and every one of them a deal that they can't refuse, right? This is like, if you've heard of like a mafia offer the big idea like this is they all looked at me like, Are you freaking crazy, right? I went to a no pitch event and I closed half the people in the room without a pitch guys, I stuck my money where my mouth is, right, when everybody else is charging 10 and getting half the results, I'm charging two and getting double the results. Right. That's the type of offer. Okay, so I made this offer with all of these influencers. And the reason that I did it is because by by doing this offer, there's marketing for these influencers, part of the deal of them saying yes, and taking me up on the offer was that they have to let me do a case study. And they have to be willing to tell their customers and their audience about the results that I get them, as long as they're happy with the return on investment. They agreed. It's a beta program. It's an alpha program, that they're going to let me do a case study and that they're going to give me referrals. So step one, me pitching these influencers. These are also the people in the marketplace that have a big budget. So guess what, I just built a six figure business in one of that having one 60 minute presentation more like probably 45 minute presentation. This though, is the one thing because now each of these people are required, right to refer me as long as I do a good job. So for me the influencers as a step one automatically gives me a boatload more business on step two. Right. So Domino, number one was influencers, right. And then Domino number two was retail customers. So if I would have went and tried to go direct to retail immediately, without going through the influencers, it would have been a much, much slower path. Instead, Hey, I just installed a turbo on the Corvette, this is going to get me to the end result or to my goal much faster. So I want you guys thinking in in your six business requirements as you're building out your marketing plan, right to always be thinking about the one thing, where do I get the leverage? That's going to bring me all the business tomorrow? And how do I get there fast? Alright, so the sixth business requirement should be obvious, folks. But I feel like when people are building out a business, they're really not thinking about this, the product must deliver results. And really, what I mean by that is that should be like a duh statement. But what I really mean by that is we have to be able to show deniable proof, we got to be able to deliver deniable proof about our results. And so what I don't believe in selling is activity based services. I don't really believe in selling activity based services. I just don't think that there's that much value in something when you're just selling an activity and can't demonstrate a return on investment. And so that's why I've always played in the paper clip paper call SEO call tracking world, right because I sell with conviction and I sell with results. And at the end of the day, I'm not interested in changing that guy you so this was an important one for me and something that I think a lot of people overlook. I think that if you guys really looked at your businesses right now, you probably have some issues, some products that you offer, right or that you deliver that really interfere with number six.