5 steps to earn $1 million or more per year
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Do you want to become a millionaire? Better yet, why not make a million dollars a year? Maybe more? If you're looking for something, join the club. It's a goal sought by countless souls around the world. In fact, a study conducted by TD Ameritrade found that 53% of millennials expect to become millionaires in their lifetime. The question is whether this dream is realistic.
It is clear that without a plan, there is little hope for anyone who wants to make a small fortune or achieve an important goal. But seven percent of Gen Yers surveyed in this study believe they will reach that illustrious 7-digit mark before the age of 30. Can they really do it? Whether most people think it's realistic or not, the truth is that the Internet has unveiled new ways and means to achieve this goal and do it incredibly quickly.
So what separates those who can make a lot of money online (or offline) from those who can't? At the end of the day, it's just a word. Belief. The mind is a very powerful tool. And if you can't start with the foundation of true and complete confidence in yourself and your abilities, nothing is possible. But for the man or woman who believes deeply in what they can accomplish and achieve, nothing is completely out of reach.
How to make a million dollars a year
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At the heart of it all, to really make money (and I mean a lot, a lot of money), you have to solve a problem. Problems make consumers suffer. As an entrepreneur, your job is to alleviate that suffering by providing a solution. But that doesn't mean you have to come up with the next big idea: the founders of Uber Travis Kalanick and Garret Camp, or the founders of AirBnB Brian Chesky, Joe Gebbia and Nathan Blecharczyk. It simply means that you need to find a problem that you can solve and offer that solution to customers.
You're not going to make a million dollars a year working for someone else. Unless you're a senior executive at a Fortune 500 company or you're on the first floor at the next Stripe, on Facebook or Google. No. To reach this illustrious 7-digit number, you need to present the right offer at the right time to the right audience. That's all it takes.
Sounds simple enough, doesn't it? Of course, it's easier said than done. But, when I really started thinking about it, I realized that there was so much misinformation and misinformation. The biggest problem? People who work tirelessly to convince others that they have "succeeded" just so they can sell them a digital course on the latest method of direct delivery or webinar creation.
To answer this question, I went directly to the source. We are talking about centimillionaires and billionaires. People who have made $100 million or more in revenue. If you want to learn how to earn a million dollars or more a year, why not ask those who not only reached that level, but who also increased those results?
Step 1: Identify the pain
First things first. What is the pain in the market? Who are the consumers who are struggling or struggling with it? If you're not sure, just browse well-stocked Reddit discussions or popular Facebook groups. What's being talked about? Are there any resounding complaints that seem to be repeated over and over again? If you stay long enough, you'll see the pain in the marketplace. It's a lot for some people. As long as you can identify the pain, you'll find the problem.
One thing is certain: the greater the pain, the more serious the problem. And, the greater the potential not only to earn a million dollars a year or more, but also to become extremely wealthy. Entrepreneurs who have the audacity to go out and tackle big problems are often the ones who reap the big rewards. They are disruptive, dissatisfied with the status quo. And they exist in every industry under the sun. They are ready to tackle the huge problems we've been facing for years, decades in most cases.
Jeremy Delk, an entrepreneur who heads a $100 million company called Tailor Made Compounding, tells me that you should go where the pain is in the marketplace. While money is important and a necessary course in business, if you can get to the bottom of the pain, that's always the main starting point. If you can't find the pain, how can you come up with a solution that will help it go away?
Jesse Itzler, founder of Marquis Jets, another entrepreneur with a net worth of over $200 million (and the husband of Sarah Blakley, founder of the billionaire Spanx), tells me that you should never fear failure or be afraid of failure when tackling these big problems. You have to be comfortable with discomfort. You're not always going to have all the answers. But you have to be willing and persistent enough to find them.
Step 2: Create an irresistible offer
Understanding the pain and the problem is the first step. But you also need to take steps to deal with the pain. If you sincerely want to earn a million dollars a year or more, you also need to create a compelling offer. Remember, it's all about getting the right offer to the right audience at the right time. If you've found the audience and identified their problem, now you need to create a compelling offer that will properly target that audience. So what makes an offer irresistible?
