{"id":8983,"date":"2019-05-20T05:19:19","date_gmt":"2019-05-20T12:19:19","guid":{"rendered":"https:\/\/3.14.248.234\/?p=8983"},"modified":"2022-01-17T09:36:35","modified_gmt":"2022-01-17T16:36:35","slug":"establish-your-multimillion-dollar-company-within-a-year","status":"publish","type":"post","link":"https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/","title":{"rendered":"Establish your multimillion-dollar company within a year"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/bamf.lovelacecreative.co\/wp-content\/uploads\/company_bamf_article.jpg\" alt=\"company bamf article\" class=\"wp-image-9378\"\/><\/figure>\n\n\n\n<p>Establishing a <a href=\"http:\/\/bamf.lovelacecreative.co\/akron-startup-bootstrapped-10-million-revenue\/\" rel=\"nofollow noopener\" target=\"_blank\">multimillion-dollar company<\/a> isn&#8217;t that difficult! But we aren&#8217;t taking it lightly. So here are the steps of how you could make it!<\/p>\n\n\n<div class=\"wp-block-ub-table-of-contents-block ub_table-of-contents\" data-showtext=\"show\" data-hidetext=\"hide\" data-scrolltype=\"auto\" id=\"ub_table-of-contents-b154c4e5-5a01-457e-ac4f-6218254c3d06\" data-initiallyhideonmobile=\"false\"\n                    data-initiallyshow=\"true\"><div class=\"ub_table-of-contents-header-container\"><div class=\"ub_table-of-contents-header\">\n                    <div class=\"ub_table-of-contents-title\">Table of Contents<\/div><\/div><\/div><div class=\"ub_table-of-contents-extra-container\"><div class=\"ub_table-of-contents-container ub_table-of-contents-1-column \"><ul><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#0-step-1-quit-job->Step 1: Quit job<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#1-step-2-convince-another-fool-to-join-you->Step 2: Convince another fool to join you<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#2-step-3-rent-an-office-you-can%E2%80%99t-afford->Step 3: Rent an office you can\u2019t afford<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#3-step-4-lose-all-your-money-in-the-first-month->Step 4: Lose all your money in the first month<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#4-step-5-realize-none-of-your-friends-care->Step 5: Realize none of your friends care<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#5-step-6-get-your-accounts-hacked-by-a-previous-coworker->Step 6: Get your accounts hacked by a previous coworker<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#6-step-7-land-one-client-that-barely-covers-rent->Step 7: Land one client that barely covers rent<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#7-step-8-keep-paying-yourself-nothing->Step 8: Keep paying yourself nothing<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#8-step-9-make-sure-to-drink-all-the-free-beer-in-the-coworking-space-to-survive->Step 9: Make sure to drink all the free beer in the coworking space to survive<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#9-step-10-turn-the-client-into-a-believer-who-refers-two-more-clients->Step 10: Turn the client into a believer who refers two more clients<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#10-step-11-hire-your-first-paid-intern->Step 11: Hire your first paid intern<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#11-step-12-change-everything-about-the-business->Step 12: Change everything about the business<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#12-step-13-something-works-out->Step 13: Something works out<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#13-step-14-double-down-on-it->Step 14: Double down on it<\/a><\/li><li><a href=https:\/\/bamf.com\/establish-your-multimillion-dollar-company-within-a-year\/#14-step-15-profit->Step 15: Profit<\/a><\/li><\/ul><\/div><\/div><\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"0-step-1-quit-job-\"><strong>Step 1: Quit job<\/strong><\/h4>\n\n\n\n<p>Before you put in your notice, know what you\u2019re getting into. To build a business, you need to be prepared to put everything on the line. And don\u2019t expect immediate success: if you don\u2019t have a proven product or a plan, then you\u2019re not ready to quit your job. You\u2019ll be stuck with a half-baked idea and no money in your wallet.<\/p>\n\n\n\n<p>While entrepreneurship is awesome, there is nothing wrong with working to pays the bills.