How to Make Your First Million

Did you ever wonder what it takes to make your first million?

As a blog contributor for Mike Michalowicz best selling author of TPE - The Toilet Paper Entrepreneur, I along with 49 other entrepreneurs, was tasked with providing 1 tip that would answer that question.

Here is my response -The best way to make 1 million dollars is to make $1.

Everyone wants to make a million and haven't figure out the formula to make $1 dollar. Though it is great to have a lofty goal, it makes more sense to determine the right strategies and tactical implementation to create that first dollar.

If you don’t know how to create a dollar, how would you create a million? It is the same as
the answers to the “How do you eat an elephant?, one bite at a time”. In other words
small, consistent, incremental steps is how to get to your destination.

If you know that $1 million dollars is your ultimate goal, then work backwards to determine what steps are necessary to achieve your goal.

Here are some ways to determine what actions steps are needed
to make your first dollar.

1. How long are you willing to allow to reach your goal?
if you say I want to make a million dollars by tomorrow and have never
created any money on your own before, it would be unrealistic to believe
you would accomplish your goal. However if you give yourself 1 – 5 years, then
you will increase your chances and avoid disappointment.

2. Begin at the end. Back track from your desired goal and determine how much you would
need to earn in a month. Then how much you would need to earn daily. By creating chunks
of time, you make sure your goal is not only obtainable but you then have a gauge to work
with.

3. Next figure out how many sales are necessary to meet your daily or monthly target. You
must design a funnel system to place your target audience in. That way you can calculate
your ratio of how many people do I need to talk to before a sale is made.

4. Then repeat this process until you get your million.
You have to work with your system, adjusting and tweaking along the way until you hit your
mark. Use models , mentors and coaches to help you stay on track. Then make that first $1
and rejoice because when you have creating that formula, you know you are on the right
pace to get to the finish line.

There is a Chinese proverb that states ‘the journey of a million miles start with a single step”. So it is with a million dollars. Take that first step to reach a dollar and the million is not far behind.
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There you have it! Want to get the other 49 tips from great entrepreneurs?
Click here to discover more on how to make your first million.

Much Success in 2010!

Gail

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