The 4 “Must-Haves” To Make $1M Within 5 Years In Your Business

Written by: Angela Henderson • August 23, 2023

Image Source: https://unsplash.com/@jennyueberberg

“I want to make a million dollars” is a common goal uttered amongst business owners. Whether for financial freedom, to escape the 9-5, or focus on personal goals, most entrepreneurs hope to reach this milestone.

But as you already know, hope alone is not enough to earn 7-figure revenue. To get your business to this level, you need knowledge, support, a strong motive, and something your customers want and need.

With these elements, it’s entirely possible to make $1,000,000 in the next five years. Perhaps reading this very blog will be the first chapter of your journey to making (your first) million.

Let's explore the practical strategies I've used to help others achieve this goal by first dispelling an industry-wide myth so we can keep it real while you're building your successful million-dollar business.

Myth: I Failed Because I'm Not An Overnight Success

I want to start with a universal truth that everyone needs to hear:

When it comes to earning $1,000,000, this type of success doesn't materialize overnight. Read that sentence again. I want to set the record straight, so you don't get caught up in unrealistic timelines or expectations.

Because overnight triumphs have been glamorized online — sometimes falsely advertised, and others incorrectly observed. So remember that genuine, sustainable success takes time.

As an experienced business consultant, I've helped countless incredible women achieve extraordinary financial milestones as I watched their journeys unfold. Their achievements were the product of hard work, commitment, and embracing imperfection. So I want to help you do the same.

12 Ways You Can Make $1,000,000 In The Next 5 Years

So let's address the elephant in the room:

How the heck are you supposed to surpass the $1M mark within the next 5 years while building a profitable and sustainable business? Well, the possibilities are limitless. Let's crunch the numbers together.

To reach $1M in a single year, you'd need to earn $83,333 per month. That's approximately $19,230 per week or $480 per hour to fulfill a 40-hour work week. When we adjust the hourly rate over a 5-year plan, it comes to a manageable $96 per hour.

Now that's exciting, right?!

Let's look at 12 examples of the limitless ways you could make $1,000,000 in the next five years.

As I mentioned, the combinations are infinite. When we break down the numbers, it's clear that earning $1,000,000 is 100% achievable. In just five years, you could truly become a millionaire.

To embark on the journey towards reaching this goal, let's take a closer look at your current pricing. Break it down to understand how many units or hours of service you need to sell to reach the $1,000,000 milestone.

4 Must-Haves To Build A Successful Million-Dollar Business

Over many years of working with coaching clients and helping grow their businesses, I've learned the four key elements every business owner needs. These are the foundation for growth and long-term prosperity. Adding them to your business strategy will allow you to pave the way for true success and fulfilment.

1. Laying A Strong Foundation

Many clients I've worked with initially had weak foundations in their businesses. It's like the story of the three little pigs — sure they have a structure in place, but it's vulnerable and likely to collapse.

Even businesses already making millions of dollars may need help strengthening their foundations for long-term success. A strong foundation includes effective messaging, optimized websites, compelling lead magnets, streamlined funnels, building teams, the list goes on.

2. Setting Realistic Goals & Strategies

Running a marathon for the first time is not something you do in a single attempt. It requires careful planning, dedication, and hard work. First-time marathon runners don't put on shoes and attempt to run 26 miles right away. They establish a training schedule, set nutrition goals, and gradually build their endurance.

The same principle applies to earning your first $1,000,000.

It's vital to have a well-structured plan, a strategic approach, and achievable goals. Breaking those goals down into yearly, quarterly, monthly, and even weekly milestones increases your chances of actually reaching $1,000,000 over the next five years, while also reducing overwhelm, enhancing clarity, and strengthening your strategy.

3. Taking Clear, Concise, Confident Action

You must take action to achieve your $1,000,000 goal in the next five years — I know it sounds like common sense, but people often get paralyzed by fear. Your success or failure hinges on the choices you make and the steps you take.

So it's your job to embrace imperfect action that leads to victory. Business owners tend to ruin their progress by insisting on perfection before launching or taking action. This approach only keeps them stagnant. By embracing imperfect action, you will propel yourself toward the finish line.

4. Developing A Success Mindset

Have a strong, unshakeable mindset is the final puzzle piece to achieve success and reach your $1,000,000 goal. Because entrepreneurs who hit this milestone embody a growth mindset. They face challenges, encounter roadblocks, and experience failures, yet persistently rise and persevere.

The mindset of a successful entrepreneur remains steadfastly focused on their goals. It's crucial for success, together with strategy, solid foundations, and taking decisive action.

Let's Talk About The Money!

I want to emphasize that it's not only safe but empowering for us to discuss money (especially women in business). Don't be afraid to actively pursue financial success. You have every right to set ambitious goals, all while nurturing your family and being an exceptional parent / partner / friend / fill in the blank.

Embrace the notion that making $1,000,000 (or more!) is well within your reach.

Allow yourself to believe in your capabilities. Embrace the limitless possibilities that lie ahead on your entrepreneurial journey. Remember, your financial success reflects your hard work, dedication, and the value you bring to the world.

Your First Step To Earning Your First Million

So before you say "I can't…" again, now you know that achieving a $1,000,000 milestone in the next five years is undoubtedly possible. Yet it requires unwavering dedication, consistent effort, and strategic planning.

By breaking down the numbers and understanding your weekly, monthly and yearly targets, you can make significant progress toward this goal.

Also, remember the 4 business-building must-haves: Establish a strong foundation, devise a well-crafted strategy with achievable goals, take imperfect action, and cultivate a successful mindset to propel you forward on this exciting journey.

I’d love to hold your hand (and you accountable) while you make steady steps towards your first million.

Here's how I can help with transformative coaching programs:

• Action Takers Mastermind Business Group for Women is a 12-month immersive experience that combines community, accountability, and personalized support.

• 6-Month Group Business Coaching Accelerator teaches you to elevate your business, increase your income, and expand your reach while reclaiming quality time with loved ones, and bidding farewell to burnout forever.

I hope this article filled you with the energy and motivation needed to earn a million dollars, with a clear and practical path helping you get there.

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