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"1-step-2-convince-another-fool-to-join-you-\"><strong>Step 2: Convince another fool to join you <\/strong><\/h4>\n\n\n\n<p>Co-founder fit is key. Be sure to talk about core values and long-term vision from the beginning &#8212; ideally before you start your company!<\/p>\n\n\n\n<p>If you have any doubts, trust your gut. Don\u2019t get discouraged if you find it\u2019s not working. Remember why you got started, and take the time to stay aligned as you continue to grow.<\/p>\n\n\n\n<p>Thinking about going in alone? Don\u2019t. Solopreneurs rarely succeed. When 9\/10 startups fail, you don\u2019t want to lower your odds by trying on your own.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"2-step-3-rent-an-office-you-can%E2%80%99t-afford-\"><strong><br><\/strong><strong>Step 3: Rent an office you can\u2019t afford<\/strong><\/h4>\n\n\n\n<p>It might not work for you, but I liked the pressure. It forced me to make sales, which was vital in the beginning.<\/p>\n\n\n\n<p>If you don\u2019t want to go for an office &#8212; or think that the lack of a formal space is holding you back &#8212; remember that plenty of businesses has started in homes and dorm rooms.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"3-step-4-lose-all-your-money-in-the-first-month-\"><strong>Step 4: Lose all your money in the first month<\/strong><\/h4>\n\n\n\n<p>You\u2019re going to make mistakes, but don\u2019t let that hold you back. Use your struggles as blocks to build on. Failure is the only way to learn what not to do when you\u2019re starting out.<\/p>\n\n\n\n<p>It all comes down to sales. If you\u2019re bootstrapped, it\u2019s your lifeblood. If you\u2019re funded, you better get profitable before it dries up.<\/p>\n\n\n\n<p>Those are the pressures that should fuel you.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"4-step-5-realize-none-of-your-friends-care-\"><strong>Step 5: Realize none of your friends care<\/strong><\/h4>\n\n\n\n<p>\u201cThis time it\u2019ll work!\u201d<\/p>\n\n\n\n<p>\u201cYeah, right,\u201d your friends and family will say. \u201cThe last five have failed. Why is this any different?\u201d<\/p>\n\n\n\n<p>Set out to prove them wrong.<\/p>\n\n\n\n<p>When all else fails, that just might keep you going.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"5-step-6-get-your-accounts-hacked-by-a-previous-coworker-\"><strong>Step 6: Get your accounts hacked by a previous coworker<\/strong><\/h4>\n\n\n\n<p>Even when you try to do your best for everyone, they might not reciprocate. Former bosses, coworkers, and competitors may come after you, and you have to react cautiously without ever wavering on your core values.<\/p>\n\n\n\n<p>You\u2019ll be the last one standing if you do the right thing.<\/p>\n\n\n\n<p>Keep your passwords secure and use two-factor authentication. Don\u2019t risk it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"6-step-7-land-one-client-that-barely-covers-rent-\"><strong>Step 7: Land one client that barely covers rent<\/strong><\/h4>\n\n\n\n<p>Once we had enough to pay ourselves minimum wage and cover rent, we were free to blow this up as big as possible.<\/p>\n\n\n\n<p>Eventually, something will work.<\/p>\n\n\n\n<p>When it does, double-down hard.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"7-step-8-keep-paying-yourself-nothing-\"><strong>Step 8: Keep paying yourself nothing<\/strong><\/h4>\n\n\n\n<p>My co-founder and I were the lowest-paid employees at the company for the entire first year.<\/p>\n\n\n\n<p>We knew that money in our pockets did nothing for the company.<\/p>\n\n\n\n<p>Don\u2019t be greedy. Sacrificing money now will pay off later.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"8-step-9-make-sure-to-drink-all-the-free-beer-in-the-coworking-space-to-survive-\"><strong>Step 9: Make sure to drink all the free beer in the coworking space to survive<\/strong><\/h4>\n\n\n\n<p>Cowork spaces are great when you\u2019re on a budget. Keep in mind, however, that it\u2019s easy to lose hours of your workday to conversations with people passing by &#8212; and you don\u2019t have time for that while you\u2019re building your business.<\/p>\n\n\n\n<p>Most importantly, remember: you\u2019re paying for it. Take advantage of everything, including all the free beer you can (safely) drink. \u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"9-step-10-turn-the-client-into-a-believer-who-refers-two-more-clients-\"><strong>Step 10: Turn the client into a believer who refers two more clients<\/strong><\/h4>\n\n\n\n<p>Go above and beyond from day one. Give your clients a killer experience so they\u2019ll do your marketing for you.