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how rare is it for entreprenuers to earn over 60k profit per month?

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thechosen1

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40,000 self employed businesses making $1mil+

How many self employed businesses are there though?

According to google; 16 million.

Yeah, its rare.

Yes, and since it includes finance and real estate, doesn't that mean it includes those who are merely managing their "money system" at this stage?

We need more information!
 

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Jon L

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40,000 self employed businesses making $1mil+

How many self employed businesses are there though?

According to google; 16 million.

Yeah, its rare.
I didn't immediately find statistics for the US, but about 5% of self employed people make over 50K pounds in the UK. That means that most self employed people have NO IDEA what they're doing as business owners, or they're doing it as a hobby. I'd bet that the vast majority of small business people build jobs, and they clearly suck at doing that.

I wonder what percent of people attempt to build businesses for scale like @Kak said? I'd bet that a much higher percentage of those people make it to $1m/year
 

JAJT

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It has nothing to do with percentages. You are not a population. You are 1 person.

This, 100%.

If you look at so many entrepreneur forums, online discussions, etc... you see so many people talk about "the odds" of getting rich or hitting some figure or whatever. That's not how life works.

You don't hear people talking about what the odds are of a home cook becoming a professional chef, or a regular exerciser becoming a body builder, or whether or not those are realistic goals - if you want those things, you set that as your ultimate goal, and then figure out what steps you need to do to get there.

Better questions are individual specific - "If I work out twice a week for 30 minutes, but don't regulate my diet, is it realistic to expect I'll become a competitive body builder?" - hell no. The activity doesn't match the goal.

You can turn this into an entrepreneurial question too - "If I sell home made sweaters that takes me 3 weeks to make each and I sell them for $100, can I make $60k per month?" - hell no. The activity doesn't match the goal.

Now, you can look at what you're doing now and figure out the ceiling, or you can set a future goal and figure out how to get there, but none of this has anything to do with "the odds" of it happening or what's "realistic" as a goal.

To determine what's realistic, you have to define parameters.
 

Ronak

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Better questions are individual specific - "If I work out twice a week for 30 minutes, but don't regulate my diet, is it realistic to expect I'll become a competitive body builder?" - hell no. The activity doesn't match the goal.


Good one...similarly, "If I spend hours surfing forums, avoiding work, but call myself an entrepreneur, is it realistic that I will build a Fastlane business?"

Now, back to work!
 

robertwills

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Sorry but what ? I owned an Ecommerce store that sold one product and my profit margins were about 900$ per day, straight to the pocket. 40%. That means almost 30K pure profit a month. Didn't last more than a few months but that's a different story and the fault is 100% mine, not the business model or product.
What product exactly were you selling?
 

robertwills

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'Indestructible' Smartphone case, when they were hot/new and FB Ads was... easier. My Ad went viral and my specific case was unique and was not sold by many other stores.
That's one major problem in business - a certain situation lasts only lasts a limited amount of time.

If you can detail how you bought and sold the cases from start to finish it would be a great case study for people on this forum.
 

AriAzran

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That's one major problem in business - a certain situation lasts only lasts a limited amount of time.

If you can detail how you bought and sold the cases from start to finish it would be a great case study for people on this forum.
Don't see problems where solutions are possible. If I was more experienced or skillfull back then I could've branded my store and come up with a marketing plan, and by now I would have a 7 figure store.

I have too much on my hands right now with 2 new stores I'm about to launch but I will write a case study for this community in the near future.

About what I did back then - I was dropshipping from china through an agent. You can find all the information you need to do this online. Running a successful store is not easy, but it is possible if you really want it and can stick through the ups and downs.
 

robertwills

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Don't see problems where solutions are possible. If I was more experienced or skillfull back then I could've branded my store and come up with a marketing plan, and by now I would have a 7 figure store.

I have too much on my hands right now with 2 new stores I'm about to launch but I will write a case study for this community in the near future.

About what I did back then - I was dropshipping from china through an agent. You can find all the information you need to do this online. Running a successful store is not easy, but it is possible if you really want it and can stick through the ups and downs.
It would be very interesting and very helpful to many people if you detailed exactly what you did. Just saying "dropshipping" is not enough. What is needed is something like "I contacted company X and got pricing for every unit sold." Details like that that show exactly how it was done. Most "success" books just talk about having a positive attitude, etc.. That's definitely important but the exact know if critical and getting money into one's bank account. So a detailed case study would be unprecedented.
 

