What does it take to go from 6 to 7 figures?

Lucille123,
I am part of a team who is doing that now, I can tell you how... But, I am also looking for an opportunity to leave this team for a new one. Would you like to talk?

You may not be using all the distribution channels at your disposal like myob said.

Have you leveraged your business relationships to the hilt? Are you providing complimentary products to your existing products to sell to your customers? Either you find affiliate products to add to your existing line or create those products yourself.

I am assuming that you have your own list of buyers that you sell to regularly.

Hope my little tidbit helped.

Good luck

What does it take to go from 6 to 7 figures? Just stick on one more zero!

Sorry, I couldn't resist.

That's a category that I will never attain and certainly could not advise anyone on. Although I did once have 6 figures when I was very overweight.

Ron

Sounds to me like your traffic source isn't scalable. If you making 6 figures with X (even if X is multiple projects), then you just need to scale up to 10x the traffic.

Of course the conversion of X could be increased. But there comes a point when that maxes out and any gains are minimal or it may not even be an option.

Hard to say with out knowing the details of what you are doing.

Geeze...Id be happy to move from 4 figures to 5!

Mindset and Hard Work. Look at what your are doind now and improve it and scale it up. Keep working hard with your Goal in mind

Try new markets and/or provide complimentary products to your existing ones.

Now that's a funny post...for many reasons!

The answer is actually in mindset...

Without going all flighty, knowing that you deserve the 7-figure income will make all the difference...

Mind you, I haven't yet taken that leap, but it did help me to go from 3-figures to 5-figures a month, so many years ago...

Since I am now in the 4's, I need to accept that mindset once again...

- Create systems with several steps then outsource as many steps as you can
- Gradually improve your systems by testing each step and adding new traffic sources or monetization (keep what works, ditch what doesn't) remembering to outsource
- Think of yourself as the manager or coordinator of a larger team whose work is to link everything together and direct the flow of work

Tell us your 6 figure system and Warriors will be able
to inject unique ideas outside what you have.

Telling you what you already know will not help you.

Myself and a few of my partners have made 7 figures in revenue several times over. What I found out is that making 7 figures might not be better for you or your business. For example: you may have to go from managing 2 or 3 people to managing 10. This was a headache for me.

In my case, only 20% of that revenue ended up going in my pocket. Then 30% of that goes to taxes.

The "best" way to do it is with systems. A friend of mine is in a niche related to music that didn't exist before he filled it. He now makes over 200k a month with ONLY two employees!

This is the question you have to ask yourself. "Do I know what my lifetime customer value is?". Also, "Do I know what my one year customer value is?"

In my friends case, each customer is worth $350 and his avg product cost is only about $60. The reason he averages 350 per customer is because he's created a system that upsell and crosells his customers while at the same time building a community. His customers love him TO DEATH. He probably has 20 different products that he sells to his community at any given time.

In summary:
Add more products to your product line.
Setup systems that build rapport and community.
Build your list.
Improve your sales funnel and calculate your lifetime/one year customer value.

starting making something would be a good start for me! But unfortunately byethost was down earlier and my website doesn't seems to recover ;(

I'm in the same boat as you are: stuck in the comfortable 6-figure-per-year level but without being able to breach it through to the next level.

However, from what I've discovered by casually discussing the topic with other guys who are already in the 7-figure arena, the answer to the riddle is pretty simple, actually:

It's simply a matter of sheer volume: more networking, more JV'ing, more exposure, etc which ultimately translates to more traffic.

You can systematize, optimize, automatize and monetize your front/back end offers as much as you want (which is already a must-do in order to establish yourself in the 6-figure range) but if you want to crack the million-per-year barrier you just need robust volume (traffic). Period.

Seriously. It's that simple. If you've already secured and established your 6-figure territory, then chances are that you already got what it takes to make it big (mindset, skills, etc). You just need to scale up the traffic.

