#208 What it REALLY Takes to Go From $50K to $1 Million in Revenue with Robin Kramer
It’s birthday season here at Flourish & Thrive Academy lately! If you didn’t know, our company is turning 7 this week! And we just passed Robin’s birthday too…
In honor of this huge milestone, Robin and I got together on the podcast this week to chat about what we’ve learned… Both in growing F&TA, as well as our other ventures – and to share our biggest insights with you.
We’re diving into the topic of scaling…
What does it take and how do you do it?
The fact is certain characteristics set apart the brands that make it to multiple 6 figures and above and those that hover around the $50,000 a year mark.
Firstly, if you’re the designer or the visionary in your company, you need to figure out if you are your own bottleneck.
A lot of designers get stuck at this point because they never set up systems. They don’t learn to effectively delegate.
So they can only grow as much as their time allows. And one person can only do so much!
This means letting go of doing everything yourself and stepping up as Chief Visionary Officer…
If you’re ready to overcome this hurdle and learn what Robin and I have discovered about how to scale and grow a successful business, listen to the full episode now!
If you’re trying to do everything, you’re stunting your company’s growth…
We’re not saying you need to hire a team of full-time employees right away. But you’ve gotta look and see which tasks are draining your time and energy and start outsourcing.
Typically, the best places to start are production (it's hard to step into the role of a visionary when you always have tired hands), and bookkeeping (how many creatives do you know who love details and numbers?).
Get those little annoyances off your hands and suddenly you’ll have more time and energy to invest in your company’s growth! Then you can focus on taking steps to really start scaling…
Start with systems…
One you begin delegating, systems are essential. Otherwise, you’ll spend all of your time teaching people how to do things. Managing them. Basically, reinventing the wheel.
And you have to be smart about your systems. If we’re talking Facebook ads – keep it simple since this changes on a monthly basis. But if you’re looking at something like a hiring system – make it more specific and detailed.
Build your biz on cash flow…
On the podcast, I shared a story about when I was first starting out and I realized I had over $100,000 sitting around in inventory!! Because I wasn’t being smart about my systems and managing my cash flow.
The best way to build your business is with a consistent influx of cash that fuels your growth – rather than letting yourself get tied up in lines of credit or too much inventory. Keep the flow of money in and out on a regular basis.
Don’t put all your eggs in one basket…
Many years ago, wholesale was the key to success in jewelry. These days – it's a big piece of the puzzle but it's not the key. The key is a balance. I think the best jewelry companies are the ones that have ⅓ e-commerce, ⅓ wholesale and ⅓ direct to consumer.
Give yourself multiple ways to earn because this also helps with the consistent cash flow.
Between Robin and my combined business experience (both through failures and successes), we’ve learned A LOT about what it takes to scale successfully. If you’re ready to start taking your business to the next level, you need to dive into this episode because your next step is waiting for you!
xo, Tracy
Sponsor Spotlight!
This month we’re focusing on helping our designers scale! We’re offering an amazing FREE birthday gift with the three resources you need to figure out your first systems for scaling. In honor of Flourish and Thrive Academy’s birthday, this bundle is only available for a limited time. Click here to get on the waitlist for it now and start making strides toward scaling your biz!
Links:
Flourish & Thrive Academy’s Birthday Bundle
FlourishThriveAcademy.com/SystemsToScale
