I want to build a billion dollar Company! Billion dollar my facilitator asked again and I nodded vehemently. Fast forward a few weeks later Covid-19 struck in the Country and we went into a lock down. The billion dollar suddenly seemed like a pipe dream when we were barely making enough revenue to survive…
When you first start a business, you have high hope of what it can become. The average entrepreneur is an optimist and usually always projects for the best. When the reality of running a business hits you, your dream can come crumbling down.
In my experience starting and running 3 businesses, I have had the experience of growing from 0 to millions in revenue. I have also my fair share of challenges and today I would share with you how you can grow from 0 to millions in Revenue.
- The big problem. If you want to generate millions in revenue, you have to be solving a big problem that a lot of people have or an expensive problem that a sizeable number of people have. There are two types of problems; Vitamin problems and painkiller problems. Vitamin problems are usually nice to have problems that people have when they are looking for options to solve a problem that might already have an existing solution. A painkiller problem is a severe problem that is causing the person who has the problem huge discomfort.
- The workable solution. People pay for solutions. When someone has a headache, they need a painkiller and not some sweets (unless the sweet has pain killers). When you identify the problem, you need to create a workable solution that is fairly easy to use. When a customer has a pain killer problem, what they want is a solution that works. The bells and whistles of the solution would be nice to have.
- The business model. The business model is how you will deliver your solution and make money. This is what would ensure that your solution has a business prospect. If you create a solution that does not have a clear pathway to revenues, or that people are unwilling to pay for, then it is not a business.
- The team. You would need people with certain skill sets to execute your vision and make the revenues possible. A team should have a visionary, critical thinker, Ideas person and implementer.
There are 3 more factors that would help you go from 0 to millions and I would share it in my next post.