AriAzran

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It would be very interesting and very helpful to many people if you detailed exactly what you did. Just saying "dropshipping" is not enough. What is needed is something like "I contacted company X and got pricing for every unit sold." Details like that that show exactly how it was done. Most "success" books just talk about having a positive attitude, etc.. That's definitely important but the exact know if critical and getting money into one's bank account. So a detailed case study would be unprecedented.
I know what it's like to be in your position but pay close attention to the words I write, otherwise you miss critical information. I wrote 3 important words 1. Agent 2. Dropshipping 3. China. If you google those words, together or separately, you will find Blogs, YouTube videos, Articles, Courses, FB groups, Sub-reddits etc etc etc... These pages will contain more information than I could disclose here right now, and it's also going to be presented in a more structured and easy to digest form, and you could participate in ongoing discussions as well as ask questions and so forth. So, really, it is better for you to do that.

At any rate, you wrote "Just saying "dropshipping" is not enough. What is needed is something like "I contacted company X and got pricing for every unit sold." - The reason you're confused is because you don't know what Dropshipping is. Go look that up and you will see that "contacted company X and got pricing for every unit sold" is just that and so your question makes no sense.

To help you out find a place to start:

Dropshipping:
look up Gabriel St.Germain's channel on YT
Join Verum Ecom FB's group and their YT channel

Copywriting:

look up Alex Cattoni on YT

FB Ads:

Nick Shakelford

If you wait for people to give you step by step guides you rob yourself of the possibility to lead the way.
 

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12 & 13

“The first principle is that you must not fool yourself — and you are the easiest to fool.” Richard Feynman
 

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robertwills

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I know what it's like to be in your position but pay close attention to the words I write, otherwise you miss critical information. I wrote 3 important words 1. Agent 2. Dropshipping 3. China. If you google those words, together or separately, you will find Blogs, YouTube videos, Articles, Courses, FB groups, Sub-reddits etc etc etc... These pages will contain more information than I could disclose here right now, and it's also going to be presented in a more structured and easy to digest form, and you could participate in ongoing discussions as well as ask questions and so forth. So, really, it is better for you to do that.

At any rate, you wrote "Just saying "dropshipping" is not enough. What is needed is something like "I contacted company X and got pricing for every unit sold." - The reason you're confused is because you don't know what Dropshipping is. Go look that up and you will see that "contacted company X and got pricing for every unit sold" is just that and so your question makes no sense.

To help you out find a place to start:

Dropshipping:
look up Gabriel St.Germain's channel on YT
Join Verum Ecom FB's group and their YT channel

Copywriting:

look up Alex Cattoni on YT

FB Ads:

Nick Shakelford

If you wait for people to give you step by step guides you rob yourself of the possibility to lead the way.
I was looking for a "one stop" place to get detailed know-how that could be put into immediate action with positive results. A recipe, if you will, that can be followed with more or less the same results.

For example, "I enter into an agreement with company X that for every order of product Y I bring to them they pay me $5. I put an ad on this website (name) and my expenses are $1500 per month to do so. I sell about 100 units a day. The company ships direct to the customers and pays me within 30 days by wire transfer. The last year I made about $150,000 net profit."
 

AriAzran

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I was looking for a "one stop" place to get detailed know-how that could be put into immediate action with positive results. A recipe, if you will, that can be followed with more or less the same results.

For example, "I enter into an agreement with company X that for every order of product Y I bring to them they pay me $5. I put an ad on this website (name) and my expenses are $1500 per month to do so. I sell about 100 units a day. The company ships direct to the customers and pays me within 30 days by wire transfer. The last year I made about $150,000 net profit."

What you're looking for is a step by step course made by someone with experience and a track record of success and a proven methodical process who also happens to be a good teacher, for free. Can't blame you, but you're not going to find it.

You ever listen to Jordan Peterson ? "What you most want to find will be found where you least want to look".

