So your business is making over $100K. Congratulations!
That’s a huge accomplishment to be proud of. Many entrepreneurs dream their whole lives of reaching that milestone.
But deep down, you know you’re capable of so much more. $100K was just the beginning. Now, you see the potential to become a million-dollar-a-year business.
And that’s what we’re going to talk about in this article today. I’ll share the top 5 unspoken tips to go from $100,000 a year to $ 1 million. These are the very same strategies I offer in my 1-on-1 consultations, and I’ve witnessed firsthand how they’ve driven remarkable success for many businesses.
I do have to say, the path won’t be easy. Not all will fit your business, so take the ones that do and ignore the rest if you’d like.
Before we get into the tips, let’s chat about the biggest mistake I see people make when trying to scale: chasing horizontal expansion.
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The Most Difficult Way to Scale
The conventional thinking from most marketers and business owners is if you want to SCALE, the key is creating MORE offers and products.
Most people think it’s all about HORIZONTAL expansion: more products, more offers, more everything.
Well, I’m here to tell you from experience that’s the most difficult way to scale.
Here’s what I mean…
Horizontal Expansion = This is what most Entrepreneurs are TRYING to do. They’re trying to launch new things. They think that new things, new products, and new businesses are the solution to scale.
It’s easy to fall into this trap. More offers seem like more opportunities to attract customers. But in reality, it creates a spider web of complexity.
Spreading efforts across multiple new products often leads to neglecting your core offer. Execution suffers as you juggle too many plates.
Horizontal expansion also confuses customers. With many options, they struggle to understand your core value. This makes decision-making difficult.
More isn’t always better. Attempting to scale horizontally usually results in sacrificing quality for quantity. It’s better to go deep rather than wide.
Vertical Expansion = This is when you go DEEPER in your existing funnel. Yes, you can launch new products, but they should be in your current funnel. They should all be in unity towards one funnel.
Vertical expansion focuses on maximizing the potential of existing products versus launching new ones.
This could mean improving your core offer, developing upsells, optimizing advertising, or enhancing the customer experience.
The goal is to extract more revenue from your winning offers rather than starting over with new ones.
By going deeper vertically, you build upon previous work instead of reinventing the wheel each time. Resources stay concentrated on your best opportunities.
Focusing on vertical expansion provides clarity for you and your customers. Efforts align towards a unified funnel and message. This leads to exponential growth.
For years, I thought launching new offers and products was the path to growth. More stuff equals more revenue, right? Wrong!
Spreading myself too thin with new offers even hurt my business. I neglected my core products and confused my audience.
It was expensive and time-consuming to make new things versus improving my winners.
I actually lost money by creating new offers!
The lightbulb moment was realizing I already had gems in my offers. Optimizing existing offers to scale rather than making new ones required less effort and produced faster, more outstanding results.
Let’s discuss the key benefits I saw:
- Increased Efficiency. Optimizing my core funnels was way more efficient than starting from scratch each time. I could improve and iterate rather than reinvent the wheel.
- Clarified Messaging. Staying laser-focused on my core offers lets me clarify my branding and messaging around them. No more confusion or dilution.
- Boosted Profits. Doubling down on my winners reduced expenses and increased conversions and retention. My revenue started to fly through vertical optimization!
So don’t make my mistake. Before creating new offers, look internally first. You likely already have diamonds in the rough. With focus and optimization, vertical expansion can unlock massive growth!
Alright. Now that I got that out of my chest, onward to the scaling tips!
Tip #1 - Create a High-Ticket Offer Above $5k
One of the most impactful tactics for scaling from $100k to $1M is creating a high-ticket offer over $5,000. This “super ticket” product brings huge advantages:
Massively Increase Customer Lifetime Value
A $5,000 product can increase customer lifetime value 10x or more compared to a $500 offer. This added revenue per customer enables you to afford higher ad costs for rapid growth. You absolutely CAN build a big business by staying below that. However, a $5,000+ product adds fire and momentum.
I’ve talked about how to sell at a higher price in a previous post. You need to understand the concepts of price elasticity and price resistance. The goal is to find the price point that maximizes your revenue or profit (depending on your objective) while maintaining a solid conversion rate.
You can aim even higher than $5,000 – think $7,000, $10,000, or more. The revenue increase is worth the incremental price difference and critical to million-dollar scaling.
