Neil Patel's 10 Business Tips for Building a Multi Million Dollar Company (2018)--SEO TIPS

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Summary of Video

I'm going to share with you all my tips for creating a multi-million dollar business. The cool part about these days is, there's the internet, and with the internet, you can do exceptionally well with very little money.

Neil Patel Business Tip: Focus
You probably have tons of ideas. If you do all of these ideas, you're not going to do well.

There's not enough time in the day to run one business, yet do 20 of them.

You're not an Elon Musk; I'm not an Elon Musk.

He can run two businesses at the same time; SpaceX and Tesla, they're worth both billions of dollars.

Most people can't do that, so focus on one idea. You probably have five or 10 or 11 different ideas that you want to go after, but pick one.

Pick the one that you're the most passionate about and pick the one that you have the most knowledge about.

Neil Patel Business Tip: Do what you know best
Malcolm Gladwell wrote a book that breaks down what makes experts and he talked about the ten thousand hour rule. People who spend ten thousand hours on one thing tend to be good at that. And you know what's crazy? That's a lot of hours.

Do you want to spend ten thousand hours on three or four different things?

Neil Patel Business Tip: Increase your prices

Everyone always talks about producing stuff at five bucks, ten bucks, 50 bucks, 100 bucks. You can't become a multi-millionaire selling things for dirt cheap. Sure, Walmart and Amazon and Target and all these guys do it, but it's much harder to make money or a living doing that than it is selling one or two people something for 10, 20 grand a month.

Go for bigger ticket items than smaller ticket items. Most of the successful people that I know, yes they're not the richest people in the world, they're not as rich as Jeff Bezos, but they made most their money selling people expensive products or services.

Neil Patel Business Tip: Time is money, move fast

I don't care if you think you're blazing fast and you're the fastest person out there, and you're a track star in high school or college. There's a little kid whose going to beat you. The question is just when.

So move as fast as possible, and if you think you're moving fast, well you know what? Look at what you're doing and try to figure out how to even move faster.

Neil Patel Business Tip:#5: Network

You can't do everything on your own.

You need connections; you need other people who can buy and sell your product.


Neil Patel Business Tip: Make sure you look for people to hire within your company

It's not just you who is building a multi-million dollar business it's the people within your organization.

It takes a team to create a big company.

Neil Patel Business Tip: Focus on every single dollar that you are spending

 Every company goes up and down so count every little dollar you spend and look at it, do you need to be spending that money?

I'm not saying you should be cheap; I'm saying you should be cautious on how you spend your money and think it through because every dollar you save you'll have more money in the future for those rainy days.

Neil Patel Business Tip: Always add "up sales" and down sales

Follow these tips, and you're going to be off to creating startup a multi-million dollar business. Now if you're struggling or not sure where to start I want you to do one simple thing.

Leave a comment telling me where you're struggling or where you're not sure on what to do next or how to get started and I'll leave a response breaking down what you should do.

