mobile App marketing

Key steps on how to start a multimillion-dollar business

In this article, we have listed the major steps on how to start a multi-billion dollar business and reach the $10 million figure in no time.

how to build a million dollar business

Every entrepreneur starts their journey with the dream of launching a multi-million business. While a few of them are unable to reach the level because of poorly thought short-term goals, others get to the million-dollar stage but remain several steps behind reaching the $10 million figure.

The reason behind this lies in the lack of clarity entrepreneurs have in answering how to start a multimillion-dollar business.  

While it is easy to assume that knowing how to start a million-dollar business will be the same as knowing how to build a startup, there are often different focus areas for entrepreneurs. In this article, we are going to dive deep into the different aspects of the simple steps to build a $10 million business. 

Noting the fact that entrepreneurs work on a tight schedule, let us get straight into the stages of how to build a $10 million business.

How to build a million dollar business - The steps

Starting or growing into a multi-million dollar company is not an easy feat. It is a culmination of well-planned strategies and risks. Let us oversimplify it all for you.

million dollar business ideas 

1. Find million-dollar business ideas 

When you create your own business, the primary step is to finalize the idea - this we all have heard. But how do you find an idea that users will remain interested in till the end of time? The answer is you don’t. A lucrative business idea today can get off the market tomorrow. 

The solution to this lies in continuously expanding your business, whether within the product or through new divisions that depend on you. You will need to be on the lookout for what’s new and how you can contribute every few years. 

2. Make a reliable team 

Businesses cannot be set up alone. You will need a team of reliable people who are experts in their fields. Finding the right match when you build your own business starts with the people at the management level - they should not just be subject matter experts in their fields but also have a culture-vibe match with you and the other people in management. Finding such people with the best blend of expertise and personality can be difficult but is necessary. 

This then extends to employees, vendors, blue-collar staff, agency partnerships, and more. People you add to your professional circle will play a major role in defining your business’s success and the brand image in the market.

3. Create a business strategy 

The secret behind every simple startup that made millions is the fact that they kept their focus on one strategy. It is very easy and even lucrative for a startup to enter multiple domains in hopes of getting famous and earning revenue, but more often than not, it backfires as they are not able to define dedicated goals and efforts. 

Thus, it is crucial to define the target audience and fix the strategy around reaching and keeping them invested in your business. Ideally, you should have a one-pager strategy around how to build a million-dollar business divided into short and long-term goals and milestones.

4. Time management 

multi million dollar company

While the last step makes this stage easier, an entrepreneur who knows how to manage time holds power to build a $10 million business. Learning to set limits for both yourself and the team when it comes to feeling the guilt of not doing enough is necessary for the longevity of the brand. At every stage, you should remember that ‘multitasking is productive’ is a myth. The more you or your team overstretch the day, the faster they are going to be unproductive. 

Another side of time management when following simple steps to become a millionaire is to know the responsibilities and keep interactions limited around their key responsibilities. The moment you build a culture where people know whom to contact for an issue, you will be setting them up for limited unnecessary interruptions and higher productivity. And eventually, you will be one of the businesses that run themselves.

5. Find your clan 

The answer to how to start a million-dollar business takes entrepreneurs on a lonely route. To uphold their leadership, entrepreneurs often cannot talk to their teams about their fears and insecurities, and these conversations can be too heavy for families. This makes it critical for them to find a network of entrepreneurs who have been where they are today and know the way out. 

As you are building a million-dollar business, you should connect with both - people who know how to make a business succeed and those who are at the same stage as you. Having this mix will help you make confident decisions or simply find someone to talk to when you are feeling overwhelmed. 

6. Appoint a board of advisors 

No matter how many years of experience you have or how strategic your set of simple business ideas to make millions is, you cannot know every aspect of running a business in the long run. If there’s anything the pandemic taught us, it is the fact that no entrepreneur can be prepared for every situation. You will need to hire a team of advisors that are experts in their fields - recruitment, setting up remote culture, investor relations, PR relations, etc. 

These advisors have typically worked with a range of profitable industries and its growth stages and know what it takes to take a business to its upgraded version and how to start a multimillion-dollar business. 

7. Fire faster 

create your own business

Recruitment is often the most overlooked stage of the simple steps to build a $10 million business. Take your time in finding the right people for every role - right from intern to CTO. However, irrespective of how much time you take to find the best fit, firing should be instantaneous. 

The moment you find someone slacking off work, upsetting the company’s culture, or doing something counterproductive to your business growth, take very less time in firing them. The longer you keep these people around, the more long-term harm they will create. What helps is the more time you spend finding the best people, the lower will be the chances of employee turnover.

