Anyone earning £1m+ profit a year?

[HomesWarehouse]

First of all, good luck, not sure theres many people in here making 1m a year, havent seen many

but in response, first of all, you shouldnt take peoples responses for negetivity as they have experienced what your about to, and its not all plain sailing,

On paper i am a millionaire, i own property across south wales, if I sold up today there would be £1m+ in my current acc, but also I have been in online retail and its not an easy game, advertising costs are high, margins are low and I don't think your giving enough credit to the people on here that have been there and done that giving you advice, over the few years I was in the game I would say I would be lucky to see break even, and im glad that im out of that area of business now looking back.

by the way, im 28 and had similar drive to yourself at 17, although its been beaten out of me a few times along the way

 

[Kiwi1234]

First of all, good luck, not sure theres many people in here making 1m a year, havent seen many

but in response, first of all, you shouldnt take peoples responses for negetivity as they have experienced what your about to, and its not all plain sailing,

On paper i am a millionaire, i own property across south wales, if I sold up today there would be £1m+ in my current acc, but also I have been in online retail and its not an easy game, advertising costs are high, margins are low and I don't think your giving enough credit to the people on here that have been there and done that giving you advice, over the few years I was in the game I would say I would be lucky to see break even, and im glad that im out of that area of business now looking back.

by the way, im 28 and had similar drive to yourself at 17, although its been beaten out of me a few times along the way

yep, it won't be easy but I think it's possible. And that's a good enough reason to try.

 

[Graham97]

Let me give you my experience of being where you were once:

Find the most successful person in your business. Do what they do. Ask for their advice. They are your hero. You want to learn from the best. Hero worship is hard to ignore, especially from someone who they well might recognize as being where they were once.

Go and buy this book. "Seeking Wisdom from Darwin to Munger" Its available on Amazon. Don't be put of by the price. Best money you'll ever spend.

Read one page a day while sitting on the toilet (then it'll become a habit). Take your time. Then re read it.

 

[Pish_Pash]

Go and buy this book. "Seeking Wisdom from Darwin to Munger" Its available on Amazon. Don't be put of by the price.

I was put off by the price ....so located a pdf version to view within seconds!

 

[Graham97]

I was put off by the price ....so located a pdf version to view within seconds!

Well done. However you obtain it, it is a must read.

 

[DrGR]

I say, at 17 years old- good for you!

The biggest business lessons I have learnt have been through making mistakes.

The sooner you get mistakes out of the way, the sooner you get to reap the rewards of doing things the right way! Business isn't always rosy, or pretty, and doesn't go ideally to plan, but I genuinely think drive, determination, and positivity goes a hell of a long way to getting you where you think you currently want to end up.

Learn to appreciate the ups, and learn quickly from the downs. Surround yourself with a good team, and go for it !

 

[Kiwi1234]

I say, at 17 years old- good for you!

The biggest business lessons I have learnt have been through making mistakes.

The sooner you get mistakes out of the way, the sooner you get to reap the rewards of doing things the right way! Business isn't always rosy, or pretty, and doesn't go ideally to plan, but I genuinely think drive, determination, and positivity goes a hell of a long way to getting you where you think you currently want to end up.

Learn to appreciate the ups, and learn quickly from the downs. Surround yourself with a good team, and go for it !

Thank you for the encouragement! I totally agree, it won't be all easy. But when I see business, I see it as a game. Life's a game. It's about the challenges and overcoming them is part of the fun. If everything was easy then in my opinion it would be very boring. If success was linear it would be boring. I think the failures are part of the learning process, the journey, and part of what makes the whole thing fun. Plus the fulfilment in the achievement is expanded once you "make it" because you pushed past that massive failure!.

 

[Kiwi1234]

Let me give you my experience of being where you were once:

Find the most successful person in your business. Do what they do. Ask for their advice. They are your hero. You want to learn from the best. Hero worship is hard to ignore, especially from someone who they well might recognize as being where they were once.

