The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

EXECUTION My goal- making $1 million dollars in PROFITS/year in 5 years time.

Genius01

Bronze Contributor
Speedway Pass
Dec 18, 2017
134
187
150
Nigeria
My Goal is to be making 1 million dollars profit per year in 5 years time, from the sum of my online businesses.

That is by March 15, 2023.
Made this goal today March 15, 2018.

Unbelievable? No.
Difficult? Yes!!

I know this might be "peanuts" for some of our FLF legends here, but its a significant challenge for me, given my relative "newbie" status in business, my day job hogging most of my time, and my currently living in an African country.

I have been inspired by a lot of threads here on what's possible with hard work, grit and guts, from their experiences, by the progress threads of people like @biophase , @G_Alexander , @MTF , @Sharko , @Envision , and a host of other wonderful threads here too many to mention.

WHY DO I WANT TO DO THIS?-
1. I love to give. I'm happy when I see the smiles on people's faces when I give. I love to create smiles. Its much easier to give significant sums when you have significant sums in your possession.

2. I want to be able to live my life without financial pressure whatsoever- do whatever I want, buy whatever I want (reasonably), go wherever I want, dine on whatever and wherever I want, without meditating on how it affects my pocket.

3. I want time freedom- the ability to do whatsoever I want with my time, without the constraints of thinking I have to spend my time in exchange for money.
(2&3 make up true Fastlane freedom for me).

4. For my kids, family and friends- to give my kids things I didn't have as a child, and to freely help my family and friends live much better lives as well.

AND WHY ONLINE? Because it will give me location freedom- ability to run my business from wherever I am, irrespective of location.



BACKGROUND:
Currently, I have a day job (doctor) giving me an above average income in my country (Nigeria, though may relocate in the near future), but the job is super stressful and takes a humongous chunk of my time day and night- gotta find ways around that.

I don't have any businesses currently, though I'll be kickstarting one today, and creating a progress thread on it.
Haven't run any businesses before (almost started at least 2 at various times, but stopped mostly due to pressures from work).


HOW DO I PLAN TO ACHIEVE THIS?
Through one or more online businesses, most likely more than 1 business.
My plan is to kick off one, get it stable till its reasonably hands free, then add another one to it. And so on.
I might have some other small side hustles (also online), to enable me raise more funds, apart from the main business.

KEY PRINCIPLES I'LL LEVERAGE ON:

There are 5 key principles I'll use, to drive my goal of making 1 million dollars profit per year in 5 years time.

1. Taking advantage of all the technology I can use (and afford), to give me an "unfair" advantage. (Of course no blackhat or unethical techniques acceptable).


2. Making use of all the human resources I possibly can- outsourcers, VAs, anybody I can recruit to help maximize my output.


3. Principle of scale: going at everything 10x what every other person is doing (that's every normal person in that field/venture).


4. Delivering value (culled from MJ)- always making things better. Might not be as dramatic as Elon Musk and his space ships. Might be something as mundane as improving one particular aspect of routine daily operations/businesses, and doing it really well and making people happy. The aim is to improve on existing processes in whatever I get into, the goal is to make my customers/clients happy.


5. Consistency + consistently improving(kaizen): Consistency- showing up and doing the work, EVERYDAY.
Even more importantly, consistently improving my business processes, always looking for a better way to do things and improve my operations.



With these 5 principles, I have no doubts that I can make my goal of making 1 million dollars profit per year (not revenue, not Net worth, and not a 1-hit wonder for a single year, but continuously making profits of at least $1 million every year) in 5 years time.


Other smaller principles:

**Reading wide about anything I am engaged in- constantly on the lookout for ways I can improve my techniques and processes.


**Mix and match- applying processes that work in one particular area, to another area if it makes sense and fits like a glove. Combining and remixing processes in one field, based on what I have learnt in another field, to improve processes and operations in the field(s) I'm playing.


I don't yet know ALL the businesses I'll get into to achieve my goals, but I've decided on the one I'll start today.
The exact businesses themselves are not the most important thing, I think its the Process, and applying these my principles to each business I enter that is the most important thing.

I'll not be writing the day to day processes of each business on this thread. Each individual business will have its own progress thread, where I'll document my process and experiences.
This will be like the master thread, where I update infrequently, like once in 3 months, to show where I am so far and what i have achieved, and where I stand in the big picture.

CURRENT STANDING:
Source of income: Day job.

Number of active businesses: 0 (starting one today).

Business income: $0.


We'll see how it goes.

Let's Go!



**************************
Now Edited to add link of the progress thread for my first business I'm starting today, as I said I would (its in Insiders):
https://www.thefastlaneforum.com/community/threads/building-an-online-service-arbitrage-company.81461/
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited:

MTF

Never give up
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 1, 2011
2,745
13,294
2,804
Good luck.

Just a suggestion:

Through one or more online businesses, most likely more than 1 business.
Make it one business. Pick one thing, get good at it, keep at it until you reach your goal. Don't spread yourself too thin. If you build several businesses at once, none of them will be exceptional.
 

p0stscript

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 7, 2018
153
379
184
59
UK
Make it one business. Pick one thing, get good at it, keep at it until you reach your goal. Don't spread yourself too thin. If you build several businesses at once, none of them will be exceptional
Thanks for that, @Genius01 may not need that advice but I do.
 
OP
OP
Genius01

Genius01

Bronze Contributor
Speedway Pass
Dec 18, 2017
134
187
150
Nigeria
Good luck.

Just a suggestion:



Make it one business. Pick one thing, get good at it, keep at it until you reach your goal. Don't spread yourself too thin. If you build several businesses at once, none of them will be exceptional.
Great advice MTF, thanks. It echoes MJ's thoughts on this, and your publishing company progress thread is a shining example of this focus.

If I'm going to get involved in more than one business, it will surely be when the first one has been scaled to large proportions, and running close to autopilot, such that the new business will have no significant effect on my time requirements for the existing one. It will basically be putting my free time to use.

Monogamy and focus in the developing phases of a business is very key.



Thanks for that, @Genius01 may not need that advice but I do.
Lol, I DO need the advice, helps to emphasize and hammer home key concepts :smile:
 

Arnika

Contributor
Read Millionaire Fastlane
Mar 15, 2018
10
32
22
32
Cleveland
Good luck with this! Make it happen!

One idea that popped into my head right away is that you have your doctorate degree. I am sure you had to go through a lot of hard examination that everyone needs to take. You can put together very good study guides for these examinations, and you can sell that online. If I recall correctly, Pat Flynn started off with a Security Guard study guide as well. Just a random thought! :) Good luck once again!
 
OP
OP
Genius01

Genius01

Bronze Contributor
Speedway Pass
Dec 18, 2017
134
187
150
Nigeria
Good luck with this! Make it happen!

One idea that popped into my head right away is that you have your doctorate degree. I am sure you had to go through a lot of hard examination that everyone needs to take. You can put together very good study guides for these examinations, and you can sell that online. If I recall correctly, Pat Flynn started off with a Security Guard study guide as well. Just a random thought! :) Good luck once again!
Thanks for the motivation and suggestion.
I've already chosen a particular business to start with, and currently focused on making it a resounding success, so I'll be "monogamous" with that business till I get it to have a life of its own on autopilot mode.
Then I can consider taking on additional ventures.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.


New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom