How to Make a Million Dollars with Your Online Business

Martin Zhel
Martin Zhel

Last updated on

February 10, 2024

According to Grant Cardone, everybody can make a million dollars if he or she follows the right process.

People just need to believe in the possibility, and why wouldn’t they?

In 2015, there were 33.7 million millionaires worldwide. In fact, 15.7 million of them are in the U.S., which added 903,000 millionaires just in the last year.

This means that you can make a million dollars in the next year if you follow the right process.

Become obsessed with success

There is no way to build a million-dollar business if you’re not obsessed about it.

Being obsessed means:

Making a 100 percent commitment – you should understand that success is your duty and obligation. Nobody is going to build your business for you.

You’re the one who’s in charge, and you should take full responsibility for it.

Until the world understands that you’re not going away and that you’re 100 percent committed to your success, they will not pay attention to you.

This doesn’t mean that you need to know all the steps or how you’re going to reach your goals.

Cardone states that you need to commit first, and then you can figure out how to achieve your dreams later.

10x your goals – in the book The 10x Rule, Grant Cardone says that the biggest mistake he made in his business was not setting high enough goals.

He says it takes the same amount of energy and effort to make $10 million dollars as it does to make $10,000.

The biggest mistake people make is not setting their targets high enough, which limits their success.

Your focus should be on setting up targets 10 times higher than what you think you want. Then you should do 10 times more what you think is required to accomplish them.

In other words, if you want to make $1M per year, then set that target at $10M.

10x your actions – you need to be able to estimate how much action is necessary in order to achieve your goals.

In the book The 10x Rule, Cardone states that in order to ensure your success, you must put 10 times more action than you believe is required to achieve your goal.

The reason for this is very simple – most people seriously underestimate how much action, resources, money and energy is required to reach their targets.

When people miscalculate how much action is required to achieve their goals, they become discouraged and disappointed.

As a result, they tend to reduce their targets rather than increase their activity. That is a huge mistake.

This makes them even more unmotivated and discouraged.

Cardone states that you should never decrease your target. Instead, increase actions.

Any target is achievable with the right amount of action. Determine the right action plan, use AI deal sourcing platforms to find any investors if needed to kickstart your business idea, and make the first step.

Prioritize your time – your focus should be on taking the right amount of action in order to reach your goals.

This means that you should be incredibly good with prioritizing and managing your time. In other words, learn how to do more in less time.

If you learn how to make 15 phone calls in 15 minutes instead of an hour, you have earned 45 minutes.

You might need to give up some time you spend with your family and friends on weekends.

Do the millionaire math

How many of your products or services do you need to sell to make $1M?

If you have never done this math, you’re being irresponsible. You need to figure out every possible way to hit your target.

You can only do that if you look through your options.

How much do you need to earn per hour - If you work eight hours per day, that makes 160 hours per month, or 1,920 per year.

In that case, you need to make $520/hour to hit your target of $1M/year.

If you make money while you sleep, this can drop to $115/hour.

How many clients do you need – this will depend on how much your product costs.

You need:

  • 100,000 people to pay you $10 for your product = 1,000,000
  • 5,000 people to pay you $200 for your product = 1,000,000
  • 2,000 people to pay you $500 for your product = 1,000,000
  • 500 people to pay you $2,000 for your product = 1,000,000

This is the math in case you’re offering a subscription service:

  • 5,000 people need to pay you $17/month
  • 2,000 people need to pay you $42/month
  • 1,000 people need to pay you $83/month
  • 300 people need to pay you $278/month

Keep in mind that you can use a combination of those. You can sell your $10 ebook to 50,000 people ($500,000), your $2,000 info product to 200 people and get 500 people to subscribe for $17/month.

You should not forget that you can always upsell and cross-sell other products to your current customers to increase your revenue.

How many leads do you need – this will depend on two things – how much your product costs and what your conversion rate is.

The conversion rate will greatly depend on the channel you use to connect with your prospects.

  • For cold calls, you can expect conversion rates between 2 and 4 percent.
  • An average email marketing conversion rate could range from 2 to 12 percent, depending on your industry.
  • Facebook has a conversion rate of 1.85 percent.

Knowing this, you may make your own calculations.

Let’s imagine that you sell a product for $500.

Cold calls: if your conversion rate is 2 percent, you will need to make 100,000 cold calls to be able to sell to 2,000 people (100,000 x 0.02 = 2,000 x $500 = $1,000,000).

Email marketing: if your conversion rate is 5 percent, you will need to have an email list of 40,000 people in order to make 2,000 sales.

Facebook: if your conversion rate is 1.85 percent, you need to have 108,109 Facebook fans.

The process you need to follow

According to Cardone, this is the process that you need to follow in order to get to the $1 million mark:

Find who’s got your money – you need to start by identifying the people who need and can afford your products and services.

