A plethora of new small business owners believes they can turn a profit in 30 days, 90 days or the first year of operations. To be honest, companies such as; Twitter has not turned a profit yet, and Ashley Stewart took twenty years to become one. I am not writing this blog post to diminish your goals of being a successful small business owner. It is truly possible to do so, but we must first be realistic when it comes to this. Today, I wanted to provide some real insight on increasing your small business chance of becoming profitable this year.
Almost three years ago, I was making in the mid five figures running my online resale boutique and with the start my consulting company. Truthfully, I was doing pretty well without doing major marketing or advertising. Now, was I happy about my income level? No, not really. Honestly, who wants to stay at the same low financial level. We all want to grow and stretch our business to the next level. My goal is to have a million dollar company by the age of 31. This is the same age Bill Gates became a millionaire. Let me break down how I grew my company to a six figure business.
Do you want to achieve a $1,000 sales goal for this week, month or quarter? The quickest way to making a thousand dollars is not 100 customers spending $10. That’s the long and drawn out way of achieving your sales goal. The fastest way to achieve a $1000 sales goal is having one customer spend $1000 on one product or service. Next, would be 2 customers spending $500 or 4 spending $250 or finally getting 10 to spend $100.