EP 372: 3 Steps to Grow Your Business to 7-Figures

6:11AM Oct 21, 2022

Speakers:

Tracy Matthews

Alex Camacho

Meghan Boehm

Keywords:

figures

accelerator

business

sales

traffic

paid advertising

momentum

optimizing

mindset

work

tracy matthews

marketing

year

growing

goals

program

jewelry

brand

step

learn

every level in business, you're always going to be up leveling things. And so I want you to think through like where you are now and what your goals are, is what you're currently doing, going to support the goals that you're trying to achieve.

Welcome to thrive by design, the podcast for ambitious, independent jewelry brands, looking to profit from their products, get ready to make more and sell more doing what you love, without spending every single waking minute doing it. Hey, and if you're a creative fashion or product based business, I want to welcome you to the show. I'll be dropping big tips on launching, growing and scaling your business. So you can spend more of your precious time using your creativity to make money. You ready? All right, let's do this. Welcome to the thrive by design Podcast, episode 372. Hey there, it's Tracy Matthews, chief visionary officer over at Flourish & Thrive Academy. And I am the host of the show today, I am so excited to walk you through one of my favorite things to talk about the mindset and steps to growing a seven figure jewelry business. Now, before I dive in, we just wrapped up some amazing master classes. And we are releasing a brand new updated version of our momentum program for the end of the year through the New Year. And I'm super excited about it because we are launching a brand new accelerator called traffic on fire. Inside the momentum program, we restructured momentum, so that's focused on accelerator style learning. So I would love to invite you to apply for the program. Right now we are in open enrollment, the new accelerators officially start in January 2023. But we realized that a lot of you could use a little bit of extra support through the holidays. So we're going to be giving anyone who applies and joins the program now, free access for two months for the end of the year. So we'll discuss a little bit more about that if you are accepted to the program and you decide to join. So if you want to learn more about it, the traffic on fire accelerator is designed all around organic and paid advertising. I know a lot of people have questions about how do I run paid advertising for my business, if I can't hire an agency, what are the best platforms to run ads on? Most people are focusing on Facebook, that's not really the best place to do it. And we're going to take the mystery out of when, where who, what, why all other things, website traffic, and also get you dialed in so hard that you have like a consistent content strategy, so that your organic traffic and your own marketing strategies are actually doing the work for you. So you're stopping that kind of passive strategy with your marketing, I guess is the best way to put it. Anyway, we've been running momentum for the last four years, it's been awesome, we've helped several brands grow from less than $100,000 a year to multiple six figures, and even seven figures. So if you're someone who is ambitious, you already got consistent sales in your business and you're ready to just take it to the next level. Let's get you some traffic on fire and get this going for you. So super simple to apply, you just fill out a quick application, head on over to flourish thrive academy.com, forward slash momentum, it's free to apply. We'll give you all the information about the program when we're talking to you on the call. And also I just want to also mention that I know a lot of people are like I don't want to join a program for a year. Well, you don't have to anymore, we're actually allowing people into the program by accelerator so you can join for just one accelerator or you can join for a discounted rate for the entire year and take all of you accelerators, which is pretty awesome. So you can head on over to flourish, thrive academy.com, forward slash momentum and fill out your application. Right now I'm so excited for you. Let's crush it and grow to multiple six or seven figures in 2023 and beyond and capture some extra sales this holiday season. Alright, so today I wanted to talk about the three steps to grow your jewelry business to seven figures this year. Now maybe it won't be this year if you're not close to seven figures yet, because that's a little bit unrealistic. But you get my drift, right. So growing a seven figure business, you know, I've always heard this, like, the difference between going from zero to 100,000 is different than the difference between going went from 100 to 300,000. And then the difference from going from 300,000 to a million is they're all like different jumps. So like what I would say about that is that what got you to one of those markers is going to be different to take you to that next level in business. I know that this is true for myself. And as we've been growing as a seven figure company, that it's the same thing going from one to 3 million takes a whole different set of skills and a different business foundation. And so at every level in business, you're always going to be up leveling things. And so I want you to think through like where you are now and what your goals are is what you're currently doing going to support the goals that you're trying to achieve. And I Apollo Does again for my raspy voice, or for the first time, maybe I have a little bit of a cold as I'm recording this, but we're gonna go for it anyway. So the first step to growing a seven figure business is all about your mindset. And the reason why always throw mindset into things like these is because you have to start thinking about yourself, and the way you operate your business differently. What got you to where you are right now is not going to get you to the next place. We were doing consulting for a diamond company a couple of months ago, or earlier this year. And it was really interesting, I was having a conversation, I knew this guy for a long time. And I'm like, we can totally help you. But it's gonna require you to change your mindset about how you're approaching things. What I will say about this company is they did not want to change anything, they basically just wanted magic to happen, they wanted to stay the same. They didn't want to change their messaging, they didn't want to change the way they were marketing, they didn't want to show up differently. And guess what, I don't think anything changed in their business. So you need to deal with your mindset and understand that if you really have this goal, your approach to business needs to change to the way you show up in your business needs to change the way you market is going to change your belief systems have to be dealt with, you have to always be leaning into this because if you deal with your mindset, stop trying to think that you're going to be some overnight success because something random happens like a Kardashian wears your jewelry just doesn't happen anymore. And quite frankly, most of the people I know who are say that their overnight success has actually been working out something for a very long time, sometimes 10 years or more. And then most importantly, I want you to always be thinking through and learning the new stuff. Because these are the things that are going to help you up level as a business owner. And then finally, you're going to be optimizing the things that you're already doing well. So in your business, if you already have some substantial growth, and you're hovering