Goal: $2M profit a year in 5 yrs or less doing IM/AM. Capital: £1000.

25 replies
Hi all I've taken a break from this forum to take care of health. Still dealing but after reading and analyzing a lot of promotions on a hand few websites and their opt-ins and their cross promotions, plus lots of other resources....I figure theirs tons of ways to make money.
However, I have a goal and the best way to achieve it is to
a. Intend it, ask for it, believe in it, etc.
b. Devise a specific plan to achieve the specific goal and stick to it. (I havent spent any money on a single course, only market samurai, and a WSO for less $10 and learned why I was fooled into thinking it as gold when actually it was info i could have worked out all by myself in less than the time i took to read the WSO page. So I have made my first unintended failure, lessons will be learned
c. Welcome positive Warrior Forum insight from those who want to help.
d.Work 7hrs a day doing nothing else but building the income empire to execute the plan. (I realise this wont resonate with everyone and thats okay),
e. Optimise/automate/outsource the heck out of it.

Let me be clear, I'm not being lazy here. I do see lots of useful threads on here. I have just learned that the more you ask for something specific, the better your chances and luck become. So I'm asking for help to devise a very specific goal, just like all the veterans on here have. And because Warriors are awesome, much love for you all

Update:

To clarify for the wonderful replies I received, I intend to use that money I earn to relocate to USA, and live a more well-off but non flashy lifestyle, no mansion, supercar etc. But hired help from places like taskrabbit. I'm valuing time and health over anything else. Time to do normal things like socialise, play guitar and put it down whenever i want to. Get married, raise family etc.
$500k-1M is the minimum for an investment visa to live in usa permanently. What I should have said was goal:$2M total to have the money to actually move there. I saw myself landing in California in a dream, as I overcame my fears. I landed in the rain after a doomsday-ridden passenger warned a plane crash was imminent. So its going to happen. After moving there i dont care if i earn million per year More money is welcome but I dont plan to buy luxury cars and jewllery. I've lived frugally my entire life. I'm capable of living efficiently. This is the part which inspires me the most.
Oh and guys, I dont eat tofu - thats vegetarian, but im a vegan by choice It's something I want to continue forever.

Also, guys im not ready to start this goal as im still dealing with rsi and health issues. I'm at the research stage (step b and c). Where can the money be spent best, strategies to utilize this opportunity as best as possible.
Warning: My replies may be slow as i have pain typing.

Update over

So here it is, how would you achieve this goal if you had no more than £1000 to achieve the goal in the topic?
#$1m #capital #goal #im or am #year #yrs
  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by heevyhivy View Post

    Hi all I've taken a break from this forum to take care of health.
    Haven't we all. Hoping you're doing much better, now.

    Originally Posted by heevyhivy View Post

    However, I have a goal and the best way to achieve it is to
    a. Intend it, ask for it, believe in it, etc.
    I hear that this can work for people who are into the Law of Attraction, and that kind of stuff.

    Originally Posted by heevyhivy View Post

    Devise a specific plan to achieve the specific goal and stick to it.
    I have more confidence in this approach, myself, but I see that they're not necessarily mutually exclusive concepts.

    Originally Posted by heevyhivy View Post

    c. Welcome positive Warrior Forum insight from those who want to help.
    That's productive and profitable for many people, but tends to work best when (a) you ask specific questions which (b) aren't based on any mistaken assumptions, and (c) you can identify whose responses are helpful and valid ones (which requires quite some judgement, at times).

    Originally Posted by heevyhivy View Post

    Work healthy hours (8hrs a day) doing nothing else but building the income empire to execute the plan.
    Can't say a word against this proposal: sounds good to me. I just wish I'd had that much time available when I started. (I made up for it later, in the third/fourth years of my business, by working longer hours, when I could).

    Originally Posted by heevyhivy View Post

    I'm one of those vegan types with younger looking skin
    Nobody's perfect. And I hear Veganism might be a viable niche for IM, anyway?

    Originally Posted by heevyhivy View Post

    Optimise/automate/outsource the heck out of it.
    Some automation and most outsourcing were things I deliberately avoided, when I started and was building my business, and I'd advise almost anyone to do the same. They're superficially attractive-looking concepts that can really stack the deck against you, in my opinion, for a suprising variety of reasons.

