Recently, we were asked a question by someone who wants to become a seven-figure entrepreneur. Although, these days, the question on everyone’s mind is practically the same. It always goes down to how to become a millionaire entrepreneur.
These people said that they found it pretty challenging to build a successful business. Therefore, they wanted to ask for some tips.
In this article, we will give you some of our life lessons on how to become a millionaire entrepreneur and how to build a multi-million dollar business.
Answering the Holy Grail of “How to Become a Millionaire Entrepreneur” Questions
Aside from being asked how to become a millionaire entrepreneur, there’s another “holy grail of questions.” It was this:
“How to earn the big money for people to afford Nomad Capitalist’s fees since 97% of businesses fail within the first ten years. Even the ones that do succeed, only a small fraction earn over $1,000,000 per year. What do you do?”
Now, we work with seven to eight-figure entrepreneurs because they have a greater need. They also have a lot more complexity, and understand they have more of a target on their back.
These are the people who need to make sure that things are done correctly. They also need to have someone who will manage five, ten, or more people in their worldwide network.
Here’s the thing, you don’t necessarily need anyone’s help to move to another country or open a bank account somewhere. You also don’t need anyone’s help to start making investments all around the world. We’ve talked about how you can do that on your own.
Although, if you require our services, then we’ll be more than happy to help.
Becoming One of the Most Successful Entrepreneurs
Let’s talk about how you could build that million dollar a year business or that multi-million dollar a year business that guy is trying to get at.
Maybe it’s true that only a tiny fraction earned $1,000,000, and we’ll tell you a little story back in a different life.
I used to have a business in the broadcasting industry, and I had a client who was a good friend. This guy was the president of one division, and I had known this client beforehand.
I had known of this client, and I’ve seen him around, but he had a certain intrigue about him. So I eventually contacted them to use my services, and we signed up and built this great relationship.
Then I remember one day, as I started to learn a few of the inner workings of this guy’s business, I told one of my friends how I was so impressed by my client.
Then my friend told me, “You know what? He would tell you that you could do it, that you could be him. I could even be him, but we choose not to.”
Think about that for a moment.
There I was, and I was thinking how I’d love to be at this guy’s level. However, there was a mental barrier between getting from where I was at the time to get to this level of selling all kinds of huge volumes.
How to Become A Millionaire Entrepreneur Starts with Baby Steps
Back then, it all just seemed impossible. I often had to ask myself, “How can I do this?”
To those budding entrepreneurs, bear in mind that all successful entrepreneurs started from scratch. They had to ask themselves how to become a millionaire entrepreneur. Maybe, they even wanted to give up at some point, but they didn’t. You get where this story is going, don’t you?
Then, as I’ve gone through my journey in life through investing in other businesses and now, with running Nomad Capitalist, things have become more and more successful. I’ve heard this at different points in my life, and those words have been in my head.
Now, we imagine many people who have made $10,000,000 or $100,000,000 or more still had to get there step by step.
So we think the first step is to ask yourself how do you even make $1,000,000 per year?
Working Towards Your Millionaire Entrepreneur Ideas
Let us give you some other suggestions about how to build a very successful business.
The first thing that we will tell you is that you need to keep your taxes low.
This means that when you make a profit, you’re going to save a lot more of your money. You’re going to pay 0%, 5%, or 10%, instead of 40% to 50% – 60% in some cases!
Don’t just think about the headline income tax because there are so many taxes out there. There’s Social Security, or pension, or church taxes. You name it, there’s a lot of taxes, and the percentage that you have to pay is continually rising, especially in the United States of America.
Although, it can also help you keep the motivation up, especially if you know how taxes worked.
What Do Financial Experts Say?
It’s very important to sometimes look at what financial experts are saying. After all, the question of how to become a millionaire entrepreneur can often be answered by these financial experts.
Take Dave Ramsey, for example.
We’ve talked about how he says that when you’re getting out of debt, you should pay off the smallest debt that you have just to gain momentum.
Now, that’s how the mind works. You just have to keep your motivation up by keeping your taxes low.
Another thing that we would suggest for building a million-dollar business is keeping your costs low.
We now live in the digital era. Although, a lot of “entrepreneurs” still want to go out and get the best business card and get the office space in the most luxurious city.
Then again, we think you have to restrain yourself with that.
One thing that we have to talk about is hiring overseas.
Now, hiring overseas has allowed us to expand faster. We started at a minor point and then built people up to where we pay them so they don’t want to leave. It’s as simple as that.
Another thing you can do as a business owner is to be virtual. This is something that a lot more people are doing today.
How to Become A Millionaire Entrepreneur starts with Investing in the Right Opportunities
A few years ago, we talked to one company in Dubai. They wanted us to invest in their company because they needed more money to invest in more office space. This company wanted office space in more places so that they could hire more people.
Then we asked them what’s their conversion rate on the free consultations. You know what? They simply said, “I don’t know.”
It took them a while to figure it out, and it was like 8% or 10%.
So their goal is to spend more money to bring people in the door. These are people who aren’t qualified. They don’t want to niche down to figure out how to speak to a specific group of people, so they just want to talk to price shoppers.