Go and buy this book. "Seeking Wisdom from Darwin to Munger" Its available on Amazon. Don't be put of by the price. Best money you'll ever spend.

Read one page a day while sitting on the toilet (then it'll become a habit). Take your time. Then re read it.

Thanks for your advice Graham, regarding "finding the most successful person in your business" - I'm not entirely sure what you mean, because I'm still in College and have a side business, not working in a business at the moment. But I can interpret it as finding the best people and most successful, which is definitely what I'm trying to do

 

[Kiwi1234]

I was put off by the price ....so located a pdf version to view within seconds!

do you have a link you could send? (preferably without a virus )

 

[k100danny]

Firstly well done in starting a business young, a lot of people your age think owning a business is out of their reach so well done on your first step, I started my first business at around 20 and got a lot of stick, people saying things like " so hows it going alan sugar" etc but it's all worked out well in the end (I do not earn 1 million plus per year though just so we are clear)

At your age i too said one day i will be a millionaire, still very achievable as im only 34 and earn a very decent wage without a lavish lifestyle but I tend to look at it more as just wanting to be comfortable now, I know quite a few millionaires who work very hard but never seem to enjoy their money.


Back on track, ecommerce is a very hard business to be in, I don't say this to knock what you are doing you may be one of the few that really turn this into something great but My biggest mistake (I own an ecommerce store too was thinking if i double stock, and do double the marketting i will double profit, mainly because for the first few years double turnover and profit wasn't a problem but you get diminishing returns in business and usually (not always) the more you turnover the less percentage wise you profit can be so for a million pound profit you would have to be taking huge sums of money. For example we can use the womenswear manufacturer and retailer missguided, last year they made pre tax profits of 2.6 million on 117 million in sales.

 

[Kiwi1234]

Firstly well done in starting a business young, a lot of people your age think owning a business is out of their reach so well done on your first step, I started my first business at around 20 and got a lot of stick, people saying things like " so hows it going alan sugar" etc but it's all worked out well in the end (I do not earn 1 million plus per year though just so we are clear)

At your age i too said one day i will be a millionaire, still very achievable as im only 34 and earn a very decent wage without a lavish lifestyle but I tend to look at it more as just wanting to be comfortable now, I know quite a few millionaires who work very hard but never seem to enjoy their money.


Back on track, ecommerce is a very hard business to be in, I don't say this to knock what you are doing you may be one of the few that really turn this into something great but My biggest mistake (I own an ecommerce store too was thinking if i double stock, and do double the marketting i will double profit, mainly because for the first few years double turnover and profit wasn't a problem but you get diminishing returns in business and usually (not always) the more you turnover the less percentage wise you profit can be so for a million pound profit you would have to be taking huge sums of money. For example we can use the womenswear manufacturer and retailer missguided, last year they made pre tax profits of 2.6 million on 117 million in sales.

Thanks for the insight, and I understand your concern about ecommerce... I'm wondering what would be the best business aside from that, most others seem like they need to have a more geared capital structure, and I don't have finances to fund a developer to make an app or something at the moment.

I feel doing ecommerce will allow me to learn a lot, and then from that I can handover the business to my partner and move on while earning decent income from it. I don't want to build a business that ties me down to it, like consulting, fortunately ecommerce doesn't and it is possible to delegate it.

We'll see though, maybe it isn't the best route. Any better suggestions for businesses that don't require anything more than £5k in funding to start?

 

[Bookmemate]

I think you can start pretty much any business besides a bank with less than 5k in funding. Use sites like Angel List to find developers to co-found the business with you if you need an App or other expertise.

I think I noticed you're in the gaming sector - you might want to check out cryptocurrency/blockchain and see how that might be used in your gaming business. I'm guessing gamers might have an interest in such things since most will have at least one GPU lying around.

As an example NEM is currently being used by Xhai Studios for tokens within their games http://nemflash.com/xhai-studios-adopts-blockchain-technology-video-games/ perhaps you could accept payment in cryptocurrency on your ecommerce site or think of some other innovation to link yourself to the upcoming blockchain boom.

