My daughter is 7 years old, and I've been building online businesses for longer than she was alive.
I think about this sometimes.
She doesn't know it, but her extremely privileged life is only possible thanks to what Daddy has learnt about doing business on the internet.
Now, I don't imagine for a minute that she'll want to follow in my footsteps...
Last I heard, she wants to be a vet.
And an actor.
(Did you know you can do both?)
But, all the same...
I would quite like to teach her what I know.
So that, if she ever decides to go into business for herself, she has the knowledge she needs to do what fewer than 7% of businesses ever do...
Make $1 million in annual revenue.
Know what I mean?
49 lessons on building a 7-figure business
So here are 49 lessons I would teach my daughter about growing an online education business to 7-figures.
I’ve chosen these things because you won’t learn them in courses.
You only learn these things from experience...
A combination of vicious black eyes, dizzying highs and existential crises.
I suppose you could make the case that, if you'll only learn these lessons from experience, how can they be taught?
And it's a fair point.
But I've found that if you know what to look for, the lessons are easier to learn once their time comes.
Have a read through these 49 lessons.
And the end, I'm going to ask you to vote on your favourites!
- 1Whenever anyone tells you their numbers, assume they are lying
- 2Make sure you can describe your business in sentence. (e.g. “Learn a language through stories”)
- 3Ask who, not what
- 4Don’t sell the peak of the mountain, sell multiple peaks along the way
- 5Wisdom is trusting your own decision-making. This means making a lot of bad decisions, before you make good ones. That’s fine.
- 6Audience is your most valuable asset. Treat it as such.
- 7“An inch wide, and a mile deep” at all times
- 8Have a three-year plan. Decisions look different based on the time-frame involved.
- 9Results come from future-based planning. Happiness comes from alignment in the now. Success means learning to balance these two things. (I don’t know how to do it.)
- 10Split testing sounds cool, but is largely a waste of time (for now)
- 11Hire from within your audience. Look for aptitude and cultural fit. Skills can be taught.
- 12“Because it feels right” is justification enough for any decision
- 13Fire yourself from at least two jobs every year. Otherwise, you don’t have a business… You have a job.
- 14Always sell a dream, not an improvement
- 15Go to fewer conferences. Visit friends instead.
- 16Price and offer are your biggest leverage points. Playing with these alone is likely enough to reach 7-figures.
- 17Reinvest at least 30% of revenue into marketing
- 18Keep six months of business cash and 12 months of personal cash at all times
- 19Always, always, always do the right thing. (
EvenEspecially when you’re right and they’re wrong.)
- 20All “making more money” will do is amplify your existing insecurities
- 21Learn to use monthly management accounts - they will help you make better decisions, wean yourself off checking stats, and sleep at night
- 22Whenever something has been bugging you for six months, do whatever it takes to solve it and move on
- 23Surround yourself, with young, hungry, people who will go the extra mile. It makes everything easier.
- 24Profit is founder’s privilege. Never feel guilty about it.
- 25Practice non-attachment to outcomes
- 26Learn to make decisions decisively, even if they turn out to be wrong. (“Any decision is better than no decision.”)
- 27Do the basics well, over a long period of time, without giving up or changing course
- 28It’s better to apply one method thoroughly, than to dabble in five different methods
- 29Whenever you say “Only I can do this!”, you’re wrong.
- 30People put their entire life’s knowledge in books. Read business biographies
- 31Never go for longer than 12 months without a coach or mentor
- 32Take your personal finances seriously, maximise every tax break, and automate everything
- 33Run operating margins of 30% or higher
- 34If you want something to be remembered, tell it in a story
- 35Ensure your best customers always have a way to spend more money with you
- 36There is no decision to be made until there are at least three options on the table
- 37Study copywriting like your life depends on it. (It does.)
- 38There are no business problems, only mindset problems
- 39Slow down. Everything gets easier when you’re not in a hurry.
- 40Look at your bank balance no more than once a week
- 41When you learn to say “no”, you’ll get where you’re going faster
- 42Sooner or later (and when you least expect it), finance will become the biggest headache in your business. Learn about it. Talk about it. Be curious.
- 43Create KPI dashboards that track every metric you care about
- 44Whatever problem you face, look for the person who’s already done it
- 45Ask for help
- 46Spend most of your time on marketing. Don’t know how to do it? Spend most of your time learning marketing.
- 47Don’t try and change the world. You haven’t earned the right yet.
- 48Look for flywheels in everything
- 49The most dangerous day… is the day you start believing your own B.S.
Some of these might need some more explanation.
By the time my daughter gets to the age where she actually wants to know... hopefully I'll still be around to explain.
But in the meantime, which of these are you most curious about?
I want you to vote...
Please click the link below and choose the numbers you’d like to hear more about.
I’ll write a future newsletter about it.
And if you liked this list, there’s a Twitter thread I wrote about it over here.
(I’d really appreciate a retweet!)
And if you're not subscribed to the newsletter, then scroll down and sign up. There's a free 117-page case study in it for you...
Until next time,
CASE STUDY: Blueprint Of A $10m Online Education Business:
Join my free newsletter for online educators and I'll send you the case study immediately...
We will protect your data in accordance with our data policy!