Omoifo Akharoh Coaching

27/10/2024

Understanding the Four Stages of Entrepreneurial Growth

Hey there, fellow entrepreneurs! Are you ready to take your business to the next level?

Let's talk about a powerful concept from Michael Masterson's book Ready, Fire, Aim—the four stages of entrepreneurial growth!

Just like we grow from childhood to adulthood, our businesses go through distinct phases too.

Each stage has its own set of hurdles and high-fives.

But by recognizing these stages and gearing up for them, we can totally rock our entrepreneurial journey!

Stage 1: Infancy (Zero to $1 Million in Revenue):

This is the exciting, yet sometimes overwhelming, phase of starting out! You're full of passion and big dreams, but you might not have all the know-how yet.

The biggest challenge here is nailing that first profitable sale.

It’s like that "aha!" moment that proves your idea has legs!

This stage is all about building a solid customer base – your tribe of loyal fans who believe in your product! [1]

Stage 2: Childhood ($1 Million to $10 Million in Revenue):

Congrats, your business is officially walking and talking! But now, you're facing a new hurdle:

how to expand beyond that awesome first product.

This is where innovation and speed become your superpowers! [4] Think of it like adding new instruments to your band – each new product adds depth and richness to your offerings.

The key here is to keep those creative juices flowing and get those new products out the door quickly! [3]

Stage 3: Adolescence ($10 Million to $50 Million in Revenue):

Your business is hitting its teenage years! This means growth spurts, a few pimples (aka operational challenges), and a whole lot of potential!

As your business gets bigger, things can get a little messy. The challenge now is to bring order to the chaos and implement systems that can handle the growth.

[5] You’re basically laying the foundation for a strong and scalable business. [6]

Stage 4: Adulthood ($50 Million to $100 Million in Revenue and Beyond):

Welcome to the big leagues! Your business is now a mature adult, but that doesn't mean the journey is over.

In fact, this stage presents a unique set of challenges. Sales growth might slow down, and you might even feel a bit stuck.

[7] The key here is to rekindle that entrepreneurial fire and find new ways to expand and evolve.

The ultimate goal? Creating a self-sustaining business that can thrive even without your constant attention. [7]

So, what stage is your business rocking right now? Recognizing where you stand is the first step to tackling those challenges and seizing those opportunities!

And remember, the entrepreneurial journey is a marathon, not a sprint! By embracing these four stages, you'll set your business up for long-term success! Now go out there and make some magic happen!

02/10/2024

19/01/2023

UPDATE: ✔️ Yesterday I did my first training for the year to a handful of business owners.

I introduced them to the concept of sales funnels. It was a very interesting session.

One perk of been a great teacher is when you see your audience get aha moments and there were lots of them yesterday .

You see most small businesses are stagnant because they don't a well thought out sales process especially one that is automated.

They still use old school traditional systems that don't scale and are not trackable.

In fact one of my audience who had been using flyers for marketing campaigns go his aha money when I showed him how he can track the effectiveness of his flyer campaign.

He then mapped out an automated sales funnel for his business. He sells overhead projectors.

💵A sales funnel is just an online process you take someone through to them them to do business with you. Not just once but multiple times.

A sales funnel is not a website.

It is more than a website, it is an automated system who's primary job is t make sales.

There are a lot of types of sales funnels but I walked my audience through 4 with examples.

The 4 types of sales funnels I showed them were :

Squeeze page funnel
Application tunnel
Trip wire funnel
Home page funnel.

They were able to determine their goals and matched and mapped out a sales funnel that suited them.

If one of your goals this year is to enjoy the freedom that having a successful business brings.

You want to increase your revenue through increased sales.

You want to save a lot of money by reducing your ads spend.

You want to reach more people with your ideas or products.

If these sounds like you then,

I am opening 9 slots to do a free strategy session and implement a sales funnel for you.

This offer ends as soon as the slots are filled but it will run till my birthday.

So if you want to get this free session and offer

Send me a DM or comment FUNNEL below.

Much love
Omo

16/01/2023

HOW TO BUILD A MARKETING STRATEGY THAT WORKS.

have you been finding it hard to find new customers for your business?

The reason for this is because a you haven't got a marketing strategy or the one you have is broken.

I get you. Marketing can be hard but it doesn't have to be so.

