How To Scale Your Business Fast & What Will Go Wrong 📈

Foreign. Welcome to the Success School Podcast. I'm your host, Tim Ferret, and today I'm going to be teaching you the easiest way to build a seven figure business. So in this episode, I'm going to show you through how to simplify your thinking, to stop being so overwhelmed with all the ideas you have, how to find the one thing that you're actually going to scale for seven figures, how to pick the most profitable business idea that you have and actually turn it into a real business. So we have some upgrades and improvements going in a Helix gym at the moment, and this is coming up in the next couple of months. So what we're doing is we're going to add another mezzanine in, we're going to transfer our office over to the other side. We're building a recovery studio. So upstairs we're going to have one of those huge barrel saunas, we're going to put our ice bath upstairs, you know, hot shower, all these tiny types of things. I have a gym where we're a bunch of psychos and we actually don't have hot water in our shower. So it's cold showers only because we're hardcore and shit. And it's super exciting, obviously, getting new flooring and a bunch of other stuff in the gym. But it's a super exciting thing because it's going to essentially elevate us to the next level and take the growth in our business, which I encourage all of you guys to do. But this hasn't been just a simple like, let's renovate, let's do more stuff, let's build it, let's get bigger. Because we got to the this point by focusing on one thing. And I guess that's the main point of this podcast. Even though we do have recovery gear at the moment, it's not the one thing or the main thing that we do at the gym. We can do all the other cool stuff, but we're always focusing on one thing and that's small group training. So in this episode and over the 50 episode journey on this podcast, I'm going to be teaching you how to scale to a seven figure business. And how we're going to do that is you're going to pick the most profitable thing that you actually do in your business. And where this goes wrong for a lot of people is they have a million ideas and they try to execute a million things at once and then they give about 1% effort to every single thing. And then they look in the mirror or they wonder one day why my Business isn't successful because they're focusing on too many fucking things. That is the issue in business. That's the biggest issue, is shiny object syndrome. Just getting overwhelmed by so much stuff, so much stuff to do, this endless stuff to do because you have a million ideas and you haven't focused on on one thing. I've also had a long, hard look at what we do at the gym and I wanted to have a simplified signup model, a simplified method for getting results, and a simplified client onboarding sequence. Because we are focusing on our one thing and we're making it even more simple even though we have a little bit more complexity. And even though I know all the rules that I need to follow in entrepreneurship, sometimes I even get shiny object syndrome. You might be someone that makes things too complicated in your business. I know that when you focus on one thing, one product, one service, one pricing model, and one marketing channel, you will have far more incredible results in your business. But I know as an entrepreneur, we like to do too many things at once. So I'm going to make it super simple in this episode on how to find your one thing that you need to do to scale a business to seven figures. So I'm going to run you through a simple exercise to find your best service or product and idea. Turn it into a seven figure business. So what you're going to do is you're going to get out a pen and paper. You're going to make three columns and then on the first column on the left you're going to write idea. In the second column you're going to write difficulty out of 10, or you can try out of 10. In the third column you're going to write profitability. So we're going to go back to the first column and you're going to write all your business ideas or products that you have and you're going to list them down in that column. Once you've done that, you're going to write difficulty out of 10 and you're going to give it a rating of one to 10. 10 would be incredibly hard to execute and one would be incredibly easy to execute. Then in the column you're going to write profitability out of 10. So 10 being maximal profitability and one being not very profitable. Then after you go through all of your ideas and you see the difficulty to execute and the profitability of them is going to stand out to you very clearly on which of these you should actually go and try to execute. So I want you to write a top three or A list and then look at the top three and really ask yourself, which of these am I actually passionate about doing? Which would be simplest, which would be best and which should you go after in order to create that seven figure business that we are talking about? Generally, it's going to be one thing. So if I was listening to my first episode and I found that my passion was about helping people and I actually had skills in mindset, nutrition coaching, personal training, etc. I would be listing those services down in ideas. So let's say personal training sessions, nutrition coaching, mindset coaching, nutrition programs, mindset courses, curriculums, all those types of things. And then in the other, I'm going to list out the difficulty to execute all of those. Obviously one on one coaching is pretty easy to execute, so I'd be making that very clear in those. And then the ability for it to be profitable is the other thing. So one on one coaching, generally you can make quite a bit of profit from, which is incredible for business. So I'd be listing that down in there. And then after you've done this exercise, it's going to be evidently clear on which of these you should pursue. And note here, you don't want to be pursuing too many, otherwise you're getting so far away from being the master of one. So I'm going to talk you through how I did this the hard way. When I started my gym, I started with small group training. Then I had a business coach tell me that you should add personal training. And then I had another business coach tell me that I should add nutrition coaching. Then I had another business coach say you could maximize your profits by adding sauna and ice bath. Then I added even more programs. So we went from one program to two programs and three, three programs and so forth. And then I think we had about five programs at one point. Then we added more membership options. So we had two sessions, three sessions, four, five, unlimited, whatever. Like so many different types of sessions. And then we started marketing through five social media platforms. And what do you think was the result of the split focus in the business? The business went backwards. I realized we were doing too much and I simplified the model again. At the time I think I had a bunch of staff, it was like six or seven staff. Got that down to two, simplified. It went back to just marketing small group training. And what do you know, the business rebounded. We still do those other services and products. It's not saying you have to bend them forever, but we don't focus on them, on our marketing. We don't split our focus. The main thing we do is small group training. We don't really advertise nutrition coaching. We don't advertise sauna, ice bath and recovery. We don't advertise those things. We focus on the main one thing that builds our business. The bottom line is usually you're going to have to go through this the hard way. You're going to be doing a million things and then you're going to work out that they don't work and they don't improve your profitability or grow your business. Sometimes you just have to learn this stuff the hard way. I learned it the hard way. It was painful. It hurt. It hurt my bottom line. But focus on one thing. Until you've scaled and systemized that one thing, until it runs without you and your team can run it. Don't just do things because you're bored or you think they're going to be more profitable. Focus on the one thing. Put all your effort into the one thing and scale that to a seven figure business. If you do this properly, you are going to reduce your overwhelm in business. It is going to be far more easy for you to be successful. Don't be that person that does a million things. A generalist. You do nutrition coaching, you do performance coaching, you do body sculpting, you do bodybuilding comps, you do Olympic lifting, you do whatever. Like all the million things you do. Be a specialist in one thing. Work out what is the most simple and most profitable thing to do or your best product or service and sell it. Go all in on that thing. You don't just need to add things out of scarcity, but because you think things are going to run out in your business. There's plenty of people. The population of the world is growing incredibly fast. That means there's going to be more eyeballs on your thing or product. Be the specialist of one thing. On the next episode of this podcast we're going to be talking about going big and specifically we're going to be looking at 10 year goals and we're going to work it backwards to a 90 day plan. I'm going to teach you guys how to do that on this podcast. So in the first episode we found out what you're passionate about, which should lead you to the second episode. In this second episode you're going to have all your ideas and things you can do and you're going to simplify it to the most profitable and simple to execute. And then next episode we are going to be setting some really big goals. Thanks for joining me.