Written by 12:07 am Entrepreneurship Views: [tptn_views]

5 Critical Lessons I Learned Turning My Side Hustle Into a Million-Dollar Business | Entrepreneur

Opinions expressed by Entrepreneur contributors are their very own.

In 2016, I followed every marketer’s advice and created a funnel that led to a web based course. I spent hundreds of dollars and worked long hours to make just a few hundred dollars.

Around the identical time, an entrepreneur asked me to ghostwrite his book, and I convinced him to let me hire a author and publish it myself. I made $25,000 doing 1 / 4 of the work I’d done creating those online courses.

From that day on, I put my energy right into a side hustle that publishes authority-building books for entrepreneurs. Today, Legacy Launch Pad employs a team of writers, designers, and project managers, has published over 50 books, and has brought in seven figures.

But finding the correct business was only step one. Below are five of the best lessons I learned.

Photo by Legacy Launch Pad

Do every job yourself before delegating

While it’s intimidating to do every little thing yourself initially, and delegation is crucial once the business is established, giving the improper person an excessive amount of power early on means you do not have enough. A couple of years into starting my business, the primary team member I hired tried to sabotage the corporate and sue me. Even though her plan backfired, it made me realize that I’d given her an excessive amount of control without understanding enough of the small print about what she was doing.

Help the correct person (or people) totally free

Giving your product to an influential person could be a game-changer. Over 70% of our clients have been referrals from a friend who runs a giant mastermind because, early on, I surprised him with a book we would made out of lots of of newsletters he’d written. He was so excited that he ordered lots of of copies to offer to everyone in his group and commenced recommending us to all of the members.

Don’t post or promote until you already know your customer

Social media and podcasts can look like a waste of time—and it’s should you don’t determine what you wish it to do for you. When we got clear about who we serve and what they need, we could make every little thing we put on the market about that. I’d advise any entrepreneur to fill within the sentence, “We serve [types of people] in order that they will [whatever it is they’re hiring you for or buying from you].” If you remind yourself of that sentence before you do anything promotional, you and your organization will consistently be constructing authority. After some time, you will not must remind yourself of your message because following it’ll be organic.

Be more exclusive

While not every business can control who uses or hires them, the upper you set your standards for clients, the higher those clients will likely be. When we began, we worked with almost anyone who desired to hire us. Then we learned that non-entrepreneur clients were essentially the most demanding while our uber-successful entrepreneur clients were essentially the most grateful and easiest to work with. So we began setting qualifications for anyone who desired to work with us: they either needed to be a direct referral from a previous client or undergo an application process.

Support the passions of your team members

In this age of side hustles, assuming that your team members are as dedicated to your organization as you’re is unrealistic. Encouraging them to pursue what they’re enthusiastic about will make them more obsessed with working for you because they will not feel like their passions are being stifled. If you do not know what they’re enthusiastic about, offer to pay for a category they need to take and see in the event that they need to share whatever they gleaned with you and the remainder of the team; it’ll reinforce whatever they’ve discovered and possibly show you how to learn something latest, too.

[mailpoet_form id="1"]