My Goal is to be making 1 million dollars profit per year in 5 years time, from the sum of my online businesses.
That is by March 15, 2023.
Made this goal today March 15, 2018.
Unbelievable? No.
Difficult? Yes!!
I know this might be "peanuts" for some of our FLF legends here, but its a significant challenge for me, given my relative "newbie" status in business, my day job hogging most of my time, and my currently living in an African country.
I have been inspired by a lot of threads here on what's possible with hard work, grit and guts, from their experiences, by the progress threads of people like @biophase , @G_Alexander , @MTF , @Sharko , @Envision , and a host of other wonderful threads here too many to mention.
WHY DO I WANT TO DO THIS?-
1. I love to give. I'm happy when I see the smiles on people's faces when I give. I love to create smiles. Its much easier to give significant sums when you have significant sums in your possession.
2. I want to be able to live my life without financial pressure whatsoever- do whatever I want, buy whatever I want (reasonably), go wherever I want, dine on whatever and wherever I want, without meditating on how it affects my pocket.
3. I want time freedom- the ability to do whatsoever I want with my time, without the constraints of thinking I have to spend my time in exchange for money.
(2&3 make up true Fastlane freedom for me).
4. For my kids, family and friends- to give my kids things I didn't have as a child, and to freely help my family and friends live much better lives as well.
AND WHY ONLINE? Because it will give me location freedom- ability to run my business from wherever I am, irrespective of location.
BACKGROUND:
Currently, I have a day job (doctor) giving me an above average income in my country (Nigeria, though may relocate in the near future), but the job is super stressful and takes a humongous chunk of my time day and night- gotta find ways around that.
I don't have any businesses currently, though I'll be kickstarting one today, and creating a progress thread on it.
Haven't run any businesses before (almost started at least 2 at various times, but stopped mostly due to pressures from work).
HOW DO I PLAN TO ACHIEVE THIS?
Through one or more online businesses, most likely more than 1 business.
My plan is to kick off one, get it stable till its reasonably hands free, then add another one to it. And so on.
I might have some other small side hustles (also online), to enable me raise more funds, apart from the main business.
KEY PRINCIPLES I'LL LEVERAGE ON:
There are 5 key principles I'll use, to drive my goal of making 1 million dollars profit per year in 5 years time.
1. Taking advantage of all the technology I can use (and afford), to give me an "unfair" advantage. (Of course no blackhat or unethical techniques acceptable).
2. Making use of all the human resources I possibly can- outsourcers, VAs, anybody I can recruit to help maximize my output.
3. Principle of scale: going at everything 10x what every other person is doing (that's every normal person in that field/venture).
4. Delivering value (culled from MJ)- always making things better. Might not be as dramatic as Elon Musk and his space ships. Might be something as mundane as improving one particular aspect of routine daily operations/businesses, and doing it really well and making people happy. The aim is to improve on existing processes in whatever I get into, the goal is to make my customers/clients happy.
5. Consistency + consistently improving(kaizen): Consistency- showing up and doing the work, EVERYDAY.
Even more importantly, consistently improving my business processes, always looking for a better way to do things and improve my operations.
With these 5 principles, I have no doubts that I can make my goal of making 1 million dollars profit per year (not revenue, not Net worth, and not a 1-hit wonder for a single year, but continuously making profits of at least $1 million every year) in 5 years time.
Other smaller principles:
**Reading wide about anything I am engaged in- constantly on the lookout for ways I can improve my techniques and processes.
**Mix and match- applying processes that work in one particular area, to another area if it makes sense and fits like a glove. Combining and remixing processes in one field, based on what I have learnt in another field, to improve processes and operations in the field(s) I'm playing.
I don't yet know ALL the businesses I'll get into to achieve my goals, but I've decided on the one I'll start today.
The exact businesses themselves are not the most important thing, I think its the Process, and applying these my principles to each business I enter that is the most important thing.
I'll not be writing the day to day processes of each business on this thread. Each individual business will have its own progress thread, where I'll document my process and experiences.
This will be like the master thread, where I update infrequently, like once in 3 months, to show where I am so far and what i have achieved, and where I stand in the big picture.
CURRENT STANDING:
Source of income: Day job.
Number of active businesses: 0 (starting one today).
Business income: $0.
We'll see how it goes.
Let's Go!
**************************
Now Edited to add link of the progress thread for my first business I'm starting today, as I said I would (its in INSIDERS):
https://www.thefastlaneforum.com/co...ng-an-online-service-arbitrage-company.81461/
That is by March 15, 2023.
