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Build a Million Dollar Business? Yes You Can!

Jun 22, 2008
We have been building successful businesses for nearly 30 years, turning business concepts and ideas into profit machines. Between us, we have built more than 18 companies, 12 of which have been multimillion dollar ones.

As a result, we have a deep understanding of what it takes for you to build a million dollar business.

The magic formula for building a highly successful and profitable business is simple when you apply the right information in just the right order. It's like baking a cake: Every ingredient needs to be added at just the right time and in just the right amount.

As you know by now, information on its own is useless without application. If it were only about gathering or having the right information, every librarian or bookworm would be a multimillionaire!

The first thing to get comfortable with is that there is no silver bullet. Those email and direct mail pitches promising overnight success if you take this teleclass or attend that seminar are designed to prey on your fear of failure. They imply that the only way to get the life you want is to buy whatever they are pitching, because that one thing has or is "The Answer."

Another "get rich quick" tactic is to generate an artificial sense of urgency or scarcity designed to convince you that this privileged information is only shared with a limited number of people and is only available for a short period of time. This can be a powerful sales ploy - after all, what if the one thing you don't buy is the one thing that you needed for a breakthrough?

Though there is no silver bullet, the good news is that you can build a million dollar business. We promise. The truth is that for most of us success doesn't happen overnight. It takes time. Granted, it can happen at an accelerated pace, but it doesn't happen in a few months. Although my last venture did enjoy a highly successful NASDQ IPO in just nine months and Murray's last company closed $75 million in revenues in just a year, those results are not typical and come around once in blue moon -- and Murray and I both had built many businesses prior to those two particular successes.

So the primary key to being successful is having the right information in the right order... and backed by the right action plan. It doesn't matter what industry you're in, what type of business you have, what resources are available, or how much skill or experience you have. Having the right information in the right order is the way to start.

You must follow these three steps to build a million dollar business:

1. Obtain VISION through Diagnostics. You must understand exactly where you are and exactly where you are going what business tools you have mastered, and which tools you need to master or find, before moving to the second step. Without vision it is hard to get yourself and others excited. Choose a vision that will stir your passion and your soul.

2. Get FOCUSED through Planning. Identify your strengths and weaknesses and clearly define your target customer, products, and market. Then focus on exactly what you need for business growth and plan accordingly. Working off a plan is so much easier than winging it day in day out. Your company has to become a marketing and selling machine in order to make the millions you want.

3. Take ACTION through Implementation. With the clarity and insights from the first two steps, you are prepared to take the necessary actions to increase your revenues and profits. Now you can move forward and implement the plan you have created. Set daily, weekly and monthly goals for yourself and be sure to set up the systems you need, in order to make the goals a reality.

With those three steps come three of the most important questions that you must ask yourself every single day:

1. How do I make more profit from existing sales?
2. How do I get more sales from existing clients?
3. How do I attract more clients?

Concentrate on these three questions every day, take the actions that your answers point to, and watch your business grow!

You deserve more. You deserve the best. Go get it.
About the Author
John Assaraf and Murray Smith co-wrote The Answer: Grow Any Business, Achieve Financial Freedom, and Live an Extraordinary Life. Assaraf is a New York Times best selling author, and featured in The Secret. Murray is known for corporate turn around work, most notably for taking the Indian Motorcycle trademark from bankruptcy into a $300 million company. For more on The Answer and the authors, visit: Read The Answer.
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