19 March 2018
How do you make a million? That’s the question I am asked the most as an entrepreneur.
Before UKFast and before my avalanche my goal had very much been to make a million. My sights were set on those six zeros. That was my focus. Ironically, when the moment did arrive, I didn’t even notice.
The funny thing is, making money isn’t a big enough motivator. By the time we had worked our fingers to the bone to get to the point of turning over £1 million, our focus had very much shifted elsewhere. We were growing, we were giving people huge opportunities and helping other businesses and teammates to grow.
But how do you make a million? You could sell a few big ticket items, make a large amount per sale, or you could choose the little and often route. Either way, the key, in my opinion is not in what you generate, it’s what you save.
Imagine if you had every single penny that you’d ever spent piled up into one room. It would be a frightening amount! I always think of this whenever I am making a spending decision.
I’m terrible at spending money, probably because I hate shopping and I take a long time to come to a decision. Instead I save. Perhaps that comes from knowing the real value of money having lived off relatively little at various points in my life.
Ultimately, you can always generate more sales, but you can never get back what you have spent. That’s how you make a million. It’s that simple!
Setting the wrong business focus
There’s a real danger of setting the wrong focus in business. It is all too easy to look at the Rich Lists and turnover figures and assume that money is the be all and end all in life. Whilst we’re in a privileged position, we’re comfortable and we’re happy, it is nowhere near the assumptions made when you see the numbers in the Sunday Times Rich List.
In truth, these numbers are based on assets and we’re proud to have an incredible asset in UKFast. This type of wealth is all on paper and unfortunately these published numbers often make people treat you differently when there is no need. Being in these lists is never something that you should aim for. The biggest benefit of making a million is being able to give back and help the community.
How can you help others? How can you generate real value to the world? They’re the goals that we should all be setting and the questions we should be asking.