I was once invited for lunch by a really good friend, his name is Brett. We kinda get along fast because he’s also a businessman.
That’s one of the things I like about conversations in entrepreneurship. .
It’s when you engage with other entrepreneurs and it triggers new ideas in your brain.
That conversation was an inspiration to both parties because we both learned a lot from each other’s businesses.
In today’s video, we’re gonna go over the 7 biggest concepts in scaling a business to 7 figures.
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FULL TRANSCRIPT
One of the reasons why I love Bali is because there are so many like-minded business owners that you’ll definitely get to meet.
Much more to that, is the fact that you can learn so much value from each of their business and areas of expertise.
In today’s topic, we’re going to learn the seven steps on how you guys can scale your business for up to six to seven figures.
If you’re new to seven figures, if you have an existing business, or maybe you’re struggling to get by . .
Perhaps you’re struggling to scrape over some sales so that you can pay for that steak dinner with the love of your life instead of worrying about her ordering from the expensive side of the menu.
That dilemma ends today as you learn how to scale a 7-figure!
Make sure you read thoroughly, get a freakin pen and paper and take notes. Because what I’m about to tell you today will help you scale to that next level.
Will this be worth it?
100% absolutely!
So let’s now start off with the first step.
Step #1 FIND YOUR NICHE
Back when I was talking to Brett during our lunch meeting, we were actually talking about his niche.
One of the biggest need that I saw in his business was the need for him to scale it to the next level.
That’s the cool thing about entrepreneurship, guys.
When you’re friends with other entrepreneurs, you just want to help each other succeed. And I wanted to see where were the holes in his businesses and how can I help this guy get more sales.
The underlying problem why it was hard for him to scale his business was because of the one thing that he wasn’t actually aware of: HE DIDN’T REALLY CLARIFY HIS NICHE.
He was in the Confidence niche where he wanted to help a lot of people get more confidence in themselves.
However, the problem with that is, there are so many confidence niches.
There are so many confidence guru. .
The question that you must ask yourself now is,
How can I stand out in the midst of all the noise?
The biggest thing that I realized is that, his niche wasn’t as pinpoint accurate as it needed to be.
Here are the 4 questions that you need to ask your self in order to find out the niche that’s perfect fit for you!
Once the answers to these questions intersect with each other, then you’ve found where you need to begin with:
- What are you good at?
- What are you passionate about?
- What does the world need?
- What could you get paid for?
Guys, you need to take it seriously and find what intersects them all.
Take this for example: You could do something that you’re passionate about, but if there’s no money to be made, then you’re gonna be a starving artist.
Or maybe you could go the other way.
You could do something that gets paid really well but you have no need for it. You don’t feel energized. You know you don’t feel awakened every single morning.
You don’t get pulled out of bed to do something every single day because it’s not something that you are passionate about.
Find the intersection of those four things and what you want to work at.
The moment you find the intersection, this will be like this customer avatar where it’s basically someone that has a problem, has a challenge and has a hair-on-fire problem that your skillset can basically solve.
The next thing you need to do is FIND OUT WHAT IS THEIR TRANSFORMATION.
What is the thing that they think about?
What is that transformational result that they will buy in from you?
Because remember, the thing about confidence and the thing about making money is, they’re both just vehicles.
Take Brett for example..
He would usually enumerate the interests of his audience, and he would add up saying, “and they want more confidence.”
But what you guys got to really dig deep, is the fact that it’s just the first layer of what your niche wants. The reason why your niche wants that layer is just so they could get to the next layer.
Me for example..
Why do I want to make more money? Or why do I want to teach people make more money?
It’s not just so I can have more money sitting in the bank. In all honesty, money sitting in the bank is just a waste and if it’s not invested, it’s just gonna turn into dust.
The reason why I wanted to make money was so that I could use it as a vehicle to increase the love and connections in my life.
I want to have more time with my parents and spend amazing time meeting amazing people that I could build interactions and relationships with.
And me working a nine-to-five?
That’s just what I need to do in order to fund for my life so I could fund for the business.
The only reason why I ended up making a lot of money was because that’s what I focused on. I didn’t care about how much money I made.
It was just the fact that I didn’t want to work a 9 to 5. It’s taking away the opportunity and time that I could use to spend doing what I love, where I want to go, and whoever I want to be with.