Made this goal today March 15, 2018.
Unbelievable? No.
Difficult? Yes!!
I know this might be "peanuts" for some of our FLF legends here, but its a significant challenge for me, given my relative "newbie" status in business, my day job hogging most of my time, and my currently living in an African country.
I have been inspired by a lot of threads here on what's possible with hard work, grit and guts, from their experiences, by the progress threads of people like @biophase , @G_Alexander , @MTF , @Sharko , @Envision , and a host of other wonderful threads here too many to mention.
WHY DO I WANT TO DO THIS?-
1. I love to give. I'm happy when I see the smiles on people's faces when I give. I love to create smiles. Its much easier to give significant sums when you have significant sums in your possession.
2. I want to be able to live my life without financial pressure whatsoever- do whatever I want, buy whatever I want (reasonably), go wherever I want, dine on whatever and wherever I want, without meditating on how it affects my pocket.
3. I want time freedom- the ability to do whatsoever I want with my time, without the constraints of thinking I have to spend my time in exchange for money.
(2&3 make up true Fastlane freedom for me).
4. For my kids, family and friends- to give my kids things I didn't have as a child, and to freely help my family and friends live much better lives as well.
AND WHY ONLINE? Because it will give me location freedom- ability to run my business from wherever I am, irrespective of location.
BACKGROUND:
Currently, I have a day job (doctor) giving me an above average income in my country (Nigeria, though may relocate in the near future), but the job is super stressful and takes a humongous chunk of my time day and night- gotta find ways around that.
I don't have any businesses currently, though I'll be kickstarting one today, and creating a progress thread on it.
Haven't run any businesses before (almost started at least 2 at various times, but stopped mostly due to pressures from work).
HOW DO I PLAN TO ACHIEVE THIS?
Through one or more online businesses, most likely more than 1 business.
My plan is to kick off one, get it stable till its reasonably hands free, then add another one to it. And so on.
I might have some other small side hustles (also online), to enable me raise more funds, apart from the main business.
KEY PRINCIPLES I'LL LEVERAGE ON:
There are 5 key principles I'll use, to drive my goal of making 1 million dollars profit per year in 5 years time.
1. Taking advantage of all the technology I can use (and afford), to give me an "unfair" advantage. (Of course no blackhat or unethical techniques acceptable).
2. Making use of all the human resources I possibly can- outsourcers, VAs, anybody I can recruit to help maximize my output.
3. Principle of scale: going at everything 10x what every other person is doing (that's every normal person in that field/venture).
4. Delivering value (culled from MJ)- always making things better. Might not be as dramatic as Elon Musk and his space ships. Might be something as mundane as improving one particular aspect of routine daily operations/businesses, and doing it really well and making people happy. The aim is to improve on existing processes in whatever I get into, the goal is to make my customers/clients happy.
5. Consistency + consistently improving(kaizen): Consistency- showing up and doing the work, EVERYDAY.
Even more importantly, consistently improving my business processes, always looking for a better way to do things and improve my operations.
With these 5 principles, I have no doubts that I can make my goal of making 1 million dollars profit per year (not revenue, not Net worth, and not a 1-hit wonder for a single year, but continuously making profits of at least $1 million every year) in 5 years time.
Other smaller principles:
**Reading wide about anything I am engaged in- constantly on the lookout for ways I can improve my techniques and processes.
**Mix and match- applying processes that work in one particular area, to another area if it makes sense and fits like a glove. Combining and remixing processes in one field, based on what I have learnt in another field, to improve processes and operations in the field(s) I'm playing.
I don't yet know ALL the businesses I'll get into to achieve my goals, but I've decided on the one I'll start today.
The exact businesses themselves are not the most important thing, I think its the Process, and applying these my principles to each business I enter that is the most important thing.
I'll not be writing the day to day processes of each business on this thread. Each individual business will have its own progress thread, where I'll document my process and experiences.
This will be like the master thread, where I update infrequently, like once in 3 months, to show where I am so far and what i have achieved, and where I stand in the big picture.
CURRENT STANDING:
Source of income: Day job.
Number of active businesses: 0 (starting one today).
Business income: $0.
We'll see how it goes.
Let's Go!
**************************
Now Edited to add link of the progress thread for my first business I'm starting today, as I said I would (its in INSIDERS):
https://www.thefastlaneforum.com/co...ng-an-online-service-arbitrage-company.81461/
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
Huuf madl updi eheop!
