The challenge with discovering a successful strategy, is that it’s often hidden. We can see the tactics successful business owners use, because they are visible. However, discovering the strategies behind those tactics takes a lot more detective work. Fortunately, many of the world’s most successful business owners have written books on how they did it. Others are often interviewed, allowing us insights into the strategies they use or have used.
The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
Entertainment is all well and good. But only when that entertainment is an investment in your relationships or yourself. You’ll know if it was an investment if that entertainment continues to yield returns over and over in your future. That may include positive memories, transformational learning, or deepened relationships.
Some people would simply like to quit their current crappy jobs and make a good living. Some people would simply like to quit their jobs and make a million dollars. In that Facebook movie (you know, the Justin Timberlake vehicle), JT says, “A million’s not cool. A BILLION is cool.”
One practical thing you can do today is start learning about business and systems from a mentor and a coach. I had a great mentor and coach when I was building my business, and you need one too. Rich Dad provides both mentoring and coaching for those who want to succeed in business.
“Look at the audience you’ve attracted. Even better, look closely at those who have already purchased from you. If you already have a list of 5,000 or more, instead of focusing on adding to your email list or growing your social media audience, focus on creating new content for the people you’ve already attracted. What new product or program do they need next? Create for them and you will be building a product suite. I have a product suite of 3 core programs and each program builds into the next. It allows me to continue to support the audience I’ve already attracted while also growing my revenue.” – Amy Porterfield
After Buying this program I actually fell in Love with Harv and all the value and the content that he provides for his students and so I have also signed up for all 7 of his Other program just because this guy is fire and he really know what he is talking about. I also recommend you guys to sign up for the Tough Love Mentoring Call that Harv exclusively gives to his students for only $24/Month which is normally $99/Month for outsiders. In T Harv Eker live coaching calls he answers for his students any of the Questions they have and go on about a certain topic. I recommend that also because you can have accountability partners inside of the program and you can talk to people who are like minded and of the same value so you can help each other out.
Diversifying your income sources is smart. It’s basically insurance against losing everything you own because of one or two bad business decisions. Combining passive income streams with non-passive income streams will also make it far easier for you to earn US$1,000,000 within the next five years.
Step four. Get customers. Knock on every door. Call up every biz dev person. Make a list of 1000 potential customers and start updating all of them about your offerings, your new offerings, your customer development, your testimonials, your outreach and so on.
I couldn’t disagree more. The concept of systematic saving and hoping for a solid average return in the markets isn’t something that I believe in anymore. I’m 32, and have been investing in the markets since I was 18, under the assumption that if I set up automatic contributions throughout my life I would ultimately be “rich”. I started by maxing out my SEP-IRA and then by maxing my Roth. I invest monthly in a range of products, again, all with the goal of cost averaging the market to my benefit over time. Fast forward 14 years from when I began, and I have accumulated less than $60k. My invested dollar amount exceeds my current total, as it did even at the recent market highs in 2007. In other words, investing for the long haul doesn’t work like it used to, particularly for my generation. The first decade of wage earning is the most important in terms of compounding interest, and we have just experienced a completely lost decade. The hopes for recovery to make up for that lost decade (14 yrs in my case) do not appear reasonable. David
But just because it isn’t easy to build a successful business doesn’t mean that there aren’t ways we can make the journey a little easier. As life and business strategy Tony Robbins often says: success leaves clues.
Now let me tell you a bit about the guy behind Million Dollar Business Secrets – T. Harv Eker. Eker is the author of the bestseller book of New York Times – Secrets of the Millionaire Mind which was also #1 on the Wall Street Journal’s business-book list.
Harris, I think it depends on several factors. First, I recommend having a well established emergency fund that will be enough to cover several months living expenses. This will help you cover any unexpected expenses and avoid taking out additional debt. Next consider other short/medium term goals. For example, are you saving to buy a house, do you need to replace your car in the next two or three years, etc. Finally, consider the interest rates of your student loans and what you may be able to earn in an IRA and decide which option is best for your needs. Investing for retirement now could be a huge benefit for you and your wife when you reach retirement age, but eliminating debt increases cash flow and gives you peace of mind. Both options are solid. Best of luck.
“There are only two ways for a person to learn about something that they never even know they didn’t know. Number one, they find out the hard way. We in the entrepreneurial world call that the school of hard knocks. The only other way to get it done is to have someone mentor them, train them, or share their knowledge with them. So instead of people having to re-invent the wheel, or find out things the longest, hardest, most expensive way through mistakes, those of us who have a skillset or have knowledge – it’s not just that we should, I feel that we have a responsibility to share that.” – Cole Hatter
“Basically, OpenTable called me and they wanted a software solution to handle storing credit cards, handing the data to restaurants, and being compliant from a regulatory standpoint. I signed a three year deal with them that allowed me to build a team of developers and we built them a solution. We now had more services to sell to customers.”
