You may have achieved substantial success in your career, the stock market or even your own business, but many still have one giant goal in the back of their mind; how to make a million dollar year in your own business, perhaps your own online business.
It’s becoming more common to earn low six-figure yearly income by achieving a senior level within your chosen career, but as anyone who is lucky enough to achieved this goal knows, this achievement gives you some nice breathing room, lets you put some money away for the future and allows you and your family to live a nice, middle-class living.Â
Similarly, there are many small businesses and online businesses that are able to earn 50-thousand into the hundreds of thousands in 1-year, but the risks are high and sustaining that kind of income is a major challenge.
Really, what high achievers are looking for is how to make a million dollar year in their own online business; the good news is that it is achievable.Â
For the many members over at InfoMarketersZone, perhaps the most saught after goals is to make a million dollar year with their own information product marketing business – not a bad goal at all and it can be done.
Your Own Million Dollar Internet Business
The majority of people chasing their big payday are looking to answer the question of how to make a million dollar year by seeking out the BIG million dollar idea. They think that simply asking their market or those already active in their market for that big idea.
Unfortunately, it’s not that easy.Â
Million dollar ideas rarely come about by asking a customer and them telling you flat out. The process is a little more complicated than that.
Having planned product strategies for four million dollar plus businesses, I can tell you confidently that in each case the original product idea came about from one or more of:
1. Deep, hands-on experience with a market where the idea generator could draw upon several years of first-hand knowledge of the market
2. Significant market research into market trends, existing buyer behavior, product experimentation and test
3. A willingness to get their hands dirty and work with the market at their level rather than trying to impose a theoretical solution on them
The big ideas behind these million dollar businesses was no accident but rather the result of finely tuned observation and intelligence about the core activities of any given market.
If you are wondering how to make a million dollar year, don’t expect to be told the exact answer, instead find out where your chosen market is going, what have they historically purchased and what are they buying now, what do they talk about, what are their frustrations, what do they enjoy?Â
From all of this you will develop a hotlist of potential million dollar ideas, the next step is to test the market with prototype or starter products. In the case of delivering information such as e-books, courses, workshops, consulting or other published products, you can start out with very short, pointed material and expand into markets that demonstrate higher spending and more potential.
It’s certainly within your reach, asking the question how to make a million dollar year is just the start, now the fun of reading your market for giant opportunity really begins.