 

[Kiwi1234]

I think you can start pretty much any business besides a bank with less than 5k in funding. Use sites like Angel List to find developers to co-found the business with you if you need an App or other expertise.

I think I noticed you're in the gaming sector - you might want to check out cryptocurrency/blockchain and see how that might be used in your gaming business. I'm guessing gamers might have an interest in such things since most will have at least one GPU lying around.

As an example NEM is currently being used by Xhai Studios for tokens within their games http://nemflash.com/xhai-studios-adopts-blockchain-technology-video-games/ perhaps you could accept payment in cryptocurrency on your ecommerce site or think of some other innovation to link yourself to the upcoming blockchain boom.

I'll take a look, thanks!

 

[HomesWarehouse]

Thanks for the insight, and I understand your concern about ecommerce... I'm wondering what would be the best business aside from that, most others seem like they need to have a more geared capital structure, and I don't have finances to fund a developer to make an app or something at the moment.

I feel doing ecommerce will allow me to learn a lot, and then from that I can handover the business to my partner and move on while earning decent income from it. I don't want to build a business that ties me down to it, like consulting, fortunately ecommerce doesn't and it is possible to delegate it.

We'll see though, maybe it isn't the best route. Any better suggestions for businesses that don't require anything more than £5k in funding to start?

Good luck with the 5k invest it wisely,,,, for reference I just had to put 180k down as a deposit for a block of flats that's going to profit 30k ish PA

and as for ecommerce, I used to spend 5k a month on google adwords when my store was open and was lucky if profit was 1-2k a month, companies like oak furniture land etc spend about 30k a day on advertising. your not going to be a millionaire overnight with ecommerce its a market flooded by huge players who will beat you down on advertising, you need to invest a huge amount of time and money in it to succeed although if you need any tips feel free to drop me a bell

 

[Kiwi1234]

Good luck with the 5k invest it wisely,,,, for reference I just had to put 180k down as a deposit for a block of flats that's going to profit 30k ish PA

and as for ecommerce, I used to spend 5k a month on google adwords when my store was open and was lucky if profit was 1-2k a month, companies like oak furniture land etc spend about 30k a day on advertising. your not going to be a millionaire overnight with ecommerce its a market flooded by huge players who will beat you down on advertising, you need to invest a huge amount of time and money in it to succeed although if you need any tips feel free to drop me a bell

Yeah - maybe it isn't the best option. I've come so far with the business now and I'm about to get some good marketing done, I feel I can make a good amount from it. Then I can handover the business to a partner and then take my share of the profits while he runs it and move on. Real estate does sound interesting though

 

[Will Blears]

Thanks for the insight, and I understand your concern about ecommerce... I'm wondering what would be the best business aside from that, most others seem like they need to have a more geared capital structure, and I don't have finances to fund a developer to make an app or something at the moment.

I feel doing ecommerce will allow me to learn a lot, and then from that I can handover the business to my partner and move on while earning decent income from it. I don't want to build a business that ties me down to it, like consulting, fortunately ecommerce doesn't and it is possible to delegate it.

We'll see though, maybe it isn't the best route. Any better suggestions for businesses that don't require anything more than £5k in funding to start?

Honestly, if you want a business model that works, with very little initial costs and running costs then start affiliate marketing. It sounds like you already have a lot of the tech knowledge from setting up the E-commerce business so some of it will come relatively easily to you. The other part just takes time and commitment.

I had the same goal as you did, to be a millionaire by the time I were 20, unfortunately, University, social life and a lot of alcohol and other things got in the way. I am no 27 and almost at my goal, I pushed it back to 30.

One thing to point out that many others have mentioned, £1 million in cash in the bank is MASSIVELY different to £1 million in your business account and as you know is massively different to £1 million pre-tax. I've since realised that £1 million will not suffice, I am aiming for £10 million initially and then my overall aim is £100 million although I imagine once I have capital to invest, multiplying that will be significantly easier.