7. Teach Online: If you enjoy teaching, but want to be able to practice your trade from the comfort of home, consider teaching through an online school. To learn more about opportunities for teaching online, consult one of the “how-to” books available on this topic at Amazon.com or read some of the helpful articles on this topic at The Chronicle of Higher Education.
There are professionals, entrepreneurs and industry experts in your community who have already gone through the business-building process. Learn from them. They have suggestions to share and failures they’ve learned from that can spare you the pain and cost of making those same mistakes yourself. It’s valuable to have an experienced, trustworthy advisor to review your ideas and help position you to improve and succeed. (Here’s more on why you need a mentor.)
Well, actually JT, very often a million is pretty cool. Not everyone is going to be a VC-funded $100 million hotshot. Sometimes, it’s nice to make a million dollars, be your own boss, and use that financial success to catapult to freedom.
Rule #2. Pick a Boring Business. Everyone is always on the lookout for “the next big thing.” The next big thing is finding rare earth minerals on Mars. That’s HARD WORK. Don’t do it! Bryan picked a business that every merchant in the world needs. He also knew that it was an exploding business because of the e-commerce explosion. You don’t have to come up with the new, new thing. Just do the old, old thing slightly better than everyone else. And when you are nimble and smaller than the behemoths that are frozen inside bureaucracy, often you can offer better sales and better service. Customers will switch to you. If you can offer higher touch service as well, they will come running to you.
Unless you are born into riches, inherit wealth, or strike it rich in the lottery, you need to earn money. And as this 78 year old man proves, you don’t need to earn a lot of money to become wealthy; it’s what you do with that money that matters. If you want to increase your odds of becoming a millionaire, then look at some of these methods of making extra money. Just adding a few of these ideas to your lifestyle can increase your wealth. Check out a quick way to make an extra $250 free money just by opening up a new account with Chase Checking, you have to start somewhere!
Anytime you want! Million Dollar Business Secrets is a video training program that’s delivered on demand. Access the video lessons and other resources with your smartphone, tablet, laptop or desktop – whichever you prefer. You’ll get access as soon as your registration is complete. Get started now…
Absolutely. After investing years into their companies, most business owners are dismayed to discover that they really only have jobs. Self-employment has its benefits. But if you want to get rich in your business, you need to do business very differently than the average business owner.
An extra and practical way that an aspiring entrepreneur can legally make a million US dollars in one year from the scratch is to start an advertising and branding company. The innovation in the advertising and branding industry is evolving and new windows for both conventional and unconventional style of advertising are opening up. Advertisers will do all they can to catch up with their target market. If you are lucky to consistently execute good advertising and branding deals, you are likely going to make a million US dollars in one year.
Look at what people need, not necessarily at what you want when deciding on a business. There will always be things people need and they need them to be done well. Things like garbage disposal, energy creation, providing products to the health and dying industries, etc. In addition, the certainty of customers should not be overlooked lightly. Choose a business that provides what people really need and be prepared to put in the effort to make your products and services either the best, the most price efficient or unique.
Very few fast-food businesses could refuse a deal like that, especially if you can offer them some level of exclusivity in the area e.g. you might only allow the top five Thai restaurants in a given area to offer their food via your app.
Elaine Pofeldt is an independent journalist and editorial consultant who specializes in small business, entrepreneurship and careers. A former editor at Fortune Small Business magazine, she has written recently for Fortune, Money, Crain’s New York Business, Working Mother and many other publications. She is co-founder of $200KFreelancer, a community for freelance professionals, and Endhousearrest.com, for homeowners looking to sell.
1. E-Books: Creating e-books and special reports that customers download directly to their computers is a great first step for any aspiring e-infopreneur. Digital downloads are easy to create because all you need is an idea, the ability to turn a document into a PDF file and a service like e-junkie.com to sell the document on the internet. As opposed to producing a “real” book which requires an upfront investment for printing and production, the costs associated with digital downloads are relatively minimal. Of course, identifying a profitable topic and learning the “how-to” of producing and marketing your products for success takes both time and elbow-grease, but there are a number of books, websites and other services available on the web to help you learn.
3. The four-term President of the N.Y.S.E., Richard Whitney, was a poor manager of his financial affairs, fell into great debt, and in turning to embezzling, well only served 3-years in jail (in law, like everything else, you get what you pay for).
Rules #3. Get a customer! This is probably the most important rule for any entrepreneur. People want to find and take the “magical path”: get VC money, quit their jobs, build a product, and then have millions in customers. It NEVER works like that.