I’d like to share what I believe to be the easiest way, for a small business owner to make a million (pounds, dollars, euros etc).
How to make a million
Mathematically, there are lots of ways to achieve your million. Here are 3, starting with the worst and finishing with what I believe is the best option for a small business owner, with limited resources.
- You can make £1 from a million people. Possible, but incredibly hard. You need an extremely large reach, to connect with the millions of people required, in order to find 1 million who will pay you £1.
- You can make £1000 from 1000 different people. Easier than the first option. It requires a far smaller reach.
- Alternatively, you can make £10,000 from just 100 clients or customers. The balance here is a lot easier for you to manage. If you provide a product or service that has massive value, it’s extremely achievable to attract just 100 clients. Equally, if you’re marketing to the correct type of people or businesses, they have zero problem investing £10,000 in something, which they value enough.
These are not exact numbers. The best option for you may be somewhere between number 2 and number 3. The key is to get you thinking about how to make your next, or first, million.
An achievable, realistic target
Whilst many people struggle to believe they can become a millionaire, everyone in business knows they can attract 100 high value clients or customers, if they use the correct strategy. This totally changes how you feel about becoming a millionaire. Now it’s an achievable, realistic goal.
So, what are you going to create, which 100 people or organisations will pay you £10,000 for? Spend some time thinking about that. Give it the time and effort it deserves.
It could change your life.
Tip: Here are some useful ideas, on how to create a great new product or service.
A reader asked me a great question earlier. She wanted to know why she isn’t making the changes her business needs, even though she is, as she put it; slowly losing her business.
Here’s part of the advice I gave her. I want to share it with you, in case someone you know needs to hear it:
“Start by accepting just how urgent your situation is. A failing business is unsustainable. The time to act is now… today. What stops most people doing what’s required, is that it means making a big, scary commitment. It means stopping your current strategy, which put you in this situation. It means letting go of the failing familiar.”
The hardest part of turning a business around is making that initial commitment, to let go of the failing familiar. After that, your mindset shifts. You start looking for answers, rather than hoping things will somehow, just improve.
Whilst hope is absolutely essential, it isn’t a business strategy.
Tip: Here’s a heartbreaking email, which every small business owner needs to read.
Here’s how to avoid a common advertising mistake, which loses small business owners a fortune.
Who (not how many) are you reaching?
The next time you are thinking of advertising, remember that the numbers come second.
Most small business owners buy advertising, based on the number of people who will read, watch or listen to the advertisement. That’s how to buy ineffective advertising. You see, it’s not about the number of people who will potentially see or hear your ad. It’s about who those people are.
The ad reached 125,000 people for just $475!
I was prompted to write today’s post, after a reader emailed me to say she had recently paid for an advertisement that went into a newsletter, with a readership of 125,000 people. She explained that whilst the readership “wasn’t an ideal fit”, she thought $475 to reach all those people was a bargain.
Her advertisement generated 9 responses and no sales.
Here’s what she got, in return for $475:
- 7 responses came from pushy advertising salespeople, trying to sell her more ads.
- 2 responses came from people who were totally unsuitable for the service she was advertising.
Like most small business owners, she was seduced by the number (or reach) of the advertising, rather than who the advertising was reaching.
In short: Before you invest a penny on advertising always, always find out who your ad will reach, before you concern yourself with how many it will reach.
Tip: Here’s some useful information, with examples, on how to get your advertising right.
Here are 6 ideas, to help you earn the attention and interest of your clients and prospective clients.
- People love to feel appreciated: What are you doing, to show them your appreciation?
- People love to save time: What are you doing, to help them get more done in less time?
- People love to talk: What are you doing, to give them a story worth sharing?
- People love to relax: What are you doing, to make their lives easier?
- People love to succeed: What are you doing, to help them achieve their goals or dreams?
- People love to learn: What are you doing, to educate them in a meaningful way?
Invest in your marketplace. Contribute. Don’t make the mistake of expecting them to care about you, until you have shown that YOU care about THEM, first.
Tip: This will help you get the balance right!
Most small business owners still believe that their clients primarily care about fees or prices… and they are right!
However, this is only true because they fail to offer clients anything else worth caring about.
- No, people will not pay you more than average, when your services are too similar to other similar priced services.
- Yes, there are providers in every industry who earn 5X or 10X the typical fees. Why? Because they provide 5X or 10X the value.
Rather than complain that clients care too much about your fees, create something else for them to care about. It works. In fact, it can transform your business.
Tip: Here are some examples to help you sell on value and be in high demand.
Here’s an extremely powerful marketing tactic, which your competitors are overlooking. Get this right and you will give your business a very strong advantage.
It’s simply this: Meet your deadlines every time, no matter what it takes.
Because by consistently delivering your promises, on time, you set yourself apart from all or almost all your competitors. You tell us more about your professionalism, commitment and reliability, than a marketing message ever could.
It’s a wonderful way to build a great reputation.
It’s also a fantastic way to grow your business, because you give the marketplace a story, which they will want to share. That’s the key to attracting high quality, word of mouth referrals.
Think about this for a moment.
- All the books we need to read are out there… waiting to be read.
- All the contacts we need to make are out there… waiting to be contacted.
- All the teachers we need to learn from are out there… waiting to teach us.
- All the technology we need is out there… waiting to be used.
EVERYTHING WE NEED in order to succeed is out there, waiting for us. However, very few people are willing to pay the price for success. They want to carry on doing what they do, because it feels safe… even though it’s getting them nowhere. They want shortcuts, so they can avoid doing what needs to be done.
We have to be smarter than that!
If you want to succeed in any meaningful way, make better decisions and work hard. Extremely hard.
The bottom line: There’s no substitute for courage and hard work. Period.