In the last blog, I promised to reveal how to ensure you make £1 million, that means after all costs (well not ALL costs, you still have to pay tax).
The fact is that most people have never worked out what it takes to do it and so will never attempt it. But by breaking it down into manageable chunks, it makes it achievable and attemptable. Or put it this way, even if you don't achieve, it at least you'll get damn close.
So "How many sales do I need to earn a year to have an income of £1million?"
Ok so here goes.
1. Choose your primary product or service.
2. What is the average price you sell it at?
3. What is your average profit per sale? This is calculated by taking away all your costs from your price. Or think about your accounts for last year. What was the turnover and how much was left before tax? Work out what % that number is of your turnover and this gives you a percentage you can use to work out your average net profit per sale.
4. What number of units must be sold to create £1 million? This is calculated by dividing your average profit number into 1,000,000.
5. Then you can calculate the units per month that need to be sold. Divide your figure from your answer to number 4 by 12 if you sell all year round.
6. Units per week
7. Units per day
You now have some very powerful information you can use to ascertain what needs to happen to sell so many units per day. Can you currently achieve it with the marketing you are doing or the team you have? What do you need to do to make it happen?
The business can only grow as fast as you, the business owner is growing. I hope this calculation has helped you.
Last chance to have me teach you about the stock market
Our last FREE evenings this year are coming up. This is your LAST CHANCE to learn about the stock market with nothing to pay. If you live outside of London, simply send off for the DVD of the evening.
Find out more hereHoliday snaps
We spent a week in Marrakesh, Morocco. The villa was for 8 people and 3 full time staff. It was superb. Check out the picture of me below in the the infinity pool and the cinema room just behind me.
And check out little Melania enjoyed her first splash in a swimming pool. Very cute.
That's it for this week, I hope to meet many of you at our stock market tutorials on 3rd, 4th and 10th November.
Marcus

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