It’s hard to find a stock that will 100x in value, but getting those returns is a lot easier if you build a business. When you’re getting started, you might make $10,000 per year with your business, but you can turn it into $1 million per year with the right framework. You can also follow this model for 6-figure and 7-figure businesses.
Digital marketer Neil Patel lays out the investments you should make in your company to watch it reach new heights.
“Do this to turn $10,000 into $1 million,” he states at the start of a video clip.
Patel lays out the secret, and even if you don’t have a lot of money to invest in your company, it’s easy to get started.
Hire People Who Worked For Your Competitors
Patel explains that when he started NP Digital, his ad agency, he went on LinkedIn to hire people. However, he didn’t just hire anyone. Patel specifically looked for people who had worked for at least two of his competitors. He even narrowed his search to people who were promoted by his competitors.
This route requires a bigger investment since these individuals will command higher salaries than people who are just getting started. However, Patel mentions that these investments sped up his ad agency’s growth since these people knew the pitfalls.
If someone works for multiple competitors and receives promotions, chances are they do great work. It’s better to pay a premium for a talented employee who can get the job done than it is to save money on wages while not getting as much out of your workers.
Tap Into Their Networks
Hiring A-players can build a strong company culture that results in high productivity, but that’s not the only benefit of working with these people. When you hire someone, you also get access to their network.
You can ask your top workers to make introductions to other people who may need your services or want to work for your company. Each time you want to hire more people, you can ask your top workers if they know anyone who would be a good fit.
It’s nice just to do this with one person. However, if your company scales, and you have 10 people working for you full-time, that’s 10 people who have networks that you can periodically access. Your employees can become active advocates or connectors for your business.
Don’t Start A Business Alone
It’s possible to start a business alone, but you are missing out on a lot of great opportunities if you constantly act as the lone wolf. Not everyone has the budget to hire someone who has been promoted at two competitors. However, you can get started with a virtual assistant who may know a few people.
You can use sites like Fiverr and Upwork to find initial freelancers. As you give them assignments that translate into more revenue, you can expand your company. Each person in your business can bring in more revenue than it costs to employ them.
You don’t have to hire people right away, especially if you have zero business experience. As you do more work on your own, you will get a deeper understanding of what you have to do to move your business forward and how other people can help.
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