Advertising
Advertising

5 Ways to Become a Millionaire In One Year

5 Ways to Become a Millionaire In One Year

Some spend their entire lives struggling to earn a decent living, while actually managing a business meant to thrive. If you are tired of watching your competitors bypass you or tired of doubting your business idea, check out these simple, yet powerful tips to boost your profits today and join the list of millionaires next year!

1. Discover a growing market

One of the most obvious, yet forgotten, ways to create a business worth millions is to find a booming new trend and ride to the top of it. Analyze what’s hot right now. Spend time researching the niche and evaluate what competitors offer and what they don’t, and what you can! Take for instance, Nick D’Aloisio, a 17-year-old kid from London who coded a handy Iphone app Summly – a wise news aggregator collecting short news summaries from all major outlets. The app was bought by Yahoo within a few months for a whooping sum of £19 million. Whereas there already existed a huge amount of news apps on the market, none of them offered to pull out a summarized and concise list of all major events, based on your interests, location and preferences.

No wonder the app was hot to get acquired by Yahoo, as the possible revenue estimates were expected to double within a few years as more and more mobile users were getting tired of slow loading pages and clusters, opting for clean and neat products to let them solve their problems on the go.

Advertising

2. Think over your monetization strategy from day one

A lot of tech startups fail with this one and merely focus on growing a huge user base, instead of thinking about decent ways to monetize. Twitter and Instagram are just two examples of such a phenomenon, but there are numerous companies who eventually failed due to their inability of creating revenue. If you are focused on becoming a millionaire in the first year, you have to work over your monetization strategy from day one!

Most profitable businesses operate with one of these models – they sell a lot of cheap products and services to a lot of people or they sell premium, big-ticket items to a limited list of buyers. Brian Clark of Copyblogger managed to turn a simple blog into a $7 million company by selling premium marketing courses and software for internet entrepreneurs and content marketers. Whereas, online marketplaces like Etsy dominate the search engine rankings with a huge variety of products worth from a penny to a few hundred dollars.

Now each model may have its draws and advantages, but more importantly than choosing which one you are to implement, you first have to create a defined plan for monetization. Understanding how you will make money from the start will save you from wasting time on the idea that something profitable will come up for you.

Advertising

3. Be Number One

4835068939_84463811f6_b

    Now, Pepsi may earn a few billion dollars each year being number two product on the market, but chances are, you can repeat the same success are rather low. There is a bunch of mediocre products out there these days, but those companies are nowhere close to making a million in their first years. The truth is – you have to offer something so freaking great to wow your customers and create the necessary industry buzz if you want to succeed. For instance, John Morrow claims to offer best guest posting course that will connect you with top influencers in your niche, generate long-term traffic steam and actual sales. The spots get filled up within a few days after opening as the product seems to be one and only non-bullshit course these days that will teach you to grow your business with smart content marketing and guest blogging techniques.

    If you are struggling to identify what exactly is going to make your product better, just ask around to your existing customers!  A short survey with simple questions like “What else we can do for you?” and “What other features would you like our products to have?” will give you the lacking insights. And after implementing those recommendations, you will earn a bunch of loyal clients who will go on to refer more sales to you in the future.

    Advertising

    4. Hire Rock stars

    You should not expect to handle a multi-million dollar business on your own, right? Delegating and hiring top-notch stuff is one the crucial points to make or break your company. Hiring underperformers is cheaper and easier, yet this team will achieve none of the goals a few high-end professionals could complete within the same time-frame. For instance, Google invested in hiring best coders since early days and keeps the same policy until now. It’s needless to say how powerful this strategy turned out to be.

    When looking for the initial team for your business venue, the first thing to do is ask around your professional network for referrals and recommendations. Pay special attentions to the sales executives you are hiring, as they will stand the biggest difference in your business’s bottom line. Keep them motivated and inspired to close the deals with whatever it takes!

    5. Focus on data

    Advertising

    3272094641_4e2d0c130e_o

      The last, but not least, major point is to consume and analyze all data you can possibly get and act on it. Take advantage of Google Analytics by identifying and setting up your company’s key KPIs. Run split tests and implement new marketing strategies based on the data, in order to push the indicators even higher. Gain valuable statistics by analyzing your social media performance with KissMetricts or focus on improving your website usability with a series of tests by Crazy Egg. With numerous data analysis solutions out there, squeezing out the tiniest details about your possible consumers and audience has never been easier.

      If you feel like you are lacking the skills, consider investing in a rock star analyst who will chew down all the numbers for you into actionable tips. If your goal is to manage a million dollar business, you need to take advantage of the markets data and act smarter on it that your competitors.

