Building 8-Figure Businesses with Stephen Somers #MakingBank S6E20

Your online business can earn you 7+ figures. 

On this episode of the Making Bank podcast, Stephen Somers chats about his wildly successful Marketplace SuperHeroes and the lessons he’s learned from it. He discusses how he and his partner founded and grew Marketplace SuperHeroes into a now 8 figure business. Stephen learned how to attract clients, keep them, and sell them on more services by creating a business ecosystem. 

Listen to the episode to hear more about how to execute well to generate a high revenue online.

Listen to Josh and Stephen discuss building businesses:

Stephen’s Background (2:46)

Stephen tells the story of how he began as a musician before selling products on Amazon with his now current partner. After finding great success in that, he and his partner began teaching others how they too can build seven figure businesses online.

Determination Builds Businesses (6:28)

Drawing on his experiences with sports as a child, Stephen talks about the important lesson of persevering, despite what others say. By sticking to the plan and ignoring the noise, he has been able to overcome many challenges to now run an eight-figure company. 

Find the Expertise and Execute Well (9:55)

Stephen attributes much of his success to the success of others. When it comes to building a company, he believes you don’t need to reinvent the wheel. Instead, choose processes that are proven to work. Nowadays, there’s so much information out there for entrepreneur, you just need to find it and learn from it.

Creating an Ecosystem (11:53)

After finding success, it was time for Stephen and his partner to grow it. They looked at the problems of those selling via Amazon, as those sellers were their buyers, and tried to solve them. In doing that research, they found a way to incorporate any solution their customers may need under their company, as opposed to referring people to other resources. 

This created an ecosystem of customers and services. Part of this includes stacking opportunities into one place. For example, if their customers are looking for supplemental paths, Marketplace SuperHeroes will provide that. 

Where to Branch Out (15:55)

In listening to their customers via Facebook groups and feedback, Marketplace SuperHeroes has adjusted and expanded their base to meet needs properly. Relating to that, Stephen also differentiates between the type of content you think people need vs. the content they actually want to watch. 

Challenges and Solutions (20:38)

Stephen shares some of the trials and tribulations he and his company have undergone before reaching success. Even for an eight-figure business, it can still happen! He also shares some of the ways they’ve changed their approach. 

Pivoting during Covid (24:02)

During Covid, Stephen – like every entrepreneur - had to pivot. In some ways, they had to deal with extra costs, challenges and headaches. In other ways, their business doubled. They found even more success and continue to pivot to this day. 

Sell, sell, sell (28:05)

Before wrapping up, Stephen shares his advice for those selling on Amazon. In addition, he urges any entrepreneur to sell more things to their existing clients. It is the easiest and fastest way to grow your business, and you can see results immediately. 

Links mentioned:

https://joshfelber.com