Unlocking Million-Dollar Business Secrets

Scaling Your Etsy Business Is Possible

A couple of weeks ago, I was in a room with about 20 other million-dollar-plus businesses. It was a mix of 7-figure and 8-figure businesses. I was interested to see how this would go, what these people were like, etc. And I learned SO much. Today, I’m going to share with you 10 common traits of million-dollar business owners so you can begin to adopt some of these traits for yourself as you’re scaling your Etsy business.

You Don’t Need to Be a Genius to Make $1M

I met people who were making over $1M, and they felt their marketing was a 3/10 or a 2/10. Hitting the first $100k is harder than the first $1M. Why? It’s the biggest percent increase, and you’re wearing all the hats, which means you must have the ability to prioritize correctly. Knowing what to focus on and when is a learned skill. Not many people have developed that in their first $100k whether you are an Etsy business or a brick-and-mortar store.

The Power of Being Succinct and Concise

Being succinct takes thoughtfulness and shows your ability to prioritize. This goes for your Etsy descriptions, photos that explain your items, and the items themselves. I see Etsy stores with digital products that boast 1000 pages. My question is: How efficient was the use of that 1000 pages? Condense the value during communication to get better results for a greater number of people. Remember, premium Etsy business customers who truly value time more than money don’t have the time to sift through 300 pages of fluff to find the 2 pages of diamonds.

“Success is about endurance and pushing past the point when others give up. Million-dollar business owners are always looking for ways to optimize, grow, improve, and learn constantly.”

Willingness to Be Uncomfortable

Not one lazy person in the room. Some people take the easy path and those who chase down their goals with relentless determination. Their goals are not a matter of if, but rather when. Success is about endurance and pushing past the point when others give up. They are always looking for ways to optimize what they have, grow, improve, and learn constantly. They put themselves in uncomfortable situations because they know that means they will win.

Investing in Yourself

These people never want to be the smartest person in the room. They want to keep learning, pushing, and growing. They know if they stop learning, they’ll stop growing, and eventually, they’ll start shrinking because the competition around them has continued learning. Million-dollar business owners understand the grit it takes to get through big-money lessons and are willing to pay for expertise to accelerate their growth.

Understanding Opportunity Cost

Million-dollar business owners know the meaning of opportunity cost. Instead of looking at a decision like “What if I try X and X doesn’t happen?” they consider, “Well if I keep with the status quo and don’t do X, what could I be missing out on?” They don’t just think about what they have to lose if they try something; they also think of what they have to lose if they don’t try something.

Prioritization Skills

Prioritization is a learned skill. Not prioritizing leaves a lot of money on the table, and you grow at 10% of the speed. Mis-prioritization is a huge cost to a business. Million-dollar business owners have sharpened their edges when it comes to prioritization. They can pull out the key metrics to prioritize in a business to 10x the volume.

Knowing When to Get Help

Firstly, we were the smallest business in this room in terms of the number of employees even sitting at 25 people on my team. These business owners had built teams to support their growth. Personnel, just like price, is a lever to pull when building a business. Knowing the next 2-3 hires or positions that you plan to hire for is helpful. They talked about how their personnel fit together like a puzzle to make the strongest foundation for scaling.

Moving Fast

Everyone in this room is fast-moving. These business owners do not take forever to make decisions. They test and try, never sitting still and being complacent with the now. In addition, they don’t sit and ponder. The sooner they’d try something, the sooner they’d learn. Fail fast and move forward. Action trumps overthinking.

Surround Yourself with the Right People

I hope you enjoyed hearing about this experience I had working with other million-dollar business owners. It’s important to surround yourself with people working towards the same levels of achievement. After all, we all grew up hearing, you are who you surround yourself with. This applies to business as well.

For more insights, you can watch the full video on my key takeaways on YouTube.

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By incorporating these traits, you’ll be well on your way to scaling your Etsy business and achieving your million-dollar goals. Remember, success is a journey, not a destination. Keep pushing, keep learning, and never settle for less than what you deserve.

Frequently Asked Questions (FAQs)

1. How can I start an Etsy store and scale it to a million-dollar business?

Starting an Etsy store involves several key steps: creating a unique product, setting up your store, optimizing your listings with high-quality photos and detailed descriptions, and driving traffic through marketing strategies. Similarly, scaling to a million-dollar business requires adopting traits like prioritizing tasks, continuously learning and investing in yourself, and building a strong team to support your growth.

2. What are the most important traits for achieving success on Etsy?

Successful Etsy business owners often share several key traits: the ability to prioritize and focus on high-impact tasks, willingness to be uncomfortable and push through challenges, continuous investment in learning and growth, and the ability to move fast and make decisions quickly. Building a supportive team and understanding opportunity costs are also crucial for scaling your business.

3. How do I optimize my Etsy listings for better sales?

To optimize your Etsy listings, focus on being concise in your descriptions. Use high-quality photos that clearly show your product’s features. Highlight the unique selling points of your items and use relevant keywords to improve search visibility. Condensing the value in your communication helps attract premium customers who value time.

4. Why is prioritization important for my Etsy business?

Prioritization is crucial because it helps you focus on tasks that will have the most significant impact on your business growth. Mis-prioritization can lead to wasted time and resources, slowing down your progress. Successful Etsy business owners know how to identify and focus on high-leverage activities that drive revenue and growth.

5. How can I build a strong team to support my Etsy store’s growth?

Building a strong team involves hiring individuals who complement your skills and can help scale your business. Identify the key roles you need to fill and hire strategically to ensure your team can support your growth objectives. Effective team-building allows you to leverage personnel as a tool for scaling, ensuring smoother and faster business expansion.