around six figures, or even multiple, six figures, and you want to get to seven figures, or you're thinking about someday you want to build that you will learn through a process of exploration and implementation, that some of the things you do work really well. And some of them don't. For instance, as for the last year or so we've been retiring last couple of years, I should say, retiring a bunch of our programs and offers that didn't work, retiring a bunch of old lead magnets, cleaning up our systems, cleaning up all the things that we're doing, because some of them were just inefficient, they didn't convert very well. But if you just keep putting them out there, it's like a waste of energy. Because it's more things that you need to work on. There was a book called The One Thing and right in this moment, I don't have it in front of me, and I can't remember the author. But the one thing they talked about this is like focus on that one thing that you do really well lean into that. And then as you get really good at that, bring in one more thing, do the thing that you do well and continue to optimize that. Now, step number two, might seem obvious that people don't think about this is that you need to get enough traffic to get the sales that you need. So traffic to your offers might look like if you're selling wholesale or at in person shows might be getting the customers to your booth. If you're someone who's selling on your website, it might be getting the physical online traffic to your website, it might be optimizing your conversion metrics on your or the way you're converting customers on your website, it might be putting money into advertising to get that traffic there and optimizing your sales funnel, so that you're like checking all the data points and data entry points at every single step. So that you're continuing to grow. It might be optimizing and understanding what your customer lifetime value is. So that you know like, how long is it going to take me to make a sale from this customer? And how long will it take for me to be profitable if I am running paid advertising, or spending a lot of energy or time because time is money, right? Marketing in a way, like how am I going to pay that time off. And so you need to put your focus attention on the things that are going to scale. You know, traffic comes in a lot of different ways that comes from your own marketing, like SMS, and email marketing. It comes from social marketing, social media and social search. So things like you know, Instagram, Pinterest, all the things, you know, tick tock, and then also things like Pinterest, and YouTube, or SEO, right, because of your content strategy, like how you're putting information out into the world, because we're how you're showing up for your brand, your consistency and frequency of what you're doing. And all those things bundled together, and then add a paid advertising strategy in with that and you're on fire. I love how I snapped and whistled at the same time. It's funny. Now step three to this is to develop the internal infrastructure that will help you scale. Now if you're someone who is hovering more in the lower six figure marker, in order to scale to seven figures, you have a lot of work to do optimizing your system, you're probably not at a place where you can hire that big of a team but you can start maybe hiring an assistant or something like that. You want to make sure that you get your technology dialed in, that you're working on creating plans and forecasts for where you're going and dialing in how you're going to create those plans. And that you have the bandwidth to actually handle the sales and the production and the marketing and the customer service, and all the things that come along with scaling a company. So even if you're not there yet, what you need to be doing is getting your business to a place where it is ready for that. Because what got you here won't get you there. And so when you're just once again, when you're thinking through step one of this, right, you need to be thinking through your mindset. What is holding you back? Or what are the beliefs that you have? How are you approaching your business in a way that is supporting your goals and your growth? What are you doing in yourself inside of yourself in your business and your mindset that is actually defeating your goals, right. So you need to have the right mindset, that's step one. Step two, you need to get enough traffic to your offers the sales piece, the marketing and sales piece is huge here, it might seem obvious, but like, if you're not doing the work to get the people there, then you're not going to get to the seven figure market. So make sure that you're building out your sales and customer staff support and you have focused attention on the things that are actually going to help you scale. More than likely you're going to have multiple revenue streams in this step. And you're going to really be optimizing each of those for conversion and more growth. Step number three is to develop the infrastructure to handle that growth that might look like systems automations, operational efficiencies, Team bandwidth production capacity, right, you're going to need people to make those products, maybe manufacturer or something along those lines. So as you're thinking about what your goals are, you know, we're heading into 2023, we're rolling into the holiday season. This is just a fun little exercise for you to start to audit like step one, how is my mindset supporting where I'm going? And if it's not supporting, where I'm going, why? Step number 2am, I getting enough traffic or converting that traffic in a way that is actually going to work for my business and brand? And what are some of the things that I can do that are outside the box that are going to set me apart from everyone else? And number three, do I have the infrastructure for growth that I need to get my business to where it wants to go? That's all for today. This is a short and sweet episode for you. Thank you so much for listening, I'm going to be bringing in some great episodes. In the coming weeks, we're going to be talking about advertising, different advertising strategies. I'm going to be bringing on some great guests over the coming week, and so much more. So thanks for listening to the show today. This is Tracy Matthews, signing off until next time. Now before I go, I just want to share a little snippet and tidbit from a momentum graduate,

my direct to consumer sales went up almost 200%. So 197%, my income went from two figures to six in that year. And so I saw a huge, huge change, obviously, like a very good return on investment that year from joining the program. So last

year was COVID. And it was a crazy year for everybody. I was just pulling stuff out of my studio and just selling whatever I put to be honest, like it was crazy. I use the different tools like by setting goals, you know, I use a very specific format that was taught in momentum program. And so actually we hit $330,000 Last year, so it was over double. And I owe that to a lot of what I learned from branding and being on video and putting yourself out there and really being like the person who's guiding your brand and also from the sales aspects, you know, all the back end, the emails, the consistency and all of that put together helped us to get to that goal.

I definitely noticed an increase in sales. So an increase in online sales. I literally had people commenting on certain real saying I just placed an order because of this real I have more online sales than ever before. I have more first time customers than ever before and I have an international audience now.