      Featured photo credit: 401(K) 2012 via flickr.com

      More by this author

      Elena Prokopets

      Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

      7 Ways To Learn a New Language Faster (Backed by Science) 22 Amazing Pineapple Health Benefits (With Simple Pineapple Recipes) 15 Cool And Practical Apps For Couples 14 Things No One Tells You About Being in a Long-Distance Relationship 9 Tips to Prepare For Your First Multi Day Hike

      Trending in Money

      1 40 Healthy And Really Delicious Meals You Can Make Under $5 2 Life Insurance: A Secure Way To Protect Your Future. 3 How To Save Money On Groceries: 13 Quick Tips 4 10 Investment Tips For Beginners 5 Top 6 Hacks on How To Build Credit Fast

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on April 19, 2021

      40 Healthy And Really Delicious Meals You Can Make Under $5

      40 Healthy And Really Delicious Meals You Can Make Under $5

      Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

      1. Fish Tacos in Crunchy Shells ($3.56 per serving)

      Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

      3080

        2. Mini-Meatball Noodle Soup ($3.43 per serving)

        We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

        3069_0

          3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

          Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

          3074_0

            4. Kabocha Squash and Lentils ($3.12 per serving)

            Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

            Photo-Oct-26-21-e1414441326306-225x300

              5. Baked Coconut Lentils ($0.91 per serving)

              Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

              3077_0

                6. Easy Marinated Roasted Chicken ($3.40 per serving)

                We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

                3078_1

                  7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

                  This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

                  Advertising

                  3068

                    8. Beef Pot Roast ($3.22 per serving)

                    One word: perfect. This meal will warm your insides and fill you up with the high protein content.

                    3079

                      9. Fajita-Style Quesadillas ($0.43 per serving)

                      If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

                      R172184.jpg.rendition.largest.ss

                        10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                        Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

                        R131419.jpg.rendition.largest.ss

                          11. Beef and Black Bean Chili ($1.36 per serving)

                          Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

                          RU193781.jpg.rendition.largest.ss

                            12. Crispy Fish and Peppers ($2.18 per serving)

                            Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

                            R150828.jpg.rendition.largest.ss

                              13. Vegetarian Gumbo ($1.50 per serving)

                              You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

                              R058526.jpg.rendition.largest.ss

                                14. Mexican White Bean Soup ($0.99 per serving)

                                With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

                                RU191493.jpg.rendition.largest.ss

                                  15. Black Beans with Mango & Cilantro ($0.38 per serving)

                                  Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

                                  Advertising

                                  Black-Bean-Cilantro-Mango

                                    16. Bean Burritos ($0.71 per serving)

                                    If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

                                    IMG_4791

                                      17. Five-Spice Beef Kabobs ($2.43 per serving)

                                      The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

                                      RU173795.jpg.rendition.largest.ss

                                        18. Cornmeal Crusted Pork ($1.92 per serving)

                                        If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

                                        R102170.jpg.rendition.largest.ss

                                          19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                          Easy to do, extremely healthy, and super delicious. A must-try!

                                          RU172118.jpg.rendition.largest.ss

                                            20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                            I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

                                            RU202653.jpg.rendition.largest.ss

                                              21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                              Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

                                              R131417.jpg.rendition.largest.ss

                                                22. White Bean Tuna Salad ($1.36 per serving)

                                                You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

                                                RU206151.jpg.rendition.largest.ss

                                                  23. Sausage Eggwiches ($0.80 per serving)

                                                  Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

                                                  Advertising

                                                  Sausage-Eggwiches

                                                    24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                    Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

                                                    Baja-Cali-Black-Bean-Salad-1024x682

                                                      25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                      Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

                                                      RU173796.jpg.rendition.largest.ss

                                                        26. Vegetable Lasagna ($1.73 per serving)

                                                        If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

                                                        R090413.jpg.rendition.largest.ss

                                                          27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                          Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

                                                          R105114.jpg.rendition.largest.ss

                                                            28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                            A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

                                                            Quinoa-Brussels-Sprouts

                                                              29. Butternut Squash Chili ($1.04 per serving)

                                                              You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

                                                              Butternut-Squash-Chili

                                                                30. Fast Shrimp Bisque ($2.03 per serving)

                                                                Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

                                                                RU170895.jpg.rendition.largest.ss

                                                                  31. Chicken-Noodle Casserole ($0.98 per serving)

                                                                  Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

                                                                  Advertising

                                                                  RU161399.jpg.rendition.largest.ss

                                                                    32. Burrito Cups ($1.18 per serving)

                                                                    Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

                                                                    burrito-cups-1

                                                                      33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                      Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

                                                                      RU172115.jpg.rendition.largest.ss

                                                                        34. Potato Frittata ($0.87 per serving)

                                                                        If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

                                                                        RU170901.jpg.rendition.largest.ss

                                                                          35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                          Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

                                                                          R104031.jpg.rendition.largest.ss

                                                                            36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                            Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

                                                                            RU187523.jpg.rendition.largest.ss

                                                                              37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                              You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

                                                                              RU170642.jpg.rendition.largest.ss

                                                                                38. Herbed Salmon ($2.49 per serving)

                                                                                Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

                                                                                R166367.jpg.rendition.largest.ss

                                                                                  39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                                  Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

                                                                                  R166368.jpg.rendition.largest.ss

                                                                                    40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                    You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

                                                                                    stuffed-sweet-potatoes

                                                                                      Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

                                                                                      Read Next