Building Multimillion-Dollar Businesses Introduction:
Hey there, I’m Tanner Chidester, and today I want to share with you my journey of building not one, but five multimillion-dollar businesses. I’ve often heard people attribute success to luck, but I firmly believe that it’s about strategy, dedication, and the willingness to learn from each venture. In this blog post, I’ll break down each of my businesses, revealing their unique characteristics, average price points, traffic sources, fulfillment methods, biggest obstacles, and the valuable lessons I’ve learned along the way. By the end of this post, you’ll gain insights into different business models and strategies that can help you on your entrepreneurial journey.
” I’ll break down each of my businesses, revealing their unique characteristics, average price points, traffic sources, fulfillment methods, biggest obstacles, and the valuable lessons I’ve learned along the way.”
Elite CEOs: The Business Consulting Powerhouse
My journey began with Elite CEOs, a business consulting company. I initially ventured into online fitness, achieving remarkable success. However, the demand for my expertise from fellow trainers prompted me to start Elite CEOs. This company generates around $20 million annually by helping entrepreneurs start and scale their online businesses.
- Average Price Point: $13,000
- Traffic Sources: Primarily Facebook, YouTube, and Instagram ads
- Fulfillment: One-on-one consulting
- Biggest Obstacle: Scaling due to personalized services
- Overall Grade: Yellow
Lesson Learned: High-ticket consulting businesses can thrive with the right strategies. They offer scalability, but personalized services can be challenging to maintain.
Elite Closers: The Done-for-You Sales Experts
Elite Closers emerged as a response to the sales and marketing needs of our business consulting clients. This done-for-you sales agency aids businesses by hiring, training, and placing sales reps, providing them a streamlined sales process.
- Average Price Point: Varies (up to $40,000)
- Traffic Sources: Similar to Elite CEOs, mainly ads
- Fulfillment: Done-for-you sales, challenging to scale
- Biggest Obstacle: Ensuring consistent service quality
- Overall Grade: Green
Lesson Learned: Offering done-for-you services can simplify sales but may pose scalability challenges due to the need for consistent quality.
Elite Ads: The Digital Advertising Authority
Elite Ads focuses on digital advertising services, helping businesses optimize their online presence. With an average price point of $5,000 or more, this agency primarily relies on ads for lead generation.
- Average Price Point: $5,000
- Traffic Sources: Mainly ads, some from existing clients
- Fulfillment: Done-for-you advertising services
- Biggest Obstacle: Ensuring efficient delivery
- Overall Grade: Green
Lesson Learned: High-ticket services like digital advertising can provide better margins and scalability when done right.
Elite 360: The All-in-One CRM
Elite 360 is an all-in-one Customer Relationship Management (CRM) system. While tech businesses may have higher startup costs, this CRM simplifies managing customer data, emails, pipelines, and more.
- Average Price Point: $97
- Traffic Sources: Primarily from existing clients
- Fulfillment: Mostly group-based, easy to scale
- Biggest Obstacle: Convincing clients to switch software
- Overall Grade: Red
Lesson Learned: Tech businesses can be capital-intensive and challenging to scale unless you have substantial existing traffic or high price points.
Done for You Wealth: The Day Trading Consultancy
Done for You Wealth offers day trading consulting services. With an average price point of $10,000, it provides customers with guidance in the world of day trading, leveraging mainly ads for lead generation.
- Average Price Point: $10,000
- Traffic Sources: Mainly ads, limited organic traffic
- Fulfillment: Simplified group-based training
- Biggest Obstacle: None – easy to scale
- Overall Grade: Green
Lesson Learned: Businesses with simplified fulfillment processes and copyable strategies offer scalability and efficiency.
Building Multimillion-Dollar Businesses Conclusion:
In my journey of building five multimillion-dollar businesses, the key takeaway is the importance of scalability through streamlined fulfillment processes. While each business model had its unique challenges and strengths, the ability to maintain consistent service quality and find the right customer acquisition channels proved critical. As you embark on your entrepreneurial journey, consider these insights to guide your decisions and build a successful business. Remember, it’s not just about luck; it’s about strategy, dedication, and learning from each endeavor.