Do you want to make money?
Do you want to make lots of it?
Do you want a simple plan to do it?
If the answer is yes to anyone one or all of the questions above then this is for you.
The simple plan is to break your big goal into goals so small that you would have no doubt in your mind to accomplish it.
That’s not all, you need another mindset and behavior that is more important and has a big impact on how fast you get to your goal. I’ll talk about that a little later.
But first breaking your money into parts. And, seeing it through multiples.
This changes everything.
- 10*10 = 100
- 100*100 = 1000
- 1000*1000 = 1,000,000
- 10000*10000 = 100,000,000
Sell anything at a $10 price point to 10 people. You make $100.
Sell anything at $100 each to 100 people. You make $10,000.
Sell anything at $1,000 to 1000 people. You make $1 Million. Do it every year and you create a million dollars a year business.
It is doable, for anyone with decent experience and high-quality skills that the market values.
To go to or past the next level i.e. $100 million, you need to sell something at the $10,000 mark, to 10,000 people or businesses.
If you have gone past the million-dollar mark you know selling stuff at $10,000 is not as big a deal. If you are at $10,000, then you may not visualize it as well.
But it is simple and doable.
My clients pay me upwards of $7,500 for coaching and advisory and 5x (and higher) of this amount for ongoing engagement where advisory and execution (done with you) are combined. So, I know it is doable. I am confident of creating value so it feels right to get that. And, I know I can go higher if I choose to, but I am selective with who I work with and optimize for my happiness first.
I know about coaches who charge $25,000 for 6-12 hours of their time and you have to apply to work with them. As a B2B consultant, it is not rare to get paid $100,000 for quarterly engagements where you go in for a week’s work with the team, create a plan, and then check-in weekly via email/call over subsequent weeks.
I also see entrepreneurs from close quarters who have built $250,000/month businesses, where the majority of growth has come in the past 3 years.
You can do it if you understand the math behind it, have a strong desire, reason and systems to do it.
Becoming the $100 Million Dollar Woman or Man
Let’s look at it from another angle.
You earn a million or 100 million dollars when you become the kind of person who earns $100 million dollars. Become the person who spends time solving big problems, who starts and keeps moving forward in the face of uncertainty, who learns, who gets help and learn from those who have done it, who leverage the distribution platforms others have built, and who more than anything is mindful of how she spends her time.
With this even billions are doable. I wrote about a billion dollar angle earlier.
All this is simple and doable if you take a long term view of it.
You don’t have to build a $100 million a year business. You can do this much revenue in a lifetime and that should be enough 🙂 I am not saying $100 million in annual revenue is not possible. But for that, you’d have to build a recurring revenue engine like in a SaaS startup.
The math I have shared in this post will work well even for solo founders working alone or with a small team.
Let’s take another look at how you become a person who is capable of earning $100,000,000.
You do it by growing in knowledge and skills, and also by increasing your reach. Reach matters because it helps create impact and drive change.
There is another change that needs to happen before you become a $100 million dollar person.
That change happens in mind and then in behavior.
It’s about how you price your time.
First you price your time for yourself and then for others.
So look at how you value your time.
You find this out not by looking at how you value your time in your head but how you invest your time day to day.
Until you become a high value person chances are that you spend time on low value work or rather work that has low return on investment.
The simplest and the best way to look at it is to see how often you do high value work.
Start by asking yourself.
How often do you do:
- $10/hour work
- $100/hour work
- $1,000/hour work
- $10,000/hour work
- $100,000/hour work
And based on the answer you get you’ll understand how long it will take you to reach whatever goals you’ve set for yourself.
And as you get to higher value work, the compounding begins to unleash its magic.
So you don’t need every working hour of your time to be a $100,000 hour. If you experience 10-20 such hours in a year you are good.
If you are starting out chances are you’ll reach $100,00/hour work through $10,000 or $1,000 so if when you experience a $100,000 hour that might be the only such hour in that year.
You will see more such hours in subsequent years. More if you are intentional about it.
Hiring a superstar who will help you earn $1 or $5 million in the next 5 years is $100,000/hour work. That is why hiring and getting smart people to work with you is so important and should be one of the most important things you do.
$100,000/hour work done at a smaller scale is $10,000/hour work.
So hiring, learning new skills that you can layer on top of your current skill set to build a formidable skills stack is good. Hiring a consultant (you pay) to raise the productivity of your 10 people team 20%, will give you $10,000 or more in returns.
Whereas $1000/hour skills are setting up online ad campaigns.
$100 skills are commenting on YouTube, commenting on Facebook groups.
$10 skills are random skills that anyone can do.
Having high value skills also acts as a moat for competition because if you have a $100,000 hour skill there won’t be many people in the world with that skill. And, those who are right fit will seek you if you do a good job of talking about your value you bring to the table.
Are you wondering if you can live a life where you earn $100,000/hr for every hour of your day then you have to build a category-defining business like Facebook? Zuck by a popular estimate from a couple of years ago made about $6 million per day. So in an eight-hour workday, he made around $750,000 every hour. This must be even more now.
Will you be the next Mark Zuckerberg?
But can you be the $10 million person? About 6 years back there were more than 14,000 multi-millionaires in India. Multi-millionaires have been defined as those with net assets of at least $10 million.
Washington Post reporter Jeff Stein noted that approximately 16,000 Americans (that’s 1 in 2,000) earned over $10 million in 2016. For about 1600 hours worked in a year, that comes to $6,250 per hour and not too far from the $10,000/hr mark.
So, you know it is realistic to aim for that number.
What you do with it, or whether you actually need is another discussion. And, it may not be for most people because it will take a certain kind of motivation, skill and pacing.
$10,000/hr is within reach of a lot of people, and you can earn that through compounding of investments or developing highly paid skills like public speaking.
$1,000/hr is much easier than those seemingly big numbers. Once you start hitting them you don’t even think about them. You can do it in a highly paid job, running a profitable consulting business, coaching, selling products and productized services.
There you have a simple plan to create high value work and to make a million dollars or more in a year.
What will you do with it?