It’s safe to say that making a million-dollar is something every entrepreneur dreams of.

But, unfortunately, a majority of them don’t achieve it. 

So, the question is what will it take for you to make your first million dollars?

Well, what’d be better than following the track of the people who’ve actually done it?

In this guide, I’ll take you through a step-by-step process based on what worked for other millionaires out there. 

How to Make a Million Dollars?

Before we start, keep in mind that many entrepreneurs got to the million-dollar goal with the combination of two things:

• Saving and investing
• Generating multiple side-hustles

Let’s dive in. 

Get Out of Debt

Climbing debt is one of the biggest hurdles people have to face while pursuing their financial goals. 

So, your first goal should be to get out of debt, whether it’s your credit card company or a business associate. 

Start from a clean slate, because only then you’ll be able to move forward with peace of mind and confidence. 

Here’s the next step.

Save Money for Peace of Mind

You don’t want to go all-in and not have anything to cover your expenses. 

There’s no way you can make the kind of money you’re thinking when you’re stuck in the kitchen loop. 

Make sure your basic expenses are covered and have enough savings for a foreseeable future.

In entrepreneurship, you want to move forward with peace of mind.

Invest in the Future

Now, this is where things can get risky and sometimes, even overwhelming. 

But, it’s crucial that you invest your resources in the right places. 

That, of course, requires decision-making skills. 

Plus, you should learn the skill as well; many entrepreneurs don’t realize that investing is a skill in itself. 

You don’t want to blindly trust your partner or throw your hard-earned money down the drain. 

For instance, if you are to invest in stocks or crypto, you need to learn how those markets work. 

Here are a few ideas:

• Invest in rental property
• Buy and sell cryptocurrency 
• Create and sell blogs (Flipping)
• Buy and sell NFTs (Non-fungible tokens)
• Buy and sell stocks of popular companies

Find a Million-Dollar Idea

One of the most common misconceptions in the business world is that your business idea needs to be perfect. 

That’s not true. If you keep searching for that perfect idea, you’ll just end up delaying the process. 

And, who knows, you might not even find something of that stature. 

Because let’s face it. No matter what industry, concept, or product you choose, there will be competition. 

The strange thing is having a good number of competitors isn’t always a bad thing either. 

If enough people are working on an idea, that means there’s potential. 

And, you get to spy on what other people are doing and learn from their mistakes. 

The point is: Find a million-dollar idea but don’t fall prey to analysis paralysis. 

Do your homework and research, and get started. 

Let me give you a few business ideas to help you get started. 

Start Freelancing

Freelancing has more potential than you might think. 

According to research, over 50% of the American workforce will consist of freelancers by the end of 2027. 

What you can do is pick a niche you think you’d be good at, build your portfolio, and start pitching relevant clients. 

Keep in mind that you’d eventually need to build a team to achieve the million-dollar goal.  

Build an Agency or Company 

Starting and growing a company is easier than it looks.

Just start with yourself as a freelancer and slowly build a team of professionals. 

Start Selling E-Commerce Products

E-commerce is one of the fastest-growing industries. And done right, it can make you millions. 

You do need to pick the right products, promote them to the right people, and manage customers effectively to make it work. 

Amazon is the world leader as far as e-commerce is concerned. You can sell all kinds of products on it, virtually from anywhere in the world. 

A couple of prominent e-commerce business models are:

• Business to consumer (Where you sell directly to the end-user)
• Business to business (Where you sell to other businesses, e.g, wholesale)

Find Your First Client

Now, if you’ve chosen a client-based business, you’d need to find ways to acquire clients on a consistent basis. 

But, it can be really tough to find the first client. Here are a few tried and true client acquisition strategies you can use:

• Create and optimize your profile on freelancing platforms like Upwork and Legiit
• Start a blog and use an email list to promote your service/business
• Use paid ads to reach potential clients on social media and search engines 

It’s a good idea to start with a narrowed-down niche. 

For instance, if you want to start offering services as a digital marketer, go with search engine optimization or email marketing. 

Don’t Sell Yourself Short

This is really important, and one of the most under-addressed problems in the business world. 

No matter your skill level and experience, you never want to sell yourself short. 

Know your worth, keep learning, and make yourself irreplaceable.

Plus, keep an eye out for any new side hustles that can help your income goals. 

Invest in Yourself

This is probably the best kind of investment you can make in your entrepreneurial journey. 

It pays to invest in yourself. For instance, if you don’t have the habit of reading, develop it. 

If not, be curious and learn something new every single day. 

Apply the “Compound effect” from Darren Hardy in your everyday life. 

You’ll be amazed how things will start working in your favor. 

Be Patient

Whatever path you take to make your first million dollars, it’ll take time. 

Many people quit at the wrong time. If you’re confident about the path you’ve chosen, nothing should stand in your way.

As a wise man said, success is the sum of small efforts. The key is to keep doing what’s right persistently. 

Follow a Mentor

This is tricky because finding the right mentor can be a pain in the neck. 

Even if you find one you think is right for you, more likely than not, you’ll end up sending your investment down the drain. 

What you can do is find a mentor in your niche and read their online reviews. 

Real testimonials from past clients will be your best bet in vetting a mentor. 

Why follow someone when you can make your own way, you ask?

Well, that would take a lot more time than you probably want to invest. 

With the right mentor having your back, you at least won’t make the mistakes they made. 

Ideally, you want to follow someone who’ve already made a million dollars or more, in your industry. 

Forrest Webber is someone you might want to follow if making a million dollars is one of your life goals. 

Final Thoughts

A million dollars might seem too overwhelming, but it doesn’t have to be. 

You can learn from other millionaires and implement the exact same steps they’ve implemented in their journey. 

However, make sure you’re investing in the right places, one of them should be your entrepreneurial and technical skills. 

Also, divide the goal into smaller, more achievable goals, and move forward with patience.