If you have tested your system and you know exactly how much ROI you are getting out of it then you can easily scale up your system and start reinvesting your profits. The only option is leverage, either get time and efforts from people by doing outsourcing or do systems leverage where you can setup softwares to automate as much as you are doing.

If you feel that your system cannot be scaled up and you have reached the plateau you can easily apply your knowledge from your current system and create a new system, test it out, scale it up and reinvest your profits again. LOL, the sky is the limit.

The only way to increase your income is to either replace a non performing system, add a new system or improve the efficiency of your current system so it performs to its peak level. Hope this helps...

Traffic is important but what i think that you have to get targeted traffic. im only earning 4 figures because im a beginner in this field but i bet ill find the inspiration first and motivation to earn more not just relax and enjoy what im already earning, always strive for more, ask more get some help from professionals and blend in to the new systems, trust me it helps alot, i wasnt earning much but since ive joined this forum i have expanded my revenue and ive learned new ideas and tricks. do your work smartly and you get your 7 figure right away, although im striving for 5 figer income these days Good luck !

I would have to agree with the others that is is mostly mindset. Your thoughts control the actions of your life.

Lucille, what a nice problem to have!

I really recommend you focus on improving what you have now... without knowing your business, the only really helpful advice I could offer is to look into the "theory of constraints".

Basically, there are probably a few bottlenecks in your business that are stopping you from breaking 7 figures right now. Those bottlenecks are also the the highest points of leverage. This way of looking at it has multiplied my income and I don't see why it may not work for you either... keep in mind, it might not always be obvious straight away.

The other thing I'd do is systematize EVERYTHING you're doing right now... every task that's part of a bigger task, it needs to have a system. Once it's on paper, it might make seeing the "bottlenecks" in your system easier and help eliminate them.

If you haven't ever heard of this theory, I'd really recommend looking into getting some of Rich Schefren's products (truly mind bending stuff)

Hope this helps, that'll be $10,000

Ansar

well it's hard to say if we dont know what your doing to make that money. The approach would vary a little from business to business.

Lucille, I'm sure you've overcome many obstacles while getting to the 6 figure range. The most common example would be content creation - this is the first one that immediately came to mind when I first heard of the theory.

I was very picky about how my content was created so I never really wanted to outsource it. However, after I systematized my process for creating content, I was able to hand it off to a VA and train him up to do it exactly how I wanted. This took hours off my plate and allowed me to focus on more important stuff, like marketing it

Another problem I was having was with conversions on some of my squeeze pages > Freebie> front end offers.

Since taking a hard look at the system, I wasn't really maximizing the pressure to buy a better, higher end version of the products... the "bottleneck" wasn't in the email follow up, but in the actual content - there was no pitch to get people to get people into a higher end funnel. In the end, I disguised the freebie as a sales pitch with some kickass takeaways inside, as well as a presell to a higher end course. This doubled my sales literally overnight.

All the best!

Ansar

P.S. If you're a "creative" person and this stuff seems too logical for your mind, look into learning how to mind map if you don't know already - this has helped me a lot even though I avoided it for years... now I can't live without it

This is only an educated guess from my first year studying Business Management, as I have not yet hit the $1 million mark myself:

It takes a team of industry experts in the field of sales & marketing, finance, HR, advertising, market research, public relations and many other topics related specifically to your industry.

I did drop out before the second year though, that is probably when they teach you about asking vague questions in forums.

LOL

Try to spend some of that money you are making. Spend it on the greatest experiences you can ever buy. Some breakthroughs will come at most unexpected times.

-Lakshay

P.S. Comes from personal experience

Q: Wow, Is that monthly or annually?

What did it take to get from 5 figures to 6?

Hard work, be prepared to fail with some things - but when you find a success, rinse and repeat the steps. Refine the process - then make it scaleable.
I set myself targets - from my first $1 - to $30 a month, to $300 a month. Basic maths and logic say, can I keep doing that and turn that $300 into $3000 a month, just be duplicating the process.
It doesn't happen overnight - but set yourself your target, and then required steps to get there.