Keep pushing, keep learning, stay motivated and stay focused - persistence is the key to success.

 

[Kiwi1234]

Honestly, if you want a business model that works, with very little initial costs and running costs then start affiliate marketing. It sounds like you already have a lot of the tech knowledge from setting up the E-commerce business so some of it will come relatively easily to you. The other part just takes time and commitment.

I had the same goal as you did, to be a millionaire by the time I were 20, unfortunately, University, social life and a lot of alcohol and other things got in the way. I am no 27 and almost at my goal, I pushed it back to 30.

One thing to point out that many others have mentioned, £1 million in cash in the bank is MASSIVELY different to £1 million in your business account and as you know is massively different to £1 million pre-tax. I've since realised that £1 million will not suffice, I am aiming for £10 million initially and then my overall aim is £100 million although I imagine once I have capital to invest, multiplying that will be significantly easier.

Keep pushing, keep learning, stay motivated and stay focused - persistence is the key to success.

Awesome man, glad you're going for big numbers too. My ultimate aim is billionaire. We'll see though. I see your point about affiliate marketing, although the issue is it can't be automated, you can't really sell that kind of business (unless that's incorrect?) - neither automate it, it is attached to your time in a sense - maybe that's wrong although that's how I see it. I need a business that can earn money while someone else is working on it

but I appreciate the suggestion, if I'm wrong in how I interpret it sure ill try it!

 

[ADW]

Affiliate marketing is easily automated. As for sellable, I am sure Gocompare or moneysupermarket etc would sell easy enough. It is a saturated market as been going for a long time. Need to find an angle to have any chance.

Can I raise the stakes and say I want a trillion by the time I finish? Starting to sound like Dr Evil trying to work out a figure for ransom around here.

 

[Kiwi1234]

Affiliate marketing is easily automated. As for sellable, I am sure Gocompare or moneysupermarket etc would sell easy enough. It is a saturated market as been going for a long time. Need to find an angle to have any chance.

Can I raise the stakes and say I want a trillion by the time I finish? Starting to sound like Dr Evil trying to work out a figure for ransom around here.

I mean a trillion may be possible, you never know! And I agree, those kind of companies can be sold but I'm talking about doing instagram affiliates for people, doing affiliate blog posts etc. I can't really imagine how you could do anything other than small time things, considering any other sites would just wash you out. Might be possible though I guess, I see what you mean

 

[Will Blears]

Awesome man, glad you're going for big numbers too. My ultimate aim is billionaire. We'll see though. I see your point about affiliate marketing, although the issue is it can't be automated, you can't really sell that kind of business (unless that's incorrect?) - neither automate it, it is attached to your time in a sense - maybe that's wrong although that's how I see it. I need a business that can earn money while someone else is working on it

but I appreciate the suggestion, if I'm wrong in how I interpret it sure ill try it!

You couldn't be more wrong about affiliate marketing ;D

It is probably the BEST business for earning a passive income, once you have began driving traffic and generating an income, growing and expanding the business can be outsourced and can be very much automated.

For example, I could stop working on my business tomorrow and leave it for months, maybe years and I'd still be earning money. Obviously, I'd never recommend that, or do that myself, I enjoy what I do.

Also, affiliate businesses can be sold, usually for multiples of the monthly revenue, so for example if you have a website generating a monthly net profit of £5,000 you could sell it for between 20 - 30 times that, depending on how consistent the revenue is, opportunity for growth, traffic channels e.t.c

You should look into Amazon Associates and affiliate marketing in general as there are many, many routes to success I just focus on Amazon Associates. Other people monetise through Google Adsense, CPA offers, Clickbank...there are so many ways to make an income online and many, many ways to make a passive income.

You should check out Empire Flipper and also Flippa and FE International to see websites which are being sold, not all of them are affiliate marketing but many of them are - most of which are setup and managed by one man bands, no huge corporations, just a guy banking six or seven figures a year.

