5 Steps to build a million dollar business in a year
Some people spend their entire lives without winning a million dollars, which seems crazy that some companies might be able to achieve this milestone in its first year. But it is possible. Many companies have achieved this and you can too!
Pay attention to the following tips and use them to help drive revenue growth:
1. Finding a growing market
One of the easiest ways to build a business of millions of dollars in a short period of time is to find ways and climb a growing trend. Take the example of Micah Adler, CEO of mobile applications developer, who spent less than $ 1 million to $ 100 in just three and a half years Fiksu – with only $ 17.6 million in venture capital – after its launch in 2010.
Undoubtedly, the success of Adler comes in part from the building excellent products, but also has its chance. In 2012, only two years after the launch of Fiksu, the development of mobile applications accounted for $ 19 billion in revenue and has experienced annual growth of more than 60 percent a year. Find an increasingly its own market as this can put on the fast track to massive revenue growth.
2. Think early monetization
It seems strange to think objectively, but some new businesses start without obvious monetization strategies. Twitter is an example of this phenomenon, but there are countless other companies out there to strengthen their bases free users, hoping that inspiration – and thus financial stability – come along the way.
If you want to grow a business of millions of dollars in its first year, you can not afford to think that way!
Most profitable companies operating from one of the two models, or a lot of products are sold at a good price for a large number of people selling or some valuables in a more limited list of purchases. Neither model is inherently better or easier than the other. What is more important is that the decision to have a definite plan income generation. How will you make money from the start will prevent loss of time spent with the hope that something will gather profitable for you.
3. Be the best
There are a lot of mediocre products out there, but it is very likely that these companies do not make a million dollars or more in their first years. If you want to go to such great potential benefits, you need to bring something to the table that impresses customers and generate stir in the market.
How can you tell if you have a “best of breed” product? Look at your current customers. If you do not get rave reviews online or positive comments sent to your inbox, chances are your customers are not as excited about your product, as they have to be to hit their sales targets. Ask your existing customers what you can do to better your product and then put their recommendations into place. They will appreciate your efforts and will find more sales for you in the future.
4. Recruit all stars
Hitting $ 1 million in revenue during the first year is a feat, and I definitely will not achieve this with a team of underperformance. Yes, hiring these people will be cheaper and easier, but you pay for this service when your sales numbers year-end are short.
Instead, you need to hire the stars, and the best way to do this is to ask for references. Pay special attention to the sales employee who performs, as these key employees stand to make the biggest difference in the profitability of your company. Getting on the bus and encourage them to do all that is necessary to conduct business (Pro tip: a good set of incentives will not hurt).
5. Consume data
Finally, if you want to shoot the moon income must be absolutely militant about collecting data and act accordingly. When I approach a new marketing project, I prefer to work in short runs of a few weeks or less where we are going to try something new, check the statistics to see how changes affect the utility and then either accept the changes or try a new proof.
Do the same with your growing business. It has a lot of information or simply out of your Google Analytics account in order to benefit by identifying the key indicators of business performance indicators (KPI) and performance tests to push these measures even higher. If you are unable to perform these tests on your own, bring a rock star analyst who can help you make sense of your numbers. When every penny counts to reach its $ 1 million per year target, you will realize that these employees be worth its weight in gold.