Doing $75,000 USD Per WEEK (Service Business)

[458]

Hitting stride now but still growing fast, 2019 should have us averaging 150k a week, right now i am at 75k per week.

I've learned a lot as we have grown, who has questions? Add them below and I'll answer (good questions only).

EDIT: SPECIFIC QUESTIONS RELATED TO YOUR OWN STARTUP OR BUSINESS, NOT RELATED TO MINE.

EDIT EDIT: A few current fun facts for everyone:

1. Current Age: 29
2. Xmas gift to myself: Topre Keyboard
3. Drink of choice: COFFEE x 1,000
4. Current work schedule: Mon - Fri 4am to 5pm and Sat 10am to 6pm
5. Current ride: Your mom

 

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[SEBASTlAN]

Who, what, when, where, why, how.

 

[458]

Who, what, when, where, why, how.

There is a progress thread I started a long time ago, just search for it. I made this thread for questions.

 

[EvanOkanagan]

Why not update your progress thread?

 

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[458]

Why not update your progress thread?

Great question! Obviously rocks are your main diet for breakfast lunch and dinner..

 

[CareCPA]

How do you build your prospect list for cold calling?

 

[458]

How do you build your prospect list for cold calling?

We self generate our lists from public record. I have never bought a list in my life.

 

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[Jakeeck]

How do you find reliable employees that take pride in doing a good job?

 

[458]

How do you find reliable employees that take pride in doing a good job?

Trial and error, luck, paying more than anyone else, firing all the non great ones.

 

[Scot]

Who, what, when, where, why, how.

Why not update your progress thread?

Y'all must not know @458 ...

 

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[Scot]

Do you recommend paying outside sales salary + commission or commission only?

If commission only, how do you sell that to them?

 

[100k]

There is a progress thread I started a long time ago, just search for it. I made this thread for questions.

Are you talking about this thread?

EXECUTION - 500 MILLION DOLLAR DEAL

Anyways, $75k per week, is that net profit? Doing what? Selling a service or product?

What's your funnel like? Avg. Customer Life time Value? Avg. Product Cost?

 

[csalvato]

How do you find reliable employees that take pride in doing a good job?

Might find this useful: GOLD! - Building a team around you that will follow you to hell and back.

 

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[George Appiah]

Just finished reading all four pages of your original execution thread.

What a journey (even for someone like me reading from the sidelines)!

Thank you @458 for sharing your amazing journey with us. Greatly appreciated, and inspired to share my own *new* journey I'll be embarking on soon.

Are you talking about this thread?

EXECUTION - 500 MILLION DOLLAR DEAL

Looks like that's the second "lost" thread.

The original "lost" thread is here:

EXECUTION - [Progress Thread] Million+ Revenue by 25

 

[The Abundant Man]

What makes a successful salesperson?

 

[Sanj Modha]

What's the profit?

 

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[458]

Do you recommend paying outside sales salary + commission or commission only?

If commission only, how do you sell that to them?

I only recommend what has worked for me:

1. Inside sales only
2. $20 an hour plus sliding scale commission (The more they sell the HIGHER there percentage gets)
3. Small cash handouts daily right when they close a deal. Regular commissions are paid monthly on there total monthly production.

 

[458]

Are you talking about this thread?

EXECUTION - 500 MILLION DOLLAR DEAL

Anyways, $75k per week, is that net profit? Doing what? Selling a service or product?

What's your funnel like? Avg. Customer Life time Value? Avg. Product Cost?

1. Selling a service
2. 75k is gross
3. Cold calling funnel
4. $3500 average product cost

 

[458]

What makes a successful salesperson?

The ability to legitimately not give a fk about rejection on a daily, weekly, monthly, yearly basis AND always have an upbeat attitude on a daily, weekly, monthly, yearly basis. For most people its just not possible. Truly great salespeople are very hard to find.

 

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[458]

What's the profit?

Organic growth is always expensive. That's why i always ask the question on here for anyone new that is thinking about doing this "Are you willing to make $10k a year for the next 5 years?"

Until recently: 2-5% profit margin
Now and moving forward: 30-35% profit margin

Time to cash in brah

 

[458]

PS. EVERYONE ASKING QUESTIONS ABOUT MY VENTURE IS POOR BECAUSE YOU ALL CARE MORE ABOUT WHAT I AM DOING AND LESS ABOUT WHAT YOU ARE DOING. FURTHER QUESTIONS ABOUT MY VENTURE WILL BE IGNORED.