 

[Kiwi1234]

You couldn't be more wrong about affiliate marketing ;D

It is probably the BEST business for earning a passive income, once you have began driving traffic and generating an income, growing and expanding the business can be outsourced and can be very much automated.

For example, I could stop working on my business tomorrow and leave it for months, maybe years and I'd still be earning money. Obviously, I'd never recommend that, or do that myself, I enjoy what I do.

Also, affiliate businesses can be sold, usually for multiples of the monthly revenue, so for example if you have a website generating a monthly net profit of £5,000 you could sell it for between 20 - 30 times that, depending on how consistent the revenue is, opportunity for growth, traffic channels e.t.c

You should look into Amazon Associates and affiliate marketing in general as there are many, many routes to success I just focus on Amazon Associates. Other people monetise through Google Adsense, CPA offers, Clickbank...there are so many ways to make an income online and many, many ways to make a passive income.

You should check out Empire Flipper and also Flippa and FE International to see websites which are being sold, not all of them are affiliate marketing but many of them are - most of which are setup and managed by one man bands, no huge corporations, just a guy banking six or seven figures a year.

Might be an option, although I'm not sure if there's unique added value you're provindg that couldn't be replicated, and products simply taken down by amazon etc then you lose your revenue?

I've done youtube in the past, and of course that is a decent way to do affiliates, although not a business I really want to build. You're talking more about blog websites I guess?

 

[Will Blears]

Might be an option, although I'm not sure if there's unique added value you're provindg that couldn't be replicated, and products simply taken down by amazon etc then you lose your revenue?

I've done youtube in the past, and of course that is a decent way to do affiliates, although not a business I really want to build. You're talking more about blog websites I guess?

It really depends on what you build, there are plenty of affiliate websites which have a USP. You can look at sites like uswitch.com or any other price comparison site. You target a specific market such as what TheWirecutter.com does or you can go even more granular such as babygearlab.com or even more granular and focus on one type of product such as kitchen knives

Yes it can be replicated but most things in the online industry can be replicated - it just takes time and money or time and knowledge. As for products being taken down by Amazon, not sure what you are referring to there because you don't own the products you are just referring users to Amazon in the case of Amazon Associates at least.

I would say Youtube isn't a fantastic way of doing affiliate marketing, you have nothing that you own, the platform isn't yours and the content when uploaded on to youtube isnt yours either. The only people making it huge on Youtube have diversified with their own product lines or building their brand outside of Youtube.

I am referring to platforms you own, websites, apps e.t.c

 

[Kiwi1234]

It really depends on what you build, there are plenty of affiliate websites which have a USP. You can look at sites like uswitch.com or any other price comparison site. You target a specific market such as what TheWirecutter.com does or you can go even more granular such as babygearlab.com or even more granular and focus on one type of product such as kitchen knives

Yes it can be replicated but most things in the online industry can be replicated - it just takes time and money or time and knowledge. As for products being taken down by Amazon, not sure what you are referring to there because you don't own the products you are just referring users to Amazon in the case of Amazon Associates at least.

I would say Youtube isn't a fantastic way of doing affiliate marketing, you have nothing that you own, the platform isn't yours and the content when uploaded on to youtube isnt yours either. The only people making it huge on Youtube have diversified with their own product lines or building their brand outside of Youtube.

I am referring to platforms you own, websites, apps e.t.c

Yeah, I see your point. It's possibly a good idea, I'll have to research it some more - I guess that's what you're doing at the moment? Do you mind if we get in contact?

 

[offmarketinvestments]

I doubt you'll do it form ecommerce now. Timing and being in the "right market" is 70%+ of success.

Your young..think you have all the answers...good in a way. But you'll find it's not that easy. IF you keep at it, fail a few times, LEARN..maybe.

 

[offmarketinvestments]

Amazone, Ebay,youtube, e-commerce, affiliate marketing....you won't make fortunes there now.