    Originally Posted by heevyhivy View Post

    I have just learned that the more you ask for something specific, the better your chances and luck become.
    Can't argue with this.

    Originally Posted by heevyhivy View Post

    So I'm asking for help to devise a very specific goal
    It's what you ask that needs to be specific, not just the objective at which it's aimed.

    I read your whole post carefully and with great interest. I've been making my full-time living from IM for over 5 years now, and I've made nearly 24,000 posts here, some of which have apparently helped people, but still - reading your post left me with very little clue about what advice/thoughts to offer you, because actually you asked nothing specific.

    That certainly doesn't mean anything bad about you, and it doesn't mean anything bad about me, either. That's just the way it is.

    I wish you well anyway, and welcome back!

    (I haven't yet got to $1 Mil per year, anyway, but I invested only about $60 to get started. It's definitely possible eventually to get to that annual income doing what I do, though, which is mostly here, if you want to see it).
    {{ DiscussionBoard.errors[9318795].message }}
  • Profile picture of the author David Hooper
    Curious to know why you want $1MM. That's the first part of the equation that I'd look at, because if you're not clear on WHY, it's unlikely that it will happen.
    {{ DiscussionBoard.errors[9318798].message }}
  • Profile picture of the author cyberzolo
    Your plan better look like a millionaire plan. If you don't have a strong plan and you don't stick to the plan you intend, you won't become a millionaire. Be very specific in devising your plan.
    {{ DiscussionBoard.errors[9318799].message }}
  • Profile picture of the author kursat
    I also invested around $60 when I first started. So $1000 is a nice budget. I think you should concentrate on what money would give you rather than the amount i.e freedom from working for someone else, holidats and that kind of goals.All the best of luck, let us know how you get on. I also have not made $1M a year yet but I am my own boss for the last 5 years and increasing my income each year so that suits me.
    {{ DiscussionBoard.errors[9318806].message }}
    • Profile picture of the author ashowcase
      can you give any advice for newbie on how to start making money at least $100/day? I am promoting health products, so far did great website, wrote many articles, youtube, BUT zero sales at all.. so am I going wrong direction? should I use paid advertising? I am eager to make at least $100/day, not thinking about any millions yet
      {{ DiscussionBoard.errors[9319502].message }}
  • Profile picture of the author Zanesta
    Wealth will come in abundance. But why do you want it? Do you want to retire your parents? Do you want to build a house? Get a lamborghini? Vision your dreams and you'll work harder

    Good luck!
    {{ DiscussionBoard.errors[9318893].message }}
  • Profile picture of the author JamesJeffery
    Why not start with some realistic? Why not aim to earn $10,000 in a month within 2 years? A goal that high is inevitably going to fail.

    Set a realistic goal. Work on how you're going to make $10,000 a month, and then scale that up, or use the profits to branch out and invest your money into other ventures.

    And as others have said, why do want $1M?

    What's likely to happen is you'll increase your earnings, and at the same time increase your lifestyle, eating away at your profits. Unless you plan to live just as you are for 5 years and stock pile all that cash - which requires amazing determination in itself.

    Start small, perfect whatever it is you will do to profit. Create a consistent strong income, and ramp it up hard and fast. Leave no crumbs on the table.

    Wealth never equals happiness. I thought it would, and during the times when I had £140,000 in my bank I was depressed and suicidal. I lost my life, and everything that meant something to me. Of course we're all different, but I've met people in a similar position.
    Signature

    I'm just a regular guy doing my thing.

    {{ DiscussionBoard.errors[9318936].message }}
    • Profile picture of the author goindeep
      Originally Posted by JamesJeffery View Post

      Why not start with some realistic? Why not aim to earn $10,000 in a month within 2 years? A goal that high is inevitably going to fail.

      Set a realistic goal. Work on how you're going to make $10,000 a month, and then scale that up, or use the profits to branch out and invest your money into other ventures.

      And as others have said, why do want $1M?

      What's likely to happen is you'll increase your earnings, and at the same time increase your lifestyle, eating away at your profits. Unless you plan to live just as you are for 5 years and stock pile all that cash - which requires amazing determination in itself.

      Start small, perfect whatever it is you will do to profit. Create a consistent strong income, and ramp it up hard and fast. Leave no crumbs on the table.

      Wealth never equals happiness. I thought it would, and during the times when I had £140,000 in my bank I was depressed and suicidal. I lost my life, and everything that meant something to me. Of course we're all different, but I've met people in a similar position.
      What he said.
      {{ DiscussionBoard.errors[9319087].message }}
      • Profile picture of the author Enfusia
        Hi,

        I see nothing wrong with having a goal of earning 1 million. I mean after all it's not all that much money really.

        It's all about your point of view. I won't speak to myself, but just as an example. If you told Mr Buffet that all he was going to earn over the next 5 years was a million dollar egg he'd pinch a loaf on the spot. That's less than he makes by lunchtime in one day.

        So, it's all about perspective.

        Yes, you need a plan and yes, you need to take action on that plan or it won't happen.

        You may wish to strongly consider list building. Personally, I don't use the services, I like a server side script and an SMTP house. Investigate it, you'll see what I mean.

        My main point is: set your vision in your head and go for it like if you fail you're dead!

        People can do amazing things when it's perform or die.

        Oh, and as for that Vegan thing. Tofu would likely make me suicidal too. One day when you're banking maybe I'll meet you in Rosario, Argentina or Montevideo, Uraguay at a Parilla and we can have a good laugh about your previous food chain befuddlement.

        Thanks, Patrick
        Signature
        Free eBook =>
        The Secret To Success In Any Business
        Yes, Any Business!
        {{ DiscussionBoard.errors[9319164].message }}
  • Profile picture of the author newbieleoling
    Hi there, most of the things that need to know already said here. But remember you will fail a lot of time before success. Love the mistake you make and learn from it.

    For good products, normally I will go to clickbank or wso and buy those will really good reviews or clickbank products that selling really hot. Find products with courses and not guide.

    Another if your budget can manage get a mentor or coach who made his million in IM. This is important. Wish you good luck to your success.

    I'm also working hard now toward my first million.
    {{ DiscussionBoard.errors[9319228].message }}
  • Profile picture of the author craighakwins
    Solid plan but you have to go with more specifics. Why this? Why that? It's not enough to want something but you have to find a good reason to want it for when things go bad and you can use that reason to push yourself even more. You got to use motivation.
    Signature
    RANK DOCTOR - PREMIUM High Quality, High Authority DA+PA+ Links. 3 Links for $35/m (Currently 20% OFF)
    {{ DiscussionBoard.errors[9319358].message }}
  • Profile picture of the author ryanbiddulph
    Hope you are feeling better!

    Good goal; I'd tie it to something super meaningful and freeing for others. This way, the goal is bigger than you, and your self interests(which of course are necessary!), and it'll drive you through tough times when you're doing this for some higher purpose.

    Written by a guy living in Savusavu, Fiji now, experienced first hand

    All the best, I'll be cheering you on!
    Signature
    Ryan Biddulph inspires you to be a successful blogger with his courses, 100 plus eBooks, audio books and blog at Blogging From Paradise
    {{ DiscussionBoard.errors[9319371].message }}
  • Profile picture of the author WillR
    Find a group of people who have a problem.

    Solve the problem for them.

    Repeat.

    This is what most people making money online are doing.
    {{ DiscussionBoard.errors[9319530].message }}
    • Profile picture of the author heevyhivy
      Hi, I've updated the first post, thanks
      {{ DiscussionBoard.errors[9319982].message }}
  • Profile picture of the author Raj Riyat
    Hey Heevyhivy

    I have to say I admire your ambition. Anything we can do to improve our lives is something worth striving for.

    Although you have not mentioned anything specific about how you want to reach your goal it is worth thinking carefully about how you want to get there and put together a plan. My point is that with a plan, if followed, you have clarity of thought and congruency throughout your business which will make it easier to achieve what you would like to achieve. If you are committed to a plan, you are less likely to be swayed by the latest fads

    It might well be worth putting a personal blog together and start to carefully build a reputation and a following and move forward from there.

    Get well soon buddy.

    Raj

    PS Make sure you enjoy whatever method you choose to get there.
    {{ DiscussionBoard.errors[9320203].message }}
  • Profile picture of the author Tim_Carter
    Rather than picking some lofty goal in two years you should set smaller achievable milestones to get there. The overall goal makes sense but you need to build on small successes. That will fuel your passion as you see success.
    {{ DiscussionBoard.errors[9320299].message }}
  • Profile picture of the author ronrule
    Just my 2 cents, I don't think a top end revenue goal is the best way to start out...