These companies want to do that with infrastructure at a scale where they have to continue paying. In our opinion, this isn’t answering the question of how to become a millionaire entrepreneur. Quite frankly, what this company is doing isn’t considered as one of the millionaire entrepreneur ideas.
Even in a place like Dubai, it’s lower than you would find in the west.
If you’re starting and you’re renting, you should be keeping costs down. You shouldn’t be going to Dubai and just hiring a bunch of people in Dubai.
What you can do is you can hire people offshore through staffing companies or contractor relationships. You should be keeping costs low because you would want to make a profit as soon as possible.
Looking at Business as the Great Equalizer
Naturally, some people are far more successful than we are.
You could ask for advice from other people, and this is something that we love about business. It’s the great equalizer. Anyone can do it.
There are athletes, film stars, and all kinds of people who decide to get into business.
There are the ones who do well, too. So if you keep your risk low, then you’ve got a much higher chance of being successful than you would be an athlete or even a film star or maybe even a rapper.
You see, business is a much easier way to do it.
So we don’t know why you would squander that by going out and just having a lot of high expenses. It just doesn’t make sense to us. Not only that, but it doesn’t answer the question of how to become a millionaire entrepreneur.
You need to profit as soon as you can, which means that your taxes are being lowered.
This means that once you’ve reached a profit, you can now reinvest your money.
However, what you need to do to earn a profit is to focus on two things: sales and marketing.
Sometimes, people get frustrated because they keep on discrediting others simply as “just good at marketing.” Then again, that’s what you need to run a successful business.
Nobody who’s making millions of dollars a year dismisses someone like a marketer. Naturally, if you’re “just a marketer” and it’s all just flashiness without any substance, people are eventually going to find out sooner or later.
That’s just not going to work.
So you have to learn how to sell, and you have to know what that means.
Learning How to Sell and Do the Basics of Marketing
Most aspiring multi millionaire entrepreneurs have to learn how to listen. Not only that but they have to learn how to understand people.
If you want to know how to become a millionaire entrepreneur, then you shouldn’t be that guy in Dubai who’s chasing after an 8% conversion rate.
No, you better find a way to focus on getting that sales rate much higher. So when someone does come in, and they’re not a good fit for you, you can simply turn them away and start building a good name for yourself.
To get those people in the door, you would need some kind of marketing, whether YouTube or any online platform. Because those are some of the easiest things to do, and by large, they are free.
So you can just start creating content and adding value. This is why sales and marketing are things you need to learn.
It’s All About Service
Frankly, we’ve never been the kind of people who wants to build up an extensive sales department. If you look at our company, there’s 95% of people who aren’t doing that.
For us, it’s about service, and a bit is about marketing.
However, 80% of people are doing things where we’re improving our knowledge. We’re doing our research, and we’re serving people while building connections. All that kind of stuff that you do as a business owner is what’ll get to that million-dollar business. This is what’s going to answer that million-dollar question of how to become a millionaire entrepreneur.
It’s a beautiful culture, but you have to understand it and understand the sales yourself.
If you can’t do that, then you’re not going to train other people to do it. You’ll just be pawning it off.
We’ve seen these things fail so many times in many different industries where someone’s just hiring the star salesman. They sit back and relax, and they bring in the money.
However, you have to learn how to do it. This is an important skill, and it’s a step towards the right direction on discovering how to become a millionaire entrepreneur.
What Happens When Your Business Starts Getting Better?
For years and years in my business career, pretty much every month and certainly every year, my business got better.
Although, there were some ups and downs.
Of course, if you put it on a graph, it was a remarkably consistent growth. Yet again, every month, I would think to myself that maybe this is the time where it’s all going to fall apart.
Today, I no longer feel that way. Although, I still have some ideas that nobody in business can ever be too cocky.
Whenever we see people getting into business and then they’re overly confident, throwing at other numbers and maybe making a million this year, they automatically think they’re going to make $27,000,000 next year.
Sure, you might do that. However, just think that if you have that mindset, it will get in your way now.
So from our side, humility and being humble, and assuming the worst in a certain case could mean that you’re going to be micromanaging things until you can get people to micromanage them for you.
Just know that you’re going to be sitting and saying how you know all the ways, but then you could lose.
So how do you prevent that?
Defying the Odds and Succeeding in Business
Preventing how to lose in business is something that you need to be thinking of. So those are some of the tips that we can give based on our experiences.
To build a business that defies the odds, you have to listen.
Most people don’t have the right mindset to build a big business, and that’s probably why most businesses fail.
So if your odds of failing with a franchise where someone else can control your destiny with their marketing? Well, you can have lower overhead, or you can hire overseas. You can keep your bills low, and your taxes too!
What we would also add to that is how you should look into marketing to people in other cultures because you have the experience that you’ve gained by traveling or by living in other places.
That could be more successful as well.
As we always say, you should go where you’re treated best. Not only are these five magic words a lifestyle, but this is something that you could also implement when it comes to your business strategy.
So those are all the things that you would want to keep in mind so that you can beat that 97% and build that seven, eight, nine, or even ten-figure business!