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Quick tips to be a Millionaire
Tip # 1 — Invest More
This year, take the money you’re saving and invest it. You were spending it already, so you won’t miss it, and you’ll turn that same money from a liability into an asset. Not only do you get a tax break in some cases, but you’ll begin to accrue interest from some investment accounts. Sure, the stock market has had its major issues over the past few years, but it still allows you to have a better chance at making money from your savings than letting it sit in a bank account. Over the course of time, the stock market has risen, so while there are dips in the market, the trend is upward — along with your wealth.
Tip #2 — Use Social Media
One of the least expensive, most effective ways to market your business is through Social Media. If you have a business that you want to turn into a multi-million dollar company, you need to start using the online tools available. Get a free Facebook business page, and start building a community. Use Twitter and LinkedIn to send your message even further. The more you can extend your reach, the more customers you will attract. Also, start a blog with keyword-rich articles to help you continue to connect with clients and customers and build your site traffic. As the word spreads, your income will increase and new prospects will come to you — and it won’t cost you very much. Check out our Internet Marketing section for some great articles on this topic.
Tip #3 — Become an Expert
Are you serious about becoming a millionaire? Then become a recognized expert in your field. There might not be a faster path to wealth and fame! Being seen as an expert sets you apart from your competition, attracts customers that would not have otherwise found you, and can even be its own revenue stream. Learn all that you can about your market and then start writing articles and using the tools mentioned in Tip #3. If you have doubts as to the power of this approach, just look at Gary Vaynerchuk who took his parents’ liquor store from $4 million to $60 million a year by following this method.
Tip #4 — Network, Network, Network
While this tip is certainly linked to Tip #3, there’s something to be said for old-fashioned, face-to-face networking. The more you talk to others, the more your business name will be on the minds of others. Have a thirty second introduction to what you offer ready to go so that when you’re with others, you can quickly talk about what your business does, hand out a business card, and connect with as many people as possible. You never know when a quick chat with a stranger at a networking mixer might turn into a business proposal. For some great tips on effective networking, check out this article.
Tip #5 — Offer Products and Services with Recurring Revenue
When it comes to what you’re selling in your business, think about what people need in terms of a product or service that they can use again and again. That’s what millionaires do. Unless you sell very large ticket items, the best way to build your long term revenue is through repeat business. Offer something unique in your business that people must come to you for on a regular basis or that customers can subscribe to. This way, all new customers are adding to existing revenues rather than replacing yesterday’s customers.
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