by Leah Wise, Owner of Leah Wise Law Firm
The work landscape is changing, and striking out on one’s own to create a business is something over 75,000 Americans have attempted. While startups can be risky — about 10% fail within their first year — they can also be wildly lucrative.
While the seven-figure startup may seem like a far-off dream for most, with a solid strategy and approach to business, making millions from your startup idea can be within reach.
As I have built a successful all-female law firm, a fashion boutique, and a real estate business, I have followed a particular set of strategies that have allowed me to scale my ventures and build wealth.
Here, we discuss the seven tips that, when applied, can help put startup founders on the pathway to wealth and long-term success.
1. Find your niche.
Those who offer unique products or services can create an excellent bedrock for their startup businesses. It’s essential to land on a niche that will allow you to set yourself apart from the competition and tap into a very targeted market. Once you decide your niche, targeting the right demographic that will love what you offer becomes much easier.
2. Embrace digital and social media marketing.
These days, businesses have to be online to compete, but that doesn’t mean it has to be a chore. Startups should embrace digital marketing and social media outreach, as they both can be powerful tools in one’s marketing arsenal. Social media engagement can connect you with the perfect market for your niche offering, leading them to follow you and spread the word about your business. Digital marketing approaches such as SEO optimization of your website or regular blogging can also help build your reach and your audience.
3. Focus on scalability.
Reaching seven figures requires scaling one’s business. Many startup founders are serial entrepreneurs, nurturing several streams of income at a time. When your business is scalable, you build revenue without additional costs or overhead, which could be a one-way ticket to millionaire status. Popular scalable businesses include subscription-based services, affiliate marketing, and evergreen online courses.
4. Create an unforgettable experience.
Within my own businesses, I strive to have people walk away with a sense that I did my very best for them — whether winning their case or finding them an amazing outfit. People will remember interactions with your company if they are overwhelmingly positive. Unfortunately, they will also remember the negative interactions. It’s up to you as the business owner to make sure that the experience you are creating is incredible. This can be done by going above and beyond, thinking outside of the box, innovating on customer service and deliverables, and working hard for your customers so they reward your hard work with return business.
5. Invest in automation.
Today, AI and task automation are revolutionizing the way we run our businesses. When administrative tasks can be handled by automation, you can run your startup’s creative and innovative side. Systems such as virtual assistants or chatbot customer service support can save you time and money, allowing you to reach seven figures faster.
6. It’s all about your email list.
Email lists may seem like an outdated marketing tactic, but they are actually massive revenue-generating machines. While social media accounts can be a great way to create content and reach your audience, they are also owned by someone else. Those accounts you took years crafting can be taken away from you with no warning.
However, email lists are yours. You built them, and people opted in to have the chance to hear from you directly. Take advantage of this unique “in” with your market and regularly communicate with your email list with offers, sales funnels, and engaging content.
7. Speaking of sales funnels…
You may have heard of sales funnels, but you weren’t sure what they were. Sales funnels are an incredibly powerful business tool that can be the fastest way to a million-dollar business.
Sales funnels direct customers from initial awareness of your business to eventual purchase. Using your email list (I told you it was important!), you can send targeted offers, free content, or lead magnets to your target market, which all act as funnels to the eventual sale.
No startup entrepreneur begins their journey anticipating failure — they all have those million-dollar dreams in mind. By having a solid strategy and following the above tips, startups can build a strong foundation from the outset and create one of the storied million-dollar successes that others will look to as a shining example of how to do it right!
Leah Wise is a trailblazing entrepreneur and attorney dedicated to empowering Latinas and advocating for women’s rights. She is the founder and owner of Leah Wise Law Firm, PLLC, the first Latina-owned law firm in South Texas specializing in personal injury cases. She is also the proud owner of Leah Wise Enterprises, LLC, a real estate investment company, and CrashGal Couture, LLC, a clothing line.
