A Conversation with Stephen Somers and Joseph Warren
Stephen Somers has made millions profiting from the rise of Amazon. He didn’t do it through an Amazon stock portfolio. He did it by creating a system for selling products to buyers across the globe. So far, he and his partner have MADE OVER $12 MILLION IN SALES.
But last year, one of Stephen’s family members became very sick. He had to take time off from his business to become a caregiver.
Looking back, Stephen is so thankful that HE CREATED A BUSINESS INSTEAD OF A JOB.
He says, “If you don’t have a business that allows you to take time off, then you don’t have a business. You have a job you can’t get out of.”
The reason Stephen was able to take this time off was because he isn’t just a master Amazon salesman. He's also scaled his business to teach his methods to others. He’s created automated courses and trainings, which means he earns passive revenue even when he’s not in the office.
When do you know it’s time to scale your business?
Everyone wants the kind of security Stephen has. If a loved one gets sick, you want to be able to care for them without worrying about getting fired or losing your income. I think this desire is good and natural.
But building a business (instead of a job) doesn’t happen overnight.
Don’t rush to scale your business. Timing is key. You might not be ready and SCALING TOO EARLY COULD BANKRUPT YOU.
Get that timing right with this simple checklist:
It may be time to scale your business if…
Reinvest your teaching money into more services for clients. Stephen’s relationship with online learners doesn’t end when the course ends. He reengages course participants to create long-term client partnerships.
Reengaging course participants is a great sales strategy, too. Stephen has learned that “people who have given you money are more willing to give you more money. “
When should you NOT scale your business?
This is an important question, too. Research shows that people reach max happiness when they earn around $80,000 a year. Of course, we're talking about take-home income, not business revenue. But still…
Seems a little low, doesn’t it?
But as long as people have been tracking this benchmark, $80,000 has remained the magic number.
When Stephen talks about his journey, he says, “When I started, I just wanted to make money because when don’t have money, what you want is more money. But as you make more money, you start to realize it’s like a game. What’s important to me now is whether I can impact somebody else in their business and beyond.”
If you decide to scale, make sure you’re doing it for the right reasons. Otherwise, scaling is just going to create more problems.
Here are three guidelines that might tell you to keep your business where it is. Scale down
You may want to put the brakes on scaling if…
Never scale your business just to scale it. Follow the scaling checklist to make sure scaling will expand your profits, make your business more efficient, and give you more time to spend with the people you love.
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About Joseph Warren
Joseph Warren is a Christian Speaker, Podcast Host and Spiritual Coach. Joseph Warren offers Spiritual Coaching to Christian Business Owners who somehow find themselves in a spiritual rut. In just 90 days, he helps them avoid expensive divorces, break free from addiction, restore broken family relationships, and start living their Higher Purpose!