How to Make a Million Dollars – A Simple Approach

One of the most asked questions in my entrepreneurship workshop, sessions and courses is: how do you make 1 million dollars? That’s a natural question to ask for entrepreneurs. For someone with a job, a six-figure salary is something to look forward to. For an entrepreneur, bringing in 1 million dollars is an important milestone. Because at that point, you’ll probably have enough customers to be able to sustain in the short term.

So how do you make a million dollars? There are many ways to approach it, but the simplest way is to just look at the math: you can have one customer that pays you a million dollars or you can have a million customers that pays you one dollar each. Admittedly, it’s pretty difficult to find one person who is willing to pay you a million dollars; on the other hand, it’s probably just as difficult to find 1 million customers who will pay you $1 each. Getting 1 million customers is hard work, trust me!

The best way to go forward is probably somewhere in between the two extremes. Let’s look at the math: at 10 dollars per customer you need 100,000 customers; at $50 you need 20,000; at $100 you need 10,000; at $500 you need 2000; and finally at $1,000 per customer you only need 1000 customers to make 1 million dollars.

From my experience, $50 to $200 is a pretty good range for your product or service. To get someone to pay you $50 isn’t very difficult. To get someone to pay you $200 is a little bit more difficult, but it’s still pretty doable. Just think about in your daily life, how many things do you buy between the range of $50 to $200 — I think that would be most things. So all you have to do is to come up with a product or service that is between $50 to $200 and find the right number of customers. Add them together then you will make 1 million dollars!