When running a business, it’s every business owner’s dream to create a machine that can live without you having to wear every hat in the company. Usually, when you start out, you will have to do all aspects of the business since there’s low revenue and not enough output to outsource.
However, there comes a time when you should move out of the solopreneur role and start becoming a CEO and then ultimately an owner of the business you built.
You can only accomplish that if you have the right foundations set and a marketing and sales strategy that is almost on autopilot. Today we interview Royston G King who owns Master Scaling and has helped many business owners add an additional $1M to $5M revenue in ARR.
For those who don’t know Royston is an investor and partner to multiple multi-million dollar companies both private and public ventures. At the age of 21, he’s built companies that employ dozens of full-time employees. He’s been on Forbes, New York Times, MSNBC, Business Insider, Fortune, Bloomberg, and more.
In fact, he’s been in the same room with some of the world’s biggest entrepreneurs like Apple’s Ceo Tim Cook, Gary Vaynerchuk, Billionaire John Paul Dejoria, and more. In this article 3 tips that Royston uses when it comes to building a recurring business.
Using C.A.R. To Optimize Fulfillment
Royston is big on making sure people go through the C.A.R. method to understand their ideal customer to its highest level so that your fulfillment can match up to the client’s expectations and needs.
What does C.A.R. stand for? It stands for Foundational Copywriting, Analysis, and Research. They do this before doing any marketing because if you spend money on marketing but don’t know who your client is, you’ll waste a lot of money.
You want to make sure you identify and holes in your sales process that would be a bottleneck if you were to get a lot of customers who wanted to pay you. This way you understand a deep routed analysis of your ideal customer, their journey, and your true metrics.
That way when the marketing kicks in all you need is an optimization so that you only spend money on optimizing vs buying unnecessary data that could’ve been fixed by doing a walk-through.
Using the Data to Make the Right Decisions
Once you start the marketing, it’s important to leave the decision-making up the numbers. You don’t ever want to make decisions based on what you feel is right because the numbers won’t lie to you. You want to utilize what information you have from the C.A.R method to understand the characteristics and personality traits of your ideal customer so that your ads are targeted to them.
You’ll know exactly from the ads what is working and what isn’t, with that knowledge you’re able to launch iterations of that ad that is 2x-4x more profitable because you understand what didn’t work and what does.
With these feedback loops, you’re able to properly understand your margins and your customer so that you can advertise to them better and you build up a paid traffic funnel that takes your customer through a tailored path that ultimately leads them up to buying.
Once you know the cost of acquisition and cost for fulfillment you’re able to easily identify your margins and change them if you need to. From there you scale up little by little or quickly. It’s based entirely on if your team is ready to handle the influx.