<\/p>\n\n\n\n<p>Make sure you have the portfolio to back those referrals. You need real results and case studies to close the sale.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"10-step-11-hire-your-first-paid-intern-\"><strong>Step 11: Hire your first paid intern<\/strong><\/h4>\n\n\n\n<p>For the first three months, my co-founder managed our memberships and it was on me to do the client work.<\/p>\n\n\n\n<p>We couldn\u2019t keep pace with the work we were getting. Finally, we hired our first employee, Hendry Sukir. He helped me follow up to leads, make proposals, and close new deals in the critical early days. Now, he\u2019s our Head of Growth Hacking at BAMF Media.<\/p>\n\n\n\n<p>Who should you look for?<\/p>\n\n\n\n<ul><li>Recent college grads. They\u2019re willing to hustle to prove themselves.<\/li><li>People with technical and execution experience. Especially for your first few hires, you need people who are versatile.<\/li><li>People with the founder mindset. If you want to instill growth as a value, you have to build it from the ground-up. Don\u2019t hire anyone whose vision doesn\u2019t match yours &#8212; build the core team from day one.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"11-step-12-change-everything-about-the-business-\"><strong>Step 12: Change everything about the business<\/strong><\/h4>\n\n\n\n<p>In the first two months, our agency made no money because our first client paid us a month late.<\/p>\n\n\n\n<p>Fortunately, we had a membership program that helped us bootstrap while we worked on finding more agency clients.<\/p>\n\n\n\n<p>Your business is not static &#8212; especially early on. Take risks. Make changes. Find the path that fits your vision and pushes you forward. While you&#8217;re at it, it doesn&#8217;t cause any harm to perform a <a href=\"https:\/\/www.toolshero.com\/strategy\/swot-analysis\/\" rel=\"nofollow noopener\" target=\"_blank\">SWOT Analysis<\/a> for your business to explore the best way forward.<\/p>\n\n\n\n<p>If you\u2019re short on money, look to unconventional ways to fill the gap. Never rule anything out just because it wasn\u2019t in the plans.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"12-step-13-something-works-out-\"><strong>Step 13: Something works out<\/strong><\/h4>\n\n\n\n<p>Within 3 months, we had 8 clients. That\u2019s how we knew we were onto something.<\/p>\n\n\n\n<p>This wouldn\u2019t be another failed start.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"13-step-14-double-down-on-it-\"><strong>Step 14: Double down on it<\/strong><\/h4>\n\n\n\n<p>Don\u2019t fix what isn\u2019t broken. Once something works out, stick to it and improve upon it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"14-step-15-profit-\"><strong>Step 15: Profit<\/strong><\/h4>\n\n\n\n<p>Striking out on your own is terrifying. No stability, no certainty, and no promises.<\/p>\n\n\n\n<p>But entrepreneurship can be the greatest experience of your life if you\u2019re prepared to take it on.<\/p>\n\n\n\n<p>The path isn\u2019t easy, but to build your own legacy?<\/p>\n\n\n\n<p>I\u2019d say it\u2019s worth it. So when are you finding your own company?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Establishing a multimillion-dollar company isn&#8217;t that difficult! But we aren&#8217;t taking it lightly. So here are the steps of how you could make it!<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ub_ctt_via":"","footnotes":""},"categories":[539,326,3382,112,218,114,3381,3380,3252],"tags":[],"featured_image_src":null,"author_info":{"display_name":"Houston","author_link":"https:\/\/bamf.com\/author\/houston\/"},"acf":[],"_links":{"self":[{"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/posts\/8983"}],"collection":[{"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/comments?post=8983"}],"version-history":[{"count":0,"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/posts\/8983\/revisions"}],"wp:attachment":[{"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/media?parent=8983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/categories?post=8983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bamf.com\/wp-json\/wp\/v2\/tags?post=8983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}