Now before I get any hate on this article I want to say that I personally do not make 10 million a year. Maybe some currencies but not the USD. But I have made 1 million in a year using the techniques outlined below. Now if you are an experienced business man or women you can probably do this in just under a year, if you have the initial capital and time investment required. But if you are a start-up or someone just looking to get into business to make some quick money, this definitely is not for you as its primarily talking about re-investing until you reach this 10 million per year goal.
Now making 10 million a year is very similar to making 1 million per year, you just have to scale the processes you used to generate the 1 million and take it from there. For example if I think about everything I did to make 1 million, if I did this 10 times, or had 10 times the products then I would have most likely made 10 million, obviously there are a number of cases when this simply would not be the case but in my case I would actually have. But enough about me let’s get to the method itself.
Stage 1: Branding + 1 Product
Stage 1 is always going to be getting your branding and your first product onto the market. I would recommend getting the best product with the highest margins going first and then you can build your business around this. In some cases you might only need 1 product to reach the 10 million per year mark, but in my experience you will likely need a lot more! In this stage all you want to do is have a product you want to sell to the public (or other companies if you are B2B) and then have the branding for your product complete. This includes the website and any graphics you need. This is a lot of work but its all stage 1!
Stage 2: Promotion + Rankings
The next step is to launch your brand. Again this is tough but what I recommend is to invest a lot of money upfront in PPC, SEO and social media marketing. This might not be for everyone but the truth is these methods work better than anything I’ve seen. Build a following and keep re-investing any profits you might make. This is the key to growing so fast, you don’t want to make a profit in your first year because you have reinvested every single cent you made. This is how businesses go to 10 million in a few years and don’t hover around the million mark.
Stage 3: Open Up New Marketing Channels
Add new marketing and sales channels. If you look at what makes some businesses so successful, its that they don’t just sell directly from their website. I mean they sell mainly through the site itself, but they also sell through places like Etsy, Amazon, Ebay and even stores as well such as Boots, Tesco, Walmart. This diversification helps businesses not only make more sales but also get infront of more potential eyeballs. This in turn strengthens the brand and an even more important element – If the business does start to struggle, its not relying on a single source for sales, so you can build other sales channels without killing or relying off one completely.
Stage 4: Rinse, repeat and scale
It’s easy to say when you have built your 1 product system to do the same thing but twice as fast, but the reality is you have to learn how to do this. This is why automating the entire process is so important. If you don’t then you will never reach this 10 million mark, you will also have a tough time reaching the 1 million mark too! Rinse this method, repeat it, learn from it and don’t make the same mistakes along the way. You may need to hire assistants to take care of the pre-existing products. For example I now never build ebay or Amazon listings, I outsource them all to my Amazon seller seo guy, who is frecking awesome! Now for newbies his price of $2,000+ might seem expensive, but it takes hours from me and he does a better job ranking the listings anyway!! It’s a no-brainer for me and he gets some good cash too so its a very easy way to kick start your business.
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