Money is a strange entity, and one that means entirely different things across alternative entities. While the vast majority of SMEs and independent businesses struggle to achieve an annual turnover in excess of £1 million, for example, football clubs in the flagship Premier League are set to spend more than £1 billion on new players during the summer months.
Manchester United are expected to invest as much as £100 million to secure the services of French midfielder Paul Pogba alone, which is a staggering sum of money to spend on a single asset regardless of the economic climate.
3 Ways to Create a Million Pound Business, whatever the weather
Make no mistake; however, there is ample opportunity for business-owners and entrepreneurs to optimise the value proposition of their ventures and generate £1 million during their first year of trading. Here are three tried-and-tested methods of achieving this regardless of the economic climate: –
Identify a Growing Marketplace
Of course, the most effective way of optimising your revenue is to identify a growth trend or market. We have seen a number of firms in the mobile app space embody this ethos, with developers Fiksu earning more than $1 million during their first year and a total of $100 million in the subsequent 30 months.
This firm launched in 2010, as the mobile app space gained credibility and began to experience huge growth (and diversity). With minimal venture capital and impeccable timing, developers were able to target a vast audience with their outstanding products and exceptional level of innovation.
This is something for your business to target, regardless of your growth projections or the precise market that you reside in.
Integrate Monetization into your Business Model
While you may have a product or service to sell, it can take time to identify and market to target audiences. This can lead to slow revenue gains and sluggish growth, which is why you should look to integrate monetization techniques into your business model from the outset.
Whether you engage in the pre-sale of a specific product or market your goods through affiliate websites in exchange for a fixed commission fee, the idea is to diversify your income streams and build revenues immediately.
Regardless of which precise model that you choose, these steps will help you to monetize your business proactively while achieving higher level of turnover and profit during your first year of trading.
Gather, Consume and Utilise Data
In case you may have missed the memo, data is the watchword for businesses in the modern age. In fact, the capture, analysis and strategic utilisation of data drives almost every single aspect of commercialism in 2016, from sales and marketing and distribution.
The prolific consumption and leveraging of data can also drive your profitability during the first year of trading, as it empowers an analytical mind-set that is constantly looking to review performance and introduce improved, measurable metrics throughout the business.
From internal data and analytical CRM profiles to the type of insight provided by tools such as Google Analytics, you can accumulate huge swathes of data that detail consumer behaviour and market trends. These can then be used to inform every single decision that you make, which in turn have a cumulative impact on the scope and the speed of your businesses growth.