It’s just being that person where you’re the hero of your own movie. THAT’S ALL MONEY WAS TO ME. It was a vehicle to get me to the lifestyle that I want.
Now to Brett who’s focusing on the confidence niche, here’s what we realized while we were talking about it. .
When we really dig deep on what was his niche all about, it ended up being about 40 to 50 year old women who were divorced, broken-hearted, hurt, scared, and alone.
When we realized that, we came up with an idea that he wasn’t really into that niche. It almost sounds like he’s in the woman’s confidence or dating advice niche for these women.
Your biggest takeaway on this is that, when you don’t identify who your audience is, YOU WILL STRUGGLE ON WHAT CONTENT TO CREATE AND FOCUS ON.
You won’t know what message to share.
On top of that, you can’t really sell them anything because you don’t know who you’re selling to.
I placed that at #1 because of the fact that it needs to be the intersection of those four things.
Step #2 FIND OUT WHAT KEEPS YOUR CUSTOMERS UP AT NIGHT
Were there times that you found yourself literally staring at the ceiling before you get out of bed in the morning?
Or let me ask you this way..
What are your worries before you sleep at night?
Me for example, there were times that I was worried about not having enough money to freakin pay for my meals or to do the things I want to do.
One of my biggest fears is to actually go on a date, take the bill and seeing the waiter coming back and say, “I’m sorry sir, but your payment has been declined.”
I remember laying in bed in the middle of the night and looking up at the ceiling thinking..
- ‘How am I gonna pay for rent?’
- ‘How am I gonna help my mom and dad?’
- ‘How am I gonna help pay for my sister’s education?’
These are things that literally worried me guys. And because I understood this and I lived in the niche that also understood this, THAT’S HOW I WAS ABLE TO BUILD MY BUSINESS TO SEVEN FIGURES AND BEYOND.
It’s the exact same thing that I and Brett came up with.
I told him he’s no longer in the confidence niche but literally in the women’s dating niche where he gotta put himself in the shoes of a lonely ass woman that is stuck laying, literally, in the middle of night.
She wakes up in fear looking at the ceiling wondering how she’s gonna find love in her life. .
How she’s getting older, how literally the love of her life left her for a younger woman, or how little she feels loved, insecure, or scared. .
Or how the man that she loves no longer loves her.
This is also the part where YOU gotta ask yourself, WHAT WOULD IT BE LIKE WHEN YOU PUT YOURSELF IN YOUR CLIENT’S SHOES.
And you’ve got to see what’s the fear that keeps them up at night. They’re literally looking at the cracks on the wall wondering “how can I find the love of my life” in terms of his business.
To be honest with you guys, the funniest thing is..
Before I wanted to create the Mike Vestil brand, one of the side businesses that I wanted to do is get into the women’s dating advice and just hire someone else to be the frontman.
That’s why I actually know a lot about this because it’s actually a pretty interesting situation which brings me to the third aspect of this!
Step #3 KNOW YOUR COMPETITORS
The moment you figured out the niche that you want by the intersection of the four things and you found out what keeps your customers up at night . .
The third thing that you guys want to do is to KNOW THE COMPETITORS IN YOUR SPACE.
Because if there are people making money in your niche with the exact same customers that you have, then why can’t you?
Even if they’re the first to market, all you gotta do is OUTVALUE THE CUSTOMERS and then you’ll end up getting more customers.
On top of that, understand that there are so many customers out there in the world.
There are so many people who relate to different messages and resonate with different people.
And you coming in as another player, if you focus on the seventh step (which I’m gonna share later) it will literally blow your competition out of the water!
Step number three is mainly about two things:
- Knowing who your top competitors are.
- Becoming their customers.
You want to buy their products, see how their sales funnels are and see how they’re communicating to their tribe and their audience that gets their audience to buy.
For example, let’s bring back the dating advice since Brett has now positioned himself from confidence coach to women’s dating advice.
It’s crazy because years ago, I also wanted to create a personality brand instead of all the other businesses that I had in the past.
I really think a personality brand is one of the best businesses to have because people relate with humans.
You don’t relate with companies. When Microsoft emails you saying, ‘Hey sir, thank you so much for emailing customer support..’ You don’t give a f*ck man.
