Affiliations

Ben Hwang - Insight Community Expert

Make Your First Dollar First

Sometimes, budding entrepreneurs don’t understand that making money is a long term process. It doesn’t just happen overnight, and you don’t suddenly make millions without blood, sweat, and sometimes tears.

You have to take care of business, operations, and sometimes there are just costs out there that you’ll have to pay due to the fact that you start out with low volume of sales. I think that’s the key. Step by step, one of the biggest issues I run into is that people believe that they’ll make money off the bat. Their time schedule is completely off, and they believe that if they bring a product to fruition, the people will come. Having been around the block a few times, I personally would recommend that they shoot for their first dollar in profit. Then you shoot for ten, then a hundred.

When you’re off to the races and making ten thousand dollars a month, come give me a call. Because then you’ve successfully made it well enough to hopefully be self-sustainable. And that’s what the first major milestone of any business. To get there, you’ll still have to make that first dollar. So don’t worry less about the expenses, and more about the profit. The only reason that you would worry about expenses is if you’re selling for a loss per transaction. Then there’s something wrong with the process itself.