    One of my sites grosses more than $7 million per year, but after all of the costs associated with making that number, there's only about $400k left over. Based on those operating costs, if I had limited my top end to $2 million I'd barely have $100k.

    In comparison, Amazon makes even less... they gross about $80,000 per minute and profit about $800 of it. But I'd take their 1% over my 6% any day of the week.

    What you should be thinking about now isn't top line revenue, it's scalability:

    1. What are you selling?
    2. What are the costs associated with acquiring the goods? (It's never zero, don't trick yourself).
    3. What is the size of the audience (demand - how many potential buyers are there? Be realistic.)?
    4. What is the life cycle of the product/category/brand? Is this something people will still be buying a year from now? If YES, what will it cost to continue to keep that product desirable, if anything?

    Get those numbers together first. Then apply these formulas:

    1. With the budget you have, how much could you make in a "perfect world" - meaning you had no competition, time was infinite, and every single person within your defined audience that you could afford to reach with your budget wanted to buy the product.

    2. Now do the same calculation assuming only 5% of that number will actually buy it.

    The dollar figure you got for #2 is your "real world" best case scenario.

    If that number meets your goals, then you're onto something and should start immediately. If it doesn't, you need to rethink your product choice and plan - or rethink your revenue goals.

    To put this in perspective, $2 million per year is roughly $5,500 per day. It's certainly not some impossible or unattainable figure, millions of businesses are making that and more. If you're selling $10 products, you would need to sell 550 units per day, every day, to make $2 million. If you're selling $100 products you would need to sell 56 units per day to make $2 million.
    Signature

    -
    Ron Rule
    http://ronrule.com

    {{ DiscussionBoard.errors[9320345].message }}
    • Profile picture of the author heevyhivy
      Originally Posted by ronrule View Post

      One of my sites grosses more than $7 million per year, but after all of the costs associated with making that number, there's only about $400k left over. Based on those operating costs, if I had limited my top end to $2 million I'd barely have $100k.
      That's way too much cost. 6.6M in: = 0.4M out? That's suggesting you need to earn 14x more than the money you want in the bank. Is this a special case or do you have better performing sites. Is this common?
      {{ DiscussionBoard.errors[9320406].message }}
      • Profile picture of the author ronrule
        Originally Posted by heevyhivy View Post

        That's way too much cost. 6.6M in: = 0.4M out? That's suggesting you need to earn 14x more than the money you want in the bank. Is this a special case or do you have better performing sites. Is this common?
        Physical products have a hard cost of goods associated with them, warehousing/fulfillment, personnel, plus marketing and other misc. overhead. Like I said, Amazon only nets about 1% after it's all said and done. It's all about audience size and scale.
        Signature

        -
        Ron Rule
        http://ronrule.com

        {{ DiscussionBoard.errors[9320502].message }}
        • Profile picture of the author heevyhivy
          Originally Posted by ronrule View Post

          Physical products have a hard cost of goods associated with them, warehousing/fulfillment, personnel, plus marketing and other misc. overhead. Like I said, Amazon only nets about 1% after it's all said and done. It's all about audience size and scale.
          My bad, I didnt realise you were dealing in physical goods, i guess even with amazon im thinking about virtual as my mind is so in love with the digital realm of making money. I didnt realise it was quite as low as 6% but i had a hunch that physical goods would have high operating costs and economies of scale. Lesson learned. And congratz for what you've accomplished in the physical realm!
          {{ DiscussionBoard.errors[9320531].message }}
  • Profile picture of the author cheehien
    Stick to your plan and go for it! Good Luck!
    Signature

    Affiliate templates are not allowed.

    {{ DiscussionBoard.errors[9320349].message }}
    • Profile picture of the author gjabiz
      First, 6% seems right on for a 7 million dollar gross, as one of the posters says.

      But, 80% may be what you need. The difference? The choice of vehicle.

      Millionaire Burt Morgan co-founded one Fortune 500 company, and founded another (MAC-Tac). Huge business, and at that level, a much smaller take home, but 2-4% gross on sales, or even much much less (think Bill Gates) gives you a lot of money.

