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Tips - September 14, 2022

How to Go from Broke to Making a $1M a Year

The idea of going from broke to having a million dollars in your account might seem absurd, especially with the economic meltdown. However, it is not impossible. The fact is that it all comes down to you.

You are the most important variable needed to determine the feasibility of the idea of going from being financially unstable to generating millions. The ‘You’ factor is essential as one of the resources needed is time, and you are in control of your time. 

Combining these two factors with your limited capital, you will go from being broke to generating at least a million dollars in a year. There is no greater investment vehicle than your time and self. For maximum productivity, invest some time in yourself to learn and unlearn some things, skills, and values. If you are ready to start your financial journey on a new slate, here are things you should do.

Quit playing around

Time is the most expensive asset in business as it equates to money. Every second and minute you lose equals millions. So stop dilly-dallying and wasting your time engaging in unproductive activities.

The truth is that you have the same time as all the renowned billionaires worldwide. The difference is how you use it. They prioritise. Instead of wasting their time playing and doing useless things, they maximise to generate the billions they are worth today.

You, therefore, need to reevaluate what you use your time to do and restructure. You will be surprised at the time you waste and the productivity that comes with it.

Find a highly profitable business you love

With time in your control, rechannel it into a business you love. Don’t make the mistake of just starting a business because of its money potential but because you are interested in it. As there will surely be a period of business downturn, your passion for what you do is what will sustain you.

Also, when you are engaged in doing something you like, it is done seamlessly. This way, you carry out your business task naturally. Thus, ensuring maximum productivity and minimising burnout. So, not only go for a business with possible returns but also one you love. Kill two birds with a stone.

Learn the ropes

The first step after discovering an idea is to learn everything about the business before starting. The wealthiest man in Africa, Aliko Dangote, consented to the idea of knowing everything before starting a business. He said that before starting a business venture, he learns everything about it to the extent that when asked a question while asleep, he can answer it perfectly.

This way, he understands the different patterns of the business and can predict them. Once you identify the business opportunity you want to start, learn and unlearn everything about the business before starting. Be willing to learn even at the expense of failing initially. Remember that failure is also a part of learning.

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Find a winning product or service in your niche

Your business idea is not the first and won’t be the last in your chosen niche. You, therefore, need to create a premium product that will give your brand an edge over existing ones.

One of the catchy parts is to tailor it to the need of the people. Once you solve the market need of people for a particular thing, high revenue is inevitable as there is a market for it.

Market it like there’s no tomorrow

This is where you convert your product into revenue. You need to make your product visible to everyone through marketing. To effectively do this, you need to have a marketing strategy and a willingness to market as if your life depends on it.

This is important as marketing and selling is the primary tool determining the success of a business. Tailor your marketing to the right customers. Since the marketing terrain is dynamic, always look for better ways to get more traction for your business.

Remember, you do not need to be one of the experts in the field to start getting your six-digits number. Do not forget to integrate digital methods into your marketing strategy.

Smile to the bank

Once you’ve gained focus, committed to a highly profitable business, and leveraged insights to drive sales, your goal to earn $1 million annually becomes more feasible.

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