How To Build A Million-Dollar Company In 12 Months

MillionDollarsABN88FAs entrepreneurs, we constantly hear that building a business is not a sprint; it is a marathon. We are also warned about “get-rich-quick” schemes and scams that promise a lot of money right away.

According to Entrepreneur and Marketer, Sujan Patel, writing for entrepreneur.com, even though it may seem too good to be true, it is actually possible to start a business and make a million dollars in one year.

Pay attention to the following tips and use them to help power up your revenue growth:

1. Find a growing market

One of the easiest ways to build a million-dollar company in such a short period of time is to find a growing trend and ride it to the top. Take the example of Micah Adler, CEO of mobile app developer Fiksu, which grew from less than $1 million to $100 million in just three and a half years — with only $17.6 million in venture capital — following its 2010 launch.

Certainly, Adler’s success comes in part from building great products, but it also comes from his timing. In 2012, just two years after Fiksu’s launch, mobile-app development represented $19 billion in revenue and was experiencing annual growth of more than 60 percent a year. Finding a growing market of your own like this can put you on the fast track to massive revenue growth.

2. Think monetization from the start

It seems strange to think about objectively, but some startups start without any obvious monetization strategies. Twitter is one example of this phenomenon, but there are countless other companies out there building up their free user bases, hoping that inspiration — and, consequently, financial stability — will strike along the way.

If you want to grow a million-dollar company in your first year, you can’t afford to think that way!

Most profitable companies operate from one of two models: either they sell a lot of inexpensive products to a lot of people or they sell a few big-ticket items to a more limited buyer list. Neither model is easier or inherently better than the other. What’s more important than choosing is having a defined plan for monetization. Knowing how you’ll make money from the start will prevent wasted time spent hoping that something profitable will come together for you.

3. Be the best

There are plenty of mediocre products out there, but the odds are good that these companies aren’t making a million dollars or more during their first years. If you want to hit these big potential profits, you’ve got to bring something to the table that wows customers and generates buzz within your marketplace.

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