L ast night, I got a text from a woman I know who lives in town, and she had a business structure question. I was texting with her about it and decided it really needed a call. I answered her question about the structure and then asked more about her new venture. She rattled off some info about making six-figure sales to hospitals, etc., and af- ter she was done, I asked what happened to her social media company. She told me she still had it and it was going well. She then told me about the two other companies she was work- ing on. After she was done, I asked if her goal was to be poor. Of course, she said no and told me about how these business- es were all going to be amazing and make her tons of money. Toward the end of our call, I told her she wasn’t going to be successful if she kept doing what she was doing. Of course, she was confused and asked why I’d say that. I told her she was spread too thin and there was no way she could put effort into four different businesses and expect to ever see good results. She was basically playing the business lottery, starting or working with a number of different businesses and hoping one would strike gold and make her rich. Personally, I’ve found there isn’t much luck in the business world unless you make it yourself. I then asked again about her social media company, as that was the company she’d had the longest, and asked what her aver- age customer spent along with a few other questions. With all the facts in hand, I asked how long it would take her to create
the marketing and sales sys- tems to get 20 new customers month in and month out. She told me if she worked at it full time, it would take her 60–90 days. I then did the math for her and showed her if she’d focus on getting just 20 new customers a month for just her social media business, within 12 months, she’d have profits of $500,000 per year according to her numbers. Accurate thinking is one of the laws of business growth, and this idea of multitasking, hav- ing 12 different businesses, and jumping from opportunity to op- portunity is crazy. Focusing and working on the fundamentals of business and using math are what win the day. Of course, the math for every- one’s business is different, so make sure you don’t simply read this article and move on. Take your income or revenue goals and work backward. How many new customers do you need each month to get to that goal? Subtract the average number of new customers you already get per month and ask yourself what needs to happen to get X number of new customers each month so you can hit those goals. If you want to get really ad- vanced, look at what you can do to decrease customer churn and increase upsells. This will lower the total number of new custom- ers needed and is often simpler to do than create new customer acquisition campaigns.
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