Be an Ethical Entrepreneur, Marketer, and Business Builder

The old fashioned way to make $1,000,000 per year…

Let’s face it, few of us are going to come up with a business model to rival Bill Gates (Microsoft), Mark Zuckerberg (Facebook), Tom Anderson (Myspace), or Larry Page and Sergey Brin (Google). Even fewer of us, given that brilliant idea, have the resources, connections, and outright talent to make our first business a multi-billion dollar enterprise over night. Yes it’s possible. However so is winning the lottery, getting attacked by a shark, and getting struck by lightning. The old fashioned way of creating an income of $1,000,000 per year is a bit different. The most common path requires you to own your own business. So your goal should obviously be to own your own business. That million bucks per year will be nice, however the true blessing of being a business owner is control over your most valuable asset – your time.

Now let’s clarify our goals by answering a few questions:

  1. How much money do you want to make?
  2. How much time do you want to spend working once your business is done?
  3. How much time are you willing to spend building a business?

1. How much money do you want to make? Let’s say you want to make a million dollars per year. That’s over $83,000 per month, $19,230 per week, and $2740 per day. Would that satisfy you? If not, add your number in here. It helps to figure out and visualize EXACTLY how you’re going to spend your $2740 per day. The mind doesn’t know the difference between dreams and reality so start conditioning your mind now for that lifestyle and it’ll be a lot easier to get there.

Now that you have a target, here’s how you’re going to get it. Become a master at business and start searching for great businesses to buy and grow. If you want a million dollars, all you need to do is own a business that does $5 million in sales per year with a net profit of 20%. Twenty percent of $5 million is $1 million. Or find a business that does $10 million in sales with a net profit of 10%. Ten percent of $10 million is again $1 million.  I wouldn’t look for a business that can’t accomplish at least a 10% net profit.

2. How much time do you want to spend working once the business is done? – Some people like to work and there’s nothing wrong with that. I work extremely hard right now, but it’s not because I have an unhealthy infatuation with it. If I had a trust fund I’m sure I’d be investing in businesses but I’d also be traveling, racing, engineering, and spending a lot less time working… Eventually I’d like to work less than 10 hours a week without ever coming into the office. How about you? If you’re going to buy a business and be the service leader, sales leader, and customer service representative then you’re never going to get out from under it. The only things that can truly be done remotely are marketing and communications…  If you’re an owner taking on more then marketing and communication with your leaders then either plan to delegate or find another business. The other option is to sell your business once completed and live off of interest or rental properties

3. How much time are you willing spend to build a business? Let’s face it, if you want to make a million dollars per year, it will probably take a bit longer than if you’re happy with $100,000. So if you’ve educated yourself, have some money saved up, have some decent connections, and already know how to negotiate, you can probably be making $100,000 per year within 2-3 years. Less if you’re really good. To turn that into a million per year will probably take another 5-7. Michael Masterson even wrote a book called Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire which is worth a read. Realistically if you can do what you want with $10,000 per month, then why keep on working to make that $80,000 per month? Do you really need that much to enjoy life? If so, go for it.

There’s really only one trick to this… If you HATE business then forget about it. You’ll never be an expert at something you hate and obviously to achieve these goals you have to become an expert. If you only kinda like business then go for it. You’ll be amazed at how much more you’ll enjoy it when you start making regular deposits into your bank account. :-)  Keep in mind, the business building doesn’t have to be your life – it’s just a means to an end if that’s what you want it to be. Determine what you want right now, though, before you get started!