 

[Kiwi1234]

Amazone, Ebay,youtube, e-commerce, affiliate marketing....you won't make fortunes there now.

sure, but being naive to not ever stop and keep trying isn't a bad thing. My business teacher and I think all teachers like that only look at big corporations and think making a business is very difficult, lots of startup capital etc needed. Knowing isn't necessarily good. Sure I might not get there with that business, but the experience will be great and it might set me up at least to have passive income to work on something bigger

I did do youtube once and made about £3k in 3 months from a side project that was advertised by my youtube, it can make a lot of money but not something I'd want to do long term

 

[webgeek]

Just as a little secret - more inventory isn't necessarily the way to wealth. Many of us on here have worked with ecommerce sites that have 100,000 products+ in inventory.

The trouble is, 99.99% of those don't rank, aren't interlinked, have crap photos from the manufacturer, if any, have no descriptions or crap ones and will never sell on the sites the way they are in their current state.

In a previous life, I worked my way up the ranks of a software development company. I had a side income from selling stuff on ebay. It took very little time to become a Power Seller Gold, which at the time was the top echelon.

That side income was 6 figures, a huge percentage of it profit, and mostly came from 2 out of a handful of products (World's Most Beautiful $1.00 Bill and 13 CD Linux Collection).

Yes, Antarctica currency and open source software were worth over $100k annually, gofigure.

My point is simply: You may not need to focus on going more broad in your offering when you haven't fully tapped, or even partially tapped, your existing product potential.

My other point: Believe to achieve. You can do it.

Head over to Live Your Legend, get a dose of motivation and stay full steam ahead.

Surround yourself with people who achieve big results. Spend time talking to them every day. You are the average of the handful of people you spend the most time with. If they're losers, naysayers, underachievers - you will go nowhere.

Listen, learn, model, test, test, test. Sometimes the stuff people say won't work, does work, and the stuff everyone says is great (like social media marketing for B2B) can be an absolute time/financial waste.

Believe to achieve. You can do it.

 

[offmarketinvestments]

sure, but being naive to not ever stop and keep trying isn't a bad thing. My business teacher and I think all teachers like that only look at big corporations and think making a business is very difficult, lots of startup capital etc needed. Knowing isn't necessarily good. Sure I might not get there with that business, but the experience will be great and it might set me up at least to have passive income to work on something bigger

I did do youtube once and made about £3k in 3 months from a side project that was advertised by my youtube, it can make a lot of money but not something I'd want to do long term
-----------------------------------------------------------------------------------------------------------------------------
I said that

 

[Kiwi1234]

Just as a little secret - more inventory isn't necessarily the way to wealth. Many of us on here have worked with ecommerce sites that have 100,000 products+ in inventory.

The trouble is, 99.99% of those don't rank, aren't interlinked, have crap photos from the manufacturer, if any, have no descriptions or crap ones and will never sell on the sites the way they are in their current state.

In a previous life, I worked my way up the ranks of a software development company. I had a side income from selling stuff on ebay. It took very little time to become a Power Seller Gold, which at the time was the top echelon.

That side income was 6 figures, a huge percentage of it profit, and mostly came from 2 out of a handful of products (World's Most Beautiful $1.00 Bill and 13 CD Linux Collection).

Yes, Antarctica currency and open source software were worth over $100k annually, gofigure.

My point is simply: You may not need to focus on going more broad in your offering when you haven't fully tapped, or even partially tapped, your existing product potential.

My other point: Believe to achieve. You can do it.

Head over to Live Your Legend, get a dose of motivation and stay full steam ahead.

Surround yourself with people who achieve big results. Spend time talking to them every day. You are the average of the handful of people you spend the most time with. If they're losers, naysayers, underachievers - you will go nowhere.

Listen, learn, model, test, test, test. Sometimes the stuff people say won't work, does work, and the stuff everyone says is great (like social media marketing for B2B) can be an absolute time/financial waste.

