In this new Friday series we talk to Entrepreneurs' Organisation members about cracking the $1 million in revenue mark. About Lynda Greening Lynda is a serial entrepreneur with more than 30 years of publishing, marketing and advertising expertise, as well as owner/operator business experience. In the early 1980s, initially with a newborn baby and a massive 26.5% finance company loan and virtually zero equity, Lynda bought and operated two motels, which took her equity from $0 to $196,000 in just 14 months. She progressed to the purchase of an island resort in the Cook Islands, turning a $750,000 annual turnover with around 50% occupancy to more than $3m annual turnover and over 85% occupancy in just under four years. This business, which was purchased in early 1983 for $196,000 was sold in late 1986 for a property and cash settlement in excess of $1million. In 1987, Lynda purchased a wholesale food and beverage distribution business in Auckland, and while the business was improving rapidly, the stock market crash of October 1987 reduced the value and profitability of the business substantially. The business was sold in 1989 and Lynda moved to Australia. Lynda conceived of and operated a tourism publications business in north Queensland in the early 1990s, introducing new publication concepts for the new but lucrative backpacker market. She also established and managed the Cairns Sun newspaper for News Limited in Cairns. After moving to Perth in 1998 she was general manager of a mining publications business, state sales manager of The Australian Financial Review, national operations manager of Telenet Corporation (sales division for the Internet directory company, 131SHOP) and an account manager with the Austereo Radio Network. Taking the opportunity of moving to Sydney in mid-2001, Lynda progressed with her desire to establish a catalogue publishing company. Twelve years on Emerald Media Group prospers and is now the umbrella for a number of advertising publications, a marketing and advertising agency (print and digital) specialising in the B2B niche and Infusionsoft Partners, Consultants and Trainers. Advice about getting to $1 million in revenue: "I am a little surrounded by wannabe entrepreneurs that are time-sellers, and it is not until the new business person gets it, as in, they scale their value instead of selling their time for money. “Selling your time for money would mean every hour of your working day needs to be valued at $500 to achieve that magic million in one year, and there's not that many people that can achieve that price. “But create something once for your $500 worth of time that you can sell multiple times or with a healthy margin and you'll start getting to the $1 million more easily. “I had breakfast last weekend with a couple of new entrepreneurs where I encouraged them to package their offerings and not quote any time element, and they have since emailed me to tell them this was a break-through for them."
I have spent my life looking for that ‘big break’ or some get-rich-quick scheme.
The Cheesecake Shop has finalised the restructure of its franchise group following the expiry of its master franchise agreement in New Zealand, which means all franchisees now deal directly with the franchisor.
Australian food franchise Pie Face plans to open more than 60 stores in New Zealand after granting an exclusive license to two local businessmen.
Australian franchisees should think twice before expanding to New Zealand, according to a new report, which highlights challenges within New Zealand’s fledgling franchising sector.
Sydney-based company Cafe2U is the latest franchise to launch in New Zealand, one month after announcing plans to appoint more than 1,000 additional franchisees in the United States.
The founder of Nanotek has revealed what the company is looking for in a master franchisee, after admitting it took eight years to find the perfect candidate for the New Zealand market.
Specialist magazine retailer Mag Nation has announced the closure of its foundation store in Auckland, but hasn’t ruled out the possibility of setting up shop elsewhere in the New Zealand city’s CBD.
A marketplace for pre-loved baby items and a farm business management software provider are among the 10 companies selected to take part in the first three-month ANZ Innovyz START program.
Soul Virgins has set itself the task of making non-alcoholic drinks sophisticated, launching several non-alcoholic beverages made with fruit concentrates and natural flavours.
Accountancy software company Xero has raised $15 million to fund global growth and has made its first acquisition for the year, snapping up Max Solutions in a deal worth almost $5 million.
Data centre start-up NextDC has defended its decision to raise $10 million more than expected from its offer to existing shareholders, saying the funds will position the company to pursue additional growth opportunities.
The devastating earthquake in Christchurch may have an impact on reinsurance pricing across the Tasman with premiums potentially rising for Australian businesses.
Sahil Merchant isn’t afraid of a challenge. According to friends, potential investors and even the magazine industry itself, his start-up Mag Nation didn’t have a chance of succeeding. Five years and more than four million customers later, Merchant didn’t just beat the odds. He smashed them.
The recent entry of social network giant Facebook into the geolocation game has sparked a wave of interest in location-based apps, with digital experts the world over predicting the likes of Facebook Places and Foursquare will soon be mainstream.