This Month’s LEAP Recap: How I Grew My Business 10x in Less Than a Year
This month, our LEAP roundtable focused on ambitious growth. Shannon shared her personal experience and strategies on setting bold goals to expand a business dramatically. Whether you’re already operating independently or exploring entrepreneurship, this session was packed with insights on achieving exponential growth.
What is the "10x Rule"?
The "10x Rule" encourages you to take any business goal you’ve set and multiply it by ten. The idea is to aim for transformational change, not just incremental improvement. For instance, doubling your business requires only marginally more effort, but a 10x goal demands innovation and a major shift in strategy. This approach is also appealing to investors, who are often looking for companies with the potential to generate 10x returns on their investments.
Key Highlights
Ambitious Goals for Ambitious Results: Setting a 10x target shifts your perspective and fuels you to think creatively. Instead of focusing on doubling your current performance by making incremental changes, a 10x goal pushes you to fundamentally reimagine your business model and operations.
Minimum Success Criteria: If your goal doesn't hold the potential for a 10x growth trajectory, it might be worth reconsidering. It’s important to evaluate the paths to success and identify if the goal is achievable in the context of your vision.
Choose Your Milestones: Depending on where you are in your business, set goals that align with your commitment level. Milestones can be tied to timeframes, revenue targets, or customer acquisition metrics. What matters is that they’re measurable and lead you toward that 10x goal.
Networking as a Foundation: A strong network is a powerful resource when growing a business. Being proactive in forming connections can lead to new clients, partnerships, and growth opportunities that accelerate your business journey.
Investing in Your Growth: Shannon shared her experience of hiring a consultant to help operationalize her business, which added both structure and scalability. Investing in personal development and skill-building can expand your potential.
Understand Your Audience: It's not enough to just know what you’re offering; you must understand your audience’s needs and communicate the value in ways that resonate with them. Prioritize the benefits your product or service brings to your clients and focus less on promoting yourself.
Facing and Managing Fears: Address your fears directly by defining them. For example, if your concern is financial stability, break it down into specific goals—like monthly revenue targets—to create a roadmap and remove the uncertainty.
Know Your Numbers and Values: Setting financial goals and consistently tracking metrics are essential for growth. Additionally, knowing the true value of your services / products to clients helps set a price point that will match the quality, not necessarily just the cost, of your work.
Takeaways
Achieving 10x growth is possible when you commit to thinking big, investing in yourself, and staying aligned with your purpose. Whether you’re an established entrepreneur or just starting, the roundtable underscored the importance of understanding your audience, continuously tracking metrics, and networking authentically. Most importantly, be willing to push beyond comfort zones and take actions that lead to substantial change.
You can catch the full recording of the LEAP session here:
Join Us Next Month!
Mark your calendar for the first of our 5-Part Series on Marketing for Solopreneurs! Starting Monday, November 11, at 1 PM ET, we’ll dive into essential marketing topics for solopreneurs, including website landing pages, social media, and crafting effective elevator pitches.
This series will provide actionable steps and insights to help you establish and grow your personal brand.
RSVP now to secure your spot.
