If you are an Elite member inside of the MACsWomen community or attended one of our women in business events, you might have heard me talk about Grant Cordone as one of my mentors. When I need a bit of extra motivation, I hop over to his website and feast!
In this post: How to make a million dollars with your online business, he says everybody can make a million dollars if he or she follows the right process.
People just need to believe in the possibility, and why wouldn’t they?
In 2015, there were 33.7 million millionaires worldwide. In fact, 15.7 million of them are in the U.S., which added 903,000 millionaires just in the last year.
This means that you can make a million dollars in the next year if you follow the right process.
Become obsessed with success
There is no way to build a million-dollar business if you’re not obsessed about it.
Being obsessed means:
Making a 100 percent commitment – you should understand that success is your duty and obligation. Nobody is going to build your business for you.
You’re the one who’s in charge, and you should take full responsibility for it.
Until the world understands that you’re not going away and that you’re 100 percent committed to your success, they will not pay attention to you.
This doesn’t mean that you need to know all the steps or how you’re going to reach your goals.
Cardone states that you need to commit first, and then you can figure out how to achieve your dreams later.
10x your goals – in the book The 10x Rule, Grant Cardone says that the biggest mistake he made in his business was not setting high enough goals.
He says it takes the same amount of energy and effort to make $10 million dollars as it does to make $10,000.
The biggest mistake people make is not setting their targets high enough, which limits their success.
Your focus should be on setting up targets 10 times higher than what you think you want. Then you should do 10 times more what you think is required to accomplish them.
In other words, if you want to make $1M per year, then set that target at $10M.
10x your actions – you need to be able to estimate how much action is necessary in order to achieve your goals.
In the book The 10x Rule, Cardone states that in order to ensure your success, you must put 10 times more action than you believe is required to achieve your goal.
The reason for this is very simple – most people seriously underestimate how much action, resources, money and energy is required to reach their targets.
When people miscalculate how much action is required to achieve their goals, they become discouraged and disappointed.
As a result, they tend to reduce their targets rather than increase their activity. That is a huge mistake.
This makes them even more unmotivated and discouraged.
Cardone states that you should never decrease your target. Instead, increase actions.
Any target is achievable with the right amount of action.
Good stuff, right. This is such practical advice; however, how many of us are applying this mindset and effort to growing our businesses daily?
One of the reasons I developed the Plan Position Profit mastermind program is because it helps women business owners set targeted goals and take strategic actions towards meeting those goals. Of course the mastermind component is priceless.
Prioritize your time – your focus should be on taking the right amount of action in order to reach your goals.
This means that you should be incredibly good with prioritizing and managing your time. In other words, learn how to do more in less time.
If you learn how to make 15 phone calls in 15 minutes instead of an hour, you have earned 45 minutes.
You might need to give up some time you spend with your family and friends on weekends.
Do the millionaire math
How many of your products or services do you need to sell to make $1M?
If you have never done this math, you’re being irresponsible. You need to figure out every possible way to hit your target.
You can only do that if you look through your options.
How much do you need to earn per hour – If you work eight hours per day, that makes 160 hours per month, or 1,920 per year.
In that case, you need to make $520/hour to hit your target of $1M/year.
If you make money while you sleep, this can drop to $115/hour.
How many clients do you need – this will depend on how much your product costs.
100,000 people to pay you $10 for your product = 1,000,000
5,000 people to pay you $200 for your product = 1,000,000
2,000 people to pay you $500 for your product = 1,000,000
500 people to pay you $2,000 for your product = 1,000,000
This is the math in case you’re offering a subscription service:
5,000 people need to pay you $17/month
2,000 people need to pay you $42/month
1,000 people need to pay you $83/month
300 people need to pay you $278/month
Keep in mind that you can use a combination of those. You can sell your $10 ebook to 50,000 people ($500,000), your $2,000 info product to 200 people and get 500 people to subscribe for $17/month.
You should not forget that you can always upsell and cross-sell other products to your current customers to increase your revenue.
How many leads do you need – this will depend on two things – how much your product costs and what your conversion rate is.
The conversion rate will greatly depend on the channel you use to connect with your prospects.
For cold calls, you can expect conversion rates between 2 and 4 percent.
An average email marketing conversion rate could range from 2 to 12 percent, depending on your industry.
Facebook has a conversion rate of 1.85 percent.
Knowing this, you may make your own calculations.
Let’s imagine that you sell a product for $500.
Cold calls: if your conversion rate is 2 percent, you will need to make 100,000 cold calls to be able to sell to 2,000 people (100,000 x 0.02 = 2,000 x $500 = $1,000,000).
Email marketing: if your conversion rate is 5 percent, you will need to have an email list of 40,000 people in order to make 2,000 sales.
Facebook: if your conversion rate is 1.85 percent, you need to have 108,109 Facebook fans.
In the comments section below, share your thoughts about what you have had to invest to gain your success. There is always something that you give up to get something else. What was that thing for you? Also, how helpful this article is to you as it relates to your business. I will be posting a part 2 to this article.