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3 Things You MUST Know When Scaling To $100k+ Per Month.
You can normally get away with doing a few thousand per month without too many issues, but as the old saying goes, more money more problems.
This post is specifically about scaling your business to 6 figures per month and how to avoid certain pitfalls.
1.) Be Smart. Set A Budget.
I pay myself a reasonable salary every month, less than $5k to be exact.
The rest goes right back into my business.
The more you make, the more enticing it is to start spending money on dumb stuff for a few likes on social media.
You have to remember that you’re running a business and the best way to grow it, is to put your money to work for you.
While your competitors are stunting, constantly buying things that depreciate in value, be smart and put your money back into your business.
2.) Have Backups For Your Backups.
It’s not a matter of IF things will ever go south, but WHEN…especially when you’re spending/making a lot of money.
The more activity you have going on, the more eyebrows are raised and manual reviews happen.
I’ve seen many entrepreneurs go down for weeks or even months at a time because of a simple merchant account shut down and this type of inactivity could really hurt.
Always have backup ad accounts, merchant accounts etc so that you can keep the train moving if anything happens.
Gold Nugget: When you create a new business manager account here on Facebook, setup a like campaign and spend $25. Afterwards, this will automatically unlock the ability to create additional accounts. Create up to 5 accounts immediately and spend $1 + per day on those additional accounts to keep them active. This way you have insurance when they shut down your account…notice I said “WHEN” lol
3.) Respect Entropy.
Getting high returns on a low ad budget is easy, but the more you spend, typically the lower your returns are going to be IF your only strategy is to increase budget.
Whether advertising on FB or YT you have to be wise and find out the max daily budget on an audience to audience basis for the highest returns.
If advertising on FB, “Campaign Budget Optimization” is working really well right now on higher than normal daily budgets.
Also, don’t go too crazy when scaling, I normally just inch winning campaigns slowly but surely by 20% per day. For more drastic cases and big ad spends I’ll even scale by using different ad accounts.
Go Get em!