In my last article, I discussed the No. 1 reason why most people in our industry aren’t rich. In that article, I stated that there is no good reason for people in our industry to make less than $500,000 per year income unless they choose not to.
To some, that may sound like a lofty, unachievable goal, so I want to show you exactly how easily it can be done.
Income of $500,000 becomes very achievable for a sole business owner or a sales representative when his or her sales approach $3 million. The average gross profit in the industry is around 35 percent. So with sales of $3 million, that would yield a gross profit of more than $1 million per year.
For the business owner: You need to have a few customer service representatives or account managers, a small office, perhaps a general accounting and administrative person, and some other incidental business expenses. It’s easy to see how a business owner selling $3 million per year can make $500,000 per year income.
For the sales rep with $1 million in gross profit: Depending on your compensation package, you also should be making up to $500,000.
Reaching $3 million in sales is really not that much. Think about it. If the average order is $2,000, then it only takes about 1,500 orders a year, or about six orders per day, to achieve this income level.
Of course, it would take most folks a few years to achieve this level of success. But I believe it shouldn’t take more than five years. There’s only one thing that keeps most people from ever achieving this level of success, and it’s exactly what I talked about in my last article.
Do you want to make $500,000 per year? You can do it. It is achievable. It simply requires that you believe it’s possible, focus on the right work to make it possible and never (ever) get stuck at comfortable. As the famous motivational speaker, Les Brown says, “You have to be hungry!” Want a quick five-minute pep talk from Les? Click here to watch this motivational video.
