There is a race that every small business owner must run – the 5 year anniversary. Less than 50% of all new small businesses ever make it to their 5th anniversary, and only about 31% make it to their seventh year. So how can a small business owner who is just trying to make the longevity cut make it to a million dollars in sales?
Small business owners have many obstacles after opening a new company. To increase revenues, a business must make more sales. That means hiring more employees, increasing market exposure, and delivering goods while experiencing growth pains. However, a savvy entrepreneur and small business owner can make the 5-year cut and even earn that $1 million sales barrier. Here are a few tips:
Break It Down
First, don’t think of earning $1 million in annual sales. Find out what you must earn monthly, weekly, and even daily to reach your goal. That means an income of $83,333 per month, or $19,231 per week, or even just $3,846 per business day. It can be an easier task when you break your income goals into smaller chunks.
Expand By Buying Another Business
How often have you seen the largest corporations make it without acquiring other competitors? You can expand your own sales with another business purchase. Look through the business ads or ask around your network of contacts. Locate a business that is similar to yours. Whether the owners are retiring or simply cannot handle the pressures of small business ownership, your acquisition could mean an exponential jump in your sales.
Break Out of Local Sales
Your small business will likely never reach $1 million in sales in your local neighborhood. You must think nationally or even globally. Build a website to sell online. Consider promoting your business products or services to other countries.
Make Every Customer Happy
How does a viral video on YouTube get 1 million views? Not due to the video owner’s efforts, but through word of mouth. You must depend on your customers to spread the good word about your business. Be sure you over-deliver and exceed expectations with your customers. They will repay you the best compliment by recommending your business to others.