Here are two phases to a good marketing strategy that you must put in place. They are CALIBRATE and RUN.

let me explain

CALIBRATE: the calibrate phase is where you establish key components of your marketing ie
Your website or landing pages,
Your 'Why'
Your product-market-fit
Your target audience and
Your audiences needs.

RUN : once you've done the foundational work above, now it's time to build out your acquisition (how you'll get new customers to your shop or services)

And
Retention (how you'll keep customers coming back) strategies.

The activities you should be doing in this stage includes

a) Grow your organic traffic before spending money on paid Ads.

You can do this through Direct Messages on social media, starting and email newsletter etc

b) find online communities and build relationships with them.

c) create marketing content that adds value..

KEY TAKEAWAY
Make sure your business foundations are set before you you do any outreach.

Are you ready to move your business to the next level?

I can help you build strategies that can get you high paying clients and grow your business.

If you want me help in any of these phases use the link below to DM me.

WhatsApp Messenger: More than 2 billion people in over 180 countries use WhatsApp to stay in touch with friends and family, anytime and anywhere. WhatsApp is free and offers simple, secure, reliable messaging and calling, available on phones all over the world.

09/09/2022

HOW TO FIND THE BEST HUMANS FOR YOUR BUSINESS

"The best type of lead is the lead that comes to you"

if you are convincing people to do business with you, join your team, those people are not the best for you business. They are most of the time going to be a pain in the ass.

The best way to find better leads is through attraction marketing.

You have to put yourself out there so that your people can find you.

you get to provide value first before you sell. by providing value you attract only people that Know, trust and like you.

In the online space, whoever puts out the most content wins. you have to outteach your competitors.

Rooting for you
Omoifo

01/09/2022

HOW TO BUILD TRUST ON YOUR WEBSITE WITH SOCIAL PROOF

Have you ever wondered why visitors to your website or landing pages never take the next steps with you? The reason is that they don’t trust you.

How can you build trust for your services so that all barriers to sales are removed? That’s what am going to show you today. Let’s get cracking, shall we?

You can build trust in your local business on your website, product pages, or landing pages by showing customer reviews, testimonials and case studies.

Visitors can be confident in your business when you display these on your online platforms.

A recent survey shows that 86% of consumers will read reviews before choosing a local business to work with.

Here are three great ways you can start collecting and using reviews

1. Set up a form on your website to collect reviews. You can create a form or survey on your website asking customers for a rating on a scale of 1 to 10 and their comments about your service. Some questions you can ask are
What was your business like before you worked with us?
How have things improved after working with us?
What’s the number one reason why you would recommend us to others?

2. Ask customers to leave reviews on Google. This is one powerful platform that can revolutionise your business. After a successful project, you can share your Google My Business Profile with your client so that they can leave a review there. Just ensure this is done on your client’s device and not on a device owned by your company as this can make Google penalise you.

3. Use 3rd party platforms such as Trustpilot, YotPo, Trustspot, Review.io, and Bazaarvoice.

Let me know how you plan to use more social proof in your business.

26/07/2022

How to outclass your competition. - Foundations for a long-lasting business.

To build and maintain loyal customers for your business you must distinguish your business from your competitors by offering products, services and ambience that are so appealing that your customers shun your competitors.

Let's take the examples of three frozen dessert companies.

Red Mango, TCBY and Ben & Jerry's.

Red Mango was founded in 2006 with 44 locations.

TCBY founded in 1981 with 400 locations

Ben & Jerry's was founded in 1978 with 615 locations.

What has helped these businesses to succeed?

1. They understood their target market

2. They've streamlined their branding and marketing approaches to align with their target audiences and

3. They provide exceptional value to their customers.

How did they do that?

Red Mango stresses health and style. They provide their fans with tart-flavoured yoghurt which contains probiotics and thus promises to aid digestion. They offer consistency in their product and store images

TCBY allows customers more choices and more control over portions. The store calculates the cost of each desert by weight rather than by serving so customers are free to indulge themselves which also leads to a higher cost per serving

Ben & Jerry's stands for social issues. They offer premium ice cream, sorbet and yoghurt and are committed to operating in a way that would contribute to the quality of life both locally and globally.

So start thinking of ways you can position your business to outclass you customers.

Comment below and tell me how you are differentiating your business today.