8. Make brand building your priority

Every multi-million dollar company acts as a marketing agency with themselves as the priority client. They invest a good portion of their budget and revenue behind marketing activities and ensure they are always in their customers’ eye range.  

In today’s age, a business is what it publishes. Your online presence through blogs, podcasts, email, social media posts, and other avenues should best define your values, tone, and brand personality. Above all, you should aim for making frequent, consistent visibility - it is the only way you will be able to cut through the digital noise. 

9. Assess growth 

Experimenting and pivoting new features is good but knowing the frequency is just as critical. If you constantly experiment, you will not be able to wait enough to see the impact. In order to create your own business that runs revenue in a million dollars figure, it is necessary to note what is working in your endeavor to make millions in business and what is stopping you from being one of the businesses that run themselves. 

A way to have this understanding is to track growth. Keep a close eye on strategies, campaigns, and efforts that made you money, and look for ways to duplicate those efforts on a wider scale. At MobileAppDaily, we have connected with several simple startups that made millions and told us that the secret to how to start a million-dollar business lies in tracking growth and things that didn’t work so that the former gets elevated and the latter gets eliminated from processes. 

Wrapping Up!

How to make a business successful enough to make it millions worth becomes possible with these stages but largely remains a mindset game. As an entrepreneur, you should know your risk scale, find a balance between optimism and realism, and keep a sharp focus on what your objective is. 

It is easy for a startup to get distracted and look for a range of ways to make millions of dollars, knowing that this approach is counterproductive. There is no guaranteed way to building a million dollar business, you will have to put constant efforts behind it while being on top of your visibility efforts. 

We hope that the article helped you get on the right path of how to build a successful business but while you are on it, remember to keep giving value to your customers - enough to make you a multi-million dollar company. After all, every simple steps to become a millionaire starts with a loyal user base who feels valued. In case you are also looking to reach out to a huge customer base and turn your business into a multi-million dollar company, get your company listed in the top reports of MobileAppDaily.

Aparna <span>Growth Strategist</span>
Written By
Aparna Growth Strategist

Aparna is a growth specialist with handsful knowledge in business development. She values marketing as key a driver for sales, keeping up with the latest in the Mobile App industry. Her getting things done attitude makes her a magnet for the trickiest of tasks. In free times, which are few and far between, you can catch up with her at a game of Fussball.

Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.

Featured Success Stories

mobile App marketing

Best Coding Movies that will Inspire You to Code More

4 min read  

Coding movies can entertain the audience but to programmers, these movies mean something more. However, the list of the movies about coding we are going to discuss is not only useful to programmers but to non-programmer audiences as well. Some of these movies will tell you the story of famous entrep

mobile App marketing

The 7 Ps of Marketing - A Pocket Guide for Entrepreneurs

4 min read  

There was a time when marketing was dominated by processes like word of mouth, passing down product brochures, and making cold calls. The modern-day marketing, however, is a completely different ballgame. Today, businesses have to add in a blend of successful marketing strategies to take products or

mobile App marketing

A Complete Guide On The Best Mobile App Monetization Techniques in 2021

4 min read  

Turning an app idea into reality is just the first step, which is followed by a number of modules, one of which includes app monetization. It involves planning and strategizing on how to make money out of an app.The app monetization techniques are just not limited to the new app; if an app is al

mobile App marketing

How Online Food Delivery Apps Make Money?

4 min read  

Online food delivery, despite the increasing competition, seems promising. In fact, the food delivery industry has grown so popular that it’s estimated to reach an incredible $200 billion by 2025. The inception of food delivery apps has made it easier for customers to place orders online witho

Featured Success Interview

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MAD Team 4 min read  

MobileAppDaily had a word with Coyote Jackson, Director of Product Management, PubNub. We spoke to him about his journey in the global Data Stream Network and real-time infrastructure-as-a-service company. Learn more about him.

Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MAD Team 4 min read  

MobileAppDaily had a word with Laetitia Gazel Anthoine, Founder and CEO, Connecthings. We spoke to her about her idea behind Connecthings and thoughts about the company’s services.

Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MAD Team 4 min read  

MobileAppDaily had a word with Gregg Temperley, Founder. We spoke to him about his idea behind such an excellent app and his whole journey during the development process.

App Development

How to Implement Artificial Intelligence and Machine Learning in an Existing App?

MAD Team 11 min read  

AI is for decision making, and ML makes the system to learn new things from data.

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH
Join our expansive network, build connections and expand your brand presence.