Many factors are involved. But think about it yourself. What really turns your head when it comes to products or services? What really makes you want to buy something from a person or company you may not know very well? There are many factors. But what are the most important? Dan Kennedy says there are four important elements to a compelling offer: 1. the offer must be clear. 2. it must have good value. 3. It should involve a discount or a premium. 4 There should be a logical reason for the offer.
But what else is involved? How do you really pull the lever to get people to buy something? Well, let me start by breaking it down like this. You ever seen a long line somewhere and wondered why everyone was standing in line? Maybe the line was long or it went around the block. Or maybe you're at an amusement park and you see that path with the longest line and you wonder why all those people are waiting in line.
What's the first thing that pops into your head? It must be something good. What's the first thing that pops into your head? Two words. Social proof. Beyond other factors, people often refer to the behaviour of others when making decisions. Even if we want to think that we are unique in our decision-making process, we often are not. We follow the herd. And glorify the crowd. In turn, we are not leaders. We are simply followers. And that's why social proof is so important. Yes, offering building issues. But social proof is extremely important.
Think about it yourself. When you see so many testimonials about a weight loss product or a system for making money online, doesn't it tempt you? When there are authentic and compelling reviews, and so much social evidence built behind something, that's where the real magic lies. That's when the other barriers of resistance break down. So how do you get social evidence for something? At the very beginning, give it in exchange for strong criticism. If what you've created really solves a pain and really solves the problem, the rest, as they say, will probably go down in history.
Step 3 - Create a detailed plan and carry it out daily
Planning is essential. If you really want to make progress, you need to sign up for the plan. Take your goal and work backwards. What will it take to hit the target? How will you get there? You can usually create milestones along the way. If you've set a goal and quantified your target, all you have to do is earn at least $1 million a year. What are the monthly goals? What about weekly goals? What about daily goals? Identify them and create actions to get there.
But you never know what's going to happen. Maybe you will reach your target. And maybe you won't. But maybe, just maybe, you'll shoot far beyond the goal you've set for yourself. As Russell Brunson, an entrepreneur who runs a $100 million software company called ClickFunnels, often says, you're just a funnel away. In other words, you're a pain-relief solution and you make a lot of money. Of course, it also means that your plan includes real added value. If you don't add value, your income goals will never be met. This is incredibly difficult to do. It's like trying to push against a concrete wall.
Step 4 - Create a Deeper Mission and Vision
Objectives are important and should not be changed, but you must be focused on the mission and vision. You can't just rely on the superficial. Attach your goal to a deeper meaning with a stronger "why" to achieve it. For example, you want to reap not only a financial reward, but also an emotional or spiritual reward. What is your mission and vision? If you haven't defined it, write it down on paper. This is much more important than anything you can do.
Richard Branson often says that if money is important, if you really want to become incredibly rich, you have to demand real change. What does that mean? It is certainly not related to anything or associated with a number of zeros at the end of a bank account. For top entrepreneurs, it always depends on your deepest why. You will always do more for something that means more to you than for a superficial purpose.
Step 5: Follow, analyze and adjust your approach
There is no platform approach that can earn a million dollars or more in a year, a month or at any other time. What you need to do is make sure you follow through to the finished level. The more accurately you can track and analyze your progress, the more likely you are to get closer to your target more quickly. It's similar to a plane taking off at a predetermined time with a predetermined destination. It has a purpose. And to reach that goal, you need a plan.
Sometimes, however, the plane's plan doesn't work. There is air traffic congestion or turbulence or a storm in its path. To determine where it is and how far it is coming, it must follow and analyze often. Airplanes know where they are at all times. And they also know they may need to change their approach to reach their target. You should do the same. Don't change the target, but if you have to, change the plan. That's how you get there. Not by giving up.