Want to make a million dollars? It’s easy, and anyone can do it given enough time. If you make a salary of $50,000 per year, in twenty years you’ll have earned $1 million dollars. But that’s not the same as being a millionaire.
Making a million dollars in one year, although it’s not quite as much money as it once was, it’s still an awesome target for new entrepreneurs. Going from $0 to $1 million is actually quite a bit easier than it appears. Here are four steps to make it during your first year.
1. Choose a growing market
Don’t start a business in a declining, or stagnant market and expect to be successful in a year. Although you can make money in any market, given enough time, you can also just work for someone else for twenty years. Timing is everything. If you can find a rising trend, you can ride the wave all the way to the top.
2. Figure out how to make money, first
If the various dot-com booms have taught non-internet entrepreneurs anything, it’s that you can’t start a business, and then figure out how to make money with it later. If you start a business that doesn’t make money, it’s a hobby, not a business.
3. Find a market with competition and be the best.
People often freak out when they discover that their brand new business idea has competition. But, here’s the secret: competition is good. If you’re thinking of starting a business and you can’t find any competition anywhere, you might want to rethink everything. It is very unlikely that you are absolute the very first person to think of a good idea.
If you do have competition, figure out what they do poorly, and do it better. In fact, don’t just be a little better than your competition, be the absolute best!
4. Review, revise, repeat
Don’t rest on your laurels. For every success, you also need to closely examine and analyze what worked, and what didn’t work. Once you figure that out, revise and improve on what worked, and disregard what didn’t. Don’t stop analyzing everything.
You can make $1 million in one year. You can do it with a franchise, a business opportunity, a business you’ve purchased, or a startup. The format doesn’t matter. What does matter is that you buckle down and do the work, and not get bogged down in imagining everything that spend the money on.