Believe to achieve. You can do it.

Thanks a lot for that reply! Very true, and I wish to do just that. I've found some heavy hitters in ecommerce and the gaming industry that I hope to occasionally ask questions to and learn from.

Regarding the product range, currently I'm niche to one video game that has about 15m players. That should be "niche" enough to scale up although also not too much competition from massive organisations. Plus I understand the customers, being one myself. For now I think it's a good venture

I may not achieve a millionaire by 20 years old, although I'll certainly achieve more than £40 debt like most of my fellow 17 year olds - plus it is definitely possible, if I make the right business. As you say, making social media marketing agencies is a silly idea with all the competition from everyone watching these people like Tai Lopez say you should do it, they're a boring business as well I wouldn't be passionate about at all.

Believe it and achieve it.

 

[Kiwi1234]

sure, but being naive to not ever stop and keep trying isn't a bad thing. My business teacher and I think all teachers like that only look at big corporations and think making a business is very difficult, lots of startup capital etc needed. Knowing isn't necessarily good. Sure I might not get there with that business, but the experience will be great and it might set me up at least to have passive income to work on something bigger

I did do youtube once and made about £3k in 3 months from a side project that was advertised by my youtube, it can make a lot of money but not something I'd want to do long term
-----------------------------------------------------------------------------------------------------------------------------
I said that

Yeah I see you kind of did, my bad. But you said it would be harder than expected, I was talking about being naive in that sense - and I totally agree it will be. If success was easy then it wouldn't be called success! Success is relative

 

[Josette]

Kiwi, I wish I had realised at 17 that life was a video game and that my enthusiasm was all I needed to drive it. Instead, like most, spent too many years taking it all far too seriously.

"Whether you think you can, or you think you can't, you're right", Henry Ford. (not a bad businessman!)

Enjoy the journey, good luck with the plan, and stay YOUR course.

 

[Kiwi1234]

Kiwi, I wish I had realised at 17 that life was a video game and that my enthusiasm was all I needed to drive it. Instead, like most, spent too many years taking it all far too seriously.

"Whether you think you can, or you think you can't, you're right", Henry Ford. (not a bad businessman!)

Enjoy the journey, good luck with the plan, and stay YOUR course.

will do, thanks Josette I'm purposely dropping 1 A level next year, so I have more time for my business and making it harder for myself to get a job. Sounds weird to 99.99% of people, but some people might understand haha

 

[BusinessTradeCentre]

I also run a ecommerce website, my turnover is around 5 figures per month no where near 1 Million.

It sounds like you are only interested in people earning 1 million + per year? Why do you think it makes any difference on the amount of money.

 

[Kiwi1234]

I also run a ecommerce website, my turnover is around 5 figures per month no where near 1 Million.

It sounds like you are only interested in people earning 1 million + per year? Why do you think it makes any difference on the amount of money.

Well because it's about scale, I want to reach there so asking to find someone at that stage is quicker and will likely be able to guide better towards that scale - but yeah, it doesn't matter as I'm new and can learn from anyone, as I have been

 

[BusinessTradeCentre]

So what stage are you at now?

 

[Kiwi1234]

So what stage are you at now?

only just starting a new brand really, setting up everything at the moment - sold about 70 products so far as tests and now going to use influencer marketing for a shopify store to sell them.

 

[BusinessTradeCentre]

Sounds good, keep us posted on the progress

 

[Talay]

Making £1m a year takes a heck of a lot longer than turning over £1m a year.

Don't go chasing turnover. It is the daftest thing to do.

 

[Kiwi1234]

Sounds good, keep us posted on the progress

will do

 

[Dean Shepherd]

If you're looking for new ideas I think online training/learning products can be incredibly high margin/high profit.

You can either go consumer or commercial. If you go consumer, Joe Wicks is a great example to follow. He will be close £1m profit.

For commercial, take a look at LearningHeroes. They are a very small business that will hit £1m profit this year.

Build it once. Sell it over and over and over...