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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.

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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.

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3. Be Number One

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    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.

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    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

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      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

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      Elena Prokopets

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      Published on September 17, 2018

      How Being Smart With Your Money Leads to Financial Success

      How Being Smart With Your Money Leads to Financial Success

      Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

      With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

      So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

      1. Avoid being “penny wise but pound foolish”

      It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

      You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

      So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

      2. When you want something big, wait

      Impulsivity can get you in trouble in most aspects of life. Finances are no different.

      It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

      We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

      A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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      So, you get the itch.

      You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

      Here’s where you have to take a step back.

      Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

      Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

      It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

      The impulse faded. And you just saved yourself a ton of money.

      3. Live smaller than you can afford

      You finally get that big raise. And you want to celebrate – and why not?

      You’ve been looking forward to this forever. And after all, it was all due to your hard work.

      That’s fine, splurge a little. However, make it a one-time deal and be done.

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      Don’t get caught in the trap that just because you’re now making more money, you should spend more.

      Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

      The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

      But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

      4. Practice smart grocery shopping

      Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

      But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

      Create a grocery budget

      Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

      Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

      I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

      Make a list… and never deviate

      Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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      You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

      These impulse decisions will lead to overspending, which will derail your grocery budget.

      Eat before going grocery shopping

      It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

      If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

      After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

      Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

      However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

      This makes it much easier to stick to your grocery plan.

      5. Cancel your gym membership

      Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

      The average gym membership costs around $60 per month. That’s $720 a year.

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      Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

      I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

      Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

      Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

      For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

      Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

      There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

      It’s baby steps… And baby steps can start now!

      I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

      Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

      The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

      Featured photo credit: Unsplash via unsplash.com

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