Welcome back to another episode of the Business Mentor Podcast. Today, your host Jay Dhillon discusses 10 lessons he has learnt from selling his first 7-figure business. Five years ago Jay sold his multi-million-pound business with over 500 staff and offices in three locations and today he brings you lessons he learnt along the way.
If you’re looking to start, grow or scale your own business these tips will help to guide you along the way. Discover the essential things you need to know to create a sustainable and cashflowing business and get clarity on what you’re looking to achieve and how to maximise your potential.
10 Lessons From Selling My First 7-Figure Business
- Investing in a mentor or mastermind – This is the key to success, it’s very hard to build a sustainable business without the support and accountability of a mentor or mastermind group.
- Have an exit strategy – You need to get clear on your strategy, what you want and what you’re looking to achieve. Consider how you will scale the business or if you’re looking to pass it down etc.
- Look after your staff better than your clients – If you focus on your clients and neglect your staff it is then difficult to get your staff back. Treat your staff as part of your business, not just working for our business.
- Sell your business before you get bored – Nothing will kill your business quicker than you being bored. When you’re bored you won’t grow or drive your business.
- Keep cash reserves – Holding back cash is very important, it will help get you through the tough times such as recessions or losing a client. Start slowly and build up a cash reserve and avoid buying luxury items to save money. Use your cash reserve as an insurance policy.
- Focus on sales and marketing – Put the whole emphasis of your business on sales and marketing. Use your sales and marketing teams to drive the business forward and bring in leads for your business. Always have a plan and never stop marketing or selling, or things will dry up.
- Take a genuine interest in your clients no matter how big or small – This can be little things such as sending your clients a birthday card. You don’t need to over-indulge you just need to focus on the little things, they do matter.
- Don’t be afraid to go after big clients – Ask yourself, why can’t you go for the big clients? You’ll never be ready, but as long as you focus on your sales and fulfilment you can secure the bigger deals. As smaller businesses, you can be more personal and more focused and as a result go above and beyond for the big clients.
- Systemise your business so it can run without you – Start small with your systemisation but make sure you start. Use a CRM or an automated lead capture form to reduce admin and divert your leads to a call centre. You can start systemising straight away and grow your business as a result.
- Reward yourself and have regular breaks – Thinking time is very important, you need to factor this into your businesses growth. You can also get clarity by investing in mentorship or mastermind groups.
“To have a sustainable business you will need to have a personal mentor or mastermind group”
“My Mentor sat me down every month and kept me on track and working towards my goals”
“Focus on your staff just as much as your clients. Treat them well because they are crucial in providing your service and growing your business”
“If you’re not growing your business because you’re bored. Your competition will win”
“Make sure you’re always excited about your business so you can drive its growth”
“Having cash reserves really helped during the recession period”
“Start small, be patient and the doors will open”
“Get back on that sales funnel and keep selling”
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest and at the age 33 Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.