How To Make A Million Pounds Online: How can you turnover £1 million when running a small business?
As Sir Alan Sugar always says:
You have to have a goal to score!
So why not make your goal “How to make a million pounds online“?
If you decide to go for this target, what is the easiest way to make a million pounds online?
Let’s begin with the end in mind, and look at the different ways you can get to a million pounds online.
I have put together some charts so that whether you are a small business owner, or a complete newbie to making money online, you can start to think about what is the easiest way for you to make a million online.
Selling A Service To Make A Million Pounds Online
If you are a business owner, how much of your services do you need to sell to make a million online?
In the chart below, you can see what a difference the amount you charge for your services makes a difference to the ease at which you can turnover £1 million in your business.
When you look at this, hopefully the first thing you will be saying to yourself is “Why would I charge a low amount for my services when I have to sell so many of them to get to the magic £1 million turnover?”
If you sell a service that you charge £100 A month for on retainer, you need to have 833.33 clients every month to get to your magic million pounders each year turnover figure.
On the flip side, if you are smart enough to be able to sell a retainer service for £10,000 per month, you only need 8.33 customers to reach £1 million in turnover per annum.
Now of course to be able to sell a service for £10,000 a month, you are going to have to deliver a high value to your customers, but there are absolutely some service businesses who sell services at this level, including:
- High level mastermind group owners coaching business owners with there own turnover in excess of £1 million each year.
- Accountants
- Lawyers
- Management Consultants
- ‘Done for you’ digital marketing companies
Even if you are unable to deliver a service that allows you to charge £10,000 a month, there are many, many businesses able to charge £1,000 a month for their service, meaning that they only need 83.33 clients on their books to reach £1 million a year in turnover from nothing.
If they take on 10 clients every month, within 8 months they will have a million pound turnover business.
IN ONLY 8 MONTHS!
There are many ways you can make a million pounds in a year as a service business, but what if you are selling products?
Let’s have a look at how many products you need to see from nothing to make a million pounds a year.
How To Make A Million Pounds In A Year Selling Products
As with services, when it comes to selling products, the higher priced products will get you to a million pounds in a year a lot faster than the cheaper products, as you can see in the million pound table below.
If you sell a £5,000 product, you only need to sell 200 each year to make £1 million in a year. That is just 16.66 product sales each month to make your million pound in a year turnover.
How To Make A Million Pounds By Making Only 10 Sales Each Month
If you are serious about making a million pounds in a year, and you realise that it might not happen overnight, what would it look like if you managed to make just 10 sales a month of ANY subscription based service at different levels of investment?
This table shows you just that:
If you are selling a subscription of £50 per month, and you sell 10 of them a month, if you carry on with the chart above, it will take you 13.88 years to reach a million pounds a year online.
Selling a £100 a month subscription service will take you 6.944 years to reach your million pound turnover.
If you manage to sell a £250 per month subscription service, it is now only going to take you 2 years and 9 months to reach a million pounds a year business.
Finally, and this is where it gets more exciting, if you sell a subscription service for £500 per month, you can reach a millipon pounds a year by in just one year and 4 and a half months.
The Many Ways To Make A Million Pounds A Year
You have seen from the charts above that there are many ways to make a million pounds online or offline, whether selling products or services, one off services or subscriptions.
I started by saying that “You have to have a goal to score”, you have your goal, now let me add my own thoughts to Lord Sugars for once you have your goal:
You have to take consistent action every day, week and month to reach your goal.
A goal without action is just a whim.
A goald with a plan, with most of the marketing automated so that it takes place with or without your input, is the certain way to grow beyond one million pounds a year.
If you run a service based business, click the button below to download my free book now and see what you need to be doing to grow that business beyond one million in turnover each year.