Set Your Funnel Up for Success
Launching a high-ticket offer over $5,000 sets your entire funnel up for optimal performance. Here’s how it enables funnel success:
- Invest in High-End Branding. With substantial lifetime value from each customer, you can invest in premium branding and web design. This builds perceived value from the initial landing page and ad click.
For a $7k offer, for instance, you can work with a designer to create custom illustrations, animations, and award-winning copywriting. This elevates the customer experience and justifies the price point.
- Add Personal Touchpoints. High-ticket offers support adding personal touchpoints like 1-on-1 consultations and concierge onboarding. Your customers can have access to you or your staff, and you can walk them through materials and answer questions. This level of service excites buyers.
- Develop a Premium Member Site. You can build a beautifully designed member site for customers with gated content, interactive features, and top-notch support resources. Your member’s portal can include instructional videos, worksheets, private forums, and more. Customers refer friends just to gain portal access.
- Continually Optimize Each Step. With an ample budget from high lifetime value, you can meticulously optimize each page and funnel step. I use heatmaps, A/B tests, and other tools to maximize conversions.
When your funnel performs this well, it builds excitement and referrals while recouping ad spend. A high-end offer makes the entire customer journey better.
Tip #2 - Focus On Your Attention Grabber
Creating a million dollar business requires messaging that immediately grabs attention. This requires extensive testing of ad creatives and hooks. This is also where brilliant copywriting for your business niche is crucial.
Here are some of my recommendations when you do your ad tests:
- Test at Least 20 Ad Variations. Expect to produce and test upwards of 20 different ad images, videos, captions, and more. Track conversion rates to discover the huge winners.
- Experiment with Different Hooks. Brainstorm hooks around scarcity, controversial opinions, aspirational outcomes, curiosity gaps, and thought-provoking questions. Test what resonates.
- Give Ad Variations Time to Optimize. Let each ad variation run for at least two weeks before assessing performance. Day-to-day fluctuations are normal. Patience reveals the best performers.
- Watch for Big Winners to Emerge. With enough testing, you’ll discover 1-2 ads that massively outperform. They’ll convert leads at 2-4x your average cost. Double down on these to scale.
After running ads for 5 months for the Expert Summit, we decided to go crazy the last few weeks.
We were running probably 20 different creatives on Facebook (if not more) and added 5 more.
Many of them have different hooks and messages.
Suddenly, we saw an image ad that was taking off.
The message? “Is your information business on LIFE-SUPPORT?”
I didn’t even think of this. Someone from our ads team just made it. And it’s CRUSHING. Most ads get us leads at $150 – $200. This one is getting us leads at $30.
Insane.
You have to test and test and test to find the right “grabber” for your messaging.
Tip #3 - Maximize Referral Marketing
Simple. Right?
Easier said than done.
I challenge you to sit back every month and look at your HIGHEST ticket product and ask yourself: “How many of these customers came from REFERRAL?” vs. “How many came from my marketing?”
I cannot emphasize enough how crucial referral marketing is for rapid scaling. Once your product quality ignites word-of-mouth sharing, your revenue growth will explode.
Imagine relying less on your marketing because your happy and loyal customers are actively recruiting new buyers for you. This viral expansion is every entrepreneur’s dream!
But it starts with an offering so remarkable, so life-changing, that customers can’t help but share it with everyone they know.
Here’s my advice on how you can maximize referral marketing:
- Assess Monthly Referral Revenue. Look at what percentage of revenue comes from referrals vs. your own marketing. This metric reveals how “referrable” your offer is and where untapped potential lies.
- Survey Customers on Product Experience. Ask customers for testimonials, reviews, and feedback on improving the product experience. This identifies issues limiting referrals.
- Build Referral Incentives into Product. Consider offering customers a discount, bonus, or cash reward for successful referrals. Having an incentive structure amplifies referrals.
- Highlight Customer Success Stories. With their permission, prominently feature case studies of successful customers. This builds social proof and makes it easier for buyers to refer others.
Focus a LOT on the referral one. If you can get a product so good that your customers are referring you, you’ll scale 10X easier.
Tip #4 - Build an Engaged Community
Community is KEY.
But building a community around your brand takes time.
Look at our private group on Facebook. It’s a hell of a lot of work, but soon, you’ll see how this simple Facebook group will catapult my “Experts” Business to $10M+ a year.
