Growth is in the mindset of every leader. If you do not grow, you risk falling behind, and you may even lose that six-figure salary that you currently enjoy. Some people choose to settle for a six-figure income. But, this is not wise for several reasons. One, your team is expanding, and with this expansion comes several issues. Two, costs are rising and your business is breaking even or worse, losing money. Your business should constantly be growing.
So, how do you grow from six to seven figures when the time comes?
Identify a Need in the Market
Most startups fail because there is no market need. Although it is great to trust in the product or service that you intend to introduce to the market, wisdom dictates undertaking a bit of research. You can spy on your competitor to check out what works and what does not. Also, you can create a buyer persona to uncover the pain points of your target audience. Most disruptive businesses manage to succeed and overtake other giants in a niche because they have data. The data that you gather about your competitors and your target audience will help you craft a product that is likely to succeed.
Come Up With Multiple Streams of Income
Multiple streams of income are beneficial as it minimizes your risk of financial failure and increases your chances of reaching seven figures. Although your one source of income can make you a multimillionaire, having multiple income streams acts as a safety net that cushions you from the risk of business failure.
Some of the multiple income streams that you can pursue include digital services, rental property income, and digital products. Digital products, for instance, are cheaper to create, and there is a low barrier to market entry.
Invest in Real Estate
Although real estate has its fair share of challenges, the benefit is that it gives you steady cash flow. But, if you are hesitant towards buying a physical building, you can invest in REIT (Real Estate Investment Trust) or join a crowdfunding website such as Fundrise.com. The benefits of investing in real estate outweigh the cost. As such, if you want to increase your income from 6 to 7 figures, this is one sure way to do it.
Invest in Yourself and Your Brand
Building your brand is essential as it gives you a competitive edge. When done correctly, your brand will communicate to your target audience that you are a thought leader and an expert in your niche. The first critical step that you take in branding is identifying your target market. Get data on your most promising potential customers. Once you do that, develop compelling content that communicates you and your brand as experts. Work towards becoming the source of relevant information. Eventually, this approach will earn you an enormous payoff in terms of your money and time.
One of Australia’s youngest entrepreneurs, Marcus Pereira, states “Don’t procrastinate, just create and keep creating. The more you do, the more knowledgeable you will become in areas that can’t be taught through conventional learning. You will never properly learn the world of business through just researching it.” So, you must experience it for yourself in order to learn and grow because research can only teach you so much. Take the time to invest in yourself and your brand. Do it the right way, without shortcuts, and experience the ups and downs that will help build your character and business.
Become a Business Partner
Do you know any businesses that need capital for expansion? If so, you can approach such companies as an angel investor. Moreover, you can approach the owner and take an equity position in the firm in exchange for a certain percentage of capital. This approach is a sure way to increase your income stream.
Leverage Social Media Marketing
It is estimated that 3.8 billion people around the world are on social media. Considering that the number of social media users continues to increase, you cannot afford to ignore the benefits of social media exposure. Come up with a passion project that you can market on social media. You can even go further and set up a social commerce strategy. This strategy will make it easier for you to sell to your target audience on social media.
Partner With the Right People
They say that great minds think alike. This is a tried-and-tested truth in business. If you want to expand your business from 6 to 7 figures, then you should connect with mentors, coaches, or other business partners who have already succeeded in achieving a higher income stream. Never be content with being the smartest person in your group. Instead, seek a challenge by engaging with other successful people. Examine your inner circle and work towards connecting with successful people who have managed to earn more. Also, remember to be generous and give back to the community. If you are able to stick to these strategies, you will surely see an increase your income stream.