Sunday, December 4, 2011

How to Earn a Million Dollars in a Year

Insomnia brings out the best and worst out of me... been looking at the seemingly increasing number of young upstarts that have successfully drawn up a business model and implemented them to perfection. From Blogshops to knick knacks, all these businesses have one thing in common - they have achieved their first million dollars in revenue.

The formula seems rather easy, sell something that you can make a dollar profit on 2,740 times a day for a year and "ta-dah" you've made your first million dollars in a year! Or sell something that makes you $10 profit and you can reduce that number to 274 a day or halve or quarter the number by increasing the amount of profit you take from each sale. As the profit margins go up the less of an item you'll have to sell.

Seems simple right?

But having to play the devil's advocate as well, I've realised that where a dollar profit seems simple to achieve, the number per day seems like an absurd amount. 2740 sales per day, that's 1 sale every 31.5 seconds none stop for 365 days a year(not including overheads of course).

So fine if a dollar profit per sale seems alittle too low then lets ramp it up to $10 profit per sale. That means 274 sales a day, which translates to a sale every 5.25Mins or every 5 Mins 15 Secs none stop for 365 days a year.

Still an absurd number of sales? then how about ramping it up higher still? $100 profit per sale.
That just means 27.4 sales a day, which then translates to only needing a sale roughly every hour of the day for a whole year.

So after seeing this, how do you feel about earning a Million Dollars through sales? Even at a profit of $100 per sale, it'll still take you a whole year of round the clock sales for an entire year to achieve.

But yes, some might say that with the current age of internet commerce, its no longer about the location or even about having to stay awake for others to purchase stuff from you. The interweb has become the 24/7 marketplace for everyone. Very true. That is why and how the new age entrepreneurs are succeeding in their ventures.

My question is this: "if they can do it, why not me? Why not you?"

I personally am a financial consultant in Singapore. Doing sales is what comes naturally to me, so why can't I translate this knowledge elsewhere? I can and should use this most basic skill of being a salesperson to earn that first million.

With the fund now at such a slow pace, I feel it is time to put some more brain power into it and start doing what the original double up plan states - "To Bring Value To Others".

As it is the only way of achieving the great heights that we set for ourselves in embarking on this adventure.

As I continue to work on this mantra, I shall do my best to accumulate as much as I can with the surveys and keeping a vigilant eye out for loose change.

I Believe I Can Do It.
I Believe I Must Achieve It.
I Believe In Myself And My Partner's Abilities.

Wish us Luck and Enlightenment
M$Penguin

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