# 7 Essentials to Building a Million Dollar Business \| Ep\. \#689

**URL:** https://www.singlegrain.com/episodes/marketing-school/7-essentials-to-building-a-million-dollar-business-ep-689/  
**Published:** 2018-06-20  
**Author:** Selena Templeton  
**Summary:** In episode \#689, Eric and Neil count out the essentials to building a million dollar business\. Tune in to hear what steps you should take to achieve success\. TIME\-STAMPED SHOW\.\.\.  

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In episode #689, Eric and Neil count out the essentials to building a million dollar business. Tune in to hear what steps you should take to achieve success.

**TIME-STAMPED SHOW NOTES:**

- \[00:27\] Today’s Topic: _7 Essentials to Building a Million Dollar Business_
- \[00:38\] 1: You have to have something that people actually want.
- \[00:54\] 2: Go out there and find all the competitors and hit up their customer list; offer the same product to them for less.
- \[01:25\] When you’re starting off, you don’t have as many expenses and you can do free or low-cost work.
- \[01:48\] 3: Having a great team is the most important facet of any company.
- \[02:00\] Read the book [ _Who?_](https://www.amazon.com/Who-Geoff-Smart/dp/0345504194) to learn how to build a great team.
- \[02:11\] 4: Get an office!
- \[02:35\] Having a physical location makes communication easy and it is helpful when building a solid team.
- \[03:22\] When Singlegrain was starting, they left an office space, but things got much easier once they all moved back into the same office space.
- \[03:40\] 5: Become a media company.
- \[04:08\] 6: You have to have upsells and downsells.
- \[04:18\] Stop trying to close new sales and focus on existing customers.
- \[04:48\] Marketing costs are lower and profit margins are higher.
- \[05:00\] 7: Focus in on one marketing channel.
- \[05:10\] Trying to do too many things at once will kill your business.
- \[05:25\] That’s all for now!
- \[05:27\] Go to [Singlegrain.com/Giveway](https://www.singlegrain.com/giveaway) for a special marketing tool giveaway!

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The post [7 Essentials to Building a Million Dollar Business | Ep. #689](https://marketingschool.io/7-essentials-to-building-a-million-dollar-business-ep-689/) appeared first on [Marketing School Podcast](https://marketingschool.io/).