Grow a seven-figure business with only one product with Natalie Ellis

💡The more that you can simplify, the more that you can amplify.

Business success does not have to be complicated. In fact, if you want to see genuine growth, the answer might be much simpler than you think. In this episode, we’re talking about how to become a master of one thing instead of doing everything.

Natalie Ellis is the founder and CEO of Boss Babe, a community of over 4 million ambitious women and female entrepreneurs, and the host of the Boss Babe podcast. Natalie walks us through how she was able to scale to seven figures with simply one product and one funnel.

The Independent Business podcast is powered by HoneyBook, the all-in-one platform for anyone with clients. Book clients, manage projects, get paid faster, and have business flow your way with HoneyBook. Use the code PODCAST to get 20% off your first year as a new member.

Transcript

Growing a seven-figure business with only one product and sales funnel

Growing a business might not be easy, but it doesn’t have to be over-complicated to be successful. As Natalie says, “the more you can simplify, the more you can amplify.” 

Instead of trying to establish multiple sources of income within your business, you do have the option to focus on one stream. To do this, you need to have a “sales engine,” which allows you to make predictable, consistent, and scalable revenue. Your sales engine is the operating system of your business. Without it, you rely too much on guesswork.

There are three core elements of a sales engine:

1. An amazing offer that has a product market fit
2. A sales funnel
3. A traffic source

First, start with your product. Is it something that people want to buy? Is your communication about your product clear? This includes elements like your product’s name and packaging.

Next, create a sales funnel that seamlessly guides clients to purchase. When they find your product, what do they need to know to feel empowered in their purchasing decision?

Lastly, you must have a traffic source. How are you bringing in clients and leading them to your offer?

Natalie’s sales engine is built around one $29 product, and she’s been able to scale her business to seven figures. If you get your sales engine right, you don’t have to overcomplicate your business.

Three types of traffic sources

There are three ways to find your audience: you can build an audience, buy an audience, or borrow an audience. Building an audience is when you utilize your own platforms to grow a following. Buying an audience is when you invest in ads. Borrowing an audience is when you collaborate with other accounts. 

There’s a misconception that you have to have a huge audience to sell a product. The truth is that you can utilize the other types of traffic sources to grow your business without a large following of your own. 

How to create an amazing product market fit

Ask yourself these questions:

1. What product are you best positioned to sell?
2. How are you packaging your offer in a way that’s digestible, understandable, and appealing to your ideal client?
3. How can I match my solution (aka my product) to my ideal client’s pain points?

A great way to figure out if your product is working is to beta-test it before you release it. Choose a small portion of your ideal clients to take your product for a test drive and offer you feedback on their experience.

Why business owners don’t see seven-figure success

If you aren’t seeing success in your business, it’s either because your sales engine isn’t working or you don’t have the right mindset. In order to scale your business, you have to be resourceful, willing to fail, and willing to try again. When you have a solid sales funnel and the right mindset, your business will grow.

Here are a few simple steps to improve your mindset:

1. Reading more
2. Listening to podcasts
3. Going to therapy
4. Hiring a coach 
5. Joining a mastermind

Establishing strong sales funnels

As Natalie noted, one of the key components to success in business is establishing strong sales funnels. In 2024, Natalie’s sales funnel includes the following: 

1. A viral and organic social media strategy
2. Connecting with leads via ManyChat and sending them a link to a webinar
3. Adding webinar sign-ups to an email sequence

Natalie sticks with webinars because they work for her, but there are many other types of conversion events. For example, you could do a boot camp, a challenge, or an in-person event. The key is to pick one type of conversion event and master it instead of trying them all at the same time. 

How to hire your first team member

As your business grows, you should promote yourself at every level. That means taking tasks off your plate that you can delegate to someone else so that you can focus on the next level of your business.

Think about the tasks that you don’t want to do anymore and add them to a job description. Don’t expect someone to do something that you aren’t already doing. For example, hiring a social media manager won’t fix your problems if you don’t already have some type of social media plan in place.

Spend plenty of time onboarding new hires, showing them how your business runs, and how they fit into the big picture.

Creating a freedom-based business

A freedom-based business allows you to choose what your day looks like. Freedom looks different to everyone depending on where they are in life. For some, freedom might look like hustling right now so that you can slow down later. For others, it might look like juggling a growing business with other priorities and being okay with growing at a slower rate.

To gain more freedom, your business must have a strong sales engine, solid systems, rhythms, and predictability. The key to achieving these things is utilizing automation tools and delegating responsibilities to other people.

The biggest differentiator between businesses that succeed and the ones that fail

Natalie thinks that the differentiator between the businesses that succeed and the ones that fail is that the ones that succeed have resourceful founders. 

Important sections of the conversation:

• [2:02] How to grow a seven-figure business with one product
• [6:46] Three types of traffic sources
• [7:27] How to create an amazing product fit
• [10:55] Why business owners don’t see seven figure success 
• [15:21] How to build a strong sales funnel in 2024
• [21:43] How to hire your first team member
• [26:36] Creating a freedom-based business
• [31:05] The differentiator between the businesses that succeed and the ones that fail

Resources mentioned

• ManyChat
• Buy Back Your Time by Dan Martell

Connect with the guest

• Website: bossbabe.com
• Instagram: instagram.com/iamnatalie
• Boss Babe podcast

Episode Transcript