Every business wants that seven-figure valuation, but not many have a specific plan or playbook to follow to reach such success. Enter Ryan Daniel Moran, author of 12 Months to $1 Million: How to Pick a Winning Product, Build a Real Business, and Become a Seven-Figure Entrepreneur and founder of Capitalism.com. Ryan took us through his one year plan to becoming a million-dollar business, and shared his best tips for launching a business to eager consumers.
Identify buyers with specific challenges, provide them with a solution, and scale it to help hundreds.
Ryan identified his winning formula early on in his career and has applied it to various ventures, and has helped coach other entrepreneurs to build high-value, sellable businesses. After running the numbers for product sales and lead generation, Ryan figured that he only needed 100 sales a day to reach seven figures, and divided the process into three stages. Over 3-4 month periods, Ryan explains how to make those first sales, improve and grow inventory, and maintain consistent numbers.
You are asking the wrong questions
The most common question Ryan hears is, “Is ‘X’ a good product to sell?” but many of us focused on the wrong solutions. Don’t ask what the best product is, ask what the buyer wants. He explains to identify buyers with specific challenges, provide them with a solution, and scale it to help hundreds. When doing market research, look for a niche with a solid market in which your business can become the most focused. In other words, be the unique solution for a specific person!
The Roadmap to 7 Figures
Stage 1 – The first 3-4 months are all about taking a sale, Ryan explained. Focus on growing your audience and reaching new customers, to get to a consistent 25 sales a day.
Stage 2 – Ryan calls months 4-8 “building the highway” to describe the behind-the-scenes work that goes into developing a scalable business model. This stage takes a lot of people-power, time, money, and other resources, but once it’s solidly built, the metaphorical highway can handle an infinite amount of cars (or in our case, sales). Work on testing and releasing new products as quickly as you can without losing your focus in the market.
Stage 3 – The key is to maintain those daily numbers while releasing new products to grow overall revenue and increase consumer reach. Release 4 solid products that get you to the running rate; Ryan’s formula is 4 products each doing 25 sales a day at $30 each = 1 year to 1 million. Once you start seeing sales patterns and customer reviews, focus on expanding the areas that are performing well, and growing in that niche.
Listen to the session above, and check out Ryan’s book to hear his strategy in full!