What you care about is talking with human beings!
So when I was at that stage, I wanted to hack my competitors and I was in the dating advice niche for women. I remember finding this guy named Matthew Hussey.
He’s the top person in the dating advice for women and I literally plan to funnel hack him.
I remember I was creating the product and thinking I’m about to help so many women break through their limiting beliefs and find the men of their lives!
So what I did was buy all of his product. Well, since my dad does the accounting for the family, one of the funniest experience was when he reached out to me and asked, ‘Mike, you made a purchase for this thing called gettheguy.com. Do you have anything to say to me?’
And I said a BIG NO to my dad! I told him I was funnel hacking my competitor. And yes, I am not curious.
I just bought his product to see what was he selling so I could give more value to my audience.
That’s the biggest thing guys. Know your top competitors in your space.
Because if they’re making money and they’re spending money on advertising.. Instead of you wasting your money on advertising, wasting your money on products that don’t work, you could go straight to the market and find proven concepts.
The problem with most entrepreneurs is they spend 90% of their time on noise, on bullshit, on things that don’t make money.
They’re like ‘If I make the perfect website/if I make the perfect slogan/if I go to freakin Fiverr and get the perfect logo, I’ll create a seven-figure business.’
I wish business was that easy where you could go to Fiverr and get a five-dollar logo and then you’re in business.
But what you need to do is spot your competitors who are making 7 or 8 figures that has a proven system for you to also make money in that niche.
Understand that you don’t have to figure things out.
A smart man will learn from his own mistakes but a wiser man will learn from other people’s mistakes.
Step #4 START CREATING CONTENT
Start creating value content that literally attracts customers to you.
If you’re on e-commerce, it could be really good creatives, a really good video, a really good product placement and a really beautiful Instagram feed.
If you’re a personality brand, it could be like a YouTube channel, a blog, or it could be Pinterest . (If you want me to make a video on the five free traffic hacks that I do to get free traffic in my business, just comment below).
For me, I saw what it was that my competitors were doing, and I just started creating more content around that.
I created content almost in every platform! I do have it in YouTube, in blogging, I do it on SEO, Instagram, Facebook, and even on Pinterest.
Every single freaking platform guys!
And that’s what I told Brett. He needed to find the message that his competitors are doing and reverse engineer the message that’s resonating with that audience.
I told him to double down whatever content he’s creating. He needs to do it two times better, with 2x intensity and 2x speed!
It has to be doubled down so that he can literally outwork the competition.
Now the problem with your competition is if they’re already making a lot of money, they’re going to be so big.
You need to take advantage of the fact that you’re the smaller guy because you have that swiftness, you have the creativity to pivot left and right and to see things that these big companies cannot see.
You have no idea how much better it is to be the smaller guy where you are starting off and to literally blow them out of water.
The reason why I’m blowing up so fast is because of the fact that I was that smaller guy that was kind of like in the bushes.
I was just looking at my competition going left and right and I’m just understanding the marketplace, my customers and their needs.
Step #5 START FOCUSING ON YOUR OWN TRANSFORMATION
“Who you are right now and how much money you have in your bank account is a direct proportion to each other.”
That means one cannot grow without the other person matching it.
So for example, if you want to make more money in your bank, it is impossible without you first growing and transforming yourself. In vice versa, when you grow as a person, your income will grow just in proportion to that.
It’s literally one of the laws of the universe. What you put out is what you get out. What you become is what you attract.
Start focusing on your transformation.
Now let’s actually look at Matthew Hussey..
This is the guy who’s in the same niche as my friend, Brett.
He’s literally created a multi-million dollar business helping women everywhere, changing and impacting people about love and relationships.
If you can take a look at the before and after picture (of Matthew Hussey) in the video above, you will see how he looked like before he started out his business.
Now take a moment and watch it at time stamp 15:52. It’s literally night and day.
Two different people. One person has no business, not a lot of results and not a lot of customers. On the other hand, one man owning a multi-million dollar empire.
Literally, in a blue ocean where he’s the only person that women go to for advice.
What changed?
It’s not because he found a new skillset, it’s not because he found the latest hack online, it’s not because he was searching on YouTube, IT’S BECAUSE HE BECAME A DIFFERENT PERSON.
