Retirement

The Math to a Million

As many millionaires have said before, "Making the first Million is the hardest".  More than the math, it is the mindset that it takes to reach this milestone that less than 1% of the US population has reached.  It is hard for many people to fathom making that kind of money, so I decided to break it down.  What does it really take to make $1 million a year?  Now this with a bunch of caveats.  For example, I am not including taxes or expenses in this number, so while the numbers show what it takes to make $1 million dollars, that is not necessarily what you get to keep and spend.

With that out of the way, here are the basics:

To make $1 million a year, you have to make $2,739.73 per day or $114.15 per hour.  That is every hour of every day.

Now, if you only take into account working hours, here is how the math pans out:

To make $1 million a year, you have to make $19,230.77 per week and $480.77 per hour for a 40 hour workweek.

While the math is telling, most millionaires are not in the habit of exchanging their time for money.  It is just impossible to do so.  By its very nature, time is finite and thus a limitation in the quest of getting to a million.

The best thing to do is to figure out how to make money in your sleep, on the weekends, and beyond the normal 40 hour workweek.   Is there a specialty service or product that you can offer that others will want despite time?  To break down the numbers to get to a million in this preferred manner, here is one example:

Record a web training and charge $50 for people to view it.  Then you need 20,000 paying customers a year.  If that seems daunting, identify a training, product or membership you can sell monthly to the same people for $50/month.  If you do this, you only need to find 1,666 paying customers a year (or 138 customers a month).  With almost 320 million people in the US and over 7 billion people in the world, finding the right 1,666 a year should not seem too extreme.

You could interchange the price, frequency and service/product offered to fit your needs and market and the math is fairly easy to do.

So now that I have shown you that it is feasible to get to a million, what are you going to do to get started toward your first million?


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Managing Technology Within Your Business

The speed that technology changes is fast.  Really, really fast.  Keeping up with the trends and tools that are available for business is a daunting task for any company, no matter the size.  Large companies dedicate entire departments to social media management and technology implementation and this is a luxury most small business owners only dream of.

managingtechnology

Did you know that most business owners have to navigate between 10 - 15 software solutions daily? Having different programs and websites that control everything from email management, calendars, event promotion, marketing and more, can cause confusion and wasted time.  Even though these tools are meant to help your business, they often result in business owners feeling overwhelmed and not know where they should spend their time and with what tools they should be working.

So how do you manage technology?  Here are few tips to help you conquer that mountain.

1. Understand which of your business systems can be automated and then automate

Based on your business model, some of the processes of your business may require a personal touch.  You may want to call high value clients to inform them of new promotions or you may want to update your blog based on current events and not a pre-set topic.  Even if this is the case, there are other areas of your business that do not require this much of your time.  You need to figure out what they are and automate.  For example, you may send out a newsletter monthly that is simply a compilation of previous blogposts or you may be able to allow clients to schedule their own appointments via your website.  These are easy processes that can be done by technology tools available on the market.  You just need to take the time to set up your accounts and preferences and you will be on your way.  Understanding the areas of your business where you can remove yourself and still provide the value to your clients you want is key in determining which technology tools you may want to implement in your business.  Once you have this down, you can then focus on finding the tools to use and put a plan together for how to manage them.

2. Take the time to learn about technology

The vast amount of tech tools available is wide, but not insurmountable.  You just need to take a bit of time to learn the features that you need and match them to the technology that is available.  Taking a day or two out of your business to do this may seem like a waste of time in the beginning, but doing so as early as possible will definitely save you time on the back end.   Investing in technology is about more than the actual money that you may spend to obtain it, but it is also about investing the time in making sure you are taking advantage of all the capabilities that a particular technology provides.  Doing so will not only save you time in the long run, but it will also ensure that you are not using multiple tech tools to complete a job that one tool can do.

3. Choose only one system to incorporate at a time

The overwhelming part of technology comes with thinking that you have to do everything all at once. That is simply not true.  As your comfort level increases with one technology, you can slowly implement additional systems that makes your business easier to operate.  Like anything in business, it is okay to take everything one step at a time. For example, you may choose to get a good handle on managing your payment acceptance technology, before you start focusing on email marketing tools. By only focusing on the implementation of one tool at a time, you relieve yourself of the pressure of understanding too much at one time and dedicate only the appropriate amount of time to technology, while focusing on bettering your business.

To better assist business owners in handling the monumental task of organizing and understanding the technology that exists to help their business run as seamless as possible, a new tool is being introduced later this week called Werkflow.co.  Werkflow is a technology management solution that allows you to create a customized dashboard that highlights the technology tools that you use on a regular basis.  In addition to providing updates on the tools you already use, Werkflow provides up to date information on new tech tools as they become available and sends you customized information on the tech options available to your business.  It does the research for you so you never have to worry about using old technology in your business. Lastly, Werkflow provides the opportunity to schedule one-on-one FREE business consulting services for your business, so you are in business for yourself and not by yourself.  Interested in learning more about Werkflow?  Visit hello.werkflow.co to schedule a FREE 5 minute demo.

Remember, the key to conquering technology is to face it head on, but you should have a plan to do so.  Follow the steps above to create a plan that works for you and will help you reach the goals you have set for yourself and your business.