What you wrote in that example is not how this works at all, man. Here's how it goes:

I found a supplier on Alibaba that offers the product I want to sell to my customers and contacted him. We agreed to work together under a Drop-Shipping agreement, when a customer buys from my store, I notify my supplier and he ships the order. My product costed me 14$, and I sold it for 48.99$. Advertising on FB has no fixed price because it depends on different factors, but my budget was 2K$ to start things off and test untill something clicks for me. No company pays me. I pay myself, I pay FB and I pay my supplier. My profit margins were 40%, around 1k$ days for about 5 months before it tanked.

You should really take a look at those links I posted earlier. If you're really interested do the research. Ecommerce is the future.
 

MJ DeMarco

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was looking for a "one stop" place to get detailed know-how that could be put into immediate action with positive results. A recipe, if you will, that can be followed with more or less the same results.

LOL, and you know what I want? A night with Eva Mendez in a hot-tub on a cool moonlight night.

Doesn't anyone at this damn forum have a coveted step-by-step list on how to get that done? Oh and by the way, I'm not interested in reading any books, even if they can give me the dots to connect. I want the dots, and I want you to connect them as well. Help me!

 

biophase

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I was looking for a "one stop" place to get detailed know-how that could be put into immediate action with positive results. A recipe, if you will, that can be followed with more or less the same results.

For example, "I enter into an agreement with company X that for every order of product Y I bring to them they pay me $5. I put an ad on this website (name) and my expenses are $1500 per month to do so. I sell about 100 units a day. The company ships direct to the customers and pays me within 30 days by wire transfer. The last year I made about $150,000 net profit."

LOL, you should not be attempting to start a business. You will lose a lot of money.

@AriAzran, you are way more patient than me!
 

Xeon

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I dont own ecommerce stores, I own brands that use e-commerce as a sales channel.

Did you have a successful business first with no branding, then go on to build the brand, or built the brand right from day 1?
 

Envision

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Did you have a successful business first with no branding, then go on to build the brand, or built the brand right from day 1?

Brand from day 1.

The brand is part of my USP, you buy mine over Amazon because of the ethos of my brand.
 

Kevin88660

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I do not think it clusters around the mean. That is not the way to think about it. Either the business make a lot more than 60k or totally not making ant money. That sounds like what happens in practice.
 

Gepi

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I was looking for a "one stop" place to get detailed know-how that could be put into immediate action with positive results. A recipe, if you will, that can be followed with more or less the same results.

For example, "I enter into an agreement with company X that for every order of product Y I bring to them they pay me $5. I put an ad on this website (name) and my expenses are $1500 per month to do so. I sell about 100 units a day. The company ships direct to the customers and pays me within 30 days by wire transfer. The last year I made about $150,000 net profit."

Obvious Troll is obvious.
 

AriAzran

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LOL, and you know what I want? A night with Eva Mendez in a hot-tub on a cool moonlight night.

Doesn't anyone at this damn forum have a coveted step-by-step list on how to get that done? Oh and by the way, I'm not interested in reading any books, even if they can give me the dots to connect. I want the dots, and I want you to connect them as well. Help me!

Hahaha... Medicine does not taste good but it's good for ya ; ) Love your honesty, MJ, as always.
 

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MaxKhalus

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I'm trying to set up my goal of monthly profit of my future business to around 60k USD and I wonder if it's realistic or not. is it something like extremely rare even to be on tv? like top 0.001%? or is it only like around top 1~3% which I feel quite realistically ahievable?
Suuuuure.
There's like a space cop out there who's job is to stop people from crossing that barrier.
"Not today, man. Only 0.0001% of entrepreneurs can make over 60K this year. We'll have to take your money."

lol

It's funny to ask about statistics when entrepreneurs are known for beating the odds. You can assume they are against you, so that you don't underestimate the work it takes to get to the millions.

I'm not even going to comment on the "realistic" thought, which almost makes me faint. 10X Rule!

"Realistic" doesn't motivate me to get out of bed.
 

AriAzran

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Suuuuure.
There's like a space cop out there who's job is to stop people from crossing that barrier.
"Not today, man. Only 0.0001% of entrepreneurs can make over 60K this year. We'll have to take your money."

lol

It's funny to ask about statistics when entrepreneurs are known for beating the odds. You can assume they are against you, so that you don't underestimate the work it takes to get to the millions.

I'm not even going to comment on the "realistic" thought, which almost makes me faint. 10X Rule!

"Realistic" doesn't motivate me to get out of bed.
This is on point.
 

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