When I first started my business five years ago, I was in debt, living on my brother’s couch, and unable to afford even a $15 cover charge at a local club.
Today, my business generates more than $1.25 million a year.
So to answer your question, “Can you realistically make $1 MM in 5 years?”
Absolutely.
However, how you go about pursuing this goal will determine whether or not you’re successful.
With this in mind, I’ve drafted up a simple 5-year game plan to help you reach $1 MM in no time flat.
Enjoy.
Year 1: Education and Mastery
During your first year, you are going to be focused on one thing and one thing only, mastery.
This first year is critical to the success of your next five years and will probably be the second hardest year (behind year #2) of the entire process.
For this first year, you are NOT going to start your own business or offer your own service.
Instead, you are going to work for someone else who already has the results that you want in your life.
For example, if you want to build a 7-figure marketing agency, find an entrepreneur with a $10,000,000/year digital marketing company and offer to work for them for pennies on the dollar.
Then WORK YOUR BUTT OFF.
Work harder than anyone else in the company. Learn everything you can. Educate yourself every day and invest every spare dollar you have into online training, books, coaching services (like the ones we offer), seminars, etc.
Learn everything you can and master your craft.
This will give you the basic skills that you need to profitably launch a business in year #2.
*Important Note*
If you plan on running an online business and are able to setup a remote working agreement with your mentor/boss, then I HIGHLY recommend that you relocate to a developing country like Thailand, Colombia, or Hungary.
Not only will this allow you to save thousands of dollars a year on living expenses (which can be reinvested into your education or business later down the line) but you will potentially save tens of thousands of dollars through the Foreign Earned Income Exemption which allows you to earn $100,800 tax free if you live outside of the U.S. for 330 days of the year.
This means that, once your business is generating $100,000+ a year, you will be saving more than $25,000 (depending on your state of residence) each year that can be reinvested into your business, allowing you to scale that much faster.
Year 2: Launch
Brace yourself… This year is going to be a long one.
After you have gained mastery over your skill set (by investing 10–12 hours a day for your first 365 days), it’s time to monetize this skill set by launching your own business.
And I can tell you from firsthand experience, this will be the hardest thing you ever do.
To do this, you have two options.
- The full blown entrepreneur
- The side hustler
If you have been saving money for a while or managed to decrease your living expenses and set aside some income during your first year, then going to the full blown entrepreneurial route is probably ideal for you.
However, if you are in a financial bind, then you’ll want to continue working your day job while you build a profitable business on the side. Once your business covers your basic living expenses, you can quit your job and pursue your business full time.
Either way, the outcome of this year is the same.
To build a profitable business that generates enough profit to pay for your lifestyle.
During this year, you are going to go balls to the wall to get your company off the ground.
Hustle as hard as you can and have a clear plan of action for your specific niche.
Be sure that, as you’re hustling through the year, that you continue to take time to tend to your health, fitness, and relationships.
I can tell you from first hand experience that you will be far more productive and successful if you live a more holistic life than you will if you try and pull 16 hour work days 7 days a week and run on 5 hours of sleep.
Exercise regularly, create a powerful morning routine, stay in touch with friends, and take a short vacation every quarter to make sure that you stay motivated and charged up.
This will be the most challenging year of your life, but in the end, it will be worth it.
Year 3: Systematize
Once you’ve launched your business and generated enough income to cover your basic costs of living, it’s time to deploy bulletproof systems to help you grow your company.
Before you enter into this phase I HIGHLY recommend that you read the following books (among many of the others from this list)
- Scaling Up by Verne Harnish
- Work the System by Sam Carpenter
- Traction by Gino Wickman
These books will help you understand the process of systematization better than I ever could through a short Quora response.
Learn to create effective written systems for acquiring new leads, closing new customers, advertising, creating content, and ensuring a high quality customer experience.
Without these systems, your business will eventually implode or you will lose your mind… Or both (ask me how I know)
So take this year seriously and test out different systems for all important aspects of business.
Once you have them in place, everything changes.
Year 4: Hire
With your bulletproof systems written down, it’s time to begin (or ramp up) your hiring process.
To build a 7-figure business you don’t need employees (if you’re in the right niche) but having a team of A+ players who help you grow your business will change the game in ways you can’t even imagine.
Begin hiring people who can handle responsibilities that you don’t enjoy.
As your employees begin to handle major components of your business, your energy will be freed up to figure out how to scale and grow your company to the heights that you desire.
*Important Note*
While I recommend hiring key players in year 4 after developing bulletproof systems and procedures, you should begin delegating busy work and administrative tasks as soon as you have the financial capacity to do so. Hire a personal assistant the second you break $10,000/month and delegate low level tasks as quickly as possible. The less time you have to spend on wasteful activities, the more time you can spend scaling.
Year 5: Scale
With mastery of your chosen field, bulletproof systems, and a team of all star talent, it’s now time for the final push to $1,000,000 (if you haven’t already achieved that goal).
During this final year, you are going to scale your business with ruthless efficiency.
Invest every extra dollar that your company earns back into your advertising and marketing budget.
Pursue alternative revenue streams.
Create monthly recurring revenue models so that you can earn more money from every customer that you sign on.
Spend every spare second of your work day finding new and creative ways to improve your company’s efficiency and add value to the marketplace.
If you do this, you will break one million dollars, I can all but guarantee it.
I hope this helps.
As always, it’s important to realize that this answer is a guideline, not a set of hard and fast rules.
I know guys who have built 7-figure businesses by leveraging their network to find 10+ 6-figure clients from day one and then hiring other people to do the actual work.
I also know people who have built million dollar businesses in under a year by mastering paid advertising and selling only a single product.
There isn’t one single path to becoming a millionaire.
There are simply certain paths that are more effective.
By following the template I’ve laid out for you here, you can achieve $1,000,000 in 5 years.
But there are plenty of other ways to achieve your goal.
So get creative, be persistent, and play the long game.
If you work at it for long enough, you WILL achieve your goal.
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