David De Miko

Duplicated: 9 Lessons Learned Generating Over $200M In Sales In 2019-2021. Profitabl – [#992]

2.5 years we’ve started our agency – Sugatan.

We started with 5 people behind the laptops, all remote, with only one goal – to learn how to scale businesses to 7-figures in monthly revenue.

How?

Just like every entrepreneur out there – we didn’t have a clue. All of the members of the team have never done it. So the best we could do at that time was to do our best.

To our surprise, we learned it much quicker than we thought. The results started coming in. One brand scaled from $300k to $1M in monthly revenue, another $120k to $1.2M, and another went from $30k to $1.5M in monthly revenue.

Quite a growth.

And while on the outside these numbers look incredible – inside there were quite a few things happening at all times. Hiring, optimizing, understanding how to manage teams, figuring out how to scale even further…

No school, University, or books could prepare you for that… You just learn as you grow.

Whether you’re already generating 7-figures per month or are getting there, here are 10 lessons we’ve learned generating over $200M in the past 2.5years.

 

1. Speed of execution is everything.

Testing things online is cheap and easy.

Don’t overcomplicate it by thinking it through. Instead, think of minimum-viable tests and how you can be generating them at a very fast rate.

Do you have an idea for a landing page? Create it with a landing page builder. Creative? Create it!

Most of these tests cost close to nothing… And the more hypothesis you can test, the more chances you have that one will hit the jackpot and you’ll be able to scale the business.

This rule applies if you’re just starting out a business or you already have one that’s generating cash.

Don’t ever stop testing.

 

2. Focus on the big wins first.

This is where most of the marketers/entrepreneurs make mistakes.

They focus on minor details.

Will the logo be on the left side or the right side? Common, will it really generate you extra $100-200k this month for your business that you badly need to grow?

Most likely not.

Think about the big first, and then A/B/C/D the heck out of them.

And what are the big things? You’ll find it out in the 3rd point.

 

3. Creatives + offer can 2-3x your business overnight.

If you’re looking for 90/10 – this is it.

Nothing can grow your business as quickly as these two things. They can grow your business separately, but if you combine them both… You’ll experience atomic growth.

I’ve personally experienced the power of great performing creatives. They went from being 6-figures to 7-figures with only ONE creative…

And it’s not only one business that I’ve seen do that, but multiple!

Creatives + offers on social are for sure the biggest needle movers.

 

4. Attribution becomes difficult when you have more than 2 traffic sources.

Whenever a company hits $25M, we run into one big problem – how do we get to $50M?

Not only do you have to scrap everything you’ve done up to this point, hire new people, but also need to find an extra traffic source that can get you to the next level.

And when you keep adding new traffic sources to your current mix – you’ll run into a problem of attribution.

Every traffic platform will be fighting to attribute the conversions to each other, and you’ll be left in the dark. Which traffic source is actually generating the conversion? Is it Facebook or Google?

It’s a difficult problem to solve. Fortunately, there are some tools that can make your job easier.

 

5. Business usually grows quicker than personal growth.

Most of the founders we’re working with are first-time entrepreneurs or are not experienced at managing companies that are growing at such a fast rate.

I mean…

It’s pretty rare to grow companies so quickly, and as much as you want to prepare for that.. There’s no way to predict everything that’s going to happen while you’re pressing the gas pedal.

What we usually find is that it’s pretty useful to hire people who have already been there and done that. Especially from the organizational point of view.

It can also be useful to hire marketing consultants or any other type of consultants for a few hour sessions when you have particular questions surrounding your current problems.

And the second-best advice I can give you… Just stick with it.

The growth period will tear you apart, but once you’re on the other side – you’ll be thankful. You will have mastered skills that not many people have mastered.

 

6. Don’t spread yourself too thin.

I’ve done it myself multiple times.

Going after new traffic sources without optimizing the ones we currently have… Trying a new tool, before mastering the ones we currently have.

What ends up being – there are lots of bridges half-built and none of them is usable.

I knew this “law” a long time ago, but have never learned from it.

My monkey brain can’t help but try different things at all times.

 

7. Mastermind.

It doesn’t matter if it’s a mastermind you created, or it’s a mastermind that you join…

There’s no way I could’ve reached the level of success I achieved without having a close circle of entrepreneurs who are at similar levels sharing insights with me and me doing the same with them…

There’s no way you alone can be keeping up to date on what’s working and what’s not. There’s no way you can test all of the newest things that are working on your own.

The change is just too quick.

That’s why having insights from multiple businesses is so important.

 

8. Hiring

Operations are not my strength.

I can’t identify talent easily and rely on other people to do that for me. However, one bad hire can cost you a big amount of money.

Firstly, you’ll have to probably train the person for 6 months, pay them money to learn the skills they need to perform at the position. You’ll either have to mentor that person yourself, or someone else from the team will have to do it.

The second cost is the opportunity cost. Let’s take an example of SEO. Let’s say you hire a person who doesn’t know how to do it. You’ll probably see results only in 6 months. And what if there are no results to show?

Not only will you have lost 6 months’ worth of the salary you paid for this employee, but also you will have lost 6months that someone who was good at it could have worked on it and gave you badly needed traffic…

So yes, hiring is extremely important

 

9. Think long term.

It’s easy to get hooked on the things that are pressing right now.

Algorithm changes, hiring, inventory problems, cash-flow and so many other things that are on your mind…

But don’t forget to think about the long term of your business, the market, and your personal mental health…

Because part of the success in this game is – staying in it and waiting for the creative/offer that will hit.

And if you burn out and quit…

You’ll be out of the game.