Now take a look at my photo back when I was a teenager and compare that to who I am right now. I’m a completely different person!
It’s not because of the fact that I’m super different, it’s because I became more of the best qualities of myself. I became a better version of myself.
So for example, if you have five grand in your bank and you want to have fifty grand in your bank, the question that you should be asking yourself today is, who you are right now?
Are you only worth five grand or fifty?
If you want the latter, then you need to become 10 times bigger than who you are right now.
I know you’re starting to sell a transformation to your customers but you also got to start focusing on your own transformation. Ask yourself, who do you need to become that deserves a multi-million dollar business that deserves loving and raving customers, that deserves the audience who love, trust, and respect you as the person that they get advice from.
You need to become someone else because if you don’t, you will keep getting the same results that you’ve always had!
Step #6 FALL IN LOVE WITH YOUR CUSTOMERS
This step is one of the most important things which I learned from Tony Robbins.
You need to fall in love with your customers.
For example, the students that purchase my Accelerator Course that are in my membership and my tribe, they don’t just run off after making a sale.
Every single week, I literally talk to them and just focus on their transformation.
The coolest thing when you fall in love with your customers is you start finding out what their needs are. And when that happens, you can then actually help them now.
That’s because it’s now a two-way communication. It’s not the all-seeing guru on top of the freakin mountain that says ’Here little guy, this is what you got to do.’
It’s you guys coming at the exact same level and growing together, that’s what we do!
It creates a feedback loop where now, you’re just making it better. You know your customers are getting more results. You’re getting more fulfillment because you’re helping people grow.
The craziest thing is, for example every Sunday when I have these calls with my tribe, I get to find out where they’re struggling. From that place of awareness, I then learn how to teach them better and then BAM!
I update the course.
What happens next?
From there, people are then getting results faster!
It’s that constant feedback loop that happens over and over again every single day, every single month, every single year and every single 5 to 10 years. .
Where five to ten years from now, I’m gonna be on par with where Tony Robbins is at.
And that’s crazy because he does around $4 billion a year in freaking revenue with his brand.
Now if you’re dealing with customers that you hate, you’re in the wrong business. There’s no longevity in a business when you don’t love your customers because why on earth would you be even doing it?
It goes back to the four things like: Is it something that you love doing? Is it something that you can get paid for? Is it something you have that the world needs? Is it something that you’re good at?
Life is so damn short, and probably you have at most 100 years to live. Why on earth would you spend it with customers that you don’t like?
You might as well fall in love with customers that you enjoy and love.
For example, I loved helping entrepreneurs 10X their income, finding more purpose and more fulfillment.
It is THIS that literally sparks a fire underneath my ass to go out there like a freakin crack addict, to help other people accomplish many goals and live the best version of their lives!
And that’s what I’m doing with all my friends like Aurio, Gavin, Erin, Brett, Laura and every single friend that surrounds me.
It’s because of the fact that my life can impact other people’s lives who in return impact millions of other lives because everyone else is building an audience.
It’s crazy because through the ripple effect, through my own existence, it’s like I’m helping millions and billions of people!
That’s what you guys got to do when you focus on your customer and you focus on the impact that you can make in their lives.
It creates this crazy ripple effect that will create an amazing amount of abundance in your life, in health, wealth, love and happiness.
Step #7 START SCALING USING PAID ADS
Once you get that proof of concept with that customer, you want to scale it with paid ads.
Let’s say you’ve already started doing the free traffic and you’ve followed through with steps 1 to 6.
Maybe you now understand what it is that your customer wants. You understand your niche, what your customers think about in the middle of the night, you already know your top competitors, and you’ve already created a minimal viable product that you’re selling to your audience because you fell in love with their problems and you fell in love with them as a person.
Like as for me, my customers are my best friends and my best friends are my freakin customers!
What happens is you could then scale it with Facebook Ads.
One of the biggest things that you need to understand is when you give facebook a dollar, they give you $3 back. And as you’re building this system in your business and in spreading your message..
DUDE, THE WORLD BECOMES YOURS!
With that being said, we have a FREE training if you want you can check it out right here.
Hopefully this helps guys.
These are the seven steps to creating a seven-figure business!
For everyone else, I will see you guys on my next blog.
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