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Neil Patel's 10 Business Tips for Building a Multi Million Dollar Company (2018)



Are you trying to start a business? Here are my 10 most important business tips you can use to start building a multi-million dollar company.

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Summary of Video

I’m going to share with you all my tips for creating a multi-million dollar business. The cool part about these days is, there’s the internet, and with the internet, you can do exceptionally well with very little money.

Neil Patel Business Tip: Focus
You probably have tons of ideas. If you do all of these ideas, you’re not going to do well.

There’s not enough time in the day to run one business, yet do 20 of them.

You’re not an Elon Musk; I’m not an Elon Musk.

He can run two businesses at the same time; SpaceX and Tesla, they’re worth both billions of dollars.

Most people can’t do that, so focus on one idea. You probably have five or 10 or 11 different ideas that you want to go after, but pick one.

Pick the one that you’re the most passionate about and pick the one that you have the most knowledge about.

Neil Patel Business Tip: Do what you know best
Malcolm Gladwell wrote a book that breaks down what makes experts and he talked about the ten thousand hour rule. People who spend ten thousand hours on one thing tend to be good at that. And you know what’s crazy? That’s a lot of hours.

Do you want to spend ten thousand hours on three or four different things?

Neil Patel Business Tip: Increase your prices

Everyone always talks about producing stuff at five bucks, ten bucks, 50 bucks, 100 bucks. You can’t become a multi-millionaire selling things for dirt cheap. Sure, Walmart and Amazon and Target and all these guys do it, but it’s much harder to make money or a living doing that than it is selling one or two people something for 10, 20 grand a month.

Go for bigger ticket items than smaller ticket items. Most of the successful people that I know, yes they’re not the richest people in the world, they’re not as rich as Jeff Bezos, but they made most their money selling people expensive products or services.

Neil Patel Business Tip: Time is money, move fast

I don’t care if you think you’re blazing fast and you’re the fastest person out there, and you’re a track star in high school or college. There’s a little kid whose going to beat you. The question is just when.

So move as fast as possible, and if you think you’re moving fast, well you know what? Look at what you’re doing and try to figure out how to even move faster.

Neil Patel Business Tip:#5: Network

You can’t do everything on your own.

You need connections; you need other people who can buy and sell your product.

Neil Patel Business Tip: Make sure you look for people to hire within your company

It’s not just you who is building a multi-million dollar business it’s the people within your organization.

It takes a team to create a big company.

Neil Patel Business Tip: Focus on every single dollar that you are spending

Every company goes up and down so count every little dollar you spend and look at it, do you need to be spending that money?

I’m not saying you should be cheap; I’m saying you should be cautious on how you spend your money and think it through because every dollar you save you’ll have more money in the future for those rainy days.

Neil Patel Business Tip: Always add “up sales” and down sales

Follow these tips, and you’re going to be off to creating startup a multi-million dollar business. Now if you’re struggling or not sure where to start I want you to do one simple thing.

Leave a comment telling me where you’re struggling or where you’re not sure on what to do next or how to get started and I’ll leave a response breaking down what you should do.

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46 thoughts on “Neil Patel's 10 Business Tips for Building a Multi Million Dollar Company (2018)”

  1. Hey Neal. I appreciate your teachings. I've already read almost all of your posts. I am a developer and started a great project (developing a social network) … But I will need $ 100,000 to invest in the first six months and I have nothing. So I paralyzed the project and decided to invest in Affiliate Marketing efforts for the Detoxifying Diet Niche to which I am specializing. Should I become a reference until I get my money or suggest another way?

  2. I have started 2016 as medical interpreter in hospital and i grow after one year to start small medical tourism company but i face huge challenges since then , big challenge was like a company website, partners not coordinating, employees where kind of trying to get the experience and leave , most of all everything is random. I don't know if can continue in this situation because we are down and mony goes before we receive it.

  3. Hey Neil. I just started a website to generate leads for the financial sector. Its a competitive sector, and involves a certain amount of hard work. This is a one man project. Im following all the SEO knowledge that I have, creating quality readable content, creating lots of interlinks, and on the whole trying to make the website rank so that it generates a fair amount of leads. I want to be No 1 in my niche, globally. I've been working on this consistently, so please share any tit-bits of knowledge you can with me. I would really appreciate it. You're a champ at this, and your insight would help greatly. I subscribed a while before this video. Even if you dont respond to my comment, thanks for sharing.

  4. Thanks, Neil, I am struggling if I should make an online product, so far I am a business English teacher in my country. The struggle is whether to invest into webinar jam, infusionsoft etc,..

  5. Hi Neil I'm really confused from where should I start I want to build SMMA but I'm really confused from where should I start as I alway feels inside I'm not good already there so many experts out there on Internet why would some bother me and make posts on Instagram I don't have much followers and I don't know how to monitize SMMA..
    There are so many social channels.. How should I project myself to be a go through person? I bought domain and hosting got setup everything but dont know whats stopping me to write blog.. and feels overwhelmed and when to post write and make YT videos. Which puts me into anxiety and I never able to start but regularly I gain knowledge each and everyday from many years.. please help me? I'm from India.

  6. Neil we are in the Consulting business, we are not doing too great, we are always looking for leads, I need your help for Branding and lead generation along with Digital Marketing for my company, you are too awesome, Thanks in advance

  7. I am from Bangladesh.
    I want to start an online coaching to teach students from class 8-12 . What should I do?? Like how can I get more and more customers from Facebook platform. Please give me any suggestion😊😊

  8. Is it a good strategy to learn marketing for 5 years and doing for others then start own start business and make it multi-billionaire company my age is 19 now am I right now Or I do something other

  9. Awesome video! My biggest struggle is asking people for high amounts of money and then getting rejected. I have to feel like I don’t need that high amount out of money that I deserve, and then I tell myself, well I could use that high amount of money to help other people out, and then I’m motivated to ask for high ticket offers, until I get rejected again LOL

  10. Hey Neli. Thanks for guiding us. I am creating an affiliate website with affiliate links (under process) and I want to market it but I have a limited budget with no market plan and I am a shy camera person. What should I do which source should I be using?
    I mean how to advertise it. I am confused about what to do or what not. Please help me.
    Thanks

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