6 Tips to Start Your Million-Dollar Business From Scratch
You'll never build a seven-figure business if you don't take the first steps
By | Kevin Leyes | www.entrepreneur.com
We’ve all seen it: the inspiring story of someone who felt lost and found success after starting a business on a whim. Especially in today’s age, understanding how to start a business online can make you a millionaire. Even if the business you start today doesn’t earn you millions immediately (and it likely won’t), you never know where it might lead you.
Take, for example, Ben Simkin. He was kicked out of high school at 16 for hacking into the school’s computer systems. As a self-taught programmer, he started an IT company at the age of 20. At 24, he was able to sell that same company for seven figures. Now, he’s the founder of the marketing company BusinessNET, which earns $2 billion in sales yearly.
Before you start your own business
Before you get started, you’ll have to figure out what product or service you’re selling. You might have several interests and aren’t sure which is most profitable. According to Elaine Pofeldt, a researcher who studied solo-run million-dollar businesses, most successful businesses fell into one of these categories: e-commerce; informational content creation; personal services firms that offer expertise; manufacturing, professional-services and creative businesses; or real estate. If any of your interests fall into those categories, that’s a good place to start.
Of course, your business will only thrive if you are truly interested in and care about the product or service you sell — so be sure it’s something you love. Once you find something that meets that criteria and is an asset that someone will want to buy, you’re in business.
