Everyone wants to make a million dollars, we have made that the starting symbol of success. To many people though, to make a million dollars seems unobtainable. For that reason I created the 10 Ways to Make a Million Dollars List. It is divided into two categories: Products & Subscriptions / Services. This is not going to tell you the magic formula to make a million dollars appear in your bank account overnight but it will give you some perspective as to what you need to do to reverse engineer your first million. Also, I am aware this does not account for taxes, costs of doing business, etc. but it should give you an idea of what you need to do.
How to Make a Million Dollars Selling Products:
- Find 5,000 people to buy a $200 product
- Find 2,000 people to buy a $500 product.
- Find 1,000 people to buy a $1,000 product.
- Find 500 people to buy a $2,000 product.
- Find 300 people to buy a $3,333.33 product
When you see it broken down like that it makes sense why it is so hard to make that type of money “over night”. It takes a lot of compounding to make something reach one million.
How to Make a Million Dollars With Services & Subscriptions:
- A subscription service with 5,000 people paying $17 a month for a year.
- A subscription service with 2,000 people paying $42 a month for a year.
- A subscription service with 1,000 people paying $83 per month for a year.
- A subscription service with 500 people paying $167 per month for a year.
- A subscription service with 300 people paying $278 per month for a year.
The ability to get the consumer to commit month after month not only helps you compound the money faster, reaching your million quicker, but it also cuts down on your costs. It is a lot easier to prepare for the future if you know that you have a certain amount of people contracted to pay you for a year and cancellation fees in place to account for those who may cancel service.
Now that you know the math, it is time to start thinking which route you would rather go. Would