According to Dell 7 beeps means processor failure. Page 41 of your manual! Sounds like you take apart the laptop, if you have never done this I would have somebody that has done it to replace the processor.
I myself do not own a dell inspiron m5030 but I have been snooping around online and found that 7 beeps on a M series Dell Inspiron indicated processor failure. This may have occured because the laptop's cpu either lasted its lifetime or failed due to overheating issues which is fairly common in laptops. Either way my recommendation is to contact Dell and have them work a deal with you, if its under warranty then its free.
Here is the link where I learned what the seven beeps mean, it was on dell's own forum and the answer in that forum was by a Dell representative:
I also had the same problem with my dell inspiron m5030 which I bought lss than a year ago. One day it was fine, the following day, it started beeping when i tried to turn it on. I took it to be repaired and apparently its the motherboard that was bad. Cost me like $200.00. My advice, buy another one or dispose of it if you can. I was told that there was no guarantee for the laptop lasting longer even after the repairs as its components are cheaply made.
¡¡Cuidado!!!!! están llegando correos con las ofertas de la peor basura que conozco . El Modelo Dell M5030 , desechable . Dura 1 año y se quema . Los chinos le pusieron muy pocos disipadores de calor a los chips . Está diseñado para fallar .