Find a place to aggregate your customers and make sure YOU engage with them. Stay connected to your group members. Ear to the ground. You’ll get your BEST ideas from that.
Here are more ideas I can share that can help build your community:
- Create a Private Facebook Group. A private Facebook group allows ongoing discussions between your brand, experts, and customers. Make sure to promote it across your funnel. Set clear rules and standards to maintain a positive environment. Appoint moderators from your team to facilitate conversations.
- Tell Your Story. Sharing the origin story and journey of your business helps customers connect with you on a deeper level. Opening up makes you more relatable and humanizes your brand. Consider sharing:
- What sparked the idea for your business
- Early struggles and lessons learned
- Key milestones reached
- Host Live Video Q&As. Stream bi-weekly or monthly live videos where you answer customer questions in real time. This fosters connection and approachability. Promote the Q&As well in advance across your email list and social channels. Engage with commenters during the broadcast.
- Recognize Top Contributors. Give “shoutouts” to members who provide value, like helping others, giving feedback, or creating content. Recognition encourages further contribution. For example, you could highlight a member of the month who offers exceptional insights. Feature their story in the community.
- Leverage User-Generated Content. Encourage customers to share their stories, experiences, and testimonials about your offering. User-generated content makes the community feel more active and authentic. You can leverage this content in your marketing to build social proof. Ways to encourage UGC:
- Product reviews and ratings
- Social media sharing and contests
- Customer spotlights
- User forums and discussions
- Share Exclusive Content. Offer special content, discounts, or access only available to community members. This makes them feel valued. For instance, you could share early product updates, industry analysis, or live workshops unavailable to the general public.
- Maintain an Active Presence. Have you and your team actively participate in discussions, answer questions, and offer insights. Don’t just leave the community to its own devices. Your involvement shows commitment and builds personal connections between members and your brand. This drives loyalty.
An engaged community is the ultimate asset for customer loyalty, feedback, and growth. Put in the work upfront to nurture your group members, and the rewards for your business will be game-changing.
Tip #5 - Go to Events
This is so important. I see a LOT of people NOT doing this.
I can’t tell you how important it is to get to events and shake hands. If you’re doing $100,000 a year, THIS tip alone can catapult you to $1M a year.
Attending and participating in live events can create significant networking opportunities to drive business growth.
Of course, you don’t just show up at events unprepared. You have to do your homework and be ready to make your pitch. You’ll never know when an opportunity to close deals might come.
Here are my suggestions to help you at this stage:
- Attend One Event Per Month. Commit to attending at least one industry event, conference, or networking meetup each month. Connect with other attendees by exchanging advice, insights, and contact information. Look for events aligned with your target customer avatar so conversations are relevant. Take a collaborative, value-adding approach to networking.
- Host Your Own Events. Consider organizing a small exclusive mastermind or VIP dinner for your ideal customers. This enables more direct, focused networking with key players. Promote the event through email outreach and social media. Hand-pick a diverse but aligned audience to foster quality conversations.
- Practice Your Pitch. Prepare and practice a short elevator pitch that explains who you are, what you do, and the problems you solve. Memorize this so you can pitch comfortably. Having a polished, memorable intro makes it easier for contacts to engage and follow up with you after you meet them.
- Follow Up Diligently. Collect business cards and phone numbers at events. Set calendar reminders to follow up with each contact within 24-48 hours. Send personalized emails recapping your conversation and suggesting meeting up or exploring synergies. Provide value by sharing relevant resources.
- Bring Your Team. Have key team members join you at events. This casts a wider net for meeting new people and expanding connections. Debrief after the event about key contacts met and next steps for following up. Consistent event networking pays dividends.
Time to Give These Tips a Try
I feel very confident about these tips—I mean it.
Try even 1 or 2, and GIVE IT TIME to kick in. Be patient, and you’ll start seeing some major results. No guarantees, of course. Every business is different, so what works wonders for one might take a bit longer for another.
What overlooked strategies have you found most effective for scaling revenue? I’d love to hear what’s worked for you! Head to our free Expert Scale Facebook group and hit me with a comment!
In the group, you’ll also meet like-minded entrepreneurs looking to scale their businesses. We share insights and work together to solve business problems.
Join today, and I’ll see you on the inside!
