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5 Ways to Become a Millionaire In One Year

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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

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

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      Last Updated on January 5, 2022

      33 Painless Ways to Save Money Now

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      33 Painless Ways to Save Money Now

      In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

      Some easy ways to save money:

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      1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
      2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
      3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
      4. Turn off power strips and electronic devices when not in use.
      5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
      6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
      7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
      8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
      9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
      10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
      11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
      12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
      13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
          a reusable water bottle and refill it.
        • Avoid vending machines: The items are usually over-priced.
        • Take in a matinee. Afternoon movie showings are cheaper than evening times.
        • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
        • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
        • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
        • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
        • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
        • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
        • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
        • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
        • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
        • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
        • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
        • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
        • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
        • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
        • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
        • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
        • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
        • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

        Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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        Featured photo credit: Damir Spanic via unsplash.com

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