101 Entrepreneur Math
Understanding what it takes to make a 6 Figures.
There is a reality as an entrepreneur….the bottom line!
The $ amount that you will make or break you.
Yes, big ideas changing the world and all but who will pay the rent? And put food on the table?
So, here are the questions one can ask himself.
What is the $ amount that will be enough for me to quit my day job? The Average American Salary is $50,000 a year. So for me, that would be a reasonable amount to leave my job.
What is the $ amount associated with success? So for me, the 6 Figures Magic number would be $100,000 a year.
Now let’s get to the bottom of it and do the Math.
To make $50,000 a year, I would need to be selling something.
If selling something and making a $5 Pure Profit a Piece = I would need to sell 10,000 of something a year. Or 834 a month or 30 a day.
If selling something making a $10 Pure Profit a Piece = I would need to sell 5,000 of something a year. Or 417 a month or 15 a day.
Well, I like the idea of buying on Alibaba and selling on Amazon, but I am not seeing a lot of product that would allow me to make a $10 Pure Profit per sell out there. Even fidget spinners are hard to get by these days.
To make $100,000 a year, I would need to be selling bigger ticket item.
If selling something and making a $100 Pure Profit a Piece = I would need to sell 1000 of something a year. Or 84 a month or 3 per day.
If selling something and making a $1000 Pure Profit a Piece = I would need to sell 100 of them per year. Or 8 per month. Or 2 per week.
These numbers do not include the cost of goods sold or the personal investment that would be needed to start the business.
At this point, I would like to focus on creating value, on learning and sharing my journey and not too much on any $ expectation.
Because, Sky is the limit!
I love this quote from Albert Einstein:
“Try not to become a person of success, but a person of value.”
My Success will not be calculated in a $ amount but by how many people I have helped on my journey.