      Millionaire Joe Karbo sold a 10 dollar book, grossed 80%, cost of product, less than 50 cents.

      Gary Halbert was a millionaire (then not) several times over in his life. Sold a product which cost pennies to make, it was only when it was scaled up, and went big time, with headaches, did his numbers drop dramatically and he discovered he wasn't a businessman, he was a money maker, and would write a one page ad that paid him hundreds of thousands of dollars at a time, with his expense being a yellow note pad and pen.

      So, a lot of your PLAN, in my opinion, relies on your CHOICE of how you want to do it.

      And YOU do get to choose the way, the method, the vehicle which will drive you there. So, good on you for THINKING about your plan.

      Start reading biographies, in your native tongue, or English about successful people, so you get an overview, a big picture of the many ways are the roads that lead you to success.

      One of my Mentors imports from Europe, and maybe you have a product locally which USA doesn't have. Something to think about.

      You are smart for doing your research and formulating your plan, as it stands now, what you wrote is heavily dependent on Click Bank, FaceBook and other, just make sure you look ahead, look for potential problems, what if CB goes out of business, is sold and new owners reduce commissions, or take out taxes or Facebook becomes a paid to play in the business section? What if google slaps the snot out of your SEO, which you spent years to build?

      Spend the time NOW to explore the possibilities, look for opportunities which match your desires, skills and choose a market known to be evergreen and people buy products from...

      And good luck, write your PLAN on paper, for now, you can carve it into your brain once it is finalized.

      gjabiz

      PS. There are many ways to reach your goals, it may even be easy for you...if you CHOOSE the right path to follow, the one which suits YOU!
      {{ DiscussionBoard.errors[9320472].message }}
  • When you set a goal like 2M in profits over a year, there's a very high possibility that you won't achieve it. Simply because your time span is to broad knowing human mind, you'd be distracted with day to day tasks thinking you've got the whole year to reach it.

    When you set Goals, don't jump into yearly goals. Break them down into months and further down into weekly goals. The you'd to motivated to take action and start pursuing it rather than pondering on the fact that you've got a year remaining.


    Sorry but I'm not qualified enough to answer the main question. I just though I'd add my input regarding the Goal setting as this is something I came up with that made a Real Difference in my goal-achieving abilities.
    Signature

    Sig in the making ...

    {{ DiscussionBoard.errors[9320538].message }}
  • Profile picture of the author Steve B
    Originally Posted by heevyhivy View Post

    I figure theirs tons of ways to make money.
    Correct.


    Originally Posted by heevyhivy View Post

    Devise a specific plan to achieve the specific goal and stick to it.
    Also correct.


    Originally Posted by heevyhivy View Post

    Work 7hrs a day doing nothing else but building the income empire to execute the plan.
    Concerted effort over an extended period of time is typically needed. The challenge here is doing the right things given the market and business model you've chosen.

    Anyone can put in 7 hours a day on a business, appear to be busy, but not get anywhere! The Warrior Forum is filled with these "owners" who claim to have businesses but they are not profitable. You have to understand your market and what is going to get that group of people to give you their money.


    Originally Posted by heevyhivy View Post

    Also, guys im not ready to start this goal as im still dealing with rsi and health issues. I'm at the research stage
    Beware, many people who come to this forum have lofty goals but never make it out of the research phase.

    Describing what you want is the easy part. Buying into a business philosophy and mindset at the 40,000 foot view is a piece of cake.

    What allows you to actually reach your goal is how you execute the myriad of small, often boring but necessary daily tasks that take you one step at a time toward your destination.

    So far, all you have done is dream. At some point you will have to kick into gear and do the work - pay the price - "walk the walk" if you are to be successful.

    Don't let the Law of Attraction, or whatever else you subscribe to, keep you wishing and hoping and worst of all, waiting, for your ship to arrive.

    Opportunity and good fortune are usually disguised as hard work and perseverance.

    The very best to you,

    Steve
    Signature

    Steve Browne, online business strategies, tips, guidance, and resources
    SteveBrowneDirect

    {{ DiscussionBoard.errors[9320546].message }}
  • Profile picture of the author rlopez88
    Trust me it will happen. Stay confident, stay positive, and most importantly, learn from your mistakes.
    Good Luck!
    {{ DiscussionBoard.errors[9321556].message }}

Trending Topics