Business Starter Thought Leader: Monica Allen
When we initially started our first business my thoughts were that we simply needed to put our noses to the grindstone and hustle hard each and every day to be successful.
“A journey I now wish to share with you as you embark on your own entrepreneurial path.”
My husband, Ethan and I did not have any children at the time so our business was our baby. We often worked from sunup to well beyond sundown.
1. People Are Your Cornerstone:
Little did we know, however, that our steadfast work ethic alone wouldn’t propel us towards the remarkable growth we craved. Through invaluable lessons and fervent exploration, we discovered four fundamental areas that paved the way to going from a hustle to the 7-figures annual revenue business we desired. A journey I now wish to share with you as you embark on your own entrepreneurial path.
People are the lifeblood of any thriving enterprise. Surrounding yourself with the right individuals is the pivotal force that propels a company towards success. Yet, it is equally crucial to ensure that these individuals are positioned in roles that align with their strengths.
We learned this lesson firsthand when a toxic presence in our Production Department stifled our entire team. However, once we made the decision to sever ties, a remarkable transformation occurred. Each team member not only stepped up but flourished. Perfecting the art of hiring remains an ongoing pursuit, but our most fruitful experiences were found when implementing the principles outlined in Bradford D. Smart Ph.D’s enlightening book, Topgrading.
2. Realm Of Money:
Next, we delve into the realm of money – growing your money or revenue has many layers. From the outset, it is vital to ensure that your product or service is priced correctly; thus, laying the foundation for profitability. Going from hustle to 7-figures requires a keen focus on growing your revenue.
The growth of your revenue requires a multifaceted approach, primarily revolving around four core strategies: increasing prices, expanding your customer base, enhancing customer engagement frequency, and introducing additional products or services by providing upsells or add-ons. When transitioning from the mid-six figures to an awe-inspiring seven, our focus predominantly revolved around strategies two and four.
“The growth of your revenue requires a multifaceted approach”
- expanded our product offerings,
- presented additional recommendations at checkout, and
- focused on diligently expanding our customer email list by extending enticing discounts and incentives.
We encouraged customers to join our exclusive VIP community when they landed on our website and we actually still do this today.
3. Operations – A Pivotal Role:
Thirdly, playing a pivotal role in business success is operations – the internal engine of your business, operations is what propels your business vision forward. Regardless of whether you operate as a solopreneur or manage a team, streamlining your operations is essential.
Establishing a coherent meeting rhythm, defining and upholding a set of core values, and meticulously curating standard operating procedures (SOPs) all lay the groundwork for scalability. Additionally, devising a thorough hiring and training plan is imperative to nurturing a team that shares your commitment to excellence. These operational elements, when fine-tuned, empower your business to soar to new heights aiding you in going from hustle to 7-figures.
4. Going From Hustle To 7-Figures Requires Strategy:
“setting aside time each year to think through your business strategy is imperative”
Last but not least, we have strategy—the roadmap to success. Developing a solid strategy involves making plans to find and nurture talented individuals within your organization, exploring ways to grow your revenue through new products or smart marketing, and establishing systems to ensure your business operates consistently and effectively. Prior to the pandemic, we held an annual strategy summit with our team.
This was a time for brainstorming, evaluating what was working, identifying areas for improvement, and deciding what to let go. Again, even if you are operating as a solopreneur or a small partnership, setting aside time each year to think through your business strategy is imperative. Think of your strategy as the overarching umbrella of the three factors previously mentioned.
Looking back on my journey, I want to share these four fundamental areas of business with you. I hope by embracing the power of people, mastering the art of money, streamlining operations, and crafting a robust strategy that your business will have remarkable success.
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About the Author:
Monica Allen is a serial entrepreneur who overcame the obstacle of growing up with a young single mother, living below the poverty line in a small town with very little opportunity. After obtaining her undergraduate degree from the University of Georgia, she worked in Corporate America and obtained a Master’s degree in business.
After 8 years in corporate she took the leap to set out on her entrepreneurial journey. Starting with just $700, she has since grown an 8 figure company and is now the host of the Become Your Own Boss podcast helping aspiring and early-stage entrepreneurs launch, grow and scale their businesses while also being the boss of every area of their lives. You can follow Monica on IG here.