5 Hacks to Building Your Small Business

For most people, a huge part of self improvement includes making more money or starting a business. In fact, the number of one-person startups achieving 7-figure revenue is rising. Here are five hacks to building your millionaire small business.

1. Focus on Sales and Marketing

You need to promote your business if you expect people to buy from you, so prioritize sales and marketing. That's where the money is coming from, after all. The goal is to reach as many people with your marketing using as little money as possible. For most small businesses, the most direct path to revenue involves selling the old fashioned way. Cold-calling, door-knocking, and cold email pitching still work incredibly well and are basically free, as they only involve the labor of the small business owner. As billionaire entrepreneur Mark Cuban says, “Sales cures all.”

2. Ensure You Are Well Funded

A small business costs a lot of money. Even with smart budgeting, emergencies still happen. You need to have a way of getting money when you need it. Since traditional bank loans are difficult to qualify for, entrepreneurs need to be scrappy in accessing capital. One of the most common ways small business owners gain access to funds are through business credit cards. In fact, 22% of business owners utilize business credit cards as a top resource when they need money. Accessing capital through trade credit and equipment financing are other top ways that small businesses find financing, even if traditional banks deny them first.

3. Manage Your Time Well

As a small business owner, you are going to be pulled in a number of directions every single day. Some of the many things yelling out for your attention are more important than some of the others. You need to learn how to prioritize the things coming your way. The goal should be to get the most important things done first, then continue crossing things off of the to-do list as you get to them.

4. Establish Scalable Business Systems

Any process that enables time-strapped business owners to do less with more increases the bottom line of the business. Product and service distribution, financial management, employee procedures, marketing - all of these things require repeatable systems. Oftentimes software, machinery, or third-party vendors can be used to increase the efficiency of work that needs to get done.

5. Hire Help

You may want to handle everything yourself initially. You need to spend time exploring and may not have a set system in place for employees at the moment. You may also not be able to afford the expense until you start to make money. However, there are options if you need to take the plunge and hire help. Interns and virtual assistants in less developed countries are inexpensive options that can get you started. Start small and build your way up.

It’s Your Life

You are on your way to financial independence. Every decision you make along the way will contribute to either your success or demise. Follow these steps to get you going in the right direction. And be patient. Good things take time.