Making a million dollars is not an easy task. To be honest, you shouldn’t even think about it unless you agree that it’s been more tempered than a navy seal for at least three years. The temptation for an idea won’t go anywhere, you’ll feel frustrated when you start an idea, and half a mess will make you more frustrated than when it started.
So let’s hope you’re ready to dedicate yourself to training, laser focus and more ups and downs than Disney World’s roller coaster.
1. Choosing a niche
This is the most important of the whole process on how to make a million dollars. This niche must meet several important criteria.
Let’s look at some of these requirements.
- There should be no income limit.
- It should be something that can be extended at a high level.
- You must be an expert in this field.
I am writing this under the assumption that you can do this full time or devote more than 30 hours a week to this work.
Here are some ideas:
- Amazon’s proprietary product
- Dropshipping from Shopify
- Affiliate marketing
- High-end consulting
- Home flip
- Sell your skills on Fiverr
- Online Course Sales
There are countless ways to make a million dollars, but it should be a way to scale it to an enormous level. We have to think bigger than you thought. When people tell you how big you wanted to be, think big enough that people make fun of you. Every great entrepreneur started with this idea.
Remember that someone once thought of selling water in a bottle. Can you imagine the reaction when they first spoke to someone?
Millionaires seldom have done so without a strategic time commitment and strategy. The best way to do this is to look at your schedule and see where you can replenish your hours. At least 5 days a week should work on this idea.
To give you an idea, I work every morning from 4:30am to 7am before I wake up at age 3 and 5. Is the morning a little annoying? Sure. But for me it is worth every sacrifice.
Earning a million dollars is a noble goal, and if you think I can do it without lying and working harder than ever, then you are reading the wrong article.
3. Become an expert
I’ll give you some advice before you start right away. This is one of the places where I failed miserably when I first started. Learn and learn more. But isn’t it okay to learn as you go? Sure!
The problem is that you should have more knowledge than the average Joe. Unfortunately, passion doesn’t mean professionalism. People can smell fakes from a mile away, and your expertise won’t be different.
The best way to become an expert is to find a successful mentor in your niche. Don’t be afraid to attend or even pay for paid conferences, seminars, because I’m very confident in investing in myself.
Knowledge is real power and you need all the power you can get when you’re trying to make a million dollars.
Spreading your wings is the scariest part.
What if it fails? What if my friends make fun of me? if… ?
Confidence and strategy are key here. Talk to an entrepreneur who made a million dollars. No one can say that there is no time when I wanted to quit.
There were times when they cried, were frustrated, and wanted to shake the white flag. They would not have done so because they believed in themselves and had a strategy. You have to trust the process.
Here are 7 solid launch strategies to gain confidence, definitely increase sales and accelerate your road to $1 million.
- Get 100 reviews before launch.
- Get 5 video testimonials describing you or your product.
- Have 3 influencers share your product or service on launch date.
- Send emails every other month by capturing all possible email addresses.
- Offer a certain amount of products/services in exchange for social media sharing.
- Run a paid advertising campaign to launch. (FB and Google are the best for your cost).
- When you have completed step 6, repeat by starting over from step 1.
5. Dream Customer
In my experience, this is where most people hang their hats. We reached the top of the world on Christmas Eve and were more excited than little kids. We started and worked for months and finally brought out our products/services to the world to hear crickets.
This is where, as they say, we separate “man and man”. It is very likely that you have a good product/service, but you are not reaching your dream customers. I’ll explain.
Imagine selling makeup. This is the prettiest makeup that caught everyone’s attention. The price is reasonable, the packaging is star-shaped and the logo is a bee knee.
You start and even follow the starting steps. But you can’t identify your dream customer aka “cosmetic buyers”. So, instead of looking at your products, women aged 18-35 are scattered with demographics who are not interested in makeup. Because of this, you think your product is flawed, and you have to go back to the origin when you actually have a marketing problem, not a product problem.
With reviews and testimonials, it’s important to target the products/services that many now refer to as “dream customers”.
Here are some of the ways you can reach your dream customer.
- Learn about Pinterest through the Pinterest Academy.
- Take Twitter Flight School.
- Take a class in the Google Garage.
- Learn Fb Advertising through Facebook Blueprint.
- Find Instagram / TikTok influencers to promote brands that already follow your dream customers.
6. Take good care of your money
If you don’t manage your profits well, the whole American dream can go to hell really quickly out of your hand basket. We have seen before us a lot of people who have made profits without structure. There is a difference between making a million dollars and structuring your funds to become a millionaire.
If you get to this stage you are on the curve and you have a big problem to solve.
How would you organize your revenue? What percentage would you like to save? How much will you pay yourself? How much will you invest in marketing?
There are too many questions to categorize. The good thing is that most people now have a problem dying to die. You have a wealth of income and you need to know how to organize it.
I recommend paying yourself a set salary regardless of your interests. You can get a year-end bonus at any time. It’s also a good idea to find a CPA and make sure you’re making the most of your tax benefit investment.
7. Finding the balance
The entire site and its premise is called Lifehack. Lifehack doesn’t mean “work 100 hours per week and feel unhappy”. In my understanding, it’s the exact opposite. It is the willingness to win life by being efficient and successful in all areas of life.
Getting a million dollars won’t give you the deep satisfaction you’ve always been. But if you can find passion in the process, the journey can and will fill that satisfaction.
Many people get a sense of accomplishment on their journey, but few find it in their money.
To further expand this point, I will explain it this way. I know many millionaires who quit working today and can live a more comfortable life than many of us dream of.
So, why not? The reasons are as follows:
It’s not really about money.It’s all about the journey, it’s about the hustle and bustle, it’s all about being a winner. Money comes with those things. Unfortunately, few people have achieved this achievement. They don’t like to grind. They can’t stand the emotional roller coaster they need to make a million dollars.
Many entrepreneurs will try to make a million dollars and many will succeed. Following this framework isn’t the trick, but it will be a great place to start your journey of financial freedom and entrepreneurship.
May the best of luck be with you! Cheers.
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Featured photo credits: Alexander Mils via unsplash.com