I AM SUCCESSFUL BECAUSE I HAVE NEVER DONE WHAT MY COMPETITION HAS DONE, I PUT THEM ALL OUT OF BUSINESS. QUIT LIVING IN THE PAST AND INNOVATE.

 

[ZCP]

What do you use for your time management / task tools?
How do you organize your time for each week? Blocks? Tasks? Freeflow?
Do you require the same level or time organization from senior staff? What do you use to track them?
What are the main two metrics for your business? How often do you track them?
Any recent books or seminars that 'changed the way you do things'?
Do you admit to knowing @Scot ?

 

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[becks22]

2nd on managing time. You work a shit ton of hours. I'm working usually 65-70 hours a week now but that's no where near as much as you

 

[458]

What do you use for your time management / task tools?
How do you organize your time for each week? Blocks? Tasks? Freeflow?
Do you require the same level or time organization from senior staff? What do you use to track them?
What are the main two metrics for your business? How often do you track them?
Any recent books or seminars that 'changed the way you do things'?
Do you admit to knowing @Scot ?

1. For one time tasks i use a Google Sheet that has Mon Tue Wed etc as the columns. I can freely and quickly delete stuff as it gets done or move it forward at will. For recurring tasks i use the phone app SplenDO.
2. For my staff they mostly use Salesforce, ZohoDesk, Google Sheets, Slack, Dropbox, etc etc etc for organization.
3. There are a lot of metrics that are my main metrics that i watch and pay attention to, you need to be specific.. Sales related? Customer related? Admin related?
4. No, my own failures this year have been the biggest teachers. IE. A lot of times you are your biggest enemy to your own success.
5. No one on here knows who i am and i prefer it that way. I like being anonymous, its just how i roll..

I woulnd't say im the best at "time management" but i am really good at refining systems and work flow that create a natural ability and consistency to a lot of stuff getting done without falling through the cracks.

 

[ZCP]

Metrics ... understand you track a lot of them. My question, what have you boiled it down to as the main ones to tell you how things are going?

For my engineering business, monthly gross margin and closed won opps tell us all we need to know.
We have others that each department needs to hit, etc.

 

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[DVU]

5. Current ride: Your mom

What model?

--

Congrats

Mad respect

 

[458]

Metrics ... understand you track a lot of them. My question, what have you boiled it down to as the main ones to tell you how things are going?

For my engineering business, monthly gross margin and closed won opps tell us all we need to know.
We have others that each department needs to hit, etc.

In terms of sales:

1. Total dials
2. Total leads
3. Total sales
4. Total connects
5. Total prospects
6. Dials to sales conversions
7. Connects to sales conversions
8. Prospects to sales conversions
9. Leads to sales conversions
10. Leads to prospects conversions

We track this as a room and on an individual sales person basis.

 

[Jeff Noel]

You talked in the other thread about paying your salesmen decently.

What kind of commission should a great salesman have ? You talk about progressively higher commission if I'm right ?

I'm mainly focused on web businesses, but I might want to build a web marketing team with salesmen, to create a physical presence in events to the otherwise "virtual" business.

Thanks for your time.

 

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[458]

You talked in the other thread about paying your salesmen decently.

What kind of commission should a great salesman have ? You talk about progressively higher commission if I'm right ?

I'm mainly focused on web businesses, but I might want to build a web marketing team with salesmen, to create a physical presence in events to the otherwise "virtual" business.

Thanks for your time.

Whatever the structure is, they should be able to obtain, within reason, and hard work, the ability to make at least $200,000 per year, working for you. If they cannot see this/visualize it and only see that there hard work is going to be pocketed by yourself through a very greedy structure, you'll never have any truly amazing salespeople stay with you for very long.

Great salespeople are diamonds (very rare and very valuable), you should treat them accordingly.

 

[csalvato]

Whatever the structure is, they should be able to obtain, within reason, and hard work, the ability to make at least $200,000 per year, working for you. If they cannot see this/visualize it and only see that there hard work is going to be pocketed by yourself through a very greedy structure, you'll never have any truly amazing salespeople stay with you for very long.

Great salespeople are diamonds (very rare and very valuable), you should treat them accordingly.

The common objection to this (not that I agree with it), is that handsomely commissioned salespeople will lead to sales tactics in the marketplace that make you look bad.

That is, if you hire greedy people, they will lie, cheat and maneuver on ethical gray areas (and even black areas) to pad their wallet vs. advance your company/mission.

What are your thoughts on this objection?