I Made A Lot Of Money… Now What?
by Mike J. Agugliaro
When my service business started to grow, I thought “this is it: I’m going to make good money from here on out.” Then something happened: I made some money and then hit a plateau. Then I made more money and hit another plateau. I learned that business growth isn’t a straight line. But what else I learned shocked me…
Key Lessons Learned:
- We start out with the delusion that the knowledge and skills we have today will be what we need to grow and scale our business tomorrow.
- Most people start out with the goal of a million dollars in business revenue, thinking that at that point the business will be able to keep it up and they can take a 10% salary.
- A million dollars is a mental milestone, it can take some people 1 year and others up to 20 years.
- To get from 1 million to 5 million in revenue, a lot of the things you do today will not be acceptable in the future and you may not make it.
- Chaos in your business will pull you down, a lack of processes, software, or culture will hold your business growth back.
- Some businesses get to 5 million in revenue in 2 years or less because they take advantage of adding additional lines to their services, but if they don’t get the foundational business aspects correct before getting there, they are going to run into big problems.
- Most people can not grow past two levels without expanding their skills. The skill set you have today can not be the skill set you have at the next level, otherwise you will flushing through people constantly and testing your business culture everyday.
- You have to know what you need before you need it. Hire people for what you are going to need before you are late and absolutely require it.
- Everyone wants to have an empire, they just may not believe they can achieve one.
- If you are experiencing chaos in your business at any level, know that it’s unnecessary. Chaos is a just lack of knowledge.
- Knowledge is not power, applied knowledge is power.
- Look into the future and ask yourself where you want to be in two years. Reverse engineer how to get there and then do the work to achieve that business growth.
- Are you growing for what you want or for what you need?
Links To Resources Mentioned
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