Imagine you’re standing at the foot of a huge mountain. You want to get to the top but it looks so steep and intimidating. You know it’s possible — lots of other people have made it to the top — but you just can’t see a clear path or even a starting point.
That’s what it can feel like when you’re trying to make your first million dollars! But once you break it down it becomes so much more manageable and achievable, and that’s what this week’s episode is all about.
Step 1: Start with the end in mind and work backwards
To make your first $1 million, first you need to figure out how much you want to sell your product or service for. Then work out how many customers you’d need to get at that price in order to reach your goal.
For example, say you’ve got an online course. Here’s how $1 million looks when we break it down:
- You’d need 5000 people to buy a $200 product
- You’d need 2000 people to buy a $500 product
- You’d need 1000 people to buy a $1000 product
- You’d need 500 people to buy a $2000 product
- You’d need 300 people to buy a $3333 product
See how much more tangible and realistic it seems when you break it down like that?!
Here’s another example — if you have a subscription or membership and you want to make $1 million in 12 months, here’s how that would look:
- 5000 people paying $17 a month
- 2000 people paying $42 a month
- 1000 people paying $83 a month
- 500 people paying $167 a month
- 300 people paying $278 a month
Step 2: Get really clear on the ‘what’, ‘who’ and ‘how’ of your offer
Now that you know how many customers or clients you need to get you to $1 million, the next step is figuring out how you’re going to get them. You need to get really clear on what you’re going to sell, who you’re going to sell it to, and how you’re going to sell it to them.
What does your course or membership need to include in order to charge the price you want?
What would it take for you to get 1000 people paying $83 a month for your membership?
How are you going to get your offer in front of the right people?
What does that process look like?
Once you know what your numbers are and you have a solid plan in place, you’ll realise that you can make the most amazing things happen!
I hope this episode helps you to realise that you can achieve your financial goals, whether it’s $100, $100,000, or $1 million and beyond — just start with your end goal in mind, work backwards and break it all down.