Now that you have your clearly defined plan, you need to put it into action. Sell your PS3 and X-box, get rid of your television, and get to work. If you aren’t willing to make the sacrifices that provide you with the knowledge you need to make this goal a reality it’ll never happen anyway. The old fashioned way isn’t easy. It’s real work but with a real payoff. In my mind I’d rather work 80 hours per week when I’m in my 20’s so I can have some freedom later in life then work 40 hours per week for the next 40 years and have “nice” stuff all along the way. If you’re not willing to make that sacrifice, then just stop now and enjoy your 40 years in the work force. That doesn’t make you better or worse then me – just different. Granted, in my first 9 months at the businesses I’ve purchased I’ve spent over a month out of the office on trips. Some were business trips and some were vacation. I worked during all of them with the help of some technology, however I also had a lot of freedom to do other things. So, though I work really hard when I’m in town, I haven’t exactly given up my youth for the promise of a bright future. Life’s too short for all that. I have more freedom and time to enjoy life now then I have ever had while working for someone else.

Just today when I was coaching 1st and 2nd graders basketball, Andrew walked up to me and said “Coach, you should get a job like my dad.” “Oh really who does he work for?” “I don’t know but he can work whenever he wants he just has to let his boss know.” “Wow, that’s awesome Andrew, but I don’t have a boss.” His eyes got real big like only a 7 year old’s can – “So you can work whenever you want?” Laughing, I responded simply, “Sure.”  A 7 year old understands the greatest part of being your own boss is your freedom – do you?

To your success, Bryan

About Bryan Trilli

Entrepreneurial Junky is probably the best way to describe me. I've bought, run and sold 3 businesses in 3 different states and started a 4th. The first 3 were brick-and-mortar service-based businesses and the 4th does internet marketing for service businesses. My team at Optimized Marketing guarantees to double your business' internet contacts in just 90 Days.

Comments

  1. I own a business, and am interested in increasing my earnings.

  2. Tom, I wrote a 5 Part blog on Fixing your business FAST that is a quick overview of the key areas to target to improve your bottom line. In my time buying, building, selling and consulting for other business owners, however, one of the biggest problems is INACTION. So before you read a word, make a commitment to take ideas from the blogs and start implementing some changes each week. Also, feel free to email me directly to tell me more about your specific business and situation and I’ll recommend some great books and resources for you.

  3. I co-own a business, that is a specific rare business. It does ok but not enough to retire. I’m a 39 year old fireman in the city of Springfield mass…… I’m not sure where to start but asking you I think is step one. I was thinking if doing a similar type business, the brick and mortar. But not sure where to begin. I don’t have but a high school education yet I’m ambitious, and ready to commit. What do you recomend?

  4. Martin, You basically have 3 options to meet your long-term goals for retirement… Grow your existing business. Buy a business. Start a business. I’ve done all 3 and starting is the most work. According to “The Millionaire Mind”, your average millionaire was a college drop-out and couldn’t break 1000 on his SAT’s so don’t let anyone tell you a HS education isn’t enough. However, like myself, you probably need some real-world business education. If you’re willing to put in the effort, I’d start by reading “Billionaire in Training” by Brad Sugars, “E-Myth Revisited” by Michael Gerber, and “Built to Sell” by John Warrillow. Do your homework, read the books and then you’ll be better able to decide which of the above 3 options is best for you. You can find all of them on my Recommended Entrepreneur Books page.

  5. Hi
    I have a small business which turns over $4m in a good year but I have too many expensive property paying it off
    And I have have 2 cars extra one for the mother nd brother but at the end of the end I have no money left over ????
    And I only go on 1 holiday a year for 10days max
    I work 7 days a week getting stress out

  6. Hi Terry, With the limited details you provided, I would suggest 3 things:

    1. Raise your prices – That will weed out your good customers from the price-shopping customers who also require a lot more customer service which will increase your profits and reduce your time.
    2. Automate, Delegate, Outsource or Kill – In other words get EVERYTHING off of your plate in one way or another. Your job is to improve your team, work on systems, and grow your business. That’s it.
    3. Cut out the fat – You obviously have expenses that aren’t necessary. You run a business that, once profitable, you can use to bless those around you with charitable giving (as mine does every month). But you have to get your business in order first. Until you can take a month vacation and return with more money in the bank than when you left, you don’t have a business, you have a job.

    Hope that gives you some useful ideas.
    Bryan

  7. ursula atmaja says:

    i have 1000$ and want to know the way to make it 1000000$

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