Think about:

  • What are their problems, struggles and goals?
  • What is their profile – company types, occupations, interests, behaviors, etc.?
  • Where do they go online (and offline)?

Find how to contact them – you need to be able to reach them and collect their contact information. You can start by building relationships with them and pitching them.

In case you’re doing cold calling, you can easily find people in your niche from Google.

Just search for your niche and make a list of all the websites and their contact details. You can ask your virtual assistant to do that for you.

Another great place is LinkedIn, where you can find people based on their job descriptions, groups they have joined, companies they work for, etc.

To generate inbound leads, you can use:

  • SEO and content marketing
  • AdWords
  • Social media marketing (Facebook, Twitter, YouTube, etc.)

Be sure to present an attractive offer once people land on your website as an opt-in “bribe” to get their contact information (name, email, phone number, etc.).

This could be anything from:

  • A content upgrade/cheatsheet
  • Downloadable pdf/ebook/report
  • A webinar or a free course

That way you can start building your relationship and pitching them

Learn how to pitch them – people are only interested in solving their own problems. So this is what you should start talking about when you speak with them.

Explain what you can do for them and how you can solve their issues.

It doesn’t matter if you do that on a call, your landing page or a live webinar. What’s more important is to pitch as many people as possible and to do it right.

Don’t just seek to sell. Instead, you should first spend your time trying to learn more about your prospects.

Find what they want – the best way to find what people want is by speaking with them 101.

The ideal place is when this happens on a sales call where you can interact, ask questions and respond. That way you can dig deeper into the problems they are having and how those problems impact their business.

Another option is to collect this information from support calls, chat and email.

You can also use surveys, which you can send to your list. You can use tools like Google Analytics to understand more about their online behavior and interests.

Present your solution – The only reason people buy something is to solve a problem. So when you’re presenting it to your audience, always focus on how you can help them in that direction.

Always present your product by making a big claim. Most people tend to underpromise to their prospects, which costs them the deal.

In fact, you should always overpromise and overdeliver to your clients. This is how you will make them happy.

Tell them that your product will help them “increase conversion rates 50 percent within 30 days.” Don’t hide it because this will get their attention.

Be sure to offer a plan and proof that you can deliver.

Close the deal – according to Grant Cardone, no real value has been created until a deal has been made. The client can’t take advantage of your amazing product or service, and you don’t get paid.

You should tell people exactly what they need to do to buy from you and take advantage of your amazing offer.

Do they need to sign a contact? What are the terms?

Do they need to go to your landing page and add products to their cart to fill their order?

Be sure that your shopping cart is working so the order can be processed. It should be also clear what information you need from your clients and why.

Repeat – at this point, all you have to do to grow your business is repeat the process. You can hire more people, outsource and invest more into marketing to be able to scale the process.

To do that, you need to have a process that works – a well-converting product, a landing page or a sales process.

Then you should learn how to scale without losing money.

Focus on getting attention

In order to make $1 million, you need to get the attention of a lot of people. And you need to keep it.

Here’s how to do that:

Get out of obscurity – until people know who you are, they will not pay attention to what you represent.

You need to get out of obscurity and let people know what you can do for them.

Successful people reach their goals because they spend an incredible amount of time writing books, doing interviews, blogging, accepting speaking engagements, and saying yes constantly to get attention for themselves.

Omnipresence should be your goal – the word means being everywhere, all the time.

Can you imagine how many more people you will have if your name and the name of your company can be everywhere all the time?

If they see your ads on Facebook, your email in their inbox and your face on YouTube and TV?

You don’t even want to compete for attention. You need to dominate – in every single channel and in the mind of the customer.

Learn how to invest

Depending on how much money you’re currently making, you should invest money in a different way.

Invest only in yourself until you make $100K – don’t buy consumables; make investments until you reach that goal.

Invest only in yourself. This means buying books, courses and buisness coaching, and attending conferences.

Then use that knowledge and all your energy to achieve your goals.

The training you receive cannot be taken away from you, and it will make a difference when it comes to achieving your goals.

When Cardone was 25, he borrowed $3,000 from his mother to buy a sales training program and to improve his skills.

Before investing, learn how to save money – you wouldn’t consider a diet successful if you lose 10 pounds and gain 12.

Before learning how to invest, it is very important to learn how to keep what you’re earning and grow your current income without increasing your spending.

If you used to make $50K and now you’re making $80K, then save the difference ($30K) and live like your income hasn’t increased.

Invest in creating other flows of income – if you want stability you can’t rely on just one flow of income. You need several.

The average millionaire has seven. You can get by with two or three.

Your second flow of income must be symbiotic to the first one so that both help each other make more money.

You don’t want to start with something completely different, at least not until your fourth or fifth flow of income.

In conclusion

There is no shortcut to success; you probably can’t make a million dollars by tomorrow if you’ve never done it before.

But there is a process you can follow that will get you there. A massive amount of action and persistence is required.

After all, you should be willing to do whatever it takes.

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