Many small business owners have taken a hit during the past two years and there are those who have recently started a new business. Either way, growing your business to $500K a year or $1M a year is extremely challenging.
Fortunately, we have the advice of business experts like John Assaraf to help small business owners grow their business revenue to whatever size they want.
In one of his recent YouTube videos, he dropped some business advice gold. I gathered up the best parts and highlighted them below. Don’t pass this up. I think John’s advice may make a difference for you if you’re struggling in your own business.
Table of Contents
- 1 John Assaraf’s Advice for Small Business Owners
- 2 John’s Magic Formula
- 3 Do You Know How Much Money You Want Your Business to Make?
- 4 Closing Thoughts
John Assaraf’s Advice for Small Business Owners
John has plenty of videos on his YouTube channel that talks about growing businesses. Each offers excellent advice and what I took from this video is no different. Below is the breakdown of what I took away from it.
Now is the Best Time to Grow Your Business
Although the past couple of years have taken a toll on many small business owners, John says now is the best time to grow a business.
The reason is that 95% of people today think that it’s a tough time to grow. They’re allowing the outside noise to control their thinking and emotions.
If you have the belief that there is nothing that you can do to increase sales and revenue, then that is exactly what you can expect.
The truth of the matter is that more people are buying right now even if you think they’re not.
Whatever you believe is holding you back, IS holding you back.John Assaraf
Focus On Being an Adaptationist
Before you can start growing your business, John says you have to focus on have an adaptation mindset. Ask yourself this:
What has to happen for me to double my income or triple my income in the next 12 months?
When you ask yourself the question above, consider what specific action you’ll need to take to make it happen.
There are 8 billion people on the planet and surely there are people who can benefit from the product or service that you’re offering.
Adapting can happen online or offline. If you need to adapt online, consider that there are 2 billion people a day online.
The key is to not have a limited mindset when it comes to business growth.
John’s Magic Formula
Next, John shares his magic formula for business growth. It is as follows:
Traffic/Prospects x Conversions = Revenue
It breaks down like this:
The person that has the product or service that gets in front of the most amount of people with the right offer will make the most amount of money.
When you consider the formula above and take into account that there are more than enough people online or offline that can benefit from your product or service, you can increase your revenue.
What You Should Be Thinking About Each Day
Your goal is to increase your revenue, therefore, John says you should be thinking about the following each day:
- How do I get more people to see what I have to offer?
- How do I create an offer so good that the people who want it and need it buy from me?
If you aren’t thinking about those two questions, it will be very difficult to grow your business.
The following piece of advice is pure gold. John says to focus on your why. Why must you figure all of this out for your business?
When your WHY is bigger than the stories, reasons, and excuses that you’re using to hold yourself back, then you will master change versus mastering disappointment.
John then goes on to state that it isn’t the how that doesn’t exist, it’s that you’re focusing on the wrong things.
Do You Know How Much Money You Want Your Business to Make?
This step is essential. How can you increase your revenue if you have no idea how much you want your business to make?
Take a moment to figure this out. Whatever it is. Half a million a year, a million a year? Whatever you want, figure this out.
If you do not know how much you want your business to make, John says you are using the business drug of choice which he refers to as HOPE-IUM.
In other words, you hope to make $500,000 per year or you hope to make $1 million dollars per year.
Once you have established how much you want to make in revenue, there are some other things you’ll need to consider.
Up Your Selling and Marketing Skills
The hard but true fact is that if your conversions are at zero, then you need to seriously level up your selling and marketing skills.
Two more formulas to keep in mind:
- mindet + skillset + actionset = predictable results
- repeat business + referrals = exponential revenue
Adapting to the marketplace will require using the tools available to you. You’ll need to create the marketing for your product or service.
If you are not good at marketing or sales, who can you hire, partner with, or barter with who is?
Without marketing or selling, you really don’t have a business. Your job as a business person is not to try and do everything yourself. Rather, you want to make sure everything that needs to get done is done.
Meaning, focus on your strengths and manage your weaknesses. Outsource your weaknesses to those that play at things you have to work at.
I hope you got as much out of John’s small business advice as I did. He really was dropping some knowledge bombs that can help any small business owner.
If you want even more of John’s advice, consider taking his Business Breakthrough Challenge here. John will show you how to utilize the latest research in neuroscience to unchain your brain, shatter your financial glass ceiling, eliminate the conscious and subconscious block standing in your way, and accelerate your income potential.