Hello. Is it possible for a no-capital-stay-at-home-mom to earn 1 Million in 1 year? What is the best way to earn this? I believe this is possible through sales or marketing? any other ideas? Thanks
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MillionaireCoach
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19 Feb 15:46
1 million in 1 year
hi eagerbeaver,
1 million in 1 year? It's possible if you consider the following factors:
a.) look for a business that is in the right trend. meaning is the market demand for your product or service growing now or is it starting to shrink now because everyone's getting into that business? look into businesses that'll guarantee profits for you in the next 20 years on, don't look for a business that's just a fad/gimmick right now that's only for short-term gains.
b.) look for products/services that are consummable and unique. you dont want to promote something that everyone else has. you should be different and unique or else you'll only engage in price war with others and that's not the way to make money.
c.) look for a stable principal partner/supplier that needs more of your legwork than your capital. if you don't have previous business experience, i'd rather you partner up with someone who is willing to teach you regarding the business you want to go into, rather than you invest a huge amount of money and then just lose it all after a few years due to your inexperience and lack of knowledge.
d.) be sure your partner has a proven way of success or system for the business to be profitable for you. check the track record of the person/company. you dont want to be their guinea pig. that's the danger sometimes, of investing in new or cheap franchises. they dont have a guarantee of success. if you're going to loan for a franchise, you might as well go all the way and franchise the bigger names with a successful track record.
e.) see if the partner is willing to teach you everything and i mean, everything, you need to know about your business. nowadays, businesses flourish and succeed because of the transfer of expertise to others, not because you have the bigger amount of capital.
Sales/marketing/distribution is a more viable option for you to use to reach your target. some could recommend investing but I'd only suggest that if you have lots of cash to park somewhere and you're willing to let someone handle it for you. Otherwise, it's better that you're personally responsible for your success than you having to rely on someone else.
hope this helps, eagerbeaver.
all the best!
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eagerbeaver
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19 Feb 16:03
Thanks very much coach! Now I have to find an opportunity to achieve that goal! Best of luck to us all !!!