most people fail in creating a

multi-million dollar business and you

know what you're probably gonna fail in

creating a multi-million dollar business

unless you follow my tips hey everyone

I'm Neil Patel and today I'm gonna share

with you on my tips to creating a

multi-million dollar business the cool

part about these days is there's the

internet and with the internet you can

do extremely well with very little money

back in the days my parents say you need

a lot of cash to create a business you

had to buy real estate land right these

days you can pop up a domain name using

GoDaddy for nine bucks create a website

with some really cheap hosting and

you're off to the races so let's get

started on how to create a multi-million

dollar business

my first tip for you is to focus you

probably have tons of ideas if you do

all of these ideas you're not gonna do

well there's not enough time in the day

to run one business yet do twenty of

them you're not at Elon Musk I'm not a

Elon Musk he can run two businesses at

the same time SpaceX and Tesla they're

worth both billions of dollars most

people can't do that so focus on one

idea you probably have five or ten or

eleven different ideas that you want to

go after but pick one pick the one

you're most passionate about and pick

the one that you have the most knowledge

about and that gets me into my second

tip do what you know best Malcolm

Gladwell wrote a book that breaks down

what makes experts and he talked about

the 10,000 hour rule people who spend

10,000 hours on one thing tend to be

really good at that and you know what's

crazy that's a lot of hours do you want

to spend 10,000 hours on three or four

different things I bet not so focus on

one thing that you're really good at and

put all your time and energy and

becoming an expert it's funny a lot of

people like O'Neal your entrepreneur you

do well what is it that you do

throughout your day and I'm like alright

just drive traffic to my website they're

like you don't manage people you don't

deal with sales you don't deal with

product and engineering and design and

customer support I'm like

no I'm only good at traffic generation

I'm not good at managing people people

hate working under me I focus on what

I'm the best at and you should too and

what you're the best at when you spend a

lot of hours becoming an expert you'll

be able to charge more money for that

one specific service or product that

you're offering the next tip I have for

you is increase your prices everyone

always talks about producing stopped at

five bucks ten bucks 50 bucks a hundred

bucks you can't become a

multi-millionaire selling things for

dirt cheap sure Walmart and Amazon and

Target and all these guys do it but it's

much harder to make money or living

doing that then it is selling one or two

people something for 10 20 grand a month

go for a bigger ticket items then

smaller ticket items most of successful

people that I know yes they're not the

richest people in the world they're not

as rich as Jeff Bezos but they made most

their money selling people expensive

products or services the next tip I have

for you is time is money move fast I

don't care if you think you're blazing

fast and you're the fastest person out

there and your tracks are in high school

or college there's a little kid who's

gonna beat you the question is just when

so move as fast as possible and if you

think you're moving fast well you know

what look at what you're doing and try

to figure out how to even move faster

use an application called rescue time

it'll tell you where you're wasting your

time and where you're spending your time

you can use it to optimize your hours

throughout the day so that way you can

focus on getting faster right and I'll

probably show you that you're wasting

time on things like Instagram Facebook

and Twitter

sure you can use them for marketing but

you don't need to be on Facebook for

hours a day right

the next tip I have for you is to

network you can't do everything on your

own you need connections you need other

people who can buy and sell your product

you need partnerships so if you don't go

to conferences you're not going to build

up your network if you don't go to local

meetups you're not going to build up

your network if you're not going to join

groups like entrepreneurs organization

or YPO you're not going to build up your

it doesn't have to cost money to do not

working you can go to your local city

nor the city you live in and they

probably have free events for other

businesses like yours and when you're

not working this goes into my next sip

make sure you look for people to hire

within your company it's not you who's

building a multi-million dollar business

it's the people within your organization

it takes a team to create a big company

you think Bill Gates Jeff Bezos Warren

Buffett do really well because they're

smart sure they are smart but no it's

the people around them it takes

thousands and thousands of people to

create a multi-billion dollar company so

don't think that you can go out there

and do things on your own when it's been

proven that no one else is able to do

that right I don't know any other

billionaire out there who's done it by

doing everything on their own unless

they inherited the money and if you

inherited the money you're probably not

watching this video in the first place

cuz you're already good to go and I wish

I was you if you inherited the money

right life would be chill but I'll

probably still be entrepreneur the next

tip I have for you other than hiring is

to focus on every single a dollar that

you are spending now here's what I mean

by that when I was a little kid I was

roughly 16 years old I first started out

by charging someone $5,000 a month for

consulting and I was making him 25

million dollars a year from there they

got me a few more customers to referrals

I was that twenty grand a month

all when I was 16 years old but you know

what my mom taught me something when I

was a little kid you give it a little

kids 16 or technically I was 16 but you

give a little kid $20,000 a month he's

gonna be like I want a Ferrari I want a

Maserati I want some fancy watches and

the first thing I tried buying was

actually a Maserati I did actually try

buying the Maserati but I didn't qualify

because I didn't know you need a thing

called credit to qualify and buy a car

but nonetheless it was a blessing in

disguise and my mom taught me this one

little simple lesson it's easier to save

money than it is to make it and I didn't

know that because I was on cloud ID and

everything was going up but little did I

know sooner or later things would start

going down things just don't go keep

going up every business struggles the

question is when Apple struggled once

Microsoft build them out with a hundred

million bucks

Amazon wasn't always doing well

Microsoft themselves had great moments

and they started declining and now

they're on a Terror again every company

goes up and down so count every little

dollar you spend and look at it do you

really need to be spending that money

I'm not saying you should be cheap I'm

saying you should be cautious on how you

spend your money and think it through

because every dollar you save you'll

have more money in the future for those

rainy days and my last tip for you is

always add up cells and down cells I

don't care if you're consulting if

you're consulting and teaching people

how to grow through marketing you can be

like oh now that you have traffic to

your website you need some conversion

optimization let's convert more of those

visitors into customers that's the

example of the upsell you're selling

tissue paper on your ecommerce site you

know what you can do an upsell

hey you're using a lot of tissue papers

have you ever thought about wet wipes

where you can just wipe your tushie and

it makes it even cleaner more hygienic

right that's an example of an upsell or

you know what you can even do it down so

they say no to the little tushy wipes

you can end up being like do you make

the bathroom smell after you're done Oh

take this spray it's like the spray or

potpourri that you put in the toilet and

then ah it smells really nice after

those are examples of upsells and down

cells follow those tips and you're gonna

be off to creating a multi-million

dollar business knock you're struggling

you're not sure where to start I want

you to do one simple thing leave a

comment telling me where you're

struggling or where you're not sure what

to do next or how to get started and

I'll leave a response breaking down what

you should do I'm here to help you and

if I'm here to help you succeed all

asses for one little simple favor please

subscribe to my page or my channel and

make sure you share this video let other

people know my life mission is to help